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The Financial Services Act 1986 (Single Property Schemes) (Exemption) Regulations 1989
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- UK Statutory Instruments
- 1989 No. 28
- Regulation 5
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Ability to alter terms of scheme
5. The terms of a scheme must provide that no term may be deleted or amended and that no new term may be added unless–
(a)in any case in which the deletion, amendment or addition would have the effect that the terms of the scheme ceased to satisfy any applicable provision of this regulation or of regulations 6 to 39, it has been approved, at a meeting of participants convened in accordance with the terms of the scheme at which votes may be cast in person or by proxy, by a majority representing 51% in number of units in the scheme; and
(b)a solicitor has given written notice to the Securities and Investments Board stating whether, in his opinion, the deletion, amendment or addition will have the effect that the documents constituting the scheme cease to satisfy any applicable provision of this regulation or of regulations 6 to 39.
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