Church of England (Miscellaneous Provisions) Measure 1995

7 E In paragraph 9 (valuations) —

(a) in sub-paragraph (1) —

(i) after the words “Investment Fund” there shall be inserted the words “ and each class of Shares therein ”;

(ii) for the words “in advance each valuation date” there shall be substituted the words “ the frequency of valuation dates ”;

(iii) for the words “to be valued on that date” there shall be substituted the word “ concerned ”;

(b) in sub-paragraph (2) —

(i) after the words “of an Investment Fund” there shall be inserted the words “ or of either class of Share therein ”;

(ii) for the words “on the valuation date as published in relation to the relevant Stock Exchange” there shall be substituted the words “ on the relevant Stock Exchange on the valuation date ”;

(iii) for the words “no published price” there shall be substituted the words “ no such price available ”;

(iv) for the words “there is a published price” there shall be substituted the words “ such price is available ”;

(c) after sub-paragraph (2) there shall be inserted the following sub- paragraph—

“(2A) The amount of the Income Reserve referred to in sub-paragraph (4) of paragraph 11 hereof shall be included in that part of the value of the Investment Fund that is attributable to Income Shares only and shall be available for distribution to Holders of Income Shares only,”;

(d) for sub-paragraph (3) there shall be substituted the following sub- paragraph—

“(3) On any valuation date, the basic value of a Share of either class shall be arrived at by —

(a) calculating the value of the Investment Fund or, where there are two classes of Shares, that part of the value of the Investment Fund attributable to Shares of the class concerned on the basis —

(i) that the value of the Investment Fund, excluding the amount of the Income Reserve, shall be apportioned between the two classes of Share in the same proportion as they bore to each other immediately after the previous valuation date, subject only, in the case of a valuation date which is also a Dividend Record Date, to adjustment for any income determined to be distributed or transferred to the Income Reserve or accumulated; and

(ii) that the amount of the Income Reserve shall be dealt with in accordance with sub-paragraph (2A) above ;

(b) dividing the same by the number of Shares of the class concerned into which the Investment Fund is divided; and

(c) rounding off the resulting figure to the nearest 0.01p.”.