(1) In this Part “unit trust scheme” means a collective investment scheme under which the property is held on trust for the participants[, except that it does not include a contractual scheme].
(2) In this Part—
“trustee”, in relation to a unit trust scheme, means the person holding the property in question on trust for the participants;
“depositary”, in relation to—
(a) a collective investment scheme which is constituted by a body incorporated by virtue of regulations under section 262, or
(b) any other collective investment scheme which is not a unit trust scheme,
means any person to whom the property subject to the scheme is entrusted for safekeeping;
[“management company” has the meaning given in Article 2.1(b) of the UCITS directive;]
[“management company” means an undertaking, as defined in section 1161 of the Companies Act 2006, whose regular business is the management of UK UCITS;]
(a) in relation to a unit trust scheme with a separate trustee, means the manager;
[(aa) in relation to a co-ownership scheme, means the operator appointed under the terms of the contractual scheme deed;
(ab) in relation to a partnership scheme, means the general partner;] [and]
(b) in relation to an open-ended investment company, means that company; and
(c) in relation to an EEA UCITS which is not an open-ended investment company or unit trust scheme, means the management company for that UCITS;]
“units” means the rights or interests (however described) of the participants in a collective investment scheme;
[“working day” has the meaning given in section 191G(2)].
(3) In this Part—
“an authorised unit trust scheme” means a unit trust scheme which is authorised for the purposes of this Act by an authorisation order in force under section 243;
[“an authorised contractual scheme” means a contractual scheme which is authorised for the purposes of this Act by an authorisation order in force under section 261D(1);]
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
What is a company's constitution?A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including:•the company’s articles of association, and•any resolutions and agreements affecting a company’s constitutionThe CA 2006 definition of 'constitution' is not exhaustive and also
0330 161 1234