The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989

1. Introductory Text

2. 1. Citation and commencement

3. 2. Interpretation

4. 3. Exemption from section 76(1) of Act

5. 4. Requirements as to interests to be held when scheme formally constituted

6. 5. Ability to alter terms of scheme

7. 6. Requirements as to form of scheme

8. 7. Ability to call on participants for contributions

9. 8. Requirements as to land and buildings

10. 9. Requirements as to distribution of income

11. 10. Corporate based schemes: requirements as to winding-up

12. 11. Trust based schemes: requirements as to termination

13. 12. Requirements concerning disposal of property

14. 13. Trust based schemes: retirement or replacement of trustee or operator

15. 14. Pre-emption rights: trust based schemes

16. 15. Pre-emption rights: corporate based schemes

17. 16. Trust based schemes: valuation of non-cash consideration

18. 17. Valuation and report

19. 18. Application of regulations 16 and 17 to corporate based schemes

20. 19. Requirements as to borrowing: corporate based schemes

21. 20. Requirements as to borrowing: trust based schemes

22. 21. Qualification of regulations 19 and 20

23. 22. Matters requiring approval by meeting of participants

24. 23. Application of regulations 24 to 36 in case of corporate based schemes

25. 24. Convening of meetings

26. 25. Quorum

27. 26. Chairman

28. 27. Adjournment

29. 28. Votes at meetings

30. 29. Proxies

31. 30. Minutes

32. 31. Audit

33. 32. Reports and accounts

34. 33. Register of participants

35. 34. Transfer of units by act of parties

36. 35. Change of name or address of participant

37. 36. Inspection of register and copies of entries

38. 37. List of participants

39. 38. Trust based schemes: position of trustees and operators

40. 39. Trust based schemes: position of participants

41. Signature

42. 1. SCHEDULE

       Countries and Territories.

43. Explanatory Note