Paragraph 4

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.1, para.SA added by Common Investment 1999 para.9(b)
Sch 1 am (heading am) by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(a)
Sch 1, para 1 am by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(b)
Sch 1, para 1 rev in pt by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(c)
Sch 1, para 6 am by Common Investment (Closure of High Yield Fund) 2003 para 7(1), (9)(d)

For the purpose of valuing the fund—

(a)

the value of any security quoted on a stock exchange shall be ascertained by reference to the published closing price on the previous day or, if there is no such price, by reference to the last published closing price; and the value of a security quoted on more than one stock exchange shall be ascertained by reference to the published closing price on the previous day on the exchange considered by the investment manager to be most appropriate;

(b)

the value of assets, other than securities quoted on a stock exchange, shall be such as may be determined by the investment manager, who may, for the purpose of making such a determination, obtain and accept a valuation by a professional valuer, accountant, or other person considered by him to be duly qualified in that behalf.