{
  "url": "https://openlegislation.uk/common-investment-scheme-2004/schedule-2/paragraph-9",
  "json_url": "https://openlegislation.uk/common-investment-scheme-2004/schedule-2/paragraph-9.json",
  "legislation": "uksi/2004/266",
  "legislation_title": "The Common Investment Scheme 2004",
  "legislation_url": "https://openlegislation.uk/common-investment-scheme-2004",
  "path": "schedule/2/paragraph/9",
  "kind": "paragraph",
  "number": "9",
  "heading": null,
  "text": "(1) The provisions of this paragraph have effect for the purpose of regulating the allotment of units to, and their realisation by, unit holders.\n(2) On any valuation day,\n(a) any person authorised to purchase and hold units may inform the investment manager of the number of units he wishes to purchase and the account or accounts to which he wishes them to be credited;\n(b) any person holding units may inform the investment manager of the number of units he wishes to realise and the account or accounts from which he wishes them to be debited; and\n(c) the investment manager shall—\n(i) determine prices at which units are to be purchased and realised, and\n(ii) inform any persons who are entitled to apply, and have applied, to purchase or realise units of the relevant price which has been determined.\n(3) The Accountant General shall if necessary revise, in the light of the buying and selling prices of which he is informed under sub-paragraph (2)(c)(ii), the number of units he wishes to purchase or realise, and if he does so must notify the investment manager accordingly.\n(4) If, on any valuation day, the number of units to be purchased exceeds the number of units to be realised, the number of units into which the fund is treated as being divided and the total number of units deemed to be allotted to all the unit holders shall be increased by the difference.\n(5) If, on any valuation day, the number of units to be realised exceeds the number of units to be purchased, the number of units into which the fund is treated as being divided and the total number of those units deemed to be allotted to all the unit holders shall be reduced by the difference.\n(6) As soon as reasonably possible after a valuation day the investment manager shall inform each relevant unit holder of the cost of his purchases and the proceeds of his realisations of units on that day, and each unit holder shall pay to the investment manager and, as the case may be, the investment manager shall pay to each unit holder, the amount or amounts found due from him.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/266/schedule/2/paragraph/9",
    "retrieved_at": "2026-10-29T05:34:24.133864+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."
}