{
  "url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-regulations-1988/regulation-15",
  "json_url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-regulations-1988/regulation-15.json",
  "legislation": "uksi/1988/284",
  "legislation_title": "The Authorised Unit Trust Scheme (Investment and Borrowing Powers) Regulations 1988",
  "legislation_url": "https://openlegislation.uk/authorised-unit-trust-scheme-investment-and-borrowing-powers-regulations-1988",
  "path": "regulation/15",
  "kind": "regulation",
  "number": "15",
  "heading": "Limitation on investment in instruments conferring rights to subscribe and investment in nil paid or partly paid securities",
  "text": "(1) The property of an authorised securities scheme shall not include any investments falling within paragraph 4 of Schedule 1 to the Act unless—\n(a) if the value of all such instruments as are included in the property of the scheme exceeds 5% of the value of that property, the cost of acquiring the investments to which all such instruments relate could be met in full out of cash or near cash comprised in the property of the scheme which is not taken into account for the purpose of paragraph (2) or for the purposes of regulation 8(5)(b)(i), 8(7) or 32(1)(c) or out of sums which could be borrowed without contravening regulation 31(2)(b); and\n(b) the right to subscribe conferred by the instrument could be exercised without contravening any provision of these Regulations.\n(2) The property of an authorised securities scheme shall not include any transferable security if, to the knowledge of the manager, a call is to be made within three months for any sum unpaid on that security unless that call and any other calls for sums unpaid on transferable securities comprised in the property which, to the knowledge of the manager, are to be made within three months, could be met in full out of cash or near cash which is not taken into account for the purposes of paragraph (1) or for the purposes of regulation 8(5)(b)(i), 8(7) or 32(1)(c) or out of sums which could be borrowed without contravening regulation 31(2)(b).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/284/regulation/15",
    "retrieved_at": "2026-10-29T16:11:24.323440+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}