Trustee Companies Act 1967

31 Capital valuation of investments of Fund

• (1) Each trustee company shall determine the capital value as at at least one day in every month of the investments and funds comprising each Group Investment Fund established by it. For the purpose of any such determination, in respect of any security listed on a Stock Exchange,—

  • (a) a quotation published in respect of similar securities by a Stock Exchange on the day as at which the determination is made, or (if there is no such quotation on that day) at any time within 7 days before that day, shall be conclusive evidence of the value of the security, including accrued interest (if any), as on the date of the determination; and the capital value of the security shall be determined accordingly by making such adjustment (if any) as the company thinks proper in respect of accrued interest:

  • (b) if there is no such quotation, a valuation by a person authorised to undertake trading activities of the Stock Exchange shall be conclusive evidence of that value.

  (2) No investment in or withdrawal from a Group Investment Fund shall be made, except—

  • (a) on a day of the month as at which a determination is made or within 2 business days after it; and

  • (b) on the basis of the valuation as at that date.

  (3) On a withdrawal from a Group Investment Fund, interest shall be allowed, in accordance with paragraph (a) of section 30, to the day of the month as at which a determination is made nearest to the date of the withdrawal.

  Compare: 1960 No 98 s 5

  Section 31: substituted, on 19 March 1990, by section 2 of the Trustee Companies Amendment Act 1990 (1990 No 16).

  Section 31(1)(b): amended, on 1 December 2002, by section 30 of the Securities Markets Amendment Act 2002 (2002 No 44).