Heading: inserted, on 1 October 2011, by regulation 9 of the Securities Amendment Regulations (No 2) 2011 (SR 2011/281).
(1) This regulation applies to every unit trust in which units have been allotted, whether before or after the commencement of this regulation, pursuant to an offer of securities to the public.
(2) The following clauses are deemed to be contained in the trust deed for a unit trust to which this regulation applies:
“1 The unit trustee must exercise reasonable diligence to ascertain whether or not any breach of the terms of the deed or of the terms of the offer of the units in the unit trust has occurred.“2 The unit trustee must do all the things that it is empowered to do to cause any breach of the terms referred to in clause 1 to be remedied (except if it is satisfied that the breach will not materially prejudice the interests of the holders of the units).”
“1 The unit trustee must exercise reasonable diligence to ascertain whether or not any breach of the terms of the deed or of the terms of the offer of the units in the unit trust has occurred.
“2 The unit trustee must do all the things that it is empowered to do to cause any breach of the terms referred to in clause 1 to be remedied (except if it is satisfied that the breach will not materially prejudice the interests of the holders of the units).”
Regulation 43A: inserted, on 1 October 2011, by regulation 9 of the Securities Amendment Regulations (No 2) 2011 (SR 2011/281).