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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 7
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Ability to call on participants for contributions
7.—(1) The terms of a corporate based scheme must not contain any provision enabling participants to be required to contribute any sum to meet any liabilities incurred in respect of the scheme by the operator.
(2) Except as provided in paragraph (3), the terms of a trust based scheme must prohibit the trustee or the operator from requiring participants to contribute any sum to meet any liabilities which the trustee or operator has incurred in respect of the scheme.
(3) The provisions of paragraph (2) shall not prevent the terms of a trust based scheme conferring–
(a)on the trustee a right to be indemnified in full out of the property subject to the scheme for all liabilities reasonably incurred by him in his capacity as trustee of the scheme; and
(b)on the operator a right, which may be expressed to be subject to the exercise by the trustee of any right of the kind described in sub-paragraph (a) above, to be indemnified in full out of the property subject to the scheme for any liabilities reasonably incurred by him in his capacity as operator of the scheme.
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