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Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997

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  1. Introductory Text

  2. Part I General

    1. 1.Citation, commencement and extent

    2. 2.Interpretation

  3. Part II Formation Supervision and Control

    1. General

      1. 3.Investment company with variable capital

      2. 4.Registration by registrar of companies

      3. 5.Safekeeping of scheme property by depositary

      4. 6.SIB regulations

    2. Authorisation

      1. 7.Applications for authorisation

      2. 8.Particulars of directors

      3. 9.Authorisation

      4. 10.Criteria for authorisation

      5. 11.Representations against refusal of authorisation

      6. 12.UCITS certificate

    3. Registrar’s approval of names

      1. 13.Registrar’s approval of names

      2. 14.Prohibition on certain names

    4. Alterations

      1. 15.SIB approval for certain changes in respect of company

    5. Intervention

      1. 16.Revocation of authorisation

      2. 17.Representations against revocation

      3. 18.Directions

      4. 19.Notice of directions

      5. 20.Application to the court

    6. Investigations

      1. 21.Investigations: functions of the Department and SIB

      2. 22.Investigations: powers and duties of inspectors

      3. 23.Investigations: disclosure

      4. 24.Investigations: supplementary

    7. Winding up

      1. 25.Winding up by the court

      2. 26.Dissolution on winding up by the court

      3. 27.Dissolution in other circumstances

  4. Part III Corporate Code

    1. 28.Directors

    2. 29.Directors to have regard to interests of employees

    3. 30.Inspection of directors' service contracts

    4. 31.General meetings

    5. 32.Capacity of company

    6. 33.Power of directors and general meeting to bind the company

    7. 34.No duty to enquire as to capacity etc.

    8. 35.Exclusion of deemed notice

    9. 36.Restraint and ratification by shareholders

    10. 37.Events affecting company status

    11. 38.Invalidity of certain transactions involving directors


    1. 39.Shares

    2. 40.Share certificates

    3. 41.Exceptions from regulation 40

    4. 42.Bearer shares

    5. 43.Register of shareholders

    6. 44.Power to close register

    7. 45.Power of court to rectify register

    8. 46.Share transfers

  6. Operation

    1. 47.Power incidental to carrying on business

    2. 48.Name to appear in correspondence etc.

    3. 49.Particulars to appear in correspondence etc.

    4. 50.Contracts

    5. 51.Execution of documents

    6. 52.Execution of deeds overseas

    7. 53.Authentication of documents

    8. 54.Official seal for share certificates

    9. 55.Personal liability for contracts and deeds

    10. 56.Exemptions from liability to be void

    11. 57.Power of court to grant relief in certain cases

    12. 58.Punishment for fraudulent trading

    13. 59.Power to provide for employees on cessation or transfer of business

  7. Reports

    1. 60.Reports: preparation

    2. 61.Reports: accounts

    3. 62.Reports: voluntary revision

    4. 63.Auditors

  8. Mergers and divisions

    1. 64.Mergers and divisions

  9. Part IV Miscellaneous

    1. 65.Notifications to registrar of companies

    2. 66.Contraventions

    3. 67.Prosecutions

    4. 68.Offences: bodies corporate, partnerships and unincorporated associations

    5. 69.Time limits for prosecution of offences

    6. 70.Jurisdiction and procedure in respect of offences

    7. 71.Service of documents

    8. 72.Evidence of grant of probate etc.

    9. 73.SIB’s functions under the Regulations

    10. 74.Fees

    11. 75.Minor and consequential amendments

  10. Signature

    1. SCHEDULE 1

      Application of Part XXIV of 1986 Order

      1. 1.Part XXIV of the 1986 Order (the registrar of companies,...

      2. 2.Except in the expressions “the registrar of companies” and “the...

      3. 3.Any reference to the Companies Orders (including any reference to...

      4. 4.Any reference to the memorandum of a company shall be...

      5. 5.Any power to make regulations under Part XXIV of the...

      6. 6.Article 660 of the 1986 Order (public notice by registrar...

      7. 7.Article 663 of the 1986 Order (registrar’s index of company...

      8. 8.The following provisions of Part XXIV of the 1986 Order...

    2. SCHEDULE 2


      1. 1.Appointment

      2. 2.Subject to regulations 15 and 20, any subsequent appointment of...

      3. 3.Retirement

      4. 4.Rights

      5. 5.Statement by depositary ceasing to hold office

      6. 6.(1) This paragraph applies where copies of a statement have...

    3. SCHEDULE 3

      Instrument of Incorporation

      1. 1.The instrument of incorporation of an investment company with variable...

      2. 2.The statements referred to in paragraph 1(a) are—

      3. 3.(1) The instrument of incorporation shall contain provision as to...

      4. 4.(1) The instrument of incorporation shall also contain provision as...

      5. 5.(1) Once an authorisation order has been made in respect...

      6. 6.(1) The provisions of a company’s instrument of incorporation shall...

    4. SCHEDULE 4

      Register of Shareholders

      1. 1.General

      2. 2.(1) Subject as mentioned in sub-paragraph (2), the register of...

      3. 3.A notice of any trust, express, implied or constructive, shall...

      4. 4.A company shall exercise all due diligence and take all...

      5. 5.Contents

      6. 6.(1) This paragraph shall not apply to any issue of...

      7. 7.The register of shareholders shall contain a monthly statement of...

      8. 8.(1) This paragraph applies where the aggregate number of shares...

      9. 9.Location

      10. 10.Index

      11. 11.Inspection

      12. 12.Agent’s default

    5. SCHEDULE 5

      Share Transfers

      1. 1.General

      2. 2.Where any shares are transferred to the company, the company...

      3. 3.In the case of a company which is a participating...

      4. 4.Transfer of registered shares

      5. 5.(1) Except in the case of any transfer of shares...

      6. 6.In the case of any transfer of shares which meets...

      7. 7.(1) A company may, before the end of the period...

      8. 8.(1) Where, in respect of any transfer of shares, the...

      9. 9.Transfer of bearer shares

      10. 10.Where the holder of bearer shares proposes to transfer to...

      11. 11.Miscellaneous

      12. 12.A transfer of registered shares that are held by a...

      13. 13.On the death of any one of the joint holders...

    6. SCHEDULE 6


      1. 1.Eligibility

      2. 2.(1) A person is ineligible for appointment as auditor of...

      3. 3.(1) A person shall not act as auditor of a...

      4. 4.Appointment

      5. 5.If, in any case, no auditors are appointed as required...

      6. 6.(1) The directors of a company, or the company in...

      7. 7.(1) Sub-paragraphs (2) to (5) apply to the appointment as...

      8. 8.Rights

      9. 9.(1) The auditors of a company are entitled—

      10. 10.Remuneration

      11. 11.(1) Subject to sub-paragraph (2), the power of the Department...

      12. 12.Removal

      13. 13.Rights on removal or non-reappointment

      14. 14.(1) An auditor who has been removed from office has,...

      15. 15.Resignation

      16. 16.(1) This paragraph applies where a notice of resignation of...

      17. 17.(1) An auditor who has resigned has, notwithstanding his removal,...

      18. 18.Statement by auditor ceasing to hold office

      19. 19.(1) If a person ceasing to hold office as auditor...

    7. SCHEDULE 7

      Mergers and Divisions

      1. 1.This Schedule applies to any reconstruction or amalgamation involving an...

      2. 2.An investment company with variable capital may apply to the...

      3. 3.A public company may apply to the court under Article...

      4. 4.(1) The schemes falling within this paragraph are—

      5. 5.For the purposes of this Schedule, Articles 418 to 420...

      6. 6.(1) All the provisions of the 1986 Order referred to...

    8. SCHEDULE 8

      Minor and Consequential Amendments

      1. Part I Primary Legislation

        1. 1.Stock Transfer Act (Northern Ireland) 1963 (c. 24 (N.I.))

        2. 2.Data Protection Act 1984 (c. 35)

        3. 3.Companies (Northern Ireland) Order 1986 (N.I. 6)

        4. 4.In Article 207(2A) of the 1986 Order (interests to be...

        5. 5.In Article 217(1)(h) of the 1986 Order (interests to be...

        6. 6.In Article 228(1) of the 1986 Order (definitions for Part...

        7. 7.In Article 665(2) of the 1986 Order (exemptions from prohibition...

        8. 8.In Article 667(2) of the 1986 Order (exemptions from application...

        9. 9.Companies (Northern Ireland) Order 1989 (N.I. 18)

        10. 10.Financial Services Act 1986 (c. 60)

        11. 11.In section 87 of the 1986 Act (schemes authorised in...

        12. 12.In subsection (1A) of section 205A of the 1986 Act...

        13. 13.In section 206(1) of the 1986 Act (publication of information...

        14. 14.In section 207(1) of the 1986 Act (interpretation) at the...

        15. 15.In Schedule 8 to the 1986 Act (principles applicable to...

        16. 16.In paragraph 7 of Schedule 9 to the 1986 Act...

        17. 17.In section 34(6) of the Pension Schemes (Northern Ireland) Act...

      2. Part II Subordinate Legislation

        1. The Data Protection (Regulation of Financial Services etc.) (Subject Access Exemption) Order 1987 (S.I. 1987/1905)

          1. 18.Schedule 1 to the Data Protection (Regulation of Financial Services...

        2. The Uncertificated Securities Regulations 1995 (S.I. 1995/3272)

          1. 19.In regulation 3 of the Uncertificated Securities Regulations 1995 (interpretation)...

          2. 20.At the end of regulation 19(9) after “Regulations 1996” there...

  11. Explanatory Note

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