[261E [Authorised contractual schemes]: holding of units]
[261E [Authorised contractual schemes]: holding of units]

[(1)     The participants in a contractual scheme must be entitled to have their units redeemed in accordance with the scheme at a price—

(a)     related to the net value of the property to which the units relate; and

(b)     determined in accordance with the scheme.

(2)     The scheme must not allow units in the scheme to be issued to anyone other than—

(a)     a professional investor;

(b)     a large investor; or

(c)     a person who already holds units in the scheme.

(3)     The scheme must require the operator, if it becomes aware that units have become vested in a person to whom as a result of subsection (2) the units could not have been issued, to redeem the units as soon as practicable.

(4)     In subsection (2)—

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