Regulation 41 Limit on total holding of certificatesI1

A person may not purchase a certificate of a unit series (or hold a certificate purchased on that person’s behalf under regulation 39(8) or 40(3)), if the total number of units which would be held by that person in that event would exceed—

A person may not purchase a money value certificate (or hold a certificate purchased on that person’s behalf under regulation 39(8)) if in that event the person would hold certificates the aggregate purchase price of which would exceed the amount specified by or in accordance with the prospectus relating to those certificates (which may provide that different maximum values apply in different circumstances) as the maximum value of certificates of that description (in terms of purchase price) which may be held.

Where a certificate required to be aggregated for the purposes of paragraph (2) is a replacement certificate issued under regulation 45(4), its purchase price shall be taken to be the amount shown on the replacement certificate.

A person who is a trustee, or who holds a certificate as a beneficiary jointly with a trustee, must be treated separately in the capacity as a trustee or in the capacity as a beneficiary, and in those capacities separately in relation to each separate trust.

For the purposes of paragraph (4), trusts are to be treated as separate to the extent that they differ as respects—

Paragraph (1) shall not apply to the transfer of a certificate to a person under regulation 89(6), but in relation to any subsequent purchase by that person (or on that person’s behalf) a transferred certificate must be included for the purpose of calculating the number of units held.

For the purposes of this regulation, each holding of certificates in the name of the Accountant General of the Supreme Court must be treated separately.

In calculating the total number of unit certificates which a person holds, a multiple certificate must be counted as the number of units represented by the multiple certificate, but no account may be taken of a certificate which–