Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003

  • expired
  • Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003: expired, on 1 October 2008, by clause 3.

Reprint
as at 1 October 2008

Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003

(SR 2003/304)

  • Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003: expired, on 1 October 2008, by clause 3.


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This notice is administered in the Securities Commission.


Pursuant to the Securities Act 1978, the Securities Commission gives the following notice.

1 Title
  • This notice is the Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003.

2 Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Expiry
  • This notice expires on the close of 30 September 2008.

4 Interpretation
  • (1) In this notice, unless the context otherwise requires,—

    Act means the Securities Act 1978

    FiRST Masterfund trust deed means the trust deed dated 2 April 2003 (as modified from time to time) constituting the FIRST Masterfund Trusts of which GGML is trustee

    FiRST Masterfund Trusts means the unit trusts listed in Schedule 1

    GGML means Global Guardian Management Limited, a company incorporated in Mauritius

    GISL means Global Investment Services Limited, a company incorporated in Mauritius

    Global Investment Service trust deed means the trust deed dated 27 March 2000 (as modified from time to time) constituting the Global Investment Service Umbrella Trusts of which GISL is trustee

    Global Investment Service Umbrella Trusts means the unit trusts listed in Schedule 2

    Regulations means the Securities Regulations 1983

    specified participatory securities means units in a unit trust listed in Schedule 1 or Schedule 2

    unit holder means a holder of specified participatory securities.

    (2) Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

5 Exemption from section 37(3) of Act, clause 7(5) of Schedule 3 of Regulations, and clause 4(1)(a) of Schedule 7 of Regulations
  • GISL and GGML and every person acting on behalf of either or both of them are exempted from—

    • (a) section 37(3) of the Act, in respect of the specified participatory securities; and

    • (b) clause 7(5) of Schedule 3 of the Regulations; and

    • (c) clause 4(1)(a) of Schedule 7 of the Regulations.

6 Conditions of exemption in clause 5(a)
  • (1) The exemption in clause 5(a) is subject to the conditions that—

    • (a) GISL or GGML (whichever is the issuer of the specified participatory securities in question) must not allot the specified participatory securities unless—

    • (i) the allottee has, before the allotment, authorised the allotment in writing; or

    • (ii) the allotment is made under an arrangement approved by a resolution of security holders that their securities be exchanged for, or otherwise converted into, specified participatory securities; and

    • (b) the investment statement for the specified participatory securities contains a clear statement explaining how a unit holder can change an ongoing subscription for the securities.

    (2) For the purpose of subclause (1), an allotment is authorised by an allottee if the allottee—

    • (a) authorises the particular allotment; or

    • (b) authorises an allotment to be made from time to time, and the particular allotment is made under that authority.


Schedule 1
FIRST Masterfund Trusts

cl 4

  • The Aggressive Portfolio Selection

  • The Cash Fund

  • The Cash Plus Fund

  • The Conservative Portfolio Selection

  • The Dividend Generator Fund

  • The Dynamic International Fund

  • The International Diversified Selection Fund

  • The Moderate Portfolio Selection

  • The Principles of Wealth Portfolio Selection

  • The Prudent Portfolio Selection

Schedule 2
Global Investment Service Umbrella Trusts

cl 4

  • Australasian Equity Growth Fund

  • Capital Appreciation Strategy

  • Conservative Growth Strategy

  • Diversified Growth Strategy

  • Dividend Yield Fund

  • Global Core Equity Fund

  • Global Dynamic Fund

  • Global Equity Growth Fund

  • Global Equity Small Companies Fund

  • Global Equity Value Fund

  • Global Growth Fund

  • Global Investment Fund

  • High Yield Cash Fund

  • Super Yield Fund

  • Wealth Creation Strategy

Dated at Wellington this 28th day of October 2003.

The Common Seal of the Securities Commission was affixed in the presence of:

J Diplock,

Chairperson.

[LS]


Explanatory note

This note is not part of the notice, but is intended to indicate its general effect.

This notice, which comes into force on the day after the date of its notification in the Gazette, and expires on 30 September 2008, exempts Global Investment Services Limited and Global Guardian Management Limited from—


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 30 October 2003.


Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003. It incorporates all the amendments to the Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003 as at 1 October 2008. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007. Relevant provisions of any amending enactments that contain transitional, savings, or application provisions are also included, after the Principal enactment, in chronological order.

2 About this eprint
  • This eprint has not been officialised. For more information about officialisation, please see Making online legislation official under Status of legislation on this site in the About section of this website.

3 List of amendments incorporated in this eprint (most recent first)
  • Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice (No 2) 2003 (SR 2003/304): clause 3