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Prevention of Fraud (Investments) Act 1958

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12Provisions as to unit trusts

(1)The Board of Trade may appoint one or more competent inspectors to investigate and report on the administration of any unit trust scheme, if it appears to the Board—

(a)that it is in the interests of unit holders so to do ; and

(b)that the matter is one of public concern.

(2)Section one hundred and sixty-seven of the Companies Act, 1948, subsection (1) of section one hundred and sixty-eight thereof and so much of subsection (2) of that section as relates to forwarding a copy of the inspector's report to the registered office of the company shall apply in relation to an inspector appointed under this section as they apply in relation to an inspector appointed under section one hundred and sixty-four of that Act, but with the substitution for references to the company or other body corporate and its affairs of references to the manager under the scheme and to the administration of the scheme.

(3)The expenses of any investigation under this section shall be defrayed by the Board of Trade.

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