Paragraph 2

The investment manager shall—

(a)

keep proper books of account with respect to—

(i)

the income and expenditure of the fund;

(ii)

the assets and liabilities of the fund;

(iii)

the expenses sanctioned by the Treasury under section 42(11) of the Act; and

(iv)

the allotment and realisation of units;

(b)

send to each unit holder, as soon as reasonably practicable after each accounting date, a manager’s report made up to that accounting date containing information relating to such matters as the Lord Chancellor may specify;

(c)

prepare dividend counterfoils for the fund for issue to each unit holder, in respect of each account held to the credit of that unit holder, such counterfoils to be sent to each unit holder within two weeks of each dividend date;

(d)

attend to the completion of all the sales and purchases on behalf of the fund and arrange for the transfer of all investments acquired on behalf of the fund into the name of the investment manager or such nominee on his behalf as may be agreed between him and the Lord Chancellor;

(e)

arrange for the collection of all dividends, income and other distributions made in respect of any investments of the fund;

(f)

manage any cash balances to the best advantage of the fund;

(g)

supervise all bank accounts and foreign exchange transactions relating to the fund;

(h)

arrange for the publication of the prices of units, in such manner as he reasonably considers appropriate;

(i)

prepare, and submit to the Inland Revenue within the required time, tax returns and repayment claims, and reclaim overpaid tax from overseas tax authorities; and

(j)

pay out of the fund such fees as he is required to collect under section 42(12) of the Act.