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

Convening of meetings

24.  The terms of a scheme must provide that–

(a) the trustee or operator, in the case of a trust based scheme, and the operator, in the case of a corporate based scheme, must–

(i) be able to convene meetings of all participants at such time and place as may be thought fit; and

(ii) be under an obligation, at the request in writing of participants holding not less than one-tenth (or any proportion less than one-tenth specified for this purpose in the documents constituting the scheme) in value of the units in issue, to convene a meeting of all participants at such time and place as may be thought fit;

(b) at least two weeks written notice must be required to be given of every meeting;

(c) the notice given must specify the time and place of the meeting and the general nature of the business to be transacted; and

(d) the accidental omission to give notice to or the non-receipt of notice by any participant must not invalidate the proceedings at any meeting.