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

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3.—(1) The instrument of incorporation shall contain provision as to the following matters—

(a)the object of the company;

(b)any matter relating to the procedure for the appointment, retirement and removal of any director of the company for which provision is not made in these Regulations or SIB regulations; and

(c)the currency in which the accounts of the company are to be prepared.

(2) Subject to sub-paragraph (3), the provision referred to in sub-paragraph (1)(a) as to the object of an investment company with variable capital shall be a statement that the object of the company is to invest the scheme property in transferable securities with the aim of spreading investment risk and giving its shareholders the benefit of the results of the management of that property.

(3) The object of the company may differ from that set out in sub-paragraph (2) only to the extent that it provides for restriction of the range of transferable securities in which investment may be made.

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