Section 247(2)

Trust scheme rules may, in particular, make provision— as to the issue and redemption of the units under the scheme; as to the expenses of the scheme and the means of meeting them; for the appointment, removal, powers and duties of an auditor for the scheme; for restricting or regulating the investment and borrowing powers exercisable in relation to the scheme; requiring the keeping of records with respect to the transactions and financial position of the scheme and for the inspection of those records; requiring the preparation of periodical reports with respect to the scheme and the provision of those reports to the participants and to the FCA; and with respect to the amendment of the scheme.

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Source: legislation.gov.uk · retrieved 2026-09-04