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10.—(1) The criteria referred to in regulation 9(1)(b) are as follows.
(2) The company and its instrument of incorporation shall comply with the requirements of these Regulations and SIB regulations.
(3) The head office of the company shall be situated in Northern Ireland.
(4) The company shall have at least one director.
(5) The directors of the company shall be fit and proper persons to act as directors of an investment company with variable capital.
(6) If the company has only one director, that director shall be a body corporate which is an authorised person and which is not prohibited from acting as director of an investment company with variable capital by or under rules under section 48 of the 1986 Act (conduct of business rules)(1), by or under the rules of any recognised self-regulating organisation of which the body corporate is a member or by a prohibition imposed under section 65 of the 1986 Act (restriction of business).
(7) If the company has two or more directors, the combination of their experience and expertise shall be such as is appropriate for the purposes of carrying on the business of the company.
(8) The person appointed as the depositary of the company shall—
(a)be a body corporate incorporated in the United Kingdom or another EEA State;
(b)have a place of business in the United Kingdom;
(c)have its affairs administered in the country in which it is incorporated;
(d)be an authorised person;
(e)not be prohibited from acting as depositary, or as trustee of a unit trust, by or under rules under section 48 of the 1986 Act, by or under the rules of any recognised self-regulating organisation of which it is a member or by a prohibition imposed under section 65 of the 1986 Act; and
(f)be independent of the company and of the persons appointed as directors of the company.
(9) The name of the company shall not be undesirable or misleading.
(10) The aims of the company shall be reasonably capable of being achieved.
(11) The Company shall be an open-ended investment company which meets one or both of the following requirements—
(a)the rights of participants referred to in paragraph (b)(i) of the definition of open-ended investment company in section 75(8) of the 1986 Act (collective investment schemes: interpretation) are that shareholders are entitled to have their shares redeemed or repurchased upon request at a price related to the net value of the scheme property and determined in accordance with the company’s instrument of incorporation and SIB regulations; or
(b)the rights of participants referred to in paragraph (b)(ii) of that definition are that shareholders are able to sell their shares on an investment exchange at a price not significantly different from that mentioned in sub-paragraph (a).
Section 48 was amended by section 206 of, and paragraph 2 of Schedule 23 to, the Companies Act 1989 (c. 40); there are other amendments not relevant to these Regulations
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