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Regulation 34 Uncovered sales of property

Original text. Later amendments are not shown.

Neither the trustee nor the manager acting in their capacities as such shall enter into any agreement to dispose of property which is not a hedging transaction unless the property of the scheme includes either—

(a)

property sufficient to enable that obligation together with any other similar obligation incurred in relation to the scheme to be discharged; or

(b)

rights to acquire property sufficient to enable that obligation together with any similar obligation incurred in relation to the scheme to be discharged.