Securities Regulations 1983

The statutory supervisor shall exercise reasonable diligence to ascertain whether or not any breach of the terms of the deed or of the offer of the participatory securities has occurred and, except where he is satisfied that the breach will not materially prejudice the interests of the holders of the participatory securities, shall do all such things as he is empowered to do to cause any breach of those terms to be remedied.

(1) The statutory supervisor shall be entitled to receive all notices and other communications relating to the scheme which any holder of the participatory securities is entitled to receive.

(2) The statutory supervisor, or any representative of the statutory supervisor (being a person authorised to act for the purposes of this clause by the statutory supervisor), shall be entitled to attend any meeting of the holders of the participatory securities, and to be heard at any such meeting on any part of the business of the meeting which concerns the statutory supervisor as such or the holders of the participatory securities.

(3) The manager of the scheme shall from time to time—

• (a) At the request in writing of the statutory supervisor, make available for his inspection the whole of the accounting and other records relating to the scheme:

• (b) Give to the statutory supervisor such information as he requires with respect to all matters relating to such records.

(1) The manager of the scheme shall have the following duties:

• (a) To use his best endeavours and skill to ensure that the affairs of the scheme are conducted in a proper and efficient manner:

• (b) To use due diligence and vigilance in the exercise and performance of his functions, powers, and duties as a manager:

• (c) To account to the members of the scheme for all money that he receives on behalf of the scheme:

• (d) Not to pay out or invest or apply any money belonging to the scheme for any purpose that is not directed by or authorised in the deed:

• (e) To supply to the members of the scheme, in general meeting, such oral or written information relating to the affairs of the scheme as any member has given him reasonable notice to supply.

(2) The manager of the scheme shall establish an account or accounts to be kept in the name of the scheme at such bank or banks as he may from time to time decide; and the manager shall ensure that all money received on behalf of the scheme is paid into such a bank account as soon as practicable.

(3) The manager of the scheme shall have the same liability for any acts and omissions by him in the exercise and performance of his functions, powers, and duties as manager as he would have if he exercised and performed those functions, powers, and duties as a trustee of the property of the scheme, and shall be entitled to the same relief from such liability as he would be if he were such a trustee.

(1) The manager of the scheme shall from time to time—

• (a) Summon a meeting of the holders of the issued participatory securities for the purpose of considering the financial statements of the scheme for its last preceding financial year, which meeting shall be held not later than 6 months after the end of that financial year:

• (b) At the request in writing of the statutory supervisor, or of persons holding not less than one-tenth in nominal value of the issued participatory securities, summon a meeting of the holders of those securities for the purpose of giving to the statutory supervisor their opinions or directions in relation to the exercise of his powers.

(2) The statutory supervisor—

• (a) May on his own volition or at the request of the manager; and

• (b) Shall at the request in writing of persons holding not less than one—tenth in nominal value of the issued participatory securities—

summon a meeting of the holders of the issued participatory securities for the purpose of giving to him their opinions or directions in relation to the exercise of his powers.

(3) Every meeting summoned pursuant to this clause shall be summoned by sending by post a notice, specifying the time and place of the meeting, to every holder of the issued participatory securities at his last known address not later than 14 days before the date of the proposed meeting. The meeting shall be held under the chairmanship of a person nominated by the statutory supervisor or such other person as may be appointed in that behalf by the holders of the participatory securities present at the meeting.

(4) The manager shall provide the statutory supervisor with a copy of the register of participatory securities kept pursuant to section 51 of the Act, and of all changes therein.