Source - RNS
RNS Number : 2397J
Pilot View Fund 2 Plc
07 September 2016
 

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY

A company incorporated with limited liability as an open-ended investment company with variable capital and structured as an umbrella fund with segregated liability between sub-funds

                             

_________________________________________________________________________

IMPORTANT: 

This document is important and requires your immediate attention. If you are in any doubt about the course of action to take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional advisor.

_________________________________________________________________________

 

This Circular is sent to you as a Shareholder of Pilot View Fund 2 public limited company (the "Company").  The Company is an open-ended investment company with variable capital and limited liability which is structured as an umbrella fund with segregated liability between sub-funds.  The Company is authorised in Ireland by the Central Bank of Ireland under Part 24 of the Companies Act 2014.

Circular to shareholders of

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY

 

Annual General Meeting of the Company

NOTICE is hereby given that the Annual General Meeting of the Company will be held at 31 Heytesbury Lane, Ballsbridge, Dublin 4 on Friday 30 September 2016 at 10.00 am (Irish time).  The accompanying Proxy Form (enclosed) for use by shareholders at the Annual General Meeting should be completed and returned to the Company Secretary, Maple Secretaries Limited, 40 Upper Mount Street, Dublin 2, Ireland, as soon as possible and, in any event, not later than 10.00am (Irish time) on Wednesday 28 September 2016.

Unless otherwise defined herein, all capitalised terms used herein shall bear the same meaning as capitalised terms used in the Prospectus of the Company dated 7 August 2014, as may be amended and supplemented from time to time (the "Prospectus"). A copy of the Prospectus is available upon request during normal business hours from the registered office of the Company.

 

If you have sold or transferred your shares in the Company, please pass this document to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for transmission to the purchaser or transferee.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors: Gerry O'Reilly (Irish), Simon McDowell (Irish) and Rory Gillen (Irish)

Registered office : 40 Upper Mount Street, Dublin 2, Ireland

 

 

 

6 September 2016

Dear Shareholder,

We write to you as an existing Shareholder in the Company.  The purpose of this Circular is to explain the ordinary and special business for consideration at the Company's AGM and to explain the proposed changes to the Memorandum & Articles of Association of the Company.

 

You will find enclosed with this Circular a copy of the Notice of AGM convening the meeting at which the ordinary and special business will be proposed.

 

Ordinary Business

 

Resolutions 1,2 and 3 deal with the normal matters to be attended to at an AGM, namely the receipt and consideration of the audited Financial Statements and reports thereon for the year ended 31 December 2015, the re-appointment of HLB Ryan Limited as auditors of the Company and the authorisation of the Directors to fix the remuneration of the auditors.

 

Special Business

 

Resolution 4 deals with the approval and adoption of a revised Memorandum and Articles of Association of the Company.  Primarily, the amendments to the Memorandum and Articles of Association are being proposed in order to reflect recent updates to company law introduced by the Companies Act 2014 and to align the document with the requirements of the Companies Act 2014.  Pursuant to the Companies Act 2014, the Memorandum & Articles of Association are now being combined into a single document called a constitution (the "Constitution").  In addition, several further factual updates have been made to the Memorandum and Articles of Association to reflect changes to applicable legislation and regulatory rules.  Please find enclosed a copy of the draft revised Memorandum and Articles of Association for your consideration.  The draft revised Memorandum and Articles of Association have been marked up against the current Memorandum and Articles of Association for ease of reference, so that all changes being proposed are highlighted in the enclosed document which is included as Appendix III to this circular letter.

 

In summary, the main changes to the Memorandum & Articles of Association of the Company include the following:-

 

1.         Inclusion of reference in Article 1.1 to the fact that the mandatory provisions of the Companies Act 2014 shall apply to the Company.

2.         Article 51 - deposit of proxies (to reflect ability of the Company to accept proxies electronically).

3.         Article 94 - minor amendment to this Article which deals with service of notices of the Company (to reflect ability of the Company to serve notices electronically).

5.         Amendments to Appendix I to the Articles of Association entitled "Definitions" to include some factual updates to the definitions applicable to and used throughout the document.

 

Effective date of the changes

 

All resolutions if passed will become effective immediately.

 

Unless specified to the contrary all times referred to in this circular are Irish times.

 

Procedure

 

If the resolutions are passed, they will be binding on all Shareholders and the revised Memorandum & Articles of Association will be amended reflecting the changes proposed by this Circular.

 

The quorum for the AGM is two Shareholders present either in person or by proxy.  If within half an hour after the time appointed for a meeting a quorum is not present the meeting will be adjourned to the same day in the next week being Friday 7 October 2016 at the same time and place or to such other time and place as the Directors may determine and any one Shareholder present either in person or by proxy shall be a quorum for any such adjourned meeting.

 

A proxy form to enable you to vote at the AGM is enclosed.  This form should be read, completed and returned to the registered office of the Company.  To be valid, your proxy form must be received not later than 10.00am (Irish time) on Wednesday 28 September 2016.

 

You may attend and vote at the AGM even if you have appointed a proxy but, in such circumstances, the proxy is not entitled to vote.

 

Board of Director's Opinion

 

For the reasons referred to above, the Directors consider the proposed changes to be in the best interests of the Shareholders of the Company as a whole and recommend that you vote in favour of the resolutions.  Accordingly, you are requested to complete and return the enclosed Form of Proxy to the registered office of the Company, at 40 Upper Mount Street, Dublin 2, Ireland so as to be received by 10.00am (Irish time) on Wednesday 28 September 2016, voting in favour of the resolutions.

 

The Directors of the Company accept responsibility for the information contained in this letter as being accurate as at the date hereof.

 

 

 

 

___________________________

For and on behalf of

Pilot View Fund 2 public limited company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix I

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY

NOTICE is hereby given that the Annual General Meeting of the Company will be held at

31 Heytesbury Lane, Ballsbridge, Dublin 4 on Friday 30 September 2016 at 10.00 am (Irish time) to transact the following business:

 

Ordinary Business:

 

1          To receive and consider the Company's accounts for the year ended 31 December 2015 together with the report of the Directors and Auditors thereon.

2          To re-appoint HLB Ryan Limited as auditors of the Company. 

3          To authorise the Directors to fix the remuneration of the Auditors.

Special Business:

4          That the Constitution, a blacklined copy of which is contained in the document attached as Appendix III to the shareholder circular dated 6 September 2016 and for the purposes of identification marked "A", be approved and adopted as the new Constitution of the Company in substitution for and to the exclusion of all provisions of any existing Memorandum of Association and Articles of Association of the Company.

5          To transact any other business of the Company.

 

BY ORDER OF THE BOARD

 

 

 

______________________

Maple Secretaries Limited

Secretary

 

Registered Office:

31 Heytesbury Lane
Ballsbridge

Dublin 4

 

Dated:   6 September 2016      

 

NOTE:

1          A member entitled to attend and vote is entitled to appoint a proxy to attend, speak and vote instead of him.  A proxy need not be a member of the Company.

2          A form of proxy is enclosed for the use of Shareholders unable to attend the meeting. Shareholders should deposit their original proxy form at the registered office of the Company (whether by post, delivery or electronic means).  If delivery is by electronic means please send your proxy to [email protected]. Proxies to be valid must be lodged not less than 48 hours prior to the commencement of the meeting.

 

Appendix II

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY (the "Company")

PROXY FORM

I/We, ____________________________________________________________________________

of _______________________________________________________________________(address)

being a Shareholder of the Company

hereby appoint  _______________________________________________________________(name)

of _______________________________________________________________________(address)

or failing him/her, the Chairman of the meeting as my/our proxy to vote on my/our behalf at the Annual General Meeting of the shareholders of the Company to be held at 31 Heytesbury Lane, Ballsbridge, Dublin 4 on Friday 30 September 2016 at 10.00 am (Irish time) and at any adjournment thereof.  I/We instruct my/our proxy to vote in the manner indicated below in respect of the Resolutions.  Failing any specific instruction, the proxy will vote at his/her complete discretion.

Ordinary Business:

 

1          To receive and consider the Company's accounts for the year ended 31 December 2015 together with the report of the Directors and Auditors thereon. 

 

 

 

IN FAVOUR OF / AGAINST / ABSTAIN *

                                    

 

2          To re-appoint HLB Ryan Limited as auditors of the Company.

 

IN FAVOUR OF / AGAINST / ABSTAIN *                                      

 

3          To authorise the Directors to fix the remuneration of the Auditors.

 

IN FAVOUR OF / AGAINST / ABSTAIN *

                                     

Special Business:

4          That the Constitution, a blacklined copy of which is contained in the document attached as Appendix III to the shareholder circular dated 6 September 2016 and for the purposes of identification marked "A", be approved and adopted as the new Constitution of the Company in substitution for and to the exclusion of all provisions of any existing Memorandum of Association and Articles of Association of the Company.

 

 

 

IN FAVOUR OF / AGAINST / ABSTAIN *

                                     

 

 

Signature: _________________________

Name: ____________________________

Dated:                           2016

*Please tick the appropriate box.

 

NOTES:

1          A Shareholder entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend, speak and vote instead of him/her.  A proxy need not be a shareholder of the Company.

2          To be valid, this proxy form, and if applicable, any power of attorney or other authority under which it is signed, or a notarially certified copy of such power of attorney or other authority, must be deposited at the registered office at least 48 hours before the time for holding the meeting or adjourned meeting (whether by post, delivery or electronic means). If delivery is by electronic means please send your proxy to [email protected] 

3          The proxy form must (i) in the case of an individual shareholder be signed by the member or his/her attorney or (ii) in the case of a corporate shareholder be executed under its seal or under the hand of a duly authorised officer of the corporate shareholder.  In the case of joint holders any one holder may sign.

4          A shareholder is entitled to appoint a proxy of her/her/its choice.  If a shareholder wishes to appoint a proxy other than the Chairperson of the meeting, please insert the proxy's name and delete the words "or failing him/her, the Chairperson of the meeting"

5          The completion and return of this proxy form will not prevent a member from attending and voting in person, such attendance will have the effect of cancelling the appointment of the proxy.

6          If this form of proxy is signed and returned without any indication as to how the person appointed is to vote the proxy will exercise discretion as to how to vote or whether to abstain from voting.

 

 

Appendix III

 

Draft blacklined Constitution

 

 

 

 

 

"A"

 

 

THE COMPANIES ACTS, 1963 TO 2013 ACT 2014

 

 

 

 

A PUBLIC COMPANY LIMITED BY SHARES

AN OPEN-ENDED INVESTMENT COMPANY WITH VARIABLE CAPITAL

AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN SUB FUNDS

MEMORANDUM OF ASSOCIATION

-OF-

 

 

 

 

 

CONSTITUTION

 

OF

 

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY

 

 

 

 

 

A PUBLIC COMPANY LIMITED BY SHARES

AN OPEN-ENDED INVESTMENT COMPANY WITH VARIABLE CAPITAL

AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN SUB FUNDS

MEMORANDUM OF ASSOCIATION

-OF-

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY

 

1          The name of the Company is "Pilot View Fund 2 Public Limited Company".

2          The Company is a public limited company being an investment company with variable capital and having as its sole object the collective investment of its funds in property with the aim of spreading investment risk and giving members of the Company the benefit of the results of the management of its funds.

3          The powers of the Company to attain the said object are:

3.1       To carry on business as an investment company and to acquire, dispose of, invest in and hold by way of investment, shares, stocks, securities, bonds, obligations, certificates of deposit, treasury bills, trade bills, bank acceptances, bills of exchange, fixed rate securities, variable or floating rate securities, securities in respect of which the return and/or repurchase amount is calculated by reference to any index, price or rate, monetary and financial instruments of all kinds, futures contracts, swaps, options contracts, contracts for differences, commodities, forward rate agreements, debentures, debenture stock, warrants, commercial paper, promissory notes, mortgage backed securities, asset backed securities and securities of all kinds created, issued or guaranteed by any government, sovereign, ruler, commissioners, body or authority, supreme, state, municipal, local, supranational or otherwise, in any part of the world, or by any company, bank, association or partnership, whether with limited or unlimited liability constituted or carrying on business or activities in any part of the world, units of or participation in any unit trust scheme, mutual fund or collective investment scheme in any part of the world, policies of insurance and assurance, domestic and foreign currency and any present or future rights and interests to or in any of the foregoing, to subscribe for the same either conditionally or otherwise, to enter into underwriting, stocklending and repurchase and similar contracts with respect thereto, to exercise and enforce all rights and powers conferred by or incidental to the ownership thereof and from time to time to sell, exchange, lend, vary or dispose of and grant and dispose of options over any of the foregoing and to deposit money (or place money on current account) with such persons in such currencies and otherwise on such terms as may seem expedient.

3.2       To deposit money, securities and/or property to or with such persons, and on such terms as may seem expedient and to discount, buy and sell bills, notes, warrants, coupons and other negotiable or transferable instruments, securities or documents of whatsoever nature.

3.3       Where required for the direct pursuit of the business of the Company, to acquire by purchase, lease, exchange, hire or otherwise lands and real or personal property wheresoever situate of any kind or of any tenure or any interest in the same; to erect and construct houses, buildings or works of every description on any land of the Company, or upon any other lands or property, and to pull down, rebuild, enlarge, alter or improve existing houses, buildings or works thereon and generally to manage deal with and improve the property of the Company; and to sell, lease, let, mortgage or otherwise dispose of the lands, houses, buildings, and other property of the Company.

3.4       To carry on business as capitalists and financiers, and to undertake and carry on all kinds of financial, trust, agency, broking, and other operations including underwriting, issuing on commission or otherwise of stocks and securities of all kinds.

3.5       To receive monies on loan and to borrow or raise money in any currency and secure or discharge any debt or obligation of or binding on the Company in any manner and in particular by the issue of debentures and to secure the repayment of any money borrowed, raised or owing by mortgage, charge or lien against the whole or any part of the Company's property or assets (whether present or future) including uncalled capital and also by a similar mortgage charge or lien to secure or guarantee the performance of any obligation or liability undertaken by the Company.

3.6       To guarantee the payment of money by or the performance of any contracts, liabilities, obligations, or engagements of any company, firm or person and to grant guarantees and indemnities of every description, and to undertake obligations of every description.

3.7       To enter into any arrangements with any government, or authority, supreme, municipal, local or otherwise, and to obtain from any such government or authority any rights, concessions and privileges that may seem conducive to the objects of the Company or any of them.

3.8       To employ any person, firm, company or other body to investigate and examine the conditions, prospects, values, character and circumstances of any business concern or undertaking and generally of any assets, concessions, properties or rights.

3.9       To take out, acquire, surrender and assign policies of assurance with any insurance company or companies it may think fit payable at fixed or uncertain dates or upon the happening of any contingency whatsoever and to pay the premiums thereon.

3.10     To promote and aid in promoting, constitute, form or organise companies, syndicates or partnerships of all kinds for the purpose of acquiring and undertaking any property and liabilities of the Company, or of advancing directly or indirectly the objects thereof, or for any purpose which the Company may think expedient.

3.11     To promote and aid in promoting, constitute, form or organise any company or companies, syndicates or partnerships of all kinds in any part of the world and to subscribe for shares therein or other securities thereof for the purpose of carrying on any business which the Company is authorised to carry on or of advancing directly or indirectly the objects thereof, or for any other purpose which may seem directly or indirectly calculated to benefit the Company.

3.12     To amalgamate or enter into partnership or into any arrangement for sharing profits, union of interest, joint venture, reciprocal concessions or co-operation with any person or company carrying on, engaged in, or about to carry on or engage in any business or transaction which the company is authorised to carry on or engage in, or any business or transaction capable of being conducted so as directly or indirectly to benefit the Company, and to take or otherwise acquire and hold, sell, re-issue, or otherwise deal with shares or stock in or securities or obligations of, and to subsidise or otherwise assist any such securities or obligations or any dividends upon any such shares or stock.

3.13     To apply for, purchase or otherwise acquire any patents, trademarks, copyrights, designs, licences, and like rights, conferring an exclusive or limited right to use, or any secret or other information as to any invention which may seem capable of being used for any of the purposes of the Company or the acquisition of which may seem calculated directly or indirectly to benefit the Company and to use, exercise, develop, sell, mortgage, grant licences in respect of, or otherwise turn to account the rights and information so acquired.

3.14     To establish and/or carry on any other business or businesses which may seem to the Company capable of being conveniently carried on in connection with any business which the Company is authorised to carry on, or may seem to the Company calculated directly or indirectly to benefit the Company or to enhance the value of or render profitable any of the Company's properties or rights.

3.15     To acquire and carry on all or any part of the business, goodwill or property, and to undertake any liabilities of any person, firm, association or company possessed of property suitable for any of the purposes of the Company, or carrying on or proposing to carry on any business which the Company is authorised to carry on, and as the consideration for the same to pay cash or to issue any fully or partly paid up shares, debentures, or obligations of the Company or undertake all or any of the liabilities of such person, firm association or company.

3.16     To create, issue, make, draw, accept and negotiate redeemable debentures or bonds or other obligations, bills of exchange, promissory notes or other negotiable instruments.

3.17     To distribute among the members of the Company in specie any assets of the Company or any proceeds of sale or disposal of any assets of the Company.

3.18     To sell, let, develop, dispose of or otherwise deal with the undertaking or all or any part of the property real or personal, rights or privileges of the Company upon such terms as the Company may think fit, with power to accept as the consideration, any shares, stocks, debentures, securities or obligations of or interest in any other company.

3.19     To establish and support or aid in the establishment and support of associations, institutions and conveniences calculated to benefit any of the employees or ex-employees of the Company or any associated company, or the dependants or connections of such persons, and to grant pensions and allowances and to make payment towards insurance and to subscribe or guarantee money for charitable or benevolent objects or for any exhibition, or for any public general or useful object.

3.20     To remunerate any companies, firm or person for services rendered or to be rendered in placing or assisting to place or guaranteeing the placing of any of the shares in the Company's capital or any debentures or other securities of the Company or in or about the promotion of the Company or the conduct of its business and whether by cash payment or by the allotment to him or them of stocks, shares, debentures, bonds or other securities of the Company, credited as paid up in full in part or otherwise.

3.21     To promote any company or companies for the purpose of its or their acquiring all or any of the property, rights and liabilities of the Company, or for any other purpose which may seem directly or indirectly calculated to benefit the Company and to pay all the expenses of or incidental to such promotion.

3.22     To pay out of the funds of the Company all expenses which the Company may lawfully pay incidental to the formation, registration and advertising of or raising money for the Company and the issue of its capital or any Class thereof, including brokerage and commissions for obtaining applications for or taking, placing or procuring the underwriting of shares, stocks, debentures, bonds or other securities of the Company and any other expenses which the Directors shall consider to be in the nature of preliminary expenses and to amortise such expenses over such period or periods as the Directors may determine.

3.23     To pay for any property or rights acquired by the Company either in cash or by the issue of fully paid shares of the Company.

3.24     To exercise all or any of the powers aforesaid in any part of the world, and as principals, agents, contractors, trustees or otherwise, and by or through trustees, agents, attorneys or otherwise, and either alone or in conjunction with others.

3.25     To do all such other things as the Company may deem incidental or conducive to the attainment of any of the objects of the Company.

3.26     To procure the Company to be registered or recognised in any part of the world outside Ireland.

3.27     Each of the ancillary powers of the Company (whether enumerated or not) is to be interpreted and exercised as ancillary to the objects of the Company but separate from and ranking equally to any other ancillary power.

And it is hereby declared that the word company (except where used in reference to this Company) in this clause shall be deemed to include any partnership or other body of persons, whether incorporated or not incorporated.

4     The liability of the members is limited.

5     The authorised share capital of the Company is 2 Subscriber Shares of 1 Euro each and 1,000,000,000,000 unclassified participating shares of no par value.  The minimum issued share capital of the Company is €2 or its equivalent in any other currency.  The maximum issued share capital of the Company is 1,000,000,000,000 unclassified shares of no par value.

 

 

WE, the several persons whose names and addresses are subscribed, wish to be formed into a Company, in pursuance of this Memorandum of Association, and we respectively agree to take the number of shares in the capital of the Company set opposite our respective names.

 

 

Names, Addresses and                                                                  Number of shares taken

Descriptions of Subscribers                                                            by each Subscriber

 

 

Goodbody Subscriber One Limited                                                          One

International Financial Services Centre

North Wall Quay

Dublin 1

 

Limited Liability Company

 

 

 

Goodbody Subscriber Two Limited                                                           One

International Financial Services Centre

North Wall Quay

Dublin 1

 

Limited Liability Company

 

 

 

 

 

Dated this 4 August 2006

 

 

Witness to the above signatures:

 

David Naughton

International Financial Services Centre

North Wall Quay

Dublin 1

 

 

Solicitor

 

 

ARTICLES OF ASSOCIATION

OF

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY

As amended by all Special Resolutions passed up to and including 25[    ] September 20142016

CONTENTS

PART 1 - PRELIMINARY

1          Interpretation

PART II - SHARE CAPITAL, UMBRELLA FUND AND RIGHTS

 

6          Share Capital

7          Umbrella Fund

8          Issue of shares

9          Variation of rights

10        Trusts not recognised

11        Disclosure of interests

12        Payment of commission

PART III - REPURCHASE AND EXCHANGE OF SHARES

 

13        Right of repurchase

14        Right of exchange

PART IV - SHARE CERTIFICATES

 

15        Confirmation of ownership/share certificates

16        Balance and exchange certificates

17        Replacement of share certificates

18        Other methods of recording title

PART V - TRANSFER OF SHARES

 

19        Form of instrument of transfer

20        Execution of instrument of transfer

21        Payment of taxation upon transfer

22        Refusal to register transfers

23        Procedure on refusal

24        Closing of transfer books

25        Registration fees

26        Retention of transfer instruments

27        Renunciation of allotment

28        Compulsory transfer of shares

PART VI - TRANSMISSION OF SHARES

 

29        Death of Holder

30        Transmission on death or bankruptcy/minors

31        Rights before registration

PART VII - ALTERATION OF SHARE CAPITAL

 

32        Increase of capital

33        Consolidation, sub-division and cancellation of capital

PART VIII - GENERAL MEETINGS

 

34        Annual general meetings

35        Extraordinary general meetings

36        Convening general meetings

37        Notice of general meetings

PART IX - PROCEEDINGS AT GENERAL MEETINGS

 

38        Quorum for general meetings

39        Special business

40        ChairmanChairperson of general meetings

41        Directors' and Auditors' right to attend general meetings

42        Adjournment of general meetings

43        Determination of resolutions

44        Entitlement to demand a poll

45        Taking of a poll

46        Votes of Holders

47        Written resolutions

48        ChairmanChairperson's casting vote

49        Voting by joint Holders

50        Voting by incapacitated Holders

51        Restriction of voting rights

52        Time for objection to voting

53        Appointment of proxy

54        Bodies corporate acting by representatives at meetings

55        Deposit of proxy instruments

56        Effect of proxy instruments

57        Effect of revocation of proxy or of authorisation

58        Class meetings

PART X - DIRECTORS

 

59        Number of Directors

60        Share qualification

61        Ordinary remuneration of Directors

62        Special remuneration of Directors

63        Expenses of Directors

64        Alternate Directors

PART XI - POWERS OF DIRECTORS

 

65        Directors' powers

66        Power to delegate

67        Appointment of attorneys/agents/delegates/Depositary

68        Borrowing powers

69        Execution of negotiable instruments

PART XII - APPOINTMENT AND RETIREMENT OF DIRECTORS

 

70        No retirement by rotation

71        Eligibility for appointment

72        No retirement on account of age

73        Appointment of additional Directors

PART XIII - DISQUALIFICATION AND REMOVAL OF DIRECTORS

 

74        Disqualification of Directors

75        Removal of Directors

PART XIV - DIRECTORS' INTERESTS

 

76        Directors' interests

77        Restriction on Directors' voting

PART XV - PROCEEDINGS OF DIRECTORS

 

78        Convening and regulation of Directors' meetings

79        Quorum for Directors' meetings

80        Voting at Directors' meetings

81        Telecommunications meetings

82        ChairmanChairperson of board of Directors

83        Validity of acts of Directors

84        Directors' resolutions or other documents in writing

PART XVI - THE SECRETARY

 

85        Appointment of Secretary

PART XVII - THE SEAL

 

86        Use of Seal

87        Seal for use abroad

88        Signature of sealed instruments

PART XVIII - DIVIDENDS AND RESERVES

 

89        Declaration of dividends

90        Eligibility for dividends

91        Deduction from dividend

92        Unclaimed dividends

93        Currency of dividend

94        Payment of dividend

95        Joint Holders

PART XIX - ACCOUNTS

 

96        Accounts

 

PART XX - NOTICES

 

97        Notices in writing

98        Service of notices

99        Service of notice on joint Holders

100      Service of notice on transfer or transmission of shares

101      Signature to notices

102      Deemed receipt of notices

PART XXI - WINDING UP

 

103      Distribution on winding up

104      Distribution in specie

PART XXII - MISCELLANEOUS

 

105      Minutes of meetings

106      Inspection and secrecy

107      Destruction of records

108      Untraced Holders

109      Indemnity

110      Overriding provisions

111      Restriction on modification to Memorandum and Articles

 

 

112     

APPENDIX I

DEFINITIONS

(a)        Definitions

APPENDIX II

ISSUE OF SHARES

(b)        Terms and conditions of issue of shares

(c)        Subscription price of shares

(d)        Allotment of shares for non cash consideration

(e)        Preliminary charge

(f)         No shares allotted when calculation of Net Asset Value suspended

(g)        Issue of fractions of shares

(h)        Minimum Initial Investment Amount

FUNDS

(i)         Funds

(j)         Fund exchanges

(k)        Termination of Funds

RIGHT OF REPURCHASE

 

(l)         Holders' right to request a repurchase of shares

(m)       Repurchase mechanism

(n)        Repurchase price of shares

(o)        Limitations on repurchase

(p)        No shares repurchased when calculation of Net Asset Value suspended

DETERMINATION OF NET ASSET VALUE

 

(q)        Determination of Net Asset Value

(r)         Suspension of determination of Net Asset Value/postponement of a Dealing Day

(s)        Notification of suspension to Competent Authority, Stock Exchanges and Holders

COMPULSORY REPURCHASE OR TRANSFER OF SHARES

 

(t)         Compulsory repurchase or transfer of shares

INVESTMENT OF ASSETS

 

(u)        Investments of Assets of the Company

 

DEPOSITARY

(v)         Appointment of Depositary

(w)        Appointment of sub-custodians

(x)        Remuneration of Depositary

(y)        Retirement or replacement of Depositary

AIFM

 

(z)        Appointment of AIFM

(aa)      Remuneration of AIFM

(bb)      Retirement or replacement of AIFM

EQUALISATION PAYMENTS

 

(cc)      Equalisation Payments

DEALINGS IN SHARES

 

(dd)      Dealings in shares

PREFERENTIAL TREATMENT OF SHAREHOLDERS

 

(ee)      Preferential treatment of shareholders

APPENDIX III

 

DETERMINATION OF NET ASSET VALUE

 

(ff)        Determination of Net Asset Value

 

 

THE COMPANIES ACTS, 1963 TO 2013ACT 2014

A PUBLIC COMPANY LIMITED BY SHARES

AN OPEN-ENDED INVESTMENT COMPANY WITH VARIABLE CAPITAL

AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN SUB FUNDS

ARTICLES OF ASSOCIATION

OF

PILOT VIEW FUND 2 PUBLIC LIMITED COMPANY

As amended by all Special Resolutions passed up to and including 25[     ] September 20142016

 

PART I - PRELIMINARY

1          INTERPRETATION

(i)         The regulations contained in Table A in the First Schedule tomandatory provisions of the Companies Act, 1963 2014 shall not apply to the Company.

(ii)        Expressions in these Articles referring to writing shall be construed, unless the contrary intention appears, as including references to printing, lithography, photography and any other modes of representing or reproducing words in a visible form.  Expressions in these Articles referring to execution of any document shall include any mode of execution whether under seal or under hand.

(iii)        Unless specifically defined herein or in Appendix I or unless the context otherwise requires, words or expressions contained in these Articles shall bear the same meaning as in the Companies ActsAct but excluding any statutory modification thereof not in force when these Articles become binding on the Company.

(iv)        The table of contents, headings and captions included in these Articles are inserted for convenience of reference only and shall not be considered a part of or affect the construction or interpretation of these Articles.

(v)         References in these Articles to any enactment or any section or provision thereof shall mean such enactment, section or provision as the same may be amended and may be from time to time and for the time being in force.

(vi)        In these Articles the masculine gender shall include the feminine and neuter, and vice versa, and the singular number shall include the plural, and vice versa, and words importing persons shall include firms or companies.

(vii)       References in these Articles to "Euro" or "€" are to the currency, for the time being, of the European Monetary Union Member States.  References to the foregoing currency shall include any successor currency.

PART II - SHARE CAPITAL, UMBRELLA FUND AND RIGHTS

(gg)      SHARE CAPITAL

(i)         The authorised share capital of the Company is 2 Subscriber Shares of 1 Euro each and 1,000,000,000,000 shares of no par value initially designated as unclassified participating shares.  The minimum issued share capital of the Company is €2 or its equivalent in any other currency.  The maximum issued share capital of the Company is 1,000,000,000,000 unclassified shares of no par value.

(hh)      UMBRELLA FUND

The Company is an "umbrella fund" comprising separate portfolios of assets and liabilities attributable thereto referred to herein as Fund(s) as further described in Clause 9 of Appendix II by reference to which shares are issued.

(ii)        ISSUE OF SHARES

(i)         Shares may only be issued as fully paid and shall have no par value.

(ii)        The amount of the paid up share capital of the Company shall at all times be equal to the Net Asset Value of the Company.

(iii)        The Directors may from time to time issue fractions of shares.  Notwithstanding anything contained in the Articles the holder of a fraction of a share may not exercise any voting rights in respect of such share.

(iv)        The Directors may issue any of the unclassified shares as participating shares in a Fund with such rights or restrictions as the Directors may determine.  The Directors may issue more than one Class of shares which participate in a Fund.  The provisions contained in Clauses 2 to 8 of Appendix II shall govern the terms and conditions relating to the issue of shares.

(v)         The Directors, on the allotment and issue of any shares, may impose restrictions on the transferability or disposal of the shares as may be considered by the Directors to be in the best interests of the Holders as a whole.

(vi)        The Directors may in their absolute discretion refuse to accept any application for shares in the Company or accept any application in whole or in part.

(vii)       The Directors are generally and unconditionally authorised to exercise all powers of the Company to allot relevant securities, including fractions thereof, (as defined for the purposes of Section 201021 of the 1983Companies Act) up to an amount equal to the authorised but as yet unissued share capital of the Company.

(viii)      Shares issued solely for the purposes of the incorporation of the Company will be issued at an issue price of €1 per share and shall be known as Subscriber Shares.

(jj)        VARIATION OF RIGHTS

(i)         Whenever the share capital is divided into different Classes of shares, the rights attached to any Class may be varied or abrogated with the consent in writing of the Holders of three-fourths in number of the issued shares of that Class, or with the sanction of a special resolution passed at a separate general meeting of the Holders of the shares of the Class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up.  The quorum at any such separate general meeting, other than an adjourned meeting, shall be two persons present in person or by proxy and the quorum at an adjourned meeting shall be one person holding shares of the Class in question or his proxy.

(ii)        The rights conferred upon the Holders of the shares of any Class issued with preferred or other rights shall not, unless otherwise expressly provided by these Articles or the terms of the issue of the shares of that Class, be deemed to be varied by the creation or issue of further shares ranking pahpari passu therewith or subordinate thereto.

(kk)      TRUSTS NOT RECOGNISED

Except as required by law, no person shall be recognised by the Company as holding any share upon any trust, and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any interest in any fractional part of a share or (except only as by these Articles or by law otherwise provided) any other rights in respect of any share except an absolute right to the entirety thereof in the Holder. This shall not preclude the Company from requiring the Holders or a transferee of shares to furnish the Company with information as to the beneficial ownership of any share when such information is reasonably required by the Company.

(ll)        DISCLOSURE OF INTERESTS

(i)         Notwithstanding the provisions of the immediately preceding Article, the Directors, at any time and from time to time if, in their absolute discretion, they consider it to be in the interests of the Company to do so, may give a notice to the Holder or Holders of any share (or any of them) requiring such Holder or Holders to notify the Company in writing within such period as may be specified in such notice (which shall not be less than twenty-eight days from the date of service of such notice) of full and accurate particulars of all or any of the following matters, namely:-

7.11.     his interest in such share;

 

7.1.2.    if his interest in the share does not consist of the entire beneficial interest in it,     the interests of all persons having any beneficial interest in the share           (provided that one joint Holder of a share shall not be obliged to give             particulars of interests of persons in the share which arise only through    another joint Holder); and

 

7.1.3.    any arrangement (whether legally binding or not) entered into by him or any          person having any beneficial interest in the share whereby it has been agreed             or undertaken or the Holder of such share can be required to transfer the       share or any interest therein to any person (other than a joint Holder of the           share) or to act in relation to any meeting of the Company or of any Class of           shares of the Company in a particular way or in accordance with the wishes or   directions of any other person (other than a person who is a joint Holder of           such share).

 

(ii)        If, pursuant to any notice given under paragraph 7.1, the person stated to own any beneficial interest in a share or the person in favour of whom any Holder (or other person having any beneficial interest in the share) has entered into any arrangements referred to in sub-paragraph 7.1.3, is a body corporate, trust, society or any other legal entity or association of individuals and/or entities, the Directors, at any time and from time to time if, in their absolute discretion, they consider it to be in the best interests of the Company to do so, may give a notice to the Holder or Holders of such share (or any of them) requiring such Holder or Holders to notify the Company in writing within such period as may be specified in such notice (which shall not be less than twenty-eight days from the date of service of such notice) of full and accurate particulars of the name and addresses of the individuals who control (whether directly or indirectly and through any number of vehicles, entities or arrangements) the beneficial ownership of all the shares, interests, units or other measure of ownership of such body corporate, trust, society or other entity or association wherever the same shall be incorporated, registered or domiciled or wherever such individuals shall reside provided that if at any stage of such chain of ownership the beneficial interest in any share shall be established to the satisfaction of the Directors to be in the ownership of any body corporate any of whose share capital is listed or dealt in on any bona fide stock exchange, unlisted securities market or over-the-counter securities market, it shall not be necessary to disclose details of the individuals ultimately controlling the beneficial interests in the shares of such body corporate.

(iii)        The Directors, if they think fit, may give notices under paragraphs 7.1 and 7.2 at the same time on the basis that the notice given pursuant to paragraph 7.2 shall be contingent upon disclosure of certain facts pursuant to a notice given pursuant to paragraph 7.1.

(iv)        The Directors may require (before or after the receipt of any written particulars under this Article) any such particulars to be verified by statutory declaration.

(v)         The Directors may serve any notice pursuant to the terms of this Article irrespective of whether or not the Holder on whom it shall be served may be dead, bankrupt, insolvent or otherwise incapacitated and no such incapacity or any unavailability of information or inconvenience or hardship in obtaining the same shall be a satisfactory reason for failure to comply with any such notice provided that if the Directors in their absolute discretion think fit, they may waive compliance in whole or in part with any notice given under this Article in respect of a share in any case of bona fide unavailability of information or genuine hardship or where they otherwise think fit but no such waiver shall prejudice or affect in any way any non-compliance not so waived whether by the Holder concerned or any other joint Holder of the share or by any person to whom a notice may be given at any time.

(vi)        For the purpose of establishing whether or not the terms of any notice served under this Article shall have been complied with the decision of the Directors in this regard shall be final and conclusive and shall bind all persons interested.

(mm)    PAYMENT OF COMMISSION

The Company may exercise the powers of paying commissions conferred by the Companies ActsAct.  Subject to the provisions of the Companies ActsAct and these Articles, any such commission may be satisfied by the payment of cash or by the allotment of fully paid shares or partly in one way and partly in the other.  On any issue of shares the Company may also pay such brokerage as may be lawful.

PART III - REPURCHASE AND EXCHANGE OF SHARES

(nn)      RIGHT OF REPURCHASE

Holders shall have the right to request the Company to repurchase their shares in accordance with the terms and conditions set out in Clauses 12 to 16 of Appendix II.

(oo)      RIGHT OF EXCHANGE

Holders shall have the right to exchange all or any of their shares in accordance with the terms and conditions set out in Clause 10 of Appendix II.

PART IV - SHARE CERTIFICATES

(pp)      CONFIRMATIONS OF OWNERSHIP/SHARE CERTIFICATES

(i)         Every Holder shall receive written confirmation of ownership in respect of his holding of shares.  No share certificates shall be issued unless the Directors otherwise determine and disclose in the Prospectus.  The Company shall not be bound to register more than four persons as joint Holders of any share (except in the case of executors or trustees of a deceased member).  To be entered on the Register, an applicant or transferee must apply for or acquire shares in the Company to the value of not less than the minimum subscription amount as set out in the AIF Rulebook, certify that they are a Qualifying Investor and certify that they are aware of the risks involved in the proposed investment inherent in such investment is the potential to lose all of the sum invested or, in the case of an Accredited Investor certify (to the satisfaction of the Company) that they are availing of an exemption from the requirements set out in the AIF Rulebook and that they are aware that the Company is normally marketed solely to Qualifying Investors who are subject to a minimum subscription of at least €100,000 (or such other minimum amount as may be prescribed by the Central Bank from time to time), they are aware of the risk involved in the proposed investment and they are aware that inherent in such investment is the potential to lose all of the sum invested.

(ii)        Every certificate shall be sealed with the Seal in accordance with Part XVII of these Articles and signed by the Depositary, and shall specify the number, Class and distinguishing number (if any) of the shares to which it relates and that such shares are fully paid.  No certificate will be issued to a Stock Exchange Nominee in respect of whom the Company is not by law required to complete and have ready for delivery a certificate.

(qq)      BALANCE AND EXCHANGE CERTIFICATES

(i)         Where some only of the shares comprised in a share certificate are repurchased or transferred the old certificate shall be cancelled and the new certificate for the balance of such shares shall be issued in lieu without charge.

(ii)        Any two or more certificates representing shares of any one Class held by any Holder at his request may be cancelled and a single new certificate for such shares issued in lieu, without charge unless the Directors otherwise determine.  If any Holder shall surrender for cancellation a share certificate representing shares held by him and request the Company to issue in lieu two or more share certificates representing such shares in such proportions as he may specify, the Directors may comply, if they think fit, with such request.

(rr)        REPLACEMENT OF SHARE CERTIFICATES

If a share certificate is defaced, worn out, lost, stolen or destroyed, it may be replaced on such terms (if any) as to evidence and indemnity and payment of any exceptional expenses incurred by the Company in investigating evidence or in relation to any indemnity as the Directors may determine but otherwise free of charge, and (in the case of defacement or wearing out) on delivery up of the old certificate.

 

(ss)      OTHER METHODS OF RECORDING TITLE

Nothing in these Articles shall preclude title to any shares of the Company being recorded other than in writing in accordance with such arrangements as may from time to time be permitted by the Companies ActsAct and approved by the Directors.

 

PART V - TRANSFER OF SHARES

 

(tt)        FORM OF INSTRUMENT OF TRANSFER

Subject to such of the restrictions of these Articles and to such of the conditions of issue as may be applicable, the shares of any Holder may be transferred by instrument in writing in any usual or common form or any other form which the Directors may approve.

 

(uu)      Execution Of Instrument Of Transfer

The instrument of transfer of any share shall be executed by or on behalf of the transferor.  The transferor shall be deemed to remain the Holder of the share until the name of the transferee is entered in the Register in respect thereof.

 

(vv)       Payment Of Taxation Upon Transfer

The Directors may repurchase and cancel a sufficient portion of the transferor's shares to discharge any taxation payable to the Revenue Commissioners in Ireland in respect of a transfer of shares by a Holder who is or is deemed to be a Taxable Irish Person or acting on behalf of such a person.

 

(ww)     Refusal To Register Transfers

(i)         The Directors in their absolute discretion and without assigning any reason therefore may decline to register the transfer of a share including but not limited to:-

18.1.1   any transfer of a share to a person who is not a Permitted Investor;

 

18.1.2   any transfer to or by an individual under the 18 (or such other age as the Directors may determine) or of unsound mind;

 

18.1.3.  any transfer unless the transferee of such shares would following such     transfer be the holder of shares equal to or greater than the Minimum Initial          Investment Amount;

 

18.1.4.  any transfer in circumstances where as a result of such transfer the transferor      or transferee would hold less than the Minimum Shareholding;

18.1.5.  any transfer in regard to which any payment of taxation remains outstanding;

any transfer to a person who does not clear such money laundering checks as the Directors may determine; and

 

18.1.6.  any transfer unless the transferee has provided the Company with a certificate      to the effect       that he is a Qualifying Investor or Accredited Investor and that           he is aware of the risks involved in the proposed investment and of the fact         that inherent in such investment is the potential to lose all of the sum involved.

 

(ii)        The Directors may decline to recognise any instrument of transfer unless:-

18.2.1   the instrument of transfer is accompanied by the certificate for the shares to        which it relates (if issued) and such other evidence as the Directors may           reasonably require to show the right of the transferor to make the transfer             (save where the transferor is a Stock Exchange Nominee);

 

18.2.2.  the instrument of transfer is in respect of one Class of share only;

 

18.2.3.  the instrument of transfer is in favour of not more than four transferees; and]

 

18.2.4.  the instrument of transfer is lodged at the Office or at such other place as the       Directors may appoint.

 

 

 

(xx)      Procedure On Refusal

If the Directors refuse to register a transfer then, within two months after the date on which the transfer was lodged with the Company, they shall send to the transferee notice of the refusal.

 

(yy)      Closing Of Transfer Books

The registration of transfers of shares or of transfers of any Class of shares may be deferred at such times and for such periods (not exceeding thirty days in each year) as the Directors may determine.

 

(zz)      Registration Fees

A fee may be charged for the registration of any instrument of transfer or other document relating to or affecting the title to any share.

 

(aaa)     Retention of transfer instruments

The Company shall be entitled to retain any instrument of transfer which is registered, but any instrument of transfer which the Directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.

 

(bbb)     Renunciation of allotment

Nothing in these Articles shall preclude the Directors from recognising a renunciation of the allotment of any shares by the allottee in favour of some other person provided such other person is a Permitted Investor.

 

(ccc)     Compulsory transfer of shares

The Directors shall have the power to arrange for the compulsory transfer of shares acquired by or on behalf of a person who is not a Permitted Investor in accordance with the provisions set out in Clause 20 of Appendix II.

 

PART VI - TRANSMISSION OF SHARES

 

(ddd)     Death of Holder

If a Holder dies the survivor or survivors where he was a joint Holder, and his personal representatives where he was a sole Holder or the only survivor of joint Holders, shall be the only persons recognised by the Company as having any title to his interest in the shares; but nothing herein contained shall release the estate of a deceased Holder from any liability in respect of any share which had been jointly held by him.

 

(eee)     Transmission on death or bankruptcy/minors

Any guardian of an infant Holder and any curator or other legal representative of a Holder under legal disability and any person entitled to a share in consequence of the death or bankruptcy of a Holder may elect, upon such evidence being produced as the Directors may properly require, either to become the Holder of the share or to make such transfer thereof as the deceased or bankrupt Holder or Holder under a disability could have made.  If he elects to become the Holder he shall give notice to the Company to that effect.  If he elects to have another person registered he shall execute an instrument of transfer of the share to that person.  All of these Articles relating to the transfer of shares shall apply to the notice or instrument of transfer as if it were an instrument of transfer executed by the Holder and the death or bankruptcy or disability of the Holder had not occurred.

 

(fff)        Rights before registration

A person becoming entitled to a share by reason of the death or bankruptcy of a Holder (upon supplying to the Company such evidence as the Directors may reasonably require to show his title to the share) shall have the rights to which he would be entitled if he were the holder of the share, except that, before being registered as the Holder of the share, he shall not be entitled in respect of it to attend or vote at any meeting of the Company or at any separate meeting of the Holders of any Class of shares in the Company, so, however, that the Directors, at any time, may give notice requiring any such person to elect either to be registered himself or to transfer the share and, if the notice is not complied with within ninety days, the Directors thereupon may withhold payment of all dividends, bonuses or other moneys payable in respect of the share until the requirements of the notice have been complied with.

 

PART VII - ALTERATION OF SHARE CAPITAL

 

(ggg)     Increase of capital

(i)         The Company from time to time by ordinary resolution may increase the share capital by such amount and/or number as the resolution shall prescribe.

(ii)        Subject to the provisions of the Companies ActsAct and these Articles, the new shares shall be issued to such persons, upon such terms and conditions and with such rights and privileges annexed thereto as the Directors shall determine.

(hhh)     Consolidation, sub-division and cancellation of capital

The Company, by ordinary resolution, may:-

 

(i)         consolidate and divide all or any of its share capital into shares of larger amount;

(ii)        subject to the provisions of the Companies ActsAct, subdivide its shares, or any of them, into shares of smaller amount or value, (and so that the resolution whereby any share is sub-divided may determine that, as between the Holders of the shares resulting from such sub-division, one or more of the shares may have, as compared with the others, any such preferred, deferred or other rights or be subject to any such restrictions as the Company has power to attach to unissued or new shares);

(iii)        cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and reduce the amount of its authorised share capital by the amount of the shares so cancelled; or

(iv)        redenominate the currency of any Class of shares.

 

 

PART VIII - GENERAL MEETINGS

 

(iii)        Annual general meetings

The Company shall hold in each year a general meeting as its annual general meeting in addition to any other meeting in that year and shall specify the meeting as such in the notice calling it.  Not more than fifteen months shall elapse between the date of one annual general meeting and that of the next PROVIDED THAT so long as the Company holds its first annual general meeting within eighteen months of its incorporation it need not hold it in the year of its incorporation or in the following year.  Subsequent annual general meetings shall be held once in each year.

 

(jjj)        Extraordinary general meetings

All general meetings other than annual general meetings shall be called extraordinary general meetings.

 

(kkk)     Convening general meetings

The Directors may convene general meetings.  Extraordinary general meetings may also be convened on such requisition, or in default may be convened by such requisitionists, and in such manner as may be provided by the Companies ActsAct.  If at any time there are not within the State sufficient Directors capable of acting to form a quorum, any Director or any two Holders may convene an extraordinary general meeting in the same manner as nearly as possible as that in which general meetings may be convened by the Directors.

 

(lll)        Notice of general meetings

(i)         Subject to the provisions of the Companies ActsAct allowing a general meeting to be called by shorter notice, an annual general meeting and an extraordinary general meeting called for the passing of a special resolution shall be called by at least twenty-one Clear Days' notice and all other extraordinary general meetings shall be called by at least fourteen Clear Days' notice.

(ii)        Any notice convening a general meeting shall specify the time and place of the meeting and, in the case of special business, the general nature of that business and, in reasonable prominence, that a Holder entitled to attend and vote is entitled to appoint a proxy to attend, speak and vote in his place and that a proxy need not be a Holder.  Subject to any restrictions imposed on any shares, the notice shall be given to all the Holders and to the Directors and the Auditors.

(iii)        The accidental omission to give notice of a meeting to, or the non-receipt of notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings at the meeting.

(iv)        Where, by any provision contained in the Companies ActsAct, extended notice is required of a resolution, the resolution shall not be effective (except where the Directors of the Company have resolved to submit it) unless notice of the intention to move it has been given to the Company not less than twenty-eight days (or such shorter period as the Companies ActsAct permit) before the meeting at which it is moved, and the Company shall give to the Holders notice of any such resolution as required by and in accordance with the provisions of the Companies ActsAct.

 

 

1.1      

PART IX - PROCEEDINGS AT GENERAL MEETINGS

 

(mmm)  Quorum for general meetings

(i)         No business other than the appointment of a chairmanchairperson shall be transacted at any general meeting unless a quorum of Holders or holders of Subscriber Shares is present at the time when the meeting proceeds to business.  Except as provided in relation to an adjourned meeting, two persons entitled to vote upon the business to be transacted, each being a Holder or a holder of Subscriber Shares or a proxy for such holders or a duly authorised representative of a corporate holder, shall be a quorum.

(ii)        If such a quorum is not present within half an hour from the time appointed for the meeting, or if during a meeting a quorum ceases to be present, the meeting shall stand adjourned to the same day in the next week at the same time and place, or to such other day, time and place as the Directors may determine.

If at the adjourned meeting such a quorum is not present within half an hour from the time appointed for the meeting, the meeting, if convened otherwise than by resolution of the Directors, shall be dissolved, but if the meeting shall have been convened by resolution of the Directors, one person entitled to be counted in a quorum present at the meeting shall be a quorum.

 

(nnn)     Special business

All business shall be deemed special that is transacted at an extraordinary general meeting.  All business that is transacted at an annual general meeting shall also be deemed special, with the exception of declaring a dividend, the consideration of the accounts, balance sheets and reports of the Directors and Auditors, the re-appointment of the retiring Auditors and the fixing of the remuneration of the Auditors.

 

(ooo)     ChairmanChairperson of general meetings

(i)         The chairmanchairperson of the board of Directors or, in his absence, the deputy chairmanchairperson (if any) or, in his absence, some other Director nominated by the Directors shall preside as chairmanchairperson at every general meeting of the Company.  If at any general meeting none of such persons shall be present within fifteen minutes after the time appointed for the holding of the meeting and willing to act, the Directors present shall elect one of their number to be chairmanchairperson of the meeting and, if there is only one Director present and willing to act, he shall be chairmanchairperson.

(ii)        If at any meeting no Director is willing to act as chairmanchairperson or if no Director is present within fifteen minutes after the time appointed for holding the meeting, the Holders present (in person or by proxy or by representative) and entitled to vote shall choose one of the Holders (including his proxy or its duly authorised representative) personally present to be chairmanchairperson of the meeting.

(ppp)     Directors' and Auditors' right to attend general meetings

A Director shall be entitled, notwithstanding that he is not a Holder, to attend and speak at any general meeting and at any separate meeting of the Holders of any Class of shares in the Company.  The Auditors shall be entitled to attend any general meeting and to be heard on any part of the business of the meeting which concerns them as the Auditors.

 

(qqq)     Adjournment of general meetings

The chairmanchairperson, with the consent of a meeting at which a quorum is present, may (and if so directed by the meeting, shall) adjourn the meeting from time to time (or sine die) and from place to place, but no business shall be transacted at any adjourned meeting other than business which might properly have been transacted at the meeting had the adjournment not taken place.  Where a meeting is adjourned sine die, the time and place for the adjourned meeting shall be fixed by the Directors.  When a meeting is adjourned for fourteen days or more or sine die, at least seven Clear Days' notice shall be given specifying the time and meeting and the general nature of the business to be transacted.  Save as aforesaid it shall not be necessary to give any notice of an adjourned meeting.

 

(rrr)       Determination of resolutions

At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands unless before, or on the declaration of the result of, the show of hands a poll is duly demanded.  Unless a poll is so demanded a declaration by the chairmanchairperson that a resolution has been carried or carried unanimously, or by a particular majority, or lost, or not carried by a particular majority and an entry to that effect in the minutes of the meeting shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against the resolution.  The demand for a poll may be withdrawn before the poll is taken but only with the consent of the chairmanchairperson, and a demand so withdrawn shall not be taken to have invalidated the result of a show of hands declared before the demand was made.

 

(sss)     Entitlement to demand poll

Subject to the provisions of the Companies ActsAct, a poll may be demanded:-

 

(i)         by the chairmanchairperson of the meeting;

(ii)        by at least two Holders present (in person or by proxy) having the right to vote at the meeting; or

(iii)        by any Holder or Holders present (in person or by proxy) representing not less than one-tenth of the total voting rights of all the Holders having the right to vote at the meeting.

(ttt)       Taking of a poll

(i)         Save as provided in paragraph 41.2 of this Article, a poll shall be taken in such manner as the chairmanchairperson directs and he may appoint scrutineers (who need not be Holders) and fix a time and place for declaring the result of the poll.  The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

(ii)        A poll demanded on the election of a chairmanchairperson or on a question of adjournment shall be taken forthwith.  A poll demanded on any other question shall be taken either forthwith or at such time (not being more than thirty days after the poll is demanded) and place as the chairmanchairperson of the meeting may direct.  The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded.  If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made.

(iii)        No notice need be given of a poll not taken forthwith if the time and place at which it is to be taken are announced at the meeting at which it is demanded.  In any other case at least seven Clear Days' notice shall be given specifying the time and place at which the poll is to be taken.

(uuu)     Votes of Holders

(i)         Votes may be given either personally or by proxy.  Subject to any rights or restrictions for the time being attached to any Class or Classes of shares:-

(ii)        on a show of hands every Holder, who is present in person or by proxy, shall have one vote and the holder(s) of Subscriber Shares present in person or by proxy shall have one vote in respect of all of the Subscriber Shares in issue;

(iii)        on a poll every Holder present in person or by proxy shall have one vote for every share of which he is the Holder and every holder of a Subscriber Share present in person or by proxy shall have one vote in respect of his holding of Subscriber Shares;

(iv)        on a poll of all the Holders of shares in a Fund, where there is more than one Class of shares in existence in that Fund, the voting rights of such Holders may at the discretion of the Directors be adjusted in such manner, determined by the Directors, so as to reflect the most recently calculated price at which the shares of each of the Classes in question may be repurchased by the Company;

(v)         a Holder or Holders who hold a fraction of a share may not exercise any voting rights, whether on a show of hands or on a poll, in respect of such fraction of a share.

(vvv)      Written Resolutions

A resolution in writing executed by or on behalf of each Holder who would have been entitled to vote upon it if it had been proposed at a meeting at which he was present shall be as effectual as if it had been passed at a general meeting duly convened and held and may consist of several instruments in the like form each executed by or on behalf of one or more Holders.  In the case of a corporation a resolution in writing may be signed on its behalf by a director or the secretary thereof or by its duly appointed attorney or duly authorised representative.

 

(www)   ChairmanChairperson's casting vote

Where there is an equality of votes, whether on a show of hands or on a poll, the chairmanchairperson of the meeting at which the show of hands takes place or at which the poll is demanded shall be entitled to a casting vote in addition to any other vote he may have.

 

(xxx)     Voting by joint Holders

Where there are joint Holders of a share, the vote of the senior who tenders a vote, whether in person or by proxy, in respect of such share shall be accepted to the exclusion of the votes of the other joint Holders and for this purpose seniority shall be determined by the order in which the names of the Holders stand in the Register in respect of the share.

 

 

(yyy)     Voting by incapacitated Holders

A member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction (whether in the State or elsewhere) in matters concerning mental disorder, may vote, whether on a show of hands or on a poll, by his committee, receiver, guardian or other person appointed by that court and any such committee, receiver, guardian or other person may vote by proxy on a show of hands or on a poll.  Evidence to the satisfaction of the Directors of the authority of the person claiming to exercise the right to vote shall be deposited at the Office or at such other place as is specified in accordance with these Articles for the deposit of instruments of proxy by such time as the Directors may determine before the time appointed for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable.

 

(zzz)     Restriction of voting rights

(i)         If at any time the Directors shall determine that a Specified Event (as defined in paragraph 47.5 of this Article) shall have occurred in relation to any share or shares the Directors may serve a notice to such effect on the Holder or Holders thereof.  Upon the service of any such notice (in these Articles referred to as a restriction notice) no Holder or Holders of the share or shares specified in such restriction notice shall be entitled, for so long as such restriction notice shall remain in force, to attend or vote at any general meeting, either personally or by proxy.

(ii)        A restriction notice shall be cancelled by the Directors as soon as reasonably practicable, but in any event not later than forty-eight hours, after the Holder or Holders concerned shall have remedied the default by virtue of which the Specified Event shall have occurred.  A restriction notice shall automatically cease to have effect in respect of any share transferred upon registration of the relevant transfer provided that a restriction notice shall not cease to have effect in respect of any transfer where no change in the beneficial ownership of the share shall occur and for this purpose it shall be assumed that no such change has occurred where a transfer form in respect of the share is presented for registration having been stamped at a reduced rate of stamp duty by virtue of the transferor or transferee claiming to be entitled to such reduced rate as a result of the transfer being one where no beneficial interest passes.

(iii)        The Directors shall cause a notation to be made in the Register against the name of any Holder or Holders in respect of whom a restriction notice shall have been served indicating the number of shares specified in such restriction notice and shall cause such notation to be deleted upon cancellation or cesser of such restriction notice.

(iv)        Any determination of the Directors and any notice served by them pursuant to the provisions of this Article shall be conclusive as against the Holder or Holders of any share and the validity of any notice served by the Directors in pursuance of this Article shall not be questioned by any person.

(v)         For the purpose of these Articles the expression Specified Event in relation to any share shall mean the failure by the Holder thereof or any of the Holders thereof to comply, to the satisfaction of the Directors, with all or any of the terms of Article 7 in respect of any notice or notices given to him or any of them thereunder.

(aaaa)   Time for objection to voting

No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is tendered and every vote not disallowed at such meeting shall be valid.  Any such objection made in due time shall be referred to the chairmanchairperson of the meeting whose decision shall be final and conclusive.

 

(bbbb)   Appointment of proxy

Every Holder entitled to attend and vote at a general meeting may appoint a proxy to attend, speak and vote on his behalf.  The instrument appointing a proxy shall be in writing in any usual form or in any other form which the Directors may approve and shall be executed by or on behalf of the Holder.  The signature on such instrument need not be witnessed.  A body corporate may execute a form of proxy under its common seal or under the hand of a duly authorised officer thereof.  A proxy need not be a Holder.

 

(cccc)   Bodies corporate acting by representatives at meetings

Any body corporate which is a Holder may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any Class of Holders of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he represents as that body corporate could exercise if it were an individual Holder.

 

(dddd)   Deposit of proxy instruments

The instrument appointing a proxy and any authority under which it is executed or a copy, certified notarially or in some other way approved by the Directors, shall be deposited at the Office or (at the option of the Holder) at such other place or places (if any) as may be specified for that purpose in or by way of note to the notice convening the meeting or adjourned meeting at such time as may be determined by the Directors before the time appointed for the holding of the meeting or adjourned meeting or (in the case of a poll taken otherwise than at or on the same day as the meeting or adjourned meeting) for the taking of the poll at which it is to be used, and in default shall not be treated as valid. The depositing of the instrument of proxy may, rather than its being effected by sending or delivering the instrument, be effected by communicating the instrument to the Company by electronic means.  Provided that an instrument of proxy relating to more than one meeting (including any adjournment thereof) having once been so delivered for the purposes of any meeting shall not require to be delivered again for the purposes of any subsequent meeting to which it relates.

 

(eeee)   Effect of proxy instruments

Deposit of an instrument of proxy in respect of a meeting or adjourned meeting shall not preclude a Holder from attending and voting at the meeting or at any adjournment thereof.  The instrument appointing a proxy shall be valid, unless the contrary is stated therein, as well for any adjournment of the meeting as for the meeting to which it relates.

 

(ffff)       Effect of revocation of proxy or of authorisation

(i)         A vote given or poll demanded in accordance with the terms of an instrument of proxy or a resolution authorising a representative to act on behalf of a body corporate shall be valid notwithstanding the death or insanity of the principal, or the revocation of the instrument of proxy or of the authority under which the instrument of proxy was executed or of the resolution authorising the representative to act or transfer of the share in respect of which the instrument of proxy or the authorisation of the representative to act was given, provided that no intimation in writing of such death, insanity, revocation or transfer shall have been received by the Company at the Office at least one hour before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used or at which the representative acts.

(ii)        The Directors may send, at the expense of the Company, by post or otherwise, to the Holders instruments of proxy (with or without stamped envelopes for their return) for use at any general meeting or at any Class meeting, either in blank or nominating any one or more of the Directors or any other persons in the alternative.  If for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the expense of the Company, such invitations shall be issued to all (and not to some only) of the Holders entitled to be sent a notice of the meeting and to vote thereat by proxy.

 

(gggg)   Class Meetings

Save as otherwise provided in these Articles, the provisions of Articles 32 to 53 shall apply mutatis mutandis to Class meetings and meetings of Holders of shares in a Fund as they apply to general meetings.

 

PART X - DIRECTORS

 

(hhhh)   Number of Directors

Unless otherwise determined by the Company in general meeting the number of Directors shall not be less than two.

 

(iiii)       Share qualification

A Director shall not be required to hold any shares in the Company.

 

(jjjj)       Ordinary remuneration of Directors

Unless and until otherwise determined from time to time by the Company in general meeting, the ordinary remuneration of each Director shall be determined from time to time by resolution of the Directors.

 

(kkkk)   Special remuneration of Directors

Any Director who holds any executive office (including for this purpose the office of chairmanchairperson or deputy chairmanchairperson) or who serves on any committee, or who otherwise performs services which in the opinion of the Directors are outside the scope of the ordinary duties of a Director, may be paid such extra remuneration by way of salary, commission or otherwise as the Directors may determine.

 

(llll)       Expenses of Directors

The Directors may be paid all travelling, hotel and other out-of-pocket expenses properly incurred by them in connection with their attendance at meetings of the Directors or committees established by the Directors or general meetings or separate meetings of the Holders of any Class of shares of the Company or otherwise in connection with the discharge of their duties.

 

 

(mmmm)           Alternate Directors

(i)         Any Director may appoint by writing under his hand any person (including another Director) to be his alternate.  Any such authority may be sent by delivery, post, cable, telegram, telex, telefax, electronic mail or any other means of communication approved by the Directors and may bear a printed or facsimile signature of the Director giving such authority.

(ii)        An alternate Director shall be entitled to receive notices of all meetings of the Directors and of all meetings of committees established by the Directors of which his appointor is a member, to attend and vote at any such meeting at which the Director appointing him is not personally present and in the absence of his appointor to exercise all the powers, rights, duties and authorities of his appointor as a Director (other than the right to appoint an alternate hereunder).

(iii)        Save as otherwise provided in these Articles, an alternate Director shall be deemed for all purposes to be a Director and shall alone be responsible for his own acts and defaults and he shall not be deemed to be the agent of the Director appointing him.  The remuneration of any such alternate Director shall be payable out of the remuneration paid to the Director appointing him and shall consist of such portion of the remuneration of the Director as shall be agreed between the alternate and the Director appointing him.

(iv)        A Director may revoke at any time the appointment of any alternate appointed by him.  If a Director shall die or cease to hold the office of Director the appointment of his alternate shall thereupon cease and determine but if a Director retires by rotation or otherwise but is reappointed or deemed to have been re-appointed at the meeting at which he retires, any appointment of an alternate Director made by him which was in force immediately prior to his retirement shall continue after his re-appointment.

(v)         Any appointment or revocation by a Director under this Article shall be effected by notice in writing given under his hand to the Secretary or deposited at the Office or in any other manner approved by the Directors.

PART XI - POWERS OF DIRECTORS

 

(nnnn)   Directors 'powers

(i)         Subject to the provisions of the Companies Acts, the Act, the Memorandum of Association of the Company and these Articles and to any directions by the Holders given by ordinary resolution, not being inconsistent with these Articles, with the Companies Acts or with the Act, the business of the Company shall be managed by the Directors who may do all such acts and things and exercise all the powers of the Company as are not by the Companies Acts, the Act or by these Articles required to be done or exercised by the Company in general meeting. Without prejudice to the generality of the foregoing, the Directors may exercise all powers of the Company in relation to the investment of the Assets in accordance with Clause 21 of Appendix II.

(ii)        No alteration of the Memorandum of Association of the Company or of these Articles and no such direction shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or that direction had not been given.  The powers given by this Article shall not be limited by any special power given to the Directors by these Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.

 

 

1.2      

(oooo)   Power to delegate

Without prejudice to the generality of the last preceding Article, the Directors may delegate any of their powers to any committee whether or not consisting of Directors.  Any such delegation may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers and may be revoked.  Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying.

 

(pppp)   Appointment of attorneys/agents/delegates/Depositary

(i)         The Directors, from time to time and at any time by power of attorney under seal or otherwise, may appoint any company, firm or person or fluctuating body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or agent or delegate of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit. Any such power of attorney may contain such provisions for the protection of persons dealing with any such attorney as the Directors may think fit, may contain indemnities in favour of any attorney and may authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him.

(ii)        Without prejudice to the generality of the foregoing, the Directors may, with the prior approval of the Competent Authority, appoint a manager, and in accordance with the requirements of the Competent Authority appoint an investment manager and/or investment adviser, administrator and/or other similar entity to manage and/or advise on the investment of the Assets and the administration of the Company, on such terms and conditions as the Directors may deem fit.  The remuneration and expenses of such appointees may be charged to the Company.

(iii)        Notwithstanding the generality of 63.1 above the Directors may appoint an agent for the purposes of exercising their power to allot relevant securities in accordance with the provisions of Article 4.

(iv)        Without prejudice to the generality of the foregoing, the Directors shall appoint a Depositary to all of the Assets (including cash) of the Company in accordance with the provisions of Clauses 22-25 of Appendix II.

(v)         Any dealings (including, but not limited to, dealing in shares of the Company) by any person referred to in this Article will be subject to such rules and conditions as may be laid down by the Competent Authority from time to time.

(qqqq)   Borrowing powers

Subject to the Companies Act, the Directors may exercise all the powers of the Company to borrow or raise money and to mortgage, or charge its undertaking, property and assets (both present and future), and uncalled capital or any part thereof and to issue debentures, debenture stock and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company provided that all such borrowings shall be within the limits laid down by the Competent Authority.

 

 

 

(rrrr)      Execution of negotiable instruments

All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, by such person or persons and in such manner as the Directors shall determine from time to time.

 

PART XII - APPOINTMENT AND RETIREMENT OF DIRECTORS

 

(ssss)   No retirement by rotation

No Director will be required to retire by rotation.

 

(tttt)      Eligibility for appointment

To be eligible for appointment as a Director at a general meeting of the Company, a person must be recommended by the Directors or, not less than six nor more than thirty Clear Days before the date appointed for the meeting, notice executed by a Holder qualified to vote at the meeting must have been given to the Company of the intention to propose that person for appointment stating the particulars which would be required, if he were so appointed, to be included in the Company's register of Directors together with notice executed by that person of his willingness to be appointed.

 

(uuuu)   No retirement on account of age

No Director shall be required to retire on account of age.

 

(vvvv)     Appointment of additional Directors

(i)         Subject as aforesaid, the Company by ordinary resolution may appoint a person to be a Director either to fill a vacancy or as an additional Director.

(ii)        The Directors may appoint a person who is willing to act to be a Director, either to fill a vacancy or as an additional Director, provided that the appointment does not cause the number of Directors to exceed any number as fixed by or in accordance with these Articles as the maximum number of Directors.  Any Director so appointed shall not be required to retire at any subsequent annual general meeting of the Company.

(iii)        The continuing Directors may act notwithstanding any vacancy in their body, provided that if the number of the Directors is reduced below two, the remaining Director shall appoint forthwith an additional Director or additional Directors to make up a quorum or shall convene a general meeting of the Company for the purpose of making such appointment or appointments.  If, in such circumstances, there be no Director or Directors able or willing to act then any two Holders may summon a general meeting for the purpose of appointing Directors.  Any additional Director so appointed shall not be required to retire at any subsequent annual general meeting of the Company.

PART XIII - DISQUALIFICATION AND REMOVAL OF DIRECTORS

 

(wwww) Disqualification of Directors

The office of a Director shall be vacated ipso facto if:-

 

(i)         he ceases to be a Director by virtue of any provision of the Companies ActsAct or he becomes prohibited by law from being a Director;

(ii)        he becomes bankrupt or makes any arrangement or composition with his creditors generally;

(iii)        in the opinion of a majority of his co-Directors, he becomes incapable by reason of mental disorder of discharging his duties as a Director;

(iv)        he resigns his office by notice in writing to the Company signed by him and delivered to the Office;

(v)         he is convicted of an indictable offence, unless the Directors otherwise determine;

(vi)        he shall have been absent for more than six consecutive months without permission of the Directors from meetings of the Directors held during that period and his alternate Director (if any) shall not have attended any such meeting in his place during such period, and the Directors pass a resolution that by reason of such absence he has vacated office;

(vii)       he is required in writing by all his co-Directors to resign; or

(viii)      the Competent Authority requires him to resign.

(xxxx)   Removal of Directors

The Company, by ordinary resolution of which extended notice has been given in accordance with the provisions of the Companies ActsAct, may remove any Director notwithstanding anything in these Articles or in any agreement between the Company and such Director and may, if thought fit, by ordinary resolution appoint another Director in his stead.  Nothing in this Article shall be taken as depriving a person removed hereunder of compensation or damages payable to him in respect of the termination of his appointment as Director or of any appointment terminating with that of the Director.

 

PART XIV - DIRECTORS1 INTERESTS

 

(yyyy)   Directors' interests

(i)         Subject to the provisions of the Companies ActsAct, and provided that he has disclosed to the Directors the nature and extent of any material interest of his, a Director notwithstanding his office:-

may be a party to, or otherwise interested in, any transaction or arrangement with the Company or any subsidiary or associated company thereof or in which the Company or any subsidiary or associated company thereof is otherwise interested;

may be a director or other officer of, or employed by, or a party to any transaction or arrangement with, or otherwise interested in, any body corporate promoted by the Company or in which the Company or any subsidiary or associated company thereof is otherwise interested; and

shall not be accountable, by reason of his office, to the Company for any benefit which he derives from any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.

(ii)        No Director or intending Director shall be disqualified by his office from contracting with the Company either as vendor, purchaser or otherwise, nor shall any such contract or any contract or arrangement entered into by or on behalf of the other company in which any Director shall be in any way interested be avoided nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established. The nature of a Director's interest must be declared by him at the meeting of the Directors at which the question of entering into the contract or arrangement is first taken into consideration, or if the Director was not at the date of that meeting interested in the proposed contract or arrangement at the next meeting of the Directors held after he became so interested, and in a case where the Director becomes interested in a contract or arrangement after it is made, at the first meeting of the Directors held after he becomes so interested.

(iii)        A copy of every declaration made and notice given under this Article shall be entered within three days after the making or giving thereof in a book kept for this purpose.  Such book shall be open for inspection without charge by any Director, Secretary, Auditor or Holder at the Office and shall be produced at every general meeting of the Company and at any meeting of the Directors if any Director so requests in sufficient time to enable the book to be available at the meeting.

(iv)        For the purposes of this Article:-

a general notice given to the Directors that a Director is to be regarded as having an interest of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is interested shall be deemed to be a disclosure that the Director has an interest in any such transaction of the nature and extent so specified; and

an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated as an interest of his.

(zzzz)   Restriction on Directors' voting

(i)         Save as otherwise provided by these Articles, a Director shall not vote at a meeting of the Directors or any committee established by the Directors on any resolution concerning a matter in which he has, directly or indirectly, an interest which is material (other than an interest arising by virtue of his interest in shares or debentures or other securities or otherwise in or through the Company) or a duty which conflicts or may conflict with the interests of the Company.  A Director shall not be counted in the quorum present at a meeting in relation to any such resolution on which he is not entitled to vote.

(ii)        A Director shall be entitled to vote (and be counted in the quorum) in respect of any resolutions concerning any of the following matters, namely: -

92.1          the giving of any security, guarantee or indemnity to him in respect of money lent by him to the Company or any of its subsidiary or associated companies or obligations incurred by him at the request of or for the benefit of the Company or any of its subsidiary or associated companies;

the giving of any security, guarantee or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiary or associated companies for which he himself has assumed responsibility in whole or in part and whether alone or jointly with others under a guarantee or indemnity or by the giving of security;

any proposal concerning any offer of shares or debentures or other securities of or by the Company or any of its subsidiary or associated companies for subscription, purchase or exchange in which offer he is or is to be interested as a participant in the underwriting or sub-underwriting thereof; or

any proposal concerning any other company in which he is interested, directly or indirectly and whether as an officer or shareholder or otherwise howsoever.

(iii)        Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company or any company in which the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such case each of the Directors concerned (if not debarred from voting under sub-paragraph 73.2.4 of this Article) shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning his own appointment.

(iv)        If a question arises at a meeting of Directors or of any committee established by the Directors as to the materiality of a Director's interest or as to the right of any Director to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question may be referred, before the conclusion of the meeting, to the chairmanchairperson of the meeting and his ruling in relation to any Director other than himself shall be final and conclusive.

(v)         The Company by ordinary resolution may suspend or relax the provisions of this Article to any extent or ratify any transaction not duly authorised by reason of a contravention of this Article.

PART XV - PROCEEDINGS OF DIRECTORS

 

(aaaaa) Convening and regulation of Directors' meetings

(i)         Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit.  A Director may, and the Secretary at the request of a Director shall, call a meeting of the Directors.  Any Director may waive notice of any meeting and any such waiver may be retrospective.  If the Directors so resolve, it shall not be necessary to give notice of a meeting of Directors to any Director or alternate Director who, being a resident of the State, is for the time being absent from the State.

(ii)        Notice of a meeting of the Directors shall be deemed to be duly given to a Director if it is given to him personally or by word of mouth or sent in writing by delivery, post, cable, telegram, telex, telefax, electronic mail or any other means of communication approved by the Directors to him at his last known address or any other address given by him to the Company for this purpose.                                                                                                                                                                                                                                                                                                                                             

(bbbbb) Quorum for Directors' meetings

(i)         The quorum for the transaction of the business of the Directors may be fixed by the Directors and unless so fixed at any other number shall be two.  A person who holds office only as an alternate Director shall, if his appointer is not present, be counted in the quorum but notwithstanding that such person may act as alternate Director for more than one Director he shall not count as more than one for the purposes of determining whether a quorum is present.

(ii)        The continuing Directors or a sole Director may act notwithstanding any vacancies in their number but if the number of Directors is less than the number fixed as the quorum, they may act only for the purpose of filling vacancies or for calling a general meeting.

(ccccc) Voting at Directors' meetings

(i)         Questions arising at any meeting of Directors shall be decided by a majority of votes.  Where there is an equality of votes, the chairmanchairperson of the meeting shall have a casting vote.

(ii)        Subject as hereinafter provided, each Director present and voting shall have one vote and in addition to his own vote shall be entitled to one vote in respect of each other Director not present at the meeting who shall have authorised him in respect of such meeting to vote for such other Director in his absence.  Any such authority may relate generally to all meetings of the Directors or to any specified meeting or meetings and must be in writing and may be sent by delivery, post, cable, telegram, telex, telefax, electronic mail or any other means of communication approved by the Directors and may bear a printed or facsimile signature of the Director giving such authority.  The authority must be delivered to the Secretary for filing prior to or must be produced at the first meeting at which a vote is to be cast pursuant thereto provided that no Director shall be entitled to any vote at a meeting on behalf of another Director pursuant to this paragraph if the other Director shall have appointed an alternate Director and that alternate Director is present at the meeting at which the Director proposes to vote pursuant to this paragraph.

(ddddd) Telecommunication meetings

Any Director or alternate Director may participate in a meeting of the Directors or any committee established by the Directors by means of conference telephone or other telecommunications equipment by means of which all persons participating in the meeting can hear each other speak.  Such participation in a meeting shall constitute presence in person at the meeting and shall be counted for the purposes of determining whether a quorum is present at the meeting.

 

(eeeee) ChairmanChairperson of the board of Directors

Subject to any appointment to the office of chairmanchairperson made pursuant to these Articles, the Directors may elect a chairmanchairperson of their meetings and determine the period for which he is to hold office, but if no such chairmanchairperson is elected or if at any meeting the chairmanchairperson is unwilling to act or is not present within five minutes after the time appointed for holding the same the Directors present may choose one of their number to be chairmanchairperson of the meeting.

 

 

 

 

(fffff)      Validity of acts of Directors

All acts done by any meeting of the Directors or of a committee established by the Directors or by any person acting as a Director, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director or person acting as aforesaid, or that they or any of them were disqualified from holding office or had vacated office, shall be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director and had been entitled to vote.

 

(ggggg) Directors' resolutions or other documents in writing

A resolution or other document in writing signed by all the Directors entitled to receive notice of a meeting of Directors or of a committee established by the Directors shall be as valid as if it had been passed at a meeting of Directors or (as the case may be) a committee established by the Directors duly convened and held.  Such resolution or other document may consist of several documents in the like form each signed by one or more Directors or by one or more persons (which may include Directors) being the members of the committee established by the Directors, and such resolution or other document or documents when duly signed may be delivered or transmitted (unless the Directors or the members of the committee as the case may be shall otherwise determine either generally or in any specific case) by facsimile transmission or some other similar means of transmitting the contents of documents. A resolution or other documents signed by an alternate Director need not also be signed by his appointor and, if it is signed by a Director who has appointed an alternate Director, it need not be signed by the alternate Director in that capacity.

 

 

 

PART XVI - THE SECRETARY

 

(hhhhh) Appointment of Secretary

The Secretary shall be appointed by the Directors for such term, at such remuneration and upon such conditions as they may think fit and any Secretary so appointed may be removed by them.  Anything required or authorised by the Companies ActsAct or these Articles to be done by, or given to, the Secretary may be done by or given to any assistant or acting secretary readily available and capable of acting by or to any officer of the Company authorised generally or specially in that behalf by the Directors, if the office is vacant or there is for any other reason no Secretary readily available and capable of acting Provided that any provision of the Companies ActsAct or these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as a Director and as, or in the place of, the Secretary.

 

PART XVII - THE SEAL

 

(iiiii)      Use of Seal

The Directors shall ensure that the Seal (including any official securities seal kept pursuant to the Companies ActsAct) shall be used only by the authority of the Directors or of a committee authorised by the Directors.

 

 

(jjjjj)      Seal for use abroad

The Company may exercise the powers conferred by the Companies ActsAct with regard to having an official seal for use abroad and such powers shall be vested in the Directors.

 

(kkkkk) Signature of sealed instruments

Every instrument to which the Seal shall be affixed shall be signed by a Director and shall also be signed by the Secretary or by a second Director or by some other person appointed by the Directors for the purpose (which may include the Depositary) save that as regards any debentures or other securities of the Company the Directors may determine by resolution that such signatures or either of them shall be dispensed with, or be printed thereon or affixed thereto by some method or system of mechanical signature provided that in any such case the document to be sealed shall have been approved for sealing by the Secretary or by the registrar of the Company or by the Auditors or by some other person appointed by the Directors for this purpose in writing (and, for the avoidance of doubt, it is hereby declared that it shall be sufficient for approval to be given and/or evidenced either in such manner (if any) as may be approved by or on behalf of the Directors or by having such documents initialled before sealing or presented for sealing accompanied by a list thereof which has been initialled).

 

PART XVIII - DIVIDENDS AND RESERVES

 

(lllll)      Declaration of dividends

(i)         The Directors at such times as they think fit may declare such dividends on any Class of shares as appear to the Directors to be justified by the profits of the relevant Fund being;

the accumulated revenue (consisting of all revenue accrued including interest and dividends) less expenses; and/or

realised and unrealised capital gains on the disposal/valuation of Investments and other funds less realised and unrealised accumulated capital losses of the relevant Fund.

(ii)        The Directors may, satisfy any dividend due to Holders of the shares in whole or in part by distributing to them in specie any of the Assets of the relevant Fund, and in particular any Investments to which the relevant Fund is entitled.  A Holder may require the Directors instead of transferring any assets in specie to him, to arrange for a sale of the Assets and for payment to the Holder of the net proceeds of same.

(iii)        Shares of any Class may at the discretion of the Directors be issued on the basis that any dividends declared in respect of those shares shall be paid by the Company into an account in the name of the Depositary for the account of the Holders of that Class of Shares.  The amount standing to the credit of this account shall not be an asset of the Fund or the Company and will be immediately transferred from the aforementioned account to the account of the Company.

(iv)        Shares of any Class may at the discretion of the Directors be issued on the basis that any dividends declared in respect of those shares will be reinvested and form part of the assets of the relevant Fund and will be applied when calculating the Subscription Price and the Repurchase Price as part of the proportion of the relevant Fund which is attributable to the Holders of that Class of shares.

(v)         Shares of any Class may at the discretion of the Directors be issued on the basis that no dividends will be declared in respect of those shares and that any profits available for distribution will form part of the assets of the relevant Fund and will be applied when calculating the Subscription Price and the Repurchase Price as part of the proportion of the relevant Fund which is attributable to the Holders of that Class of shares.

(vi)        No dividend shall be payable to the holder(s) of the Subscriber Shares.

(mmmmm)        Eligibility for dividends

If any share is issued on terms providing that it shall rank for dividend as from or after a particular date or to a particular extent, such share shall rank for dividend accordingly.

 

(nnnnn) Deduction from Dividend

(i)         The Directors may deduct from any dividend or other monies payable to any Holder on or in respect of a share all sums of money (if any) presently payable by him to the Company in relation to the shares of the Company.

(ii)        Where the Company is required to pay any taxation as a consequence of making any dividend payment to a Holder the Directors may deduct from the payment to be made to the relevant Holder(s) who is or is deemed to be a Taxable Irish Person, an amount equal to the taxation attributable to the relevant payment(s) and pay such amount to the appropriate tax authority.

(ooooo) Unclaimed dividends

All unclaimed dividends on shares may be invested or otherwise made use of by the Directors for the benefit of the relevant Fund until claimed.  No dividend shall bear interest against the Company.  The payment by the Directors of any unclaimed dividend or other monies payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof and any dividend unclaimed after a period of six years from the date of declaration of such dividend shall be forfeited and shall revert to the relevant Fund.

 

(ppppp) Currency of Dividend

Any dividend or other monies payable on or in respect of a share shall be expressed and payment shall be made in the currency in which the relevant Class of shares is designated or in such other currency as the Directors may determine either generally or in relation to a particular Class of shares or in any specific case.

 

(qqqqq) Payment of Dividend

Any dividend or other monies payable on or in respect of a share may be paid by electronic transfer to the account nominated by the Holder or person entitled thereto, and in the case of joint Holders to that one whose name stands first on the Register in respect of their joint holding or may if required be paid by cheque or warrant sent through the post to the registered address of the Holder or the person entitled thereto.  Every such payment by cheque or warrant shall be made payable to the order of the person to whom it is sent, and payment of the cheque or warrant shall be a good discharge to the Company and, in the case of payment by telegraphic transfer, every such payment shall be a good discharge to the Company.  Every such cheque or warrant or, where applicable, transfer shall be sent or, as the case may be, made at the risk and cost of the person entitled to the money represented thereby or, as the case may be, payment remitted.

 

(rrrrr)     Joint Holders

If several persons are registered as joint holders of any share, any one of them may give effectual receipts for any dividend or other monies payable on or in respect of the share.

 

PART XIX - ACCOUNTS

 

(sssss) Accounts

(i)         The Directors shall cause proper books of account to be kept relating to:-

all sums of money received and expended by the Company and the matters in respect of which the receipt and expenditure takes place; and

all sales and purchases of Investments by the Company; and

the assets and liabilities of the Company.

Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

 

(ii)        The books of account shall be kept at the Office or, subject to the provisions of the Companies ActsAct, at such other place as the Directors think fit and shall be open at all reasonable times to the inspection of the Directors.

(iii)        In accordance with the provisions of the Companies ActsAct, the Directors shall cause to be prepared and to be laid before the annual general meeting of the Company from time to time such profit and loss accounts, balance sheets and reports as are required by the Companies ActsAct to be prepared and laid before such meeting.

(iv)        A copy of every balance sheet (including every document required by law to be annexed thereto) which is to be laid before the annual general meeting of the Company together with a copy of the Directors' report and Auditors' report shall be sent, not less than twenty-one Clear Days before the date of the annual general meeting, to every person entitled under the provisions of the Companies ActsAct to receive them PROVIDED THAT this Article shall not require a copy of these documents to be sent to more than one of the joint Holders of any shares;

(v)         The Company shall provide the Competent Authority with all reports and information to which it is entitled under the Companies Act.

(vi)        Auditors shall be appointed and their duties regulated in accordance with the Companies ActsAct.

PART XX - NOTICES

 

(ttttt)     Notices in writing

Any notice to be given, served or delivered pursuant to these Articles shall be in writing.

 

(uuuuu) Service of notices

(i)         A notice or document (including a share certificate) to be given, served or delivered in pursuance of these Articles may be given to, served on or delivered to any Holder by the Company:

94.1.1               by handing same to him or his authorised agent;

94.1.2.              by leaving the same at his registered address;

94.1.3               by sending the same by post in a pre-paid cover addressed to him at                   his registered address; or

94.1.4               where permitted by law, by transmitting the        same by facsimile                                 or otherwise electronically.

 

(ii)        Where a notice or document is given, served or delivered pursuant to sub-paragraph 94.1.1 or 94.1.2 of this Article, the giving, service or delivery thereof shall be deemed to have been effected at the time the same was handed to the Holder or his authorised agent, or left at his registered address (as the case may be).

(iii)        Where a notice or document is given, served or delivered pursuant to sub-paragraph 94.1.3 of this Article, the giving, service or delivery thereof shall be deemed to have been effected at the expiration of forty-eight hours after the cover containing it was posted.  In proving service or delivery it shall be sufficient to prove that such cover was properly addressed, stamped and posted.

(iv)        Where a notice or document is given, served or delivered pursuant to sub-paragraph 94.1.4 of this Article, the giving, service or delivery thereof shall be deemed to have been effected at the time of transmission provided in the case of notice sent by facsimile the correct number is received on the transmission report.

(v)         Every legal personal representative, committee, receiver, curator bonis or other legal curator, assignee in bankruptcy or liquidator of a Holder shall be bound by a notice given as aforesaid if sent to the last registered address of such Holder, notwithstanding that the Company may have notice of the death, lunacy, bankruptcy, liquidation or disability of such Holder.

(vi)        Without prejudice to the provisions of sub-paragraphs 94.1.1 and 94.1.2 of this Article, if at any time by reason of the suspension or curtailment of postal services within the State, the Company is unable effectively to convene a general meeting by notice sent through the post, a general meeting may be convened by a notice advertised on the same day in at least one leading national daily newspaper published in the State and such notice shall be deemed to have been duly served on all Holders entitled thereto at noon on the day on which the said advertisement or advertisements shall appear. In any such case the Company shall send confirmatory copies of the notice through the post to those Holders whose registered addresses are outside the State (if or to the extent that in the opinion of the Directors it is practical so to do) or are in areas of the State unaffected by such suspension or curtailment of postal services.  If at least ninety-six hours prior to the time appointed for the holding of the meeting the posting of notices to Holders has become practical in the opinion of the Directors, the Directors shall send forthwith confirmatory copies of the notice by post to such Holders.  The accidental omission to give any such confirmatory copy of a notice of a meeting to, or the non-receipt of any such confirmatory copy by, any person entitled to receive the same shall not invalidate the proceedings at the meeting.

(vii)       Notwithstanding anything contained in this Article the Company shall not be obliged to take account of or make any investigations as to the existence of any suspension or curtailment of postal services within or in relation to all or any part of any jurisdiction or other area other than the State.

(vvvvv)    Service of notice on joint Holders

A notice may be given by the Company to the joint Holders of a share by giving the notice to the joint Holder whose name stands first in the Register in respect of the share and notice so given shall be sufficient notice to all the joint Holders.

 

(wwwww)          Service of notice on transfer or transmission of shares

(i)         Every person who becomes entitled to a share shall, before his name is entered in the Register in respect of the share, be bound by any notice in respect of that share which has been duly given to a person from whom he derives his title provided that the provisions of this paragraph shall not apply to any notice served under Article 7 unless, under the provisions of Article 7, it is a notice which continues to have effect notwithstanding the registration of a transfer of the shares to which it relates.

(ii)        Without prejudice to the provisions of these Articles allowing a meeting to be convened by newspaper advertisement, a notice may be given by the Company to the persons entitled to a share in consequence of the death or bankruptcy of a Holder by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Holder, addressed to them at the address, if any, supplied by them for that purpose.  Until such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred.

(xxxxx) Signature to notices

The signature to any notice to be given by the Company may be written or printed.

 

(yyyyy) Deemed receipt of notices

A Holder present, either in person or by proxy, at any meeting of the Company or the Holders of any Class of shares in the Company shall be deemed to have received notice of the meeting and, where requisite, of the purposes for which it was called.

 

PART XXI - WINDING UP

 

(zzzzz) Distribution on winding up

(i)         Subject to the provisions of the Companies ActsAct, if the Company shall be wound up the liquidator shall apply the assets of each Fund in such manner and order as he thinks fit in satisfaction of creditors' claims relating to that Fund.

(ii)        The assets available for distribution amongst the Holders shall be applied as follows: first the proportion of the assets in a Fund attributable to each Class of share shall be distributed to the Holders of shares in the relevant Class in the proportion that the number of shares held by each Holder bears to the total number of shares relating to each such Class of shares in issue as at the date of commencement to wind up; and secondly, in the payment to the holder(s) of the Subscriber Shares of sums up to the nominal amount paid thereon out of the assets of the Company not attributable to any Class of share. In the event that there are insufficient assets to enable such payment in full to be made, no recorserecourse shall be had to the assets of the Company attributable to other Classes of shares; and thirdly, any balance then remaining and not attributable to any of the Classes of shares shall be apportioned pro-rata as between the Classes of shares based on the Net Asset Value attributable to each Class of shares as at the date of commencement to wind up and the amount so apportioned to a Class shall be distributed to Holders pro-rata to the number of shares in that Class of shares held by them.

 

(iii)        A Fund may be wound up pursuant to Section 256E of the 1990 Act and in such event the provision Articles 99 and 100 shall apply mutatis mutandis in respect of that Fund.

(aaaaaa)           Distribution in specie

If the Company shall be wound up (whether the liquidation is voluntary, under supervision or by the court) the liquidator may, with the authority of a special resolution of the relevant Holders and any other sanction required by the Companies ActsAct, divide among the Holders of shares of any Class or Classes of a Fund in specie the whole or any part of the Assets of the Company relating to that Fund, and whether or not the Assets shall consist of property of a single kind, and may for such purposes set such value as he deems fair upon any one or more class or classes of property, and may determine how such division shall be carried out as between the Holders of shares or the Holders of different classes of shares in a Fund as the case may be. The liquidator may, with the like authority, vest any part of the Assets in trustees upon such trusts for the benefit of Holders as the liquidator, with the like authority, shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no Holder shall be compelled to accept any Assets in respect of which there is a liability.  A Holder may require the liquidator instead of transferring any Asset in specie to him/her, to arrange for a sale of the Assets and for payment to the Holder of the net proceeds of same.

 

PART XXII - MISCELLANEOUS

 

(bbbbbb)           Minutes of meetings

The Directors shall cause minutes to be made of the following matters, namely:-

 

(i)         of all appointments of officers and committees made by the Directors and of their salary or remuneration;

(ii)        of the names of Directors present at every meeting of the Directors and of the names of any Directors and of all other members thereof present at every meeting of any committee established by the Directors; and

(iii)        of all resolutions and proceedings of all meetings of the Company and of the Holders of any Class or Classes of shares in the Company and of the Directors and of committees established by the Directors.  Any such minute as aforesaid, if purporting to be signed by the chairmanchairperson of the meeting at which the proceedings were had, or by the chairmanchairperson of the next succeeding meeting, shall be receivable as prima facie evidence of the matters stated in such minute without any further proof.

(cccccc)           Inspection and secrecy

The Directors shall determine from time to time whether and to what extent and at what times and places and under what conditions or regulations the accounts and books and records of the Company or any of them shall be open to the inspection of Holders, not being Directors, and no Holder (not being a Director) shall have any right of inspecting any account or book or record of the Company except as conferred by the Companies ActsAct or authorised by the Directors or by the Company in general meeting. No Holder shall be entitled to require discovery of or any information respecting any detail of the Company's trading, or any matter which is or may be in the nature of a trade secret, mystery of trade, or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors it would be inexpedient in the interests of the Holders to communicate to the public.

 

(dddddd)           Destruction of records

The Company shall be entitled to destroy all instruments of transfer which have been registered at any time after the expiration of six years from the date of registration thereof, all notifications of change of address at any time after the expiration of two years from the date of recording thereof and all share certificates and dividend mandates which have been cancelled or ceased to have effect at any time after the expiration of one year from the date of such cancellation or cessation.  It shall be presumed conclusively in favour of the Company that every entry in the Register purporting to have been made on the basis of an instrument of transfer or other document so destroyed was duly and properly made and every instrument duly and properly registered and every share certificate so destroyed was a valid and effective document duly and properly cancelled and every other document hereinbefore mentioned so destroyed was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company.  Provided always that:-

 

(i)         the provision aforesaid shall apply only to the destruction of a document in good faith and without notice of any claim (regardless of the parties thereto) to which the document might be relevant;

(ii)        nothing herein contained shall be construed as imposing upon the Company any liability in respect of the destruction of any document earlier than as aforesaid or in any other circumstances which would not attach to the Company in the absence of this Article; and

(iii)        references herein to the destruction of any document include references to the disposal thereof in any manner.

(eeeeee)           Untraced Holders

(i)         The Company shall be entitled to sell at the best price reasonably obtainable any share of a Holder or any share to which a person is entitled by transmission if and provided that:-

104.1.1 for a period of twelve years no cheque or warrant sent by the Company                through the post in a pre-paid letter addressed to the Holder or to the               person  entitled by transmission to the share at his address on the                         Register or the last        known address given by the Holder or the                                   person entitled by transmission to         which cheques and        warrants are                  to be sent has been cashed and no             communication has been received                      by the Company from the Holder or the person entitled by transmission                 (provided that during such twelve year period at least three dividends                    shall have become payable in respect of such share);

 

104.1.2.            at the expiration of the said period of twelve years by advertisement in                 a national daily newspaper published in the State and in a newspaper                 circulating in the area in which the address referred to in sub                              paragraph

 

104.1.1             of this Article is located, the Company has given notice of its intention                 to sell such share; and

 

104.1.3.            during the further period of three months after the date of the                               advertisement and prior to the exercise of the power of sale the                          Company has not received any communication from the Holder or                     person entitled by transmission.

 

(ii)        To give effect to any such sale the Company may appoint any person to execute as transferor an instrument of transfer of such share and such instrument of transfer shall be as effective as if it had been executed by the Holder or the person entitled by the transmission to such share.  The transferee shall be entered in the Register as the Holder of the shares comprised in any such transfer and he shall not be bound to see to the application of the purchase moneys nor shall his title to the shares be affected by any irregularity in or invalidity of the proceedings in reference to the sale.

(iii)        The Company shall account to the relevant Fund or, if the Fund is no longer in existence, to such persons as the Directors may determine for the net proceeds of such sale.

(ffffff)     Indemnity

(i)         Subject to the provisions of and insofar as may be permitted by the Companies Acts and the Act, every Director, Secretary and other officer or servant of the Company shall be indemnified by the Company against, and it shall be the duty of the Directors out of the Assets to pay, all costs, losses and expenses which any such officer or servant may incur or become liable to by reason of any contract entered into, or act or thing done by him as such officer or servant or in any way in discharge of his duties, including travelling expenses, and the amount for which such indemnity is provided shall immediately attach as a lien on the property of the Company and have priority as between the Holders over all other claims.

(ii)        Subject to the provisions of Section 200235 of the Companies Act, 1963 no Director or other officer of the Company shall be liable for the acts, receipts, neglects or defaults of any other Director or officer or for joining in any receipt or other act for conformity or for any loss or expense happening to the Company through the insufficiency or deficiency of title to any property acquired for or on behalf of the Company or for the insufficiency or deficiency of any security in or upon which any of the monies of the Company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person with whom any monies, securities or effects shall be deposited or any other loss, damage or misfortune whatever which shall happen in the execution of the duties of his office or in relation thereto.

(gggggg)           Overriding provisions

(i)         In the event of there being any conflict between the provisions of these Articles and the Companies Acts or the Act, the Companies Acts or Act shall prevail.  The prior approval of the Competent Authority shall be required to any amendment to these Articles.

(ii)        The Directors shall have the power to reconstruct and amalgamate the Company on such terms and conditions as set out in a scheme of reconstruction and amalgamation approved by the Directors and whether or not such reconstruction or amalgamation involves a merger with or transfer of assets to another entity, whether body corporate or otherwise, subject to the following conditions namely:

106.2.1.            that the reconstruction or amalgamation is carried out in accordance                   with the Competent Authority's requirements; and

 

106.2.2.            that the Holders have been circulated with particulars of the scheme in                the form approved by the Directors and a special resolution of the                    Holders has been passed approving the said scheme.

 

The relevant scheme of reconstruction and amalgamation shall take effect upon such conditions being satisfied or upon such later date as the scheme may provide whereupon the terms of such scheme shall be binding upon all the Holders who shall be bound to give effect thereof and the Directors shall do all such acts and things as may be necessary for the implementation thereof.

 

(hhhhhh)           Restriction on modifications to Memorandum and Articles

No modification shall be made to the Memorandum or Articles of AssociationConstitution of the Company which would result in the Company ceasing to be authorised under the Companies Act.

 

 

APPENDIX I

 

DEFINITIONS

 

1          Definitions

In these Articles and these Appendices the following expressions shall have the following meanings:

 

Accredited Investor means an investor that is:

 

1          the management company of the Company; or

2          the promoter of the Company or any entity in the promoter's group; or

3          an entity appointed to provide investment management or advisory services to the Company or any Fund; or

4          a director of the Company; or

5          a director of the management company, investment manager or the promoter of the Company or of an entity appointed to provide investment advisory services to the Company; or

6          an employee of the promoter, management company, investment manager or entity appointed to provide investment advisory services to the Company and is directly involved in the investment activities of the Company or is a senior employee of the relevant entity and has experience in the provision of investment management services and the Company is satisfied that the investor falls within the criteria outlined;

and in each case certifies in writing to the Company to its satisfaction that (i) they are availing of the exemption from the minimum subscription requirement of €100,000 on the basis that they are an Accredited Investor as defined above; (ii) they are aware that each Fund is marketed solely to Qualifying Investors who are normally subject to a minimum subscription requirement of €100,000; (iii) they are aware of the risk involved in the proposed investment and; (iv) they are aware that inherent in such investment is the potential to lose all of the sum invested;

 

Act means Part XIII of the Companies Act, 1990 as amended as the same may be further amended and including any regulations made thereunder by ministerial order and any conditions that may be imposed thereunder by the Competent Authority whether by notice or otherwise affecting the Company;

 

1963 Act means the Companies Act, 1963;

1983 Act means the Companies (Amendment) Act, 1983;

1990 Act means the Companies Act, 1990

 

AIFM Regulations means the European Union (Alternative Investment Fund Managers) Regulations 2013 (SI Number 257 of 2013) as may be amended or supplemented from time to time;

 

AIF Rulebook means the alternative investment fund rulebook issued by the Central Bank;

Appendix or Appendices means the Appendix or Appendices which is/are attached to and form(s) part of the Articles;

 

Articles means the Articles of Association and the Appendices appended thereto as amended from time to time and for the time being in force;

 

Assets means all of the assets including the Investments for the time being of the Company and any Fund acquired in accordance with the provisions of Clause 21 of Appendix II;

 

Auditors means the auditors for the time being of the Company;

 

Business Day means any day on which banks are generally open for business in such jurisdictions or such other days as the Directors may determine in relation to each Fund;

 

Clear Days means in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

 

 

Companies ActsAct means the Companies Acts, 1963 to 2013Act 2014, as amended as the same may be further amended and including any regulations issued pursuant thereto, insofar as they apply to open-ended investment companies with variable capitalmade thereunder by ministerial order and any conditions that may be imposed thereunder by the Competent Authority whether by notice or otherwise affecting the Company;

 

 

Company means the company whose name appears in the heading to the Articles;

 

Competent Authority means the Central Bank of Ireland or such other authority designated as such pursuant to the Companies Act;

 

Currency Share Class means a Class of shares denominated in a currency other than the base currency of the relevant Fund;

 

Dealing Day means such Business Day or Business Days as the Directors may, from time to time determine in relation to any Fund for the subscription, repurchase or exchange of shares provided that there shall be at least one Dealing Day per calendar quarter for repurchase of shares;

 

Dealing Deadline means such day and time as may be specified from time to time by the Directors in relation to any Class of shares;

 

Depositary means the person appointed and for the time being acting as Depositary of all the Assets pursuant to Clauses 22-25 of Appendix II;

 

Depositary Agreement means any agreement for the time being subsisting between the Company and the Depositary and relating to the appointment and duties of the Depositary;

 

Directors means the Directors for the time being of the Company or any of them acting as the board of Directors of the Company;

 

Duties and Charges means all stamp and other duties, taxes, governmental charges, brokerage, bank charges, transfer fees, registration fees, any transaction and safekeeping fees payable to the Depositary or its delegates or agents and other duties and charges whether in connection with the original acquisition or increase of the Assets of the Company or the creation, issue or sale of shares or the sale or purchase of Investments by the Company or in respect of certificates or otherwise which may have become or may be payable in respect of or prior to or upon the occasion of the transaction or dealing in respect of which such duties and charges are payable but shall not include any commission, taxes, charges or costs which may have been taken into account in ascertaining the Net Asset Value of the relevant Fund;

 

Equalisation Account means an equalisation account which may in the discretion of the Directors be maintained in respect of any Fund in accordance with Clause 26 of Appendix II;

Equalisation Payment means an amount paid in accordance with Clause 26.1 of Appendix II (subject to any determination of the Directors to the contrary) calculated at such rate per share of a Class of shares as shall be determined by the Directors by reference to their estimate from time to time of the next dividend to be declared in respect of the relevant Class;

 

Foreign Person means (i) a person who is neither resident nor ordinarily resident in Ireland for tax purposes who has provided the Company with the appropriate declaration under Schedule 2B TCA and in respect of whom the Company is not in possession of any information that would reasonably suggest that the declaration is incorrect or has at any time been incorrect, or (ii) where the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to have been provided with such declaration is deemed to have been complied with in respect of that person or class of shareholder to which that person belongs, and that approval has not been withdrawn and any conditions to which that approval is subject have been satisfied;

 

Fund(s) means the portfolio(s) maintained in accordance with Clause 9 of Appendix II which shall be kept separate in respect of each Class of share or the relevant Classes of share (where more than one Class of share has been created to participate in a Fund) to which all assets and liabilities, income and expenditure attributable or allocated to each such Fund shall be applied and charged;

 

Hedged Currency Share Class means a Currency Share Class in respect of which the Company will conduct currency hedging transactions the benefits and costs of which will accrue solely to holders of shares of that Class;

 

Holder means in relation to any share the member whose name is entered in the Register as the holder of such share;

 

Initial Offer Period means any period determined by the Directors during which any Class of shares in the relevant Fund may be offered for subscription at a fixed price;

 

Investment means an Investment acquired by the Company pursuant to Clause 21 of Appendix II; Irish Stock Exchange means The Irish Stock Exchange plc and any successor thereto;

 

Market means in relation to any Investment, any stock exchange, over the counter market or other regulated securities market on which an Investment is listed and/or traded;

 

Member State means any member state of the European Union;

 

Minimum Additional Investment Amount means such minimum cash amount or minimum number of shares as the case may be (if any) as the Directors may from time to time require to be invested in any Fund by each Holder (after investing the Minimum Initial Investment Amount);

 

Minimum Fund Size means such amount (if any) as the Directors may from time to time prescribe as the minimum fund size for each Fund;

 

Minimum Initial Investment Amount means such minimum initial cash amount as the Directors may from time to time require to be invested by each Holder as its initial investment for shares of each Class in a Fund either during the Initial Offer Period or on any subsequent Dealing Day provided that, except for Accredited Investors, the Directors shall not accept applications for Shares from any Qualifying Investor unless the applicant's initial subscription to the Company as a whole is equal to or greater than the minimum amount required by the Competent Authority for the Company to obtain qualifying investor alternative investment fund status in accordance with the AIF Rulebook;

 

Minimum Repurchase Amount means such minimum number or minimum value of shares of any Class as the case may be (if any) which may be repurchased at any time by a Holder;

Minimum Shareholding means such minimum number or minimum value of shares of any Class as the case may be (if any) as the Directors may, from time to time, prescribe, as the minimum permitted holding of shares of that Class and which shall be greater at all times than the Minimum Repurchase Amount;

 

Month means a calendar month;

 

Net Asset Value means the net asset value of the Company or of any Fund or of any Class or of any share, which shall be calculated as at a Valuation Point by valuing the Assets of the Company or any Fund in accordance with the provisions of Appendix III;

 

Office means the registered office for the time being of the Company;

 

Prospectus means the prospectus issued from time to time by the Company as same may be amended, supplemented, consolidated, substituted or otherwise modified from time to time;

 

Permitted Investor means any person not disqualified from holding shares by virtue of Clause 20 of Appendix II;

 

Qualifying Investor means:

 

6.1       an investor who is a professional client within the meaning of Annex II of Directive 2004/39/EC (Markets in Financial Instruments Directive); or

6.2       an investor who receives an appraisal from an EU credit institution, a MiFID firm or a UCITS management company that the investor has the appropriate expertise, experience and knowledge to adequately understand the investment in the scheme; or

6.3       an investor who certifies that they are an informed investor by providing the following:

Not DefinedConfirmation (in writing) that the investor has such knowledge of and experience in financial and business matters as would enable the investor to properly evaluate the merits and risks of the prospective investment; or

Not DefinedConfirmation (in writing) that the investor's business involves, whether for its own account or the account of others, the management, acquisition or disposal of property of the same kind as the property of the scheme.

6.4       an Accredited Investor

Register means the register of Holders to be kept as required by the Companies ActsAct and at all times outside the United Kingdom;

 

Repurchase Price means the repurchase price of shares calculated and determined in accordance with Clauses 12 to 16 of Appendix II;

 

Seal means the common seal of the Company or (where relevant) the official securities seal kept by the Company pursuant to the Companies ActsAct;

 

Secretary means any person appointed to perform the duties of the secretary of the Company;

 

Settlement Date means the latest date(s) as may be determined by the Directors from time to time by which payment of the Subscription Price or the Repurchase Price of shares of any Class must be received or made;

 

share or shares means participating shares of no par value in the capital of the Company originally designated as unclassified participating shares;

 

State means the Republic of Ireland

 

Stock Exchange Nominee means the meaning given to this expression by Section 1 of the Companies (Amendment) Act, 1977a person that may be designated as such by regulations made by the Minister of Jobs, Enterprise and Innovation, as a nominee of a recognised stock exchange;

 

Subscriber Share means a non-participating share in the capital of the Company issued in accordance with these Articles and with the rights provided for under these Articles;

 

Subscription Price means the issue price of shares calculated and determined by the Directors in accordance with Clause 3 of Appendix II;

 

Supplement means any supplement to the Prospectus issued on behalf of the Company in relation to a Fund from time to time;

 

Taxable Irish Person means any person, other than

 

(i)         a Foreign Person;

6.5       an intermediary, including a nominee, for a Foreign Person ;

6.6       the Administrator for so long as the Administrator is a qualifying management company within the meaning of section 734 TCA;

6.7       a specified company within the meaning of section 734 TCA;

6.8       an investment undertaking within the meaning of section 739(B) of the TCA;

6.9       an exempt approved scheme or a retirement annuity contract or trust scheme within the provisions of sections 774, 784 or 785 TCA;

6.10     a company carrying on life business within the meaning of section 706 TCA;

6.11     a special investment scheme within the meaning of section 737 TCA; (x)       

6.12     a unit trust to which section 731 (5)(a) TCA applies;

6.13     a charity entitled to an exemption from income tax or corporation tax under section 207(1 )(b) TCA;

6.14     a person entitled to exemption from income tax and capital gains tax under section 784A(2) TCA , section 787I TCA or section 848E TCA and the units held are assets of an approved retirement fund, an approved minimum retirement fund, a special savings incentive account or a personal retirement savings account (as defined in section 787A TCA);

6.15     the Courts Service; 

6.16     a Credit Union;

6.17     a company within the charge to corporation tax under section 739G(2) TCA, but only where the fund is a money market fund;

6.18     a company within the charge to corporation tax under section 110(2) TCA;

6.19     the National Asset Management Agency;

6.20     the National Pensions Reserve Fund Commission or a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 as amended);

6.21     the State acting through the National Pensions Reserve Fund Commission or a Commission investment vehicle within the meaning given by Section 2 of the National Pensions Reserve Fund Act 2000 (as amended); and

6.22     any other person as may be approved by the directors from time to time provided the holding of Shares by such person does not result in a potential liability to tax arising to the Company in respect of that Shareholder under section 739 TCA

in respect of each of which the appropriate declaration set out in Schedule 2B TCA and such other information evidencing such status is in the possession of the Company on the appropriate date.

 

TCA means the Irish Taxes Consolidation Act, 1997 as amended from time to time;

 

Unhedged Currency Share Class means a Class of shares where typically, shares may be subscribed for and dividends calculated and paid and repurchase proceeds paid in a currency other than the base currency of the relevant Fund on the basis of a currency conversion at the prevailing spot currency exchange rate of the relevant base currency for the currency of the relevant share Class;

 

United States means the United States of America (including the States, the District of Columbia and the Commonwealth of Puerto Rico) its territories, possessions and all other areas subject to its jurisdiction;

 

United States Person or U.S. Person means unless otherwise determined by the Directors, (i) a natural person who is a resident of the United States; (ii) a corporation, partnership or other entity, other than an entity organised principally for passive investment, organised under the laws of the United States and which has its principal place of business in the United States; (iii) an estate or trust, the income of which is subject to United States income tax regardless of the source; (iv) a pension plan for the employees, officers or principals of an entity organised and with its principal place of business in the United States; (v) an entity organised principally for passive investment such as a pool, investment company or other similar entity; provided, that units of participation in the entity held by persons who qualify as U.S. persons or otherwise as qualified eligible persons represent in the aggregate 10% or more of the beneficial interests in the entity, and that such entity was formed principally for the purpose of investment by such persons in a commodity pool the operator of which is exempt from certain requirements of Part 4 of the U.S. Commodity Futures Trading Commission's regulations by virtue of its participants being non-U.S. Persons; or (vi) any other "U.S. Person" as such term may be defined in Regulation S under the U.S. Securities Act of 1933, as amended, or in regulations adopted under the U.S. Commodity Exchange Act of 1922, as amended;

 

Valuation Point means such point in time, in such place or places as the Directors may, from time to time determine, by reference to which the Net Asset Value of the Company or of any Fund or of any share is calculated provided that there shall be at least one Valuation Point in every Month.

 

 

 

APPENDIX II

 

ISSUE OF SHARES 2.        

 

2          Terms and conditions of issue of shares

2.1.

2.1.1     Prior to the issue of any Class of shares the Directors shall determine the            rights and restrictions attaching thereto including the Fund to which they             relate, the designated currency of the shares and the fees and expenses to be     borne by the Class of shares.  The Directors may in relation to a Fund create       more than one Class of shares to participate in the Fund in accordance with       the requirements of the Competent Authority.  The Directors may create more     than one Class of shares to participate in a Fund which may be denominated       by the Directors in the same or different currencies.  Where a Class of shares     is denominated in a currency other than the base currency of the relevant             Fund the Directors shall at the time of creation of such Class determine if such    Class of shares shall be constituted as a Hedged Currency Share Class or an Unhedged Currency Share Class.  Notwithstanding anything contained in      these Articles, the costs and gains/losses of any hedging transactions relating    to a Hedged Currency Share Class shall accrue solely to the Holders of            shares in such Class and shall not form part of the assets of the relevant Fund    or constitute a liability of the relevant Fund.  Any currency hedging transaction     relating to a Hedged Currency Share Class shall be valued in accordance with            the provisions of Clause 28.7 and shall be clearly attributable to the specific          Hedged Currency Share Class.  None of the Hedged Currency Share Classes      shall be leveraged as a result of such currency hedging transactions.

2.1.2.    The initial Fund in relation to which shares shall be issued and designated is        set out below.  The name of each Fund, including the name set out below,     may be amended by the Directors and any such change of name shall not       require the approval of the Holders in the relevant Fund and will be in        accordance with the requirements of the Competent Authority:-

Pilot View Capital Fund

Shares in relation to other Funds may be issued and designated from time to time with the prior approval of the Competent Authority;

 

2.2       Subject as hereinafter provided and subject to any regulations made or conditions            imposed by the Competent Authority pursuant to the Companies Act, the initial issue of shares by    the Company shall be subject to the receipt by the Company or its authorised agents          of:-

 

2.2.1.    an application in such form as the Directors may from time to time determine;

 

2.2.2.    such information and declarations as the Directors may from time to time            require; and

 

2.2.3.    subsequent subscriptions may be made by telephone in accordance with the procedure set out in the Prospectus.

 

2.3.     Payment for shares shall be made by the Settlement Date in such currency and at            such time, place and manner and to such person, on behalf of the Company, as the     Directors may from time to time determine.

 

2.4.   The Company may (at the option of the Directors) satisfy any application for the      allotment of shares by procuring the transfer to the applicant of fully-paid shares, the effective date of such transfer to be the relevant Dealing Day.  In any such case,             references in these Articles to allotting shares shall, where appropriate, be taken as         references to procuring the transfer of shares.

 

2.5.   The allotment of shares may take place notwithstanding that the information or        declarations referred to in sub-paragraph 2.2 above have not been received by the          Company or its authorised agent provided that the application referred to in sub-  paragraph 2.2.1 above has been received and provided further that if the said        information or declarations have not been received within one Month (or such other    period as the Directors may determine) after the Dealing Day on which such shares are allotted, the Directors shall be entitled to cancel the allotment and if so cancelled       the relevant application monies (if any) shall be returnable to the applicant at his risk       (together with such additional amount, if any, or after deducting such amount, if any, as the Directors may in their absolute discretion think fit, any such amount so     deducted being retained by the Company for its own benefit) and until returned may        be made use of by the Company for its own benefit.

 

2.6.      If payment in full for any shares is not received by the relevant Settlement Date, or in        the event of non-clearance of funds, the Directors shall be entitled to cancel any          allotment made and either return the relevant monies to the applicant at his risk or to      treat the relevant monies as payment in respect of an application for shares made by       the Dealing Deadline for the Dealing Day next following receipt of such monies or of          cleared funds.  In such cases the Company may charge the applicant for any            resulting bank charges or market losses incurred by the Company.

 

2.7.     Applications within the meaning of sub-paragraph 2.2.1 above that are received by             or on behalf of the Company on or prior to the Dealing Deadline for a Dealing Day            shall be dealt with on that Dealing Day.  Such applications as are received after the           Dealing Deadline for a Dealing Day shall, unless the Directors shall otherwise agree         and provided they are received before the Valuation Point for the relevant Dealing         Day, be deemed to have been received by the next Dealing Deadline.  If requested, the Directors may, in their absolute discretion and subject to the prior approval of the             Depositary and prior notification to the Holders and the Competent Authority, agree to      designate additional Dealing Days and Valuation Points for the purchase of shares     relating to any Fund which will be open to all Holders.

2.8.    The Directors may, in their sole and absolute discretion, determine that in certain   circumstances, it is detrimental for existing Holders to accept an application for shares        in cash or in specie, representing more than 5% of the Net Asset Value of a Fund.  In     such case, the Directors may postpone the application and, in consultation with the         relevant investor, either require such investor to stagger the proposed application             over an agreed period of time, or establish an account outside the structure of the        Company in which to invest the investor's subscription monies.  Such account will be       used to acquire the shares over a pre-agreed time schedule.  The investor shall be           liable for any transaction costs or reasonable expenses incurred in connection with         the acquisition of such shares.  Any applicable Preliminary Charge will be deducted         from the subscription monies before the investment of the subscription monies            commences.

 

2.9.     Applications for the issue of shares will be irrevocable unless the Directors, or a    delegate, otherwise agree.

 

 

3          Subscription Price

3.1       During the Initial Offer Period in relation to a Fund the Subscription Price per share of the relevant Class shall be the price as determined by the Directors.  After the Initial Offer Period, the Subscription Price shall be the Net Asset Value per share of the relevant Class.

3.2       Where shares are issued at the Net Asset Value per share, the Subscription Price per share of the relevant Class shall be ascertained by:

3.2.1     determining that proportion of the Net Asset Value of the relevant Fund which       is attributable to the relevant Class of shares as at the Valuation Point for the             relevant Dealing Day and deducting thereto such sum (if any) as the Directors     may consider represents the appropriate provision for the Duties and Charges      which would have been incurred on the assumption that all the Investments         held by the Company as at that Valuation Point had been sold at that   Valuation Point at prices equal to their respective values as at that Valuation        Point;

3.2.2.    where the Class of shares is a Hedged Currency Share Class, adding to or          deducting from (as the case may be) the sum calculated in accordance with 3.2.1 above the costs and gains/losses of any currency hedging transactions      effected in respect of that Class;

3.2.3     dividing the sum calculated in accordance with paragraph 3.2.1 above by the        number of shares of the relevant Class in issue or deemed to be in issue in          the relevant Fund at the Valuation Point for the relevant Dealing Day; and

3.2.4.    rounding the resulting amount so determined to a maximum of four decimal          places of the unit of the currency in which such share is designated (unit for        such purposes being the smallest fraction of the relevant currency which is          legal tender in the country of issue of that currency).

3.3       For the purposes of this Clause 3, shares which have been allotted shall be deemed to be in issue from the close of business on the Dealing Day on which they are allotted and shares which have been repurchased shall be deemed to cease to be in issue at the close of business on the Dealing Day of such repurchase.

3.4       In calculating the Subscription Price, the Directors may on any Dealing Day when there are net subscriptions adjust the Subscription Price by adding an anti dilution levy to cover dealing costs and to preserve the value of the underlying assets of a Fund.

4          Allotment of shares for non cash consideration

The Directors may, subject to the provisions of the Companies ActsAct, in their absolute discretion allot shares against the vesting in the Depositary on behalf of the Company of any Investments and in connection therewith the following provisions shall apply:-

 

4.1       the nature of the Investments to be transferred into the relevant Fund would qualify as suitable investments of such Fund in accordance with the investment objective, policies and restrictions of that Fund;

4.2       the number of shares to be allotted shall be not more than that number which would have fallen to be issued for cash on the basis that the amount of such cash was an amount equal to the value as at the relevant Valuation Point for the relevant Dealing Day of the Investments to be vested in the Depositary on behalf of the Company, as determined in accordance with paragraph 4.3 below;

4.3       the Directors may provide that the whole or any part of the Duties and Charges arising in connection with the vesting of the Investments in the Depositary on behalf of the Company shall be paid by the Company or by the person to whom the shares are to be issued or partly by the Company and partly by such person;

4.4       the value of the Investments to be vested in the Depositary on behalf of the Company shall be determined by the Directors on such basis as they shall decide so long as such value does not exceed the highest amount which would be obtained if the Investments were valued in accordance with Appendix III hereof;

4.5       in the case of the initial issue of shares of any Class, the Depositary shall determine the number of shares of the relevant Class to be allotted against the vesting in the Depositary on behalf of the Company of any Investments; and

4.6       the Depositary is satisfied that the terms of such allotment will not be such as are likely to result in material prejudice to Holders.

5          Preliminary charge

The Directors may require any person to whom shares of any Class are to be allotted to pay to the Company or any of its appointees or as any of them may direct, for its or their absolute use and benefit, a preliminary charge of such amount as may be determined by the Directors but not exceeding 6 per cent of the Subscription Price per Share of the relevant Class being allotted.  The Directors may on any Dealing Day differentiate between applicants as to the amount of the preliminary charge required to be paid to the Company, or its appointees or as they may direct and as to the amount of preliminary charge to be levied on each Class of share (subject to the maximum aforesaid).

 

6          No shares allotted when calculation of Net Asset Value suspended

The Directors may in their absolute discretion determine that no shares shall be allotted or issued during any period when the determination of the Net Asset Value of the relevant Fund is suspended pursuant to Clause 18 below except those for which applications have previously been received and accepted by the Company or its authorised agent.  The Directors will notify investors applying for shares of such suspension at the time of application.  Any application for shares which is not withdrawn shall, subject to the provisions of these Articles, be dealt with on the first Dealing Day after the suspension is lifted.

 

7          Issue of fractions of shares

Where payments or other consideration received by or on behalf of the Company in respect of the issue or allotment of shares are not an exact multiple of the Subscription Price for those shares, a fraction of a share may be allotted to the investor who shall be registered as the Holder of such a fraction provided that any holding of shares is a multiple of not less than 1/10,000 part of a share or such other fractional amount as the Directors may determine from time to time.  Rights, entitlements and benefits of a Holder of a share under the Articles are granted to a Holder of a fraction of a share in proportion to the fraction of a share held by him and, except where the context otherwise requires or is otherwise provided herein, reference in the Articles to share shall include a fraction of a share.  Notwithstanding anything contained in the Articles, the Holder of a fraction of a share may not exercise any voting rights in respect of such share.

 

 

8          Minimum Initial Investment Amount

The Directors may in their absolute discretion decline to issue shares of any Class to satisfy any initial application unless the amount in value of the shares to which an application relates equals or exceeds the Minimum Initial Investment Amount or its equivalent in another currency provided that in no circumstances may the Directors issue shares of any class to satisfy any initial application where the amount in value of the shares to which an application relates does not equal or exceed the minimum amount required by the Competent Authority for the Company to obtain qualifying fund status. Thereafter, Holders may make additional subscriptions for shares having a value, at the then current Subscription Price of not less than the Minimum Additional Investment Amount or its equivalent in another currency.

 

FUNDS

 

9          Funds

9.1       All consideration, other than the preliminary charge (if any) payable to the Company or its appointees or as any of them may determine pursuant to Clause 5 of this Appendix, received by or on behalf of the Company for the allotment or issue of shares of a Fund, or if there is more than one Class of shares in a particular Fund, of all such Classes, together with all Investments in which such consideration is invested or reinvested, all income, earnings, profits and proceeds thereof shall be segregated and kept separate from all other monies of the Company and such assets and monies shall be referred to as a Fund there being one Fund in respect of each Class (or all such Classes, as the case may be) of shares and to which the following provisions shall apply:

9.1.1.    For each Fund the Company shall keep separate books and records in which       all transactions relating to the relevant Fund shall be recorded and, in   particular, the proceeds from the allotment and issue of shares of each Class             in the Fund, the Investments and the liabilities and income and expenditure          attributable thereto shall be applied or charged to such Fund subject to the   provisions of this Clause 9;

9.1.2.    Any Asset derived from any other Asset(s) (whether cash or otherwise)    comprised in any Fund shall be applied in the books and records of the Company to the same Fund as the Asset from which it was derived and any             increase or diminution in the value of such an Asset shall be applied to the          relevant Fund.

9.1.3.    No shares will be issued on terms that entitle the Holder of any Fund to   participate in the Assets of the Company other than the Assets (if any) of the     Fund relating to such shares.  If the proceeds of the Assets of the relevant             Fund are not sufficient to fund the full repurchase

9.1.4.    amount payable to each Holder for the relevant Fund, the proceeds of the             relevant Fund, will subject to the terms for the relevant Fund, be distributed     equally among each Holder of the relevant Fund pro rata to the amount paid      upon the shares held by each Holder.  If the realised net assets of any Fund        are insufficient to pay any amounts due on the relevant shares in full in       accordance with the terms of the relevant Fund, the relevant Holders of that      Fund will have no further right of payment in respect of such shares or any           claim against the Company, any other Fund or any Assets of the Company in            respect of any shortfall; and

9.1.5.    Each Fund shall be charged with the liabilities, expenses, costs, charges or        reserves of the Company in respect of or attributable to that Fund.

9.1.6.    In the event that any Asset attributable to a Fund is taken in execution of a          liability not attributable to that Fund, the provisions of Section 256E(5)1406 of the          1990Companies Act shall apply.

9.1.7.    Subject as otherwise provided herein, the Assets held in each Fund shall be        applied solely in respect of the shares of the Class (or Classes as the case       may be) to which such Fund appertains.

10        Fund exchanges

10.1     Subject to the provisions of the Companies Acts, the Act and to these Articles and as hereinafter provided a Holder holding shares in any Class in a Fund (the first class) on any Dealing Day shall have the right from time to time to exchange all or any of such shares for shares of another Class which are being offered at that time (the new class) (such class being either in the same Fund or in a separate Fund) on the following terms:-

10.1.1   The Holder shall give to the Company or its authorised agent(s) instructions         (hereinafter called an Exchange Notice) in such form as the Directors may          from time to time determine.

10.1.2.  The exchange of the shares specified in the Exchange Notice pursuant to this      Clause 10 shall occur on a Dealing Day for the first class and the new class in         respect of Exchange Notices received on or prior to the relevant Dealing             Deadline for that Dealing Day (or prior to such other time of day as the     Directors may determine either generally or in relation to a particular Fund or      in any specific case) by the Company or its authorised agent(s) or on such     other Dealing Day as the Directors at the request of the Holder may agree.          The Company or its authorised agents may in their discretion accept     Exchange Notices received after the Dealing Deadline for the relevant Dealing             Day provided the Exchange Notices are received prior to the relevant        Valuation Point.  A Holder's entitlement to shares as recorded in the Register     shall be altered accordingly with effect from that Dealing Day.

10.2     Exchange of the shares of the first class specified in the Exchange Notice shall be effected in the following manner, that is to say>

10.2.1   such shares of the first class shall be repurchased by the issue of shares of        the new class;

10.2.2   the shares of the new class shall be issued in respect of and in proportion to        (or as nearly as may be in proportion to) the holding of the shares of the first            class which is being exchanged; and

10.2.3   the proportion in which shares of the new class are to be issued in respect of       shares of the first class shall be determined in accordance with paragraph           10.3 below;

Provided always that the right of a Holder to exchange his shares in the first class for shares in the new class conferred by this Clause 10 shall be conditional upon the Company having sufficient available share capital to enable the exchange to be implemented as aforesaid.

 

10.3     The Directors shall determine the number of shares of the new class to be issued on exchange in accordance with the following formula:-

S          =           [R   x    (RP x ER] - F

   ___________________

      SP

where:-

 

R         is the number of shares of the first class specified in the Exchange Notice which the         Holder thereof has requested to be exchanged;

 

S          is the number of shares of the new class to be issued;

 

RP       is the Repurchase Price per share of the first class as calculated as at the relevant          Valuation Point for the Dealing Day on which the exchange is to be effected;

 

ER       in the case of an exchange of shares designated in the same currency, the value of          ER is 1.  In any other case, the value of ER is the currency conversion factor       determined by the Directors at the Valuation Point for the relevant Dealing Day as        representing the effective rate of exchange applicable to the transfer of assets      relating to the first and new classes of shares after adjusting such rate as may be         necessary to reflect the effective costs of making such transfer;

 

SP       is the Subscription Price per share for the new class as calculated as at the relevant        Valuation Point for the Dealing Day on which the exchange is to be effected; and

 

      is the fee payable (if any) on the exchange of shares (as set out in paragraph 10.4             below).

 

AND the number of shares of the new class to be created or issued pursuant to this Clause 10 shall be so created or issued in respect of each of the shares of the first class being exchanged in the proportion (or as nearly as may be in the proportion) S to R where S and R have the meanings ascribed to them above.

 

10.4     On any exchange of shares pursuant to this Clause 10, the Directors may add to the Subscription Price per share for the shares of the new class to be issued a fee, for payment to the Company or any of its appointees or as any of them may direct out of the Fund relating to the shares of such class, an amount for each share not exceeding 2 per cent of the Repurchase Price per share of shares in the first class to be issued calculated as at the relevant Valuation Point for the Dealing Day on which the exchange is effected.

10.5     Requests for the exchange of shares as an initial investment in a new class will only be made if the value of the shares to be exchanged is equal to or exceeds the Minimum Initial Investment Amount for the new class.  The Directors may refuse to give effect to any Exchange Notice if to do so would cause the relevant Holder's holding in the first class to fall below the Minimum Shareholding specified for that class.

10.6     Shares in a class may not be exchanged for shares in another class during any period when the calculation of the Net Asset Value of the relevant Fund or either of the relevant Funds as the case may be is suspended by reason of a declaration by the Directors pursuant to Clause 18 hereof.  Applicants will be notified of such suspension at the time of application and any request for the exchange of shares not withdrawn shall, subject to the provisions of these Articles, be dealt with on the first Dealing Day after such suspension is lifted.

11        Termination of Funds

11.1     Any Fund may be terminated by the Directors, in their sole and absolute discretion, by notice in writing to the Depositary in any of the following events:-

11.1.1   if at any time the Net Asset Value of the relevant Fund shall be less than such     amount as maybe determined by the Directors in respect of that Fund; or

11.1.2.  if any Fund shall cease to be authorised or otherwise officially approved; or

11.1.3   if any law shall be passed which renders it illegal or in the opinion of the   Directors impracticable or inadvisable to continue the relevant Fund; or

11.1.4.  if the Directors shall have resolved that it is impracticable or inadvisable for a        Fund to continue to operate having regard to prevailing market conditions and            the best interest of the Holders; or

11.1.5.  if the Directors consider that it is in the best interests of the Shareholders of        the relevant Fund.

The decision of the Directors in any of the events specified herein shall be final and binding on all the parties concerned but the Directors shall be under no liability on account of any failure to terminate the relevant Fund pursuant to this Clause 11 or otherwise.

 

11.2     The Directors shall give notice of termination of a Fund to the Holders of shares in the relevant Fund and by such notice fix the date at which such termination is to take effect, which date shall be for such period after the service of such notice as the Directors shall in their sole and absolute discretion determine.

11.3     With effect on and from the date as at which any Fund is to terminate or in the case of 11.3.1 below such other date as the Directors may determine:-

11.3.1   No shares of the relevant Fund may be issued or sold by the Company;

11.3.2.  The investment manager shall, on the instructions of the Directors, realise all       the Assets then comprised in the relevant Fund (which realisation shall be        carried out and completed in such manner and within such period after the       termination of the relevant Fund as the Directors think advisable);

11.3.3   The Depositary shall, on the instructions of the Directors from time to time,          distribute to the Holders of shares of the relevant Fund in proportion to their respective interests in the relevant Fund all net cash proceeds derived from      the realisation of the relevant Fund and available for the purpose of such   distribution, provided that the Depositary shall not be bound (except in the       case of the final distribution) to distribute any of the monies for the time being    in its hands the amount of which is insufficient to pay Euro 1 or its equivalent       amount in the relevant currency in respect of each share of the relevant Fund       and provided also that the Depositary shall be entitled to retain out of any       monies in its hands as part of the relevant Fund full provision for all costs,            charges, expenses, claims and demands incurred, made or apprehended by       the Depositary or the Directors in connection with or arising out of the             termination of the relevant Fund and out of the monies so retained to be   indemnified and saved harmless against any such costs, charges, expenses,      claims and demands; and

11.3.4   Every such distribution referred to above shall be made in such manner as the      Directors shall, in their sole and absolute discretion, determine but shall be         made only against production of the certificates or warrants relating to the       shares of the relevant Fund if issued in respect of which the same is made           and upon delivery to the Depositary of such form of request for payment as          the Depositary shall in its absolute discretion require.  All certificates shall in        the case of an interim distribution be enfaced by the Depositary with a     memorandum of payments made and in the case of the final distribution shall       be surrendered to the Depositary.  Any unclaimed proceeds or other cash held       by the Depositary hereunder may at the expiration of twelve months from the        date upon which the same were payable be paid into court subject to the right             of the Depositary to deduct therefrom any expenses it may incur in making      such payment.

11.4     The Directors shall have the power to propose and implement a reconstruction and/or amalgamation of the Company or any Fund or Funds on such terms and conditions as are approved by the Directors subject to the following conditions namely:

11.4.1   that the prior approval of the Competent Authority has been obtained; and

11.4.2   that the Holders of shares in the relevant Fund or Funds have been circulated       with particulars of the scheme of reconstruction and/or amalgamation in a form approved by the Directors and a special resolution of the Holders of shares in          the relevant Fund or Funds has been passed approving the said scheme.

The relevant scheme of reconstruction and/or amalgamation shall take effect upon such conditions being satisfied or upon such later date as the scheme may provide or as the Directors may determine whereupon the terms of such scheme shall be binding upon all the Holders and the Directors shall have the power to and shall do all such acts and things as may be necessary for the implementation thereof.

 

RIGHT OF REPURCHASE

 

12        Holders' right to request a repurchase of shares

As the Company is an open-ended investment company, Holders shall have the right to request the Company to repurchase their shares in accordance with the provisions of Clause 13 below.

 

13        Repurchase mechanism

13.1     Subject to the provisions of the Companies Acts, the ActActt and these Articles and subject as hereinafter provided the Company shall, on receipt by it or its authorised agent(s) of a request (which request may, at the Directors' discretion, either generally or in relation to any specific request, be made in writing, by facsimile, by telex or by telephone (in accordance with the procedure set out in the Prospectus) or in such other form as the Directors may, from time to time, determine) by a Holder of shares (the Applicant), repurchase all or any portion of the shares held by the Applicant at the Repurchase Price, determined in accordance with Clause 14 hereof, or procure the purchase thereof at not less than the Repurchase Price on the relevant Dealing Day. Such request to repurchase must be accompanied by the duly endorsed certificate or certificates (if any) issued for the shares to which it relates.

PROVIDED THAT:-

 

13.1.1   The repurchase of shares pursuant to this Clause 13 shall be made on a Dealing Day in respect of requests (equal or greater to the Minimum            Repurchase Amount subject to the discretion of the Directors to allow lesser             amounts) received by the Company or its authorised agent on or prior to the         Dealing Deadline for that Dealing Day.

13.1.2   Any such request received after the Dealing Deadline for a Dealing Day shall,       unless the Directors shall otherwise agree and provided they are received   before the relevant Valuation Point, be treated as having been received by the   following Dealing Deadline.

13.1.3   If the determination of the Net Asset Value of the relevant Fund is suspended       on any Dealing Day by reason of a declaration by the Directors pursuant to       Clause 18 hereof, an Applicant may withdraw his request to have his shares repurchased pursuant to this Clause 13.  If the request is not so withdrawn the     Company shall be at liberty to repurchase the shares on the Dealing Day next   following the end of the suspension.

13.1.4.  Subject as aforesaid and to the discretion of the Directors, an Applicant shall       not be entitled to withdraw a request duly made in accordance with this Clause          13.

13.1.5   The Company may retain a sufficient portion of the amount payable to the            Applicant in respect of the repurchase to pay any taxation payable to the    Revenue Commissioners in Ireland in respect of the repurchase of the shares.

13.1.6   Any amount payable to the Applicant in connection with the repurchase of           shares shall, at the risk and cost of the Applicant, be paid in the same          currency as that in which the shares are designated or in such other currency           as the Directors shall determine.  Any such amount may, at the option of the       Directors, (but at the risk and cost of the Applicant) be remitted by or on behalf           of the Company by electronic transfer to the bank account specified by the            Applicant not later than the relevant Settlement Date.  In all other instances         any such amount shall be sent by post in the form of a negotiable instrument             at the Applicant's risk by or on behalf of the Company to the Applicant not later   than the relevant Settlement Date.  If the amount to be paid by the Company             as aforesaid shall not be expressed in the currency in which the shares which      the Company has repurchased were designated then the rate of exchange         between that currency and the currency agreed for payment shall be such rate          as the Directors shall consider appropriate.  The cost of conversion (if any)           shall be debited from the converted payment.  The certificate of the Directors   as to the conversion rate applicable and as to the cost of conversion shall be        conclusive and binding on all persons.

13.1.7.  Subject to written instructions from the Applicant to the Company (or its authorised agent) directing otherwise, which the Company (or its authorised     agent) may require to be verified or otherwise supported by additional             documentation, the Company (or its authorised agent) shall pay the proceeds      of repurchase to the Applicant.

13.1.8   If requested, the Directors may, in their absolute discretion and subject to the      prior approval of the Depositary and prior notification to the Holders and the         Competent Authority, agree to designate additional Dealing Days and             Valuation Points for the repurchase of shares relating to any Fund which will        be open to all Holders.

13.1.9   The repurchase of shares under the provisions of this Clause 13 shall be deemed to be effected immediately after the Valuation Point for the relevant         Dealing Day.  Shares repurchased in accordance with the provisions of this             Clause 13 shall be deemed to cease to be in issue at the close of business on    the Dealing Day on which they are repurchased.

13.2     Upon the repurchase of a share being effected, the Applicant shall cease to be entitled to any rights in respect thereof (excepting always the right to receive a dividend which has been declared in respect thereof prior to such repurchase being effected) and accordingly his name shall be removed from the Register with respect thereto and the shares shall be treated as cancelled and the amount of issued share capital in respect of such Class of shares shall be reduced accordingly.

14        Repurchase price of shares

14.1     The Repurchase Price per share of the relevant Class shall be an amount as determined by the Directors on the relevant Dealing Day referred to in Clause 13.1.1 above by:

14.1.1   determining that proportion of the Net Asset Value of the relevant Fund which       is attributable to the relevant Class of shares as at the Valuation Point for the             relevant Dealing Day and deducting thereto such sum (if any) as the Directors     may consider represents the appropriate provision for the Duties and Charges      which would have been incurred on the assumption that all the Investments         held by the Company as at that Valuation Point had been sold at that   Valuation Point at prices equal to their respective values as at that Valuation        Point;

14.1.2   where the Class of share is a Hedged Currency Share Class, adding to or            deducting from (as the case may be) the sum calculated in accordance with 14.1.1 above the costs and gains/losses of any currency hedging transactions      effected in respect of that Class;

14.1.3.  dividing the sum calculated in accordance with paragraph 14.1.1 above by the      number of shares of the relevant Class in issue or deemed to be in issue in          the relevant Fund at the Valuation Point for the relevant Dealing Day; and

14.1.4.  rounding the amount so determined to a maximum of four decimal places of         the unit of the currency of the shares (unit for such purposes being the             smallest fraction of the relevant currency which is legal tender in the country of         issue of that currency).

14.1.5   The Directors may on any Dealing Day require an Applicant to pay to the             Company or any of its appointees or as any of them may direct, for its or their   absolute use and benefit, a repurchase charge of not more than 5 per cent of      the Repurchase Price per share of the relevant Class being repurchased on          that Dealing Day.  The amount of any such charge may be deducted from the    amount to be paid by the Company to the Applicant in respect of the shares to             be repurchased.  The Directors may on any Dealing Day differentiate between      Applicants as to the amount of the repurchase charge required to be paid to      the Company, or its appointees or as they may direct and as to the amount of             repurchase charge to be levied on each Class of share (subject to the      maximum aforesaid).

14.2     Such portion of the Repurchase Price of any shares repurchased on a Dealing Day (except a Dealing Day which is a record day for the declaration of a dividend) as the Directors in their absolute discretion consider appropriate shall be deemed to be a distribution to the relevant Applicant of the proportion of the undistributed net revenue accrued to the relevant Fund up to such Dealing Day attributable to the shares in respect of which such Repurchase Price is payable.

14.3     Where any tax is payable to the Irish tax authorities in respect of a repurchase of Shares by a Holder who is or is deemed to be a Taxable Irish Person or is acting on behalf of such a person, the Repurchase Price shall be reduced by an amount equal to such tax which shall be paid by or on behalf of the Company to the authorities.

14.4     In calculating the Repurchase Price, the Directors may on any Dealing Day when there are net repurchases adjust the Repurchase Price by deducting an anti dilution levy to cover dealing costs and to preserve the value of the underlying assets of a Fund.

15        Limitations on repurchase

15.1     In circumstances where repurchase requests on any Dealing Day are for more than ten per cent of the Net Asset Value of shares of any Fund in issue at the Valuation Point for that Dealing Day, the Company shall be at liberty to scale down the number of shares to be repurchased in response to each request pro rata to such extent as may be necessary to ensure that the foregoing limit is not exceeded and may carry forward for repurchase to the next following Dealing Day the balance of each request and so on to each succeeding Dealing Day until each request has been dealt with in full, PROVIDED THAT requests for repurchase that have been carried forward from an earlier Dealing Day shall (subject always to the foregoing limits) be dealt with in priority to later requests.

15.2    

15.2.1   If in respect of any Applicant the repurchase monies in respect of shares held      by him of any Fund to be repurchased on any Dealing Day amount to more            than five per cent of the Net Asset Value of such Fund at the Valuation Point for such Dealing Day, the Company shall have the power to divide in specie         the whole or any part of the Assets of the relevant Fund and shall have the          right to elect by notice in writing to the Applicant (such notice to be sent by the   Company to the Applicant within three Business Days of the relevant Dealing       Day and in any event before the relevant Settlement Date) to appropriate and    transfer Assets to him in full or part satisfaction of the Repurchase Price or any           part of the said Repurchase Price (provided that such a distribution would not       be prejudicial to the interests of the remaining Holders in such Fund).

15.2.2   Where a notice of election is served under sub-paragraph 15.2.1 of this    Clause 15 on an Applicant, the Applicant may by a further notice served on        the Company (such notice to be received by the Company within three             Business Days of the deemed receipt by the Applicant of the notice of election    served under sub-paragraph 15.2.1 of this Clause 15) require the Company    instead of transferring the Assets in question to arrange:-

(1)        for a sale of the Assets; and

for payment to the Applicant of the net proceeds of sale.

15.2.3.  Where there is a transfer of Assets pursuant to paragraph 15.2.1 above, the         Depositary shall transfer to the Applicant his proportionate share of the Assets   of the relevant Fund.  For the purposes of this paragraph proportionate share    means such part of each type of Asset in the relevant Fund as is proportionate     to or as nearly as practicable proportionate to the Applicant's share or such     selection from the Assets of the relevant Fund as the Directors shall, following           consultation with the Depositary, decide is reasonable having regard to the          need to be fair both to the Applicant and continuing Holders of shares in the      relevant Fund.

 

15.2.4. Where there is to be a sale of Assets under sub-paragraph 15.2.2 above:-

 

(1)        the Company shall forthwith notify the Depositary of that fact and shall arrange for the sale of the Assets that would have been transferred under sub-paragraph 15.2.1 above (other than Assets which are in cash in the relevant currency for the purposes of the repurchase); and

(2)        the Depositary shall on receipt of such evidence of title as it may require pay to the Applicant the net proceeds of the sale and any relevant amounts in cash.

15.3     If any request to the Company to repurchase shares of any Class shall reduce the number of shares of the relevant Class held by the Applicant below the Minimum Shareholding such request may be treated by the Directors as a request to repurchase the Applicant's entire holding.  The foregoing shall not prevent a repurchase of the whole of a holding of shares of any Class less than the Minimum Shareholding nor shall this paragraph apply in circumstances where as a result of the Company exercising its rights to scale down any repurchase requests, in accordance with paragraph (1) above, a Holder's holding of shares is reduced below the Minimum Shareholding.

15.4     If any repurchase requests received by the Directors would necessitate, in the opinion of the Directors, the breaking of deposits at a penalty or the realisation of Investments at a discount below their value, as calculated in accordance with Appendix III, the Repurchase Price in respect of the relevant shares may be reduced by a proportionate part of such reduction in value or penalty which will be suffered by the relevant Fund in such manner as the Directors may consider fair and equitable and which is approved by the Depositary. Alternatively, the Directors may arrange for the Company to borrow funds in accordance with Article 64 subject always to any borrowing restrictions in force in relation to the Company or the relevant Fund, and the costs of such borrowings may be apportioned as aforesaid to such extent as the Directors may consider fair and equitable.

15.5     The Company will not be permitted to repurchase shares if, after payment of any amount in connection with such repurchase, the Net Asset Value of the issued share capital of the Company would be equal to or less than Euro 2 or the foreign currency equivalent thereof.  The foregoing shall not apply to a repurchase request permitted by the Directors in contemplation of the dissolution of the Company in accordance with the Companies ActsAct.

15.6     The Company may compulsorily repurchase all of the shares of any Fund if the Net Asset Value of the relevant Fund is less than the Minimum Fund size.

16        No shares repurchased when calculation of Net Asset Value suspended.

The Directors may, in their absolute discretion, determine that no shares will be repurchased and no repurchase proceeds paid during any period when the determination of the Net Asset Value of the relevant Fund is suspended pursuant to Clause 18 below.  Holders applying for a repurchase of their shares will be notified of such suspension at the time of application.  Any application which is not withdrawn shall, subject to the provisions of these Articles, be dealt with on the first Dealing Day for the relevant Fund after such suspension is lifted and shall be dealt with in priority to subsequently received repurchase requests.

 

DETERMINATION OF NET ASSET VALUE

 

17        Determination of Net Asset Value

The Net Asset Value of a Fund shall be determined in accordance with Appendix III.

 

18        Suspension of determination of Net Asset Value/Postponement of a Dealing Day

18.1     The Directors may at any time declare a temporary suspension of the determination of the Net Asset Value of a Fund and the issue, repurchase and exchange of shares and the payment of repurchase proceeds during:-

18.1.1.  any period when any of the Markets on which a substantial portion of the             Investments of the relevant Fund, from time to time, are quoted, listed or dealt          in is closed, otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or

18.1.2   any period when, as a result of political, economic, military or monetary events    or any circumstances outside the control, responsibility and power of the          Directors, disposal or valuation of a substantial portion of the Investments of   the relevant Fund is not reasonably practicable without this being seriously          detrimental to the interests of shareholders of the relevant Fund or if, in the             opinion of the Directors, the Net Asset Value of the Fund, cannot be fairly    calculated; or

18.1.3.  any breakdown in the means of communication normally employed in      determining the price of a substantial portion of the Investments of the relevant             Fund, or when, for any other reason the current prices on any Market of any of   the Investments of the relevant Fund cannot be promptly and accurately   ascertained; or

18.1.4.  any period during which any transfer of funds involved in the realisation or             acquisition of Investments of the relevant Fund cannot, in the opinion of the     Directors, be effected at normal prices or rates of exchange; or

18.1.5   any period when the Directors are unable to repatriate funds required for the         purpose of making payments due on the repurchase of shares in the relevant   Fund; or

18.1.6.  any period when the Directors consider it to be in the best interests of the            relevant Fund; or

18.1.7   following the circulation to Holders of a notice of a general meeting at which a      resolution proposing to wind up the Company or terminate the relevant Fund is    to be considered.

18.2     Any such suspension shall take effect at such time as the Directors shall declare but not later than the close of business on the Business Day next following the declaration and thereafter there shall be no determination of the Net Asset Value of the relevant Fund and no issues, repurchases or exchanges of shares of the relevant Fund and no repurchase proceeds paid until the Directors shall declare the suspension at an end.

18.3     The Directors may postpone any Dealing Day for a Fund to the next Business Day if in the opinion of the Directors, a substantial portion of the Investments of the relevant Fund cannot be valued on an equitable basis and such difficulty is expected to be overcome within one Business Day.

18.4     The determination of the Net Asset Value of a Fund shall also be suspended where such suspension is required by the Competent Authority in accordance with the Companies Act.

19        Notification of suspension to Competent Authority, Stock Exchanges and Holders

Any such suspension of the determination of the Net Asset Value of a Fund shall be notified to the Competent Authority immediately and in any event within the same Business Day on which such suspension occurred.  If the shares are listed on the official list of the Irish Stock Exchange or any other exchange any such suspension shall be notified to the Irish Stock Exchange and such other exchange within the time frame specified above.  Details of any such suspension will also be notified to all Holders and will be published in a newspaper circulating in the European Union, or such other publications as the Directors may determine if, in the opinion of the Directors, it is likely to exceed 14 days.

 

20        Compulsory Repurchase Or Transfer Of Shares

20.1     The Directors shall have power (but shall not be under any duty) to impose such restrictions as they may think necessary for the purpose of ensuring that no shares of any Class are acquired or held directly or beneficially by a person who is in the opinion of the Directors any of the following:

20.1.1   any person who is not a Qualifying Investor or Accredited Investor; or

20.1.2   any United States Person (unless the Directors determine (i) the transaction        would be permitted under an exemption available under the securities laws of the United States and (ii) the relevant Fund and Company continue to be             entitled to an exemption from registration as an investment company under          the securities laws of the United States if such person holds shares (unless          pursuant to an exemption under U.S. Securities laws); or

20.1.3   any person who appears to be in breach of any law or requirement of any             country or government authority or by virtue of which such person is not   qualified to hold shares; or

20.1.4.  any persons in circumstances which (whether directly or indirectly affecting         such person or persons, and whether taken alone or in conjunction with any    other persons, connected or not, or any other circumstances appearing to the    Directors to be relevant), in the opinion of the Directors, might result in the           Company or any Fund incurring any liability to taxation or suffering any other       pecuniary, legal or material administrative disadvantages or being in breach of          any law or regulation which the Company or any Fund might not otherwise           have incurred or suffered; or

20.1.5.  any individual under the age of 18 (or such other age as the Directors think fit).

References in these Articles to Permitted Investor means any person other than any of the persons specified above.

 

20.2     The Directors shall, unless any Director has reason to believe otherwise, be entitled to assume without enquiry that none of the shares are held in such a way as to entitle the Directors to give a notice in respect thereof pursuant to paragraph 20.3 below.  The Directors may, however, upon an application for shares or at any other time and from time to time require such evidence and/or undertakings to be furnished to them in connection with the matters stated in paragraph 20.1 above as they shall in their discretion deem sufficient or as they may require for the purpose of any restriction imposed pursuant thereto or for compliance with any anti-money laundering provisions applicable to the Company.  In the event of such evidence and/or undertakings not being so provided within such reasonable period (not being less than 21 days after service of notice requiring the same) as may be specified by the Directors in the said notice, the Directors may, in their absolute discretion, treat any shares held by such a Holder or joint Holder as being held in such a way as to entitle them to serve a notice in respect thereof pursuant to paragraph 20.3 below.

20.3     If it shall come to the notice of the Directors that any shares (the relevant shares) are or may be owned or held directly or beneficially by any person who is not a Permitted Investor, the Directors may give notice to the person in whose name the relevant shares are registered requiring him to transfer (and/or procure the disposal of interests in) the relevant shares to a person who is in the opinion of the Directors a Permitted Investor.  If any person upon whom such a notice is served pursuant to this paragraph does not within 21 days after the giving of such notice (or such extended time as the Directors in their absolute discretion shall consider reasonable) transfer the relevant shares to a Permitted Investor, or establish to the satisfaction of the Directors (whose judgement shall be final and binding) that he is not subject to such restrictions, the Directors may in their absolute discretion upon the expiration of such 21 days either arrange the transfer of all the relevant shares to a Permitted Investor in accordance with paragraph 20.5 below or arrange for the relevant shares to be repurchased by the Company at the relevant Repurchase Price. The Holder of the relevant shares shall be bound forthwith to deliver his certificate (if any) to the Directors and the Directors shall be entitled to appoint any person to sign on his behalf such documents as may be required for the purpose of the transfer or repurchase, as the case may be, of the relevant shares by the Company.

20.4     A person who becomes aware that he holds or owns relevant shares shall forthwith unless he has already received a notice pursuant to paragraph 20.3 above transfer all his relevant shares to a Permitted Investor or with the approval of the Directors request the repurchase of the shares.

20.5     A transfer of relevant shares arranged by the Directors pursuant to paragraph 20.3 above, shall be by way of sale at the best price reasonably obtainable and may be of all of or part only of the relevant shares with a balance available for transfer to other Permitted Investors or repurchase by the Company.  Any payment received by the Company for the relevant shares so transferred shall be paid to the person whose shares have been so transferred subject to paragraph 20.5 below.

20.6     Payment of any amount due to such person pursuant to paragraphs 20.3, 20.4 or 20.5 above shall be subject to any requisite exchange control consents first having been obtained and the Company not being in breach of any other law or regulation.  The amount due to such person will be deposited by the Company in a bank for payment to such person upon such consents being obtained and against surrender of the certificate, if any, representing the relevant shares previously held by such person.  Upon deposit of such amount as aforesaid such person shall have no further interest in such relevant snares or any of them or any claim against the Company in respect thereof except the right to receive such amount so deposited (without interest) upon such consents as aforesaid being obtained.

20.7     The Directors shall not be required to give any reasons for any decision, determination or declaration taken or made in accordance with this Clause 20.  The exercise of the powers conferred by this Clause 20 shall not be questioned or invalidated in any case on the grounds that there was insufficient evidence of direct or beneficial ownership of shares by any person or that the true, direct or beneficial owner of any shares was otherwise than appeared to the Directors at the relevant date provided that the powers shall be exercised in good faith.

20.8     Notwithstanding any other provisions of these Articles, where the Company is required to pay tax on the transfer by a Holder who is or is deemed to be an Irish Taxable Person of its shareholding or part thereof or on the occurrence of a chargeable event as defined in section 739(B) of the TCA, the Company shall be entitled to repurchase and cancel a sufficient portion of such Shares and to appropriate the proceeds thereof as is necessary to discharge the amount of taxation payable in respect of the transfer of the relevant chargeable event.

INVESTMENT OF ASSETS

 

21        Investment of Assets of the Company

21.1     The Directors shall subject to the restrictions and limits imposed under the Articles and the Companies Act determine the investment objectives and policies (including the permissible forms of Investments) and restrictions applying to the Company and any Fund and the Assets shall be invested in accordance with the investment objectives, policies and restrictions determined by the Directors.

21.2     Subject to the prior approval of the Competent Authority, the Company may wholly own any entity which Directors consider it necessary or desirable for the Company to incorporate or acquire or utilise.  All shares certificates issued to the Company relating to a Fund in respect of its holding in any such entity shall be held by the Depositary or its nominees.

21.3     The Directors may decide to invest in collective investment undertakings with which the Company is linked by common management or control or by a substantial direct or indirect holding subject to the restrictions and limits imposed under the Companies Act.

21.4     Subject to the Companies Act, the Directors may decide to retain, during such time or times as they think fit, all or any amount of cash of any Fund in any currency or currencies either in cash or on deposit with, or in certificates of deposit or other banking instruments issued by, the Depositary or any banker or other financial institution in any part of the world including any appointee of the Company or any associate or affiliate of such appointee subject to the provisions of the Central Bank Acts, 1942 to 2013 (as may be amended or supplemented from time to time).

21.5     Subject to the investment objectives, policies and restrictions determined by the Directors, the Company may acquire or utilise derivative contracts of any description under any conditions and within any limits applicable to the Company laid down by the Competent Authority from time to time for the purposes of the Companies Act.

21.6     The company may transfer Assets to and/or grant the Depositary, any prime broker and/or any other counterparty a right to re-use the Company's Assets where permissible by law.

DEPOSITARY

 

22        Appointment of Depositary

The Directors shall subject to the prior approval of the Competent Authority appoint a Depositary and shal entrust the Assets to the Depositary who shall be responsible for the safe custody of all the Assets including any shares in or assets of any subsidiary company as applicable, perform its duties prescribed by the Companies Act and the AIFM Regulations and perform such other duties upon such terms as the Directors may, from time to time, (with the agreement of the Depositary) determine.

 

23        Appointment of sub-custodians

The Depositary may pursuant to the Depositary Agreement, appoint sub-custodians, nominees, agents or other delegates to perform in whole or in part any of its duties or exercise any of its discretions as a depositary, subject to and in accordance with the provisions of the AIFM Regulations.  For the avoidance of doubt the Depositary may not delegate the performance of any of its fiduciary duties or discretions and its liability shall not be affected by the fact that it has entrusted to a third party some or all of the Assets in its safe-keeping provided that the Depositary may discharge itself of liability in accordance with, and subject to, the conditions set out in the AIFM Regulations including without limitation Regulation 22(13) and Regulation 22(14) and, if applicable, the Depositary Agreement.

 

24        Remuneration of Depositary

In consideration for its services as Depositary the Depositary shall be entitled to be paid by or on behalf of the Company out of the property of the Company:-

 

24.1     a fee of such amount outlined in the Depositary Agreement; and

24.2     reasonable expenses and disbursements incurred by the Depositary in the performance of its functions and all other charges or fees expressly authorised by the Depositary Agreement; and

24.3     the Depositary shall not be obliged to account to the Holders or any of them for any payment received in accordance with the foregoing provisions.

25        Retirement or replacement of Depositary

25.1     Subject to the prior approval of the Competent Authority, and in accordance with the terms of the Depositary Agreement, the Depositary may be removed or retire and a new Depositary appointed in the manner specified in paragraph 25.2 below.

25.2     In the event of the Depositary desiring to retire or on being removed in accordance with paragraph 25.1 above, the Company shall with the prior approval of the Competent Authority appoint a duly qualified corporation which is approved by the Competent Authority to be the Depositary in place of the Depositary so retiring or being removed on or before the date on which such retirement or removal is to take effect.  In the event of the Depositary having given to the Company notice of its desire to retire or in the event of the Depositary being removed and no successor Depositary having been appointed within such period as may be agreed between the Company and the Depositary, the Depositary shall be entitled to require the Company to repurchase all the then issued shares of the Company or to convene an extraordinary general meeting to consider a resolution to wind up the Company.  Following such repurchase or the passing of any such resolution, the Company shall be wound up in accordance with the Companies ActsAct and these Articles.  The Depositary will remain in office until authorisation of the Company has been revoked by the Competent Authority.

25.3     The Competent Authority may replace the Depositary with another depositary.

26        Appointment of AIFM

The Directors may subject to the prior approval of the Competent Authority appoint an AIFM or seek authorisation of the Company to perform the duties prescribed by the AIFM Regulations.  Subject to the appointment of an AIFM or the authorisation of the Company pursuant to the AIFM Regulations, the information required to be made available to prospective investors pursuant to the AIFM Regulations, shall be provided by the Company or where an external AIFM has been appointed, by that AIFM.

 

27        Remuneration of AIFM

7          In the event of an entity being appointed to the Company, in consideration for its services as AIFM, it shall be entitled to be paid by or on behalf of the Company out of the Assets of the Company:

7.1       a fee of such amount specified in the agreement with the AIFM or otherwise agreed from time to time and disclosed in the Prospectus; and

7.2       reasonable expenses and disbursements incurred by the AIFM in the      performance of its functions and all other charges or fees expressly authorised         by the agreement with the AIFM.

28        Retirement or replacement of AIFM

(a)        In the event of an entity being appointed as AIFM to the Company, subject to the prior approval of the Competent Authority, and in accordance with the terms of the agreement with the AIFM (including the circumstances under which there may be effected and the procedures to be followed with respect to the replacement of the AIFM set out therein), the AIFM may be removed or retire and a new AIFM appointed in the manner specified in (b).

8          In the event of the AIFM desiring to retire or on being removed in accordance with (a), in the interests of seeking to protect Shareholders in the event of the replacement of the AIFM, the Company may, with the prior approval of the Competent Authority, appoint a duly qualified corporation which is approved by the Competent Authority to be the AIFM in place of the AIFM so retiring or being removed or the Company shall be authorised as an internally managed alternative investment fund on or before the date on which such retirement or removal is to take effect, provided that the Company shall not replace the AIFM without the approval of the Competent Authority.

9          The Competent Authority may replace the AIFM.

EQUALISATION PAYMENTS

 

29        Equalisation Payments

29.1     On any allotment or issue of any Shares of any Class after the Initial Offer Period, if the Directors are operating an Equalisation Account in relation to the relevant Fund (but not otherwise), the Subscription Price in respect of each such share subscribed for should include an Equalisation Payment the same to be repayable in whole or in part as is hereinafter provided.

29.2     In the event of an Equalisation Account being operated in respect of any Fund, all Equalisation Payments received in accordance with paragraph 26.1 above, or deemed to have been received, shall be credited to the Equalisation Account in respect of the relevant Fund.  Any amounts paid by way of Equalisation Payment shall be returnable in whole or in part to the payer only in the events specified in paragraph 26.3 below and not otherwise.

29.3     The Holder of a share on which an Equalisation Payment was paid or deemed to be paid on its issue shall be entitled to payment from the relevant Equalisation Account of a capital sum in the amount hereinafter provided on the payment of the first dividend thereon in respect of the same accounting period after the date of issue of such share but prior to any repurchase being made subsequent to the date of issue of such share.

29.4     The capital sum payable pursuant to paragraph 26.3 above shall be an amount equal to the Equalisation Payment paid or deemed to be paid on the issue of such share or, if the Directors so think fit, a sum calculated by dividing the aggregate of all Equalisation Payments standing to the credit of the relevant Equalisation Account at the date to which the relevant dividend relates, by the number of shares in respect of which such capital sums are payable PROVIDED that in so doing such shares may be divided into two or more groups issued within different periods of time as may be selected by the Directors in any one accounting period and the capital sum payable on each share in each such group shall be a sum calculated by dividing the aggregate of all Equalisation Payments standing to the credit of the relevant Equalisation Account in respect of the shares of each such group by the number of shares in such group. Provided further that in no circumstances shall the capital sum payable in respect of any one share pursuant to this paragraph exceed the amount of the dividend declared on such share.

29.5     Any capital sums repaid to a Holder in accordance with the provisions of this Clause shall release the Company from any liability to repay to the Holder the Equalisation Payment paid, and such Holder shall accept any such capital sum in full and final satisfaction of any Equalisation Payment otherwise payable.

DEALINGS IN SHARES

30        Dealings in shares

30.1     Without prejudice as to the generality of these Articles, the manager may purchase on any Dealing Day shares of any Class at not less than the Subscription Price (in respect of a purchase from the Company) or the Repurchase Price (in respect of a purchase from a Holder) for shares of the Class in question established as at the relevant Dealing Day.  Any amount payable by the manager in respect of the purchase of shares shall be paid not later than the relevant Settlement Date;

30.2     The manager shall be entitled in the name and on behalf of any Holder whose shares are to be purchased by the manager to execute an instrument of transfer in respect of the shares.  The manager may be registered as a Holder in respect of such shares; and

30.3     Any shares of any Fund acquired by the manager pursuant to the foregoing provisions and for the time being outstanding may be sold by the manager on the Dealing Day on which the manager acquired them or any subsequent Dealing Day in satisfaction of the whole or any part of any application for shares of the Class in question.  Such sale shall be effected at any price not exceeding the aggregate of the Subscription Price of shares of the relevant Class as at the Dealing Day for which such application is made as at the relevant day in the case of such application plus the preliminary charge (if any) to which the manager would be entitled under these Articles and the manager shall be entitled to retain for its own use and benefit all monies received by it on such sale; and

30.4     Subject to the provisions of these Articles, the manager shall have the right on any Dealing Day, provided that the Company is notified on or prior to the Dealing Deadline for such Dealing Day, to surrender certificate(s) to the Company for cancellation of some or all of the shares represented thereby.  In respect of any such cancellation of shares, the manager shall be entitled to receive out of the relevant Fund an amount equal to the Repurchase Price that would be payable in respect of such shares if they were repurchased as at that Dealing Day pursuant to the provisions of these Articles.  Any amount payable to the manager on foot of such request for cancellation shall be payable not later than the relevant Settlement Date.  The right of the manager to require cancellation of any share shall be suspended during any period when the right of holders of shares to require the repurchase of those shares is suspended pursuant to these Articles.

31        Preferential Treatment

Any preferential treatment which Holders may obtain will be disclosed in the Prospectus or a relevant Supplement.  The Prospectus or relevant Supplement shall describe how the Company will ensure the fair treatment of Holders where any Holder of that Fund obtains preferential treatment or the right to obtain preferential treatment.  The description of such preferential treatment shall include the type of Holders who obtain such preferential treatment and, where relevant, the relevant Holder's legal or economic links to the Company or, if appointed, the AIFM.

 

 

 

 

32             APPENDIX III

33             Determination of Net Asset Value

33.1     The Net Asset Value of any Fund (i.e. the value of the assets of a Fund having deducted the liabilities (excluding Holders equity) of that Fund therefrom) or any share shall be expressed in the currency in which the Fund or the shares are designated or in such other currency as the Directors may determine, from time to time, and shall be determined, in accordance with the valuation rules set out hereafter.

The Net Asset Value per share of a Fund will be calculated by dividing the Net Asset Value of the Fund by the number of shares in the Fund then in issue or deemed to be in issue as at the Valuation Point for such Dealing Day and rounding the result mathematically to a maximum of four decimal places or such other number of decimal places as may be determined by the Directors from time to time.

 

In the event the shares of any Fund are further divided into classes, the Net Asset Value per share of the relevant class shall be determined by notionally allocating the Net Asset Value of the Fund amongst the relevant classes making such adjustments for subscriptions, repurchases, fees, dividends accumulation or distribution of income and the expenses, liabilities or assets attributable to each such relevant class (including the gains/losses on and costs of financial instruments employed for currency hedging between the currencies in which the assets of the Fund are designated and the designated currency of the relevant class, which gains/losses and costs shall accrue solely to that relevant class) and any other factor differentiating the relevant classes as appropriate. The Net Asset Value of the Fund, as allocated between each class, shall be divided by the number of shares of the relevant class which are in issue or deemed to be in issue and rounding the result mathematically to a maximum of four decimal places as determined by the Directors or such other number of decimal places as may be determined by the Directors from time to time.

 

33.2     For the purposes of such valuation, Assets of the Company, shall be determined to include but are not limited to:-

33.2.1   all cash in hand, on deposit, or on call including any interest accrued thereon as at the relevant Valuation Point and all accounts receivable, (ii) all bills, demand notes, certificates of deposit, and promissory notes, (iii) all bonds, shares, stock, securities, obligations, debentures, debenture stock, forward rate agreements, subscription rights, warrants, promissory notes, futures contracts, options, commodities, asset backed securities, mortgage backed securities, swap contracts, contracts for differences, fixed rate securities, variable and floating rate securities, securities in respect of which the return and/or repurchase amount is calculated by reference to any index, price or rate, monetary and financial instruments of all kinds, (iv) all stock and cash dividends and cash distributions to be received by the Company and not yet received by it but declared to stockholders of record on a date on or before the relevant Valuation Point as at which the Net Asset Value is determined, (v) all interest accrued on or before the relevant Valuation Point on any interest-bearing securities owned by the Company except to the extent that the same is included or reflected in, the principal value of such security, (vi) all other Investments of the Company, (vii) the preliminary expenses incurred in establishing the Company which are payable by the Company and which may include the cost of issuing, distributing, marketing and promoting shares of the Company insofar as the same have not been written off and (viii) all other Assets of the Company of every kind and nature including prepaid expenses as valued and defined from time to time by the Directors.

33.3     The Directors shall be entitled to determine in relation to any preliminary costs, charges, fees and expenses that the same may be amortised over such period as they think fit.

33.4     The Assets and liabilities of a Fund will be valued as follows:-

33.4.1.  Assets listed or traded on a Market (other than those referred to at 28.4.5 and 28.4.7 below) for which market quotations are readily available shall be valued at the last traded price on the principal Market for such Investment as at the Valuation Point for the relevant Dealing Day provided that the value of any Investment listed on a Market but acquired or traded at a premium or at a discount outside the relevant Market may with the approval of the Depositary be valued taking into account the level of premium or discount as at the date of valuation of the Investment. Such premiums or discounts thereon above shall be provided by an independent broker or market maker or if such premiums/discounts are unavailable, by the investment adviser.  However, the Directors or their delegate may adjust the value of Investments traded on an over-the-counter market if the Directors or their delegate considers such adjustment is required to reflect the fair value thereof in the context of currency, marketability, dealing costs and/or such other considerations as are deemed relevant.

If for specific Assets the last traded prices do not, in the opinion of the Directors or their delegate, reflect their fair value or are not available, the value shall be calculated with care and in good faith by the Directors or their delegate (being approved by the Depositary as a competent person for such purpose), in consultation with the investment adviser with a view to establishing the probable realisation value for such Assets as at the Valuation Point for the relevant Dealing Day.

 

33.4.2.  If the Assets are listed or traded on several Markets, the last traded prices on the Market which, in the opinion of the Directors or their delegate, constitutes the main Market for such Assets, will be used.

33.4.3.  In the event that any of the Investments as at the Valuation Point for the relevant Dealing Day are not listed or traded on any Market, such securities shall be valued at their probable realisation value determined by the Directors or their delegate (being approved by the Depositary as a competent person for such purpose) with care and in good faith in consultation with the investment manager/adviser.  Such probable realisation value will be determined:

9.1       by using the original purchase price;

9.2       where there have been subsequent trades with substantial volumes, by using the last traded price provided the Directors or their delegate in consultation with the investment manager/adviser considers such trades to be at arm's length;

9.3       where the Directors or their delegate in consultation with the investment manager/adviser believes the Investment has suffered a diminution in value, by using the original purchase price which shall be discounted to reflect such a diminution;

9.4       if the Directors or their delegate in consultation with the investment manager/adviser believes a mid-quotation from a broker is reliable, by using such a mid-quotation or, if unavailable, a bid quotation.

Alternatively, the Directors or their delegate in consultation with the investment manager/adviser, may use such probable realisation value estimated with care and in good faith and as may be recommended by a competent professional appointed by the Directors or their delegate or the investment manager/adviser and approved for such purpose by the Depositary.  Due to the nature of such unquoted securities and the difficulty in obtaining a valuation from other sources, such competent professional may be related to the investment manager/adviser.

 

33.4.4.  Cash and other liquid assets will be valued at their face value with interest accrued, where applicable, to the relevant Valuation Point.

33.4.5.  Units or shares in open-ended collective investment schemes will be valued at the latest available net asset value per unit, share or class thereof as at the Valuation Point for the relevant Dealing Day; units or shares in closed-ended collective investment schemes will, if listed or traded on a Market, be valued at the last traded price on the principal Market for such Investment as at the Valuation Point for the relevant Dealing Day or, if unavailable at the probable realisation value, as estimated with care and in good faith and as may be recommended by a competent professional appointed by the Directors or their delegate or the investment manager/adviser and approved for the purpose by the Depositary.

33.4.6   Any value expressed otherwise than in the Base Currency of the relevant Fund (whether of an investment or cash) and any non-Base Currency borrowing shall be converted into the Base Currency at the rate (whether official or otherwise) which the Directors or their delegate deems appropriate in the circumstances.

33.4.7.  Exchange traded derivative instruments will be valued at the settlement price for such instruments on such Market as at the Valuation Point for the relevant Dealing Day; if such price is not available such value shall be the probable realisation value estimated with care and in good faith by the Directors or their delegate approved for such purpose by the Depositary.  Over-the-counter derivative instruments will be valued at the latest valuation for such instruments as at the Valuation Point for the relevant Dealing Day as provided by the counterparty on a weekly basis and verified on a monthly basis by a competent person (being independent from the counterparty), approved for such purpose by the Depositary.  Forward foreign exchange contracts shall be valued as at the Valuation Point for the relevant Dealing Day by reference to the prevailing market maker quotations, namely, the price at which a new forward contract of the same size and maturity could be undertaken, or, if unavailable, they shall be valued by the counterparty on a daily basis and verified on a weekly basis by a competent person (being independent from the counterparty), approved for such purpose by the Depositary.

33.4.8.  Notwithstanding the provisions of paragraphs 28.4.1 to 28.4.7 above:-

(i)         The Directors or their delegate may, at their discretion in relation to any particular Fund which is a money market type Fund, value any Investment with a known residual maturity of fifteen months or less by using the amortised cost method of valuation whereby the Investment is valued at its acquisition cost adjusted for amortisation of premium or accretion of discount on the Investment.  The Directors or their delegate shall review or cause a review to take place of deviations between the amortised method of valuation and the market value of Investments, in accordance with the requirements of the Competent Authority.

9.5       The Directors or their delegate may value floating rate instruments by using the amortised cost method of valuation where such floating rate instruments:

(1)        have an annual or shorter reset date; and

are determined by the Directors or their delegate to have a market value that approximates the amortised cost valuation; and

have a residual value of two years or less or, in the case of high credit quality instruments, up to five years provided that procedures are adopted for instruments having a residual maturity of between two and five years to ensure that the valuation produced does not vary significantly from the true market value.

9.6       The Directors or their delegate may, at their discretion, in relation to any particular Fund which is not a money market type fund but which invests in money market type instruments, value bonds, interest rate swaps, commercial paper, floating rate notes or similar instruments on the basis of amortised cost provided that each such security being valued using the amortised cost basis of valuation shall have a residual maturity not exceeding 6 months.

33.4.9. If in any case a particular value is not ascertainable as provided above or if the Directors shall consider that some other method of valuation better reflects the fair value of the relevant Investment, then in such case the method of valuation of the relevant Investment shall be such as the Directors in their absolute discretion shall determine, such method of valuation to be approved by the Depositary.

 

33.4.10. Notwithstanding the generality of the foregoing, the Directors may with the approval of the Depositary adjust the value of any such security if having regard to currency, applicable rate of interest, anticipated rate of dividend, maturity, marketability, liquidity and/or such other considerations as they may deem relevant, they consider that such adjustment is required to reflect the fair value thereof as at the relevant Valuation Point

 

33.5     Notwithstanding the foregoing, where at any Valuation Point any Asset of the Company has been realised or contracted to be realised there shall be included in the Assets of the Company in place of such Asset the net amount receivable by the Company in respect thereof, provided that if such amount is not then known exactly then its value shall be the net amount estimated by the Directors as receivable by the Company.  If the net amount receivable is not payable until some future time after the Valuation Point in question the Directors shall make such allowance as they consider appropriate to reflect the true current value thereof as at the relevant Valuation Point.

33.6     For the purposes of this Appendix:-

33.6.1. monies payable to the Company in respect of the allotment of shares shall be deemed to be an Asset of the Company as of the time at which such shares are deemed to be in issue in accordance with Clause 3.3 of Appendix II;

33.6.2. monies payable by the Company as a result of the cancellation of allotments or on the compulsory repurchase or transfer of shares or on repurchase of shares shall be deemed to be a liability of the Company from the time at which such shares are deemed to cease to be in issue in accordance with Clause 3.3 or Clause 13.3 of Appendix II.

 

33.6.3. monies due to be transferred as a result of an exchange of shares to another pursuant to an exchange notice shall be deemed to be a liability of the first Class and an Asset of the new Class immediately after the Valuation Point for the Dealing Day on which the Exchange Notice is received or deemed to be received in accordance with Clause 10 of Appendix II.

 

33.7     Where the current price of an Investment is quoted ex any dividend (including stock dividend), interest or other rights to which the relevant Fund is entitled but such dividend, interest or the property to which such rights relate has not been received and is not taken into account under any other provisions of this Appendix III, the amount of such dividend, interest, property or cash shall be treated as an Asset of the relevant Fund.

33.8     For the purposes of ascertaining or obtaining any price, quotation, rate or other value referred to in this Appendix III for use in determining the value of any Asset, the Directors shall be entitled to use the services of any recognised information or pricing service.

33.9     Any valuations made pursuant hereto shall be binding on all persons.

33.10   The liabilities of the Company and where the context so admits or requires any Fund shall be deemed without limitation to include:-

33.10.1. the costs of dealing in the Assets of the Company;

33.10.2. interest incurred in effecting, or varying the terms of, borrowings;

33.10.3. all administrative expenses payable and/or accrued;

33.10.4. any costs incurred in respect of meetings of Holders;

33.10.5. costs incurred in respect of the establishment and maintenance of the                   Register;

33.10.6. the audit fees and expenses of the Auditor;

33.10.7. costs incurred in respect of the distribution of income to Holders;

33.10.8. costs incurred in respect of the preparation and publication of prices of       shares and of prospectuses, annual and interim reports and financial statements;

 

33.10.9. regulatory, legal and other professional fees and expenses incurred in connection with the business of the Company;

 

33.10.10. costs and expenses incurred in respect of the formation of the Company and the initial offer of shares in the Company which may be amortised over such period or periods as the Directors may determine;

 

33.10.11. taxation and duty payable by the Company in respect of the Assets of the Company including any dealings in shares or Assets;

33.10.12. costs and expenses incurred in modifying the Articles and in respect of any agreement entered into by or in relation to the Company from time to time.

 

33.10.13.unless otherwise agreed fees, expenses and disbursements of the Depositary and any sub-custodians, the manager, the investment manager/adviser, the administrator, and any other appointees of the Company including where appropriate any performance fees payable;

 

33.10.14. secretarial fees and all costs incurred by the Company in complying with statutory requirements imposed upon it;

 

33.10.15. Directors' fees and expenses;

 

33.10.16. any fees of any regulatory authority in a country or territory outside Ireland and, if applicable, any fees levied by the Competent Authority;

 

33.10.17. the fees and expenses including overheads, administrative costs, expenses and commissions incurred by any distributor appointed to market and distribute the shares;

 

33.10.18. the fees and expenses of any paying agent or representative appointed in another jurisdiction in compliance with the law or other requirements of that jurisdiction;

 

33.10.19. all costs and expenses (including copyright expenses) incurred in relation to the marketing and promotion of the Company and the sale of the shares;

 

33.10.20. any amount payable under indemnity provisions contained in the Articles or any agreement with any appointee of the Company;

 

33.10.21. all sums payable in respect of any policy of insurance taken out by the Company on behalf of the Directors in respect of directors' and officers' liability insurance cover;

 

33.10.22. all known liabilities including the amount of any unpaid dividend declared upon the shares or for the payment of moneys and other outstanding payments on shares previously repurchased;

 

33.10.23. legal and other professional fees and expenses incurred in any proceedings instituted or defended to enforce, protect, safeguard, defend or recover the rights or Assets of the Company.

 

33.10.24. all other liabilities of the Company of whatsoever kind and nature including an appropriate provision for taxes (other than taxes taken into account as Duties and Charges) and contingent liabilities as determined by the Directors, from time to time.

 

33.11   In determining the amount of such liabilities the Directors may calculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance and accrue the same in equal proportions over any such period.

 

33.12   The Directors may at their discretion apply to the Net Asset Value of a Fund a sum representing a provision for Duties and Charges relating to the acquisition and disposal of Investments of the Fund.

 

 

WE, the several persons whose names and addresses are subscribed, wish to be formed into a Company in pursuance of this Constitution, and we agree to take the number of shares in the capital of the company set opposite our respective names.

 

NAMES, ADDRESSES AND                                            NUMBER OF SHARES

DESCRIPTIONS OF SUBSCRIBER       S                        TAKEN BY EACH SUBSCRIBER

 

 

1.

Address:

Description:

_______________________

 

2.

Address:

Description:

________________________

 

 

Total Number of Shares Taken:                                                 Two

 

As appropriate:

 

signatures in writing of the above subscribers, attested by witness as provided for below; or authentication in the manner referred to in section 888.

 

Dated   this                  day of            20[  ].

 

Names, Addresses and Descriptions of Subscribers

Goodbody Subscriber One Limited International Financial Services Centre North Wall Quay Dublin 1

Limited Liability Company

Goodbody Subscriber Two Limited International Financial Services Centre North Wall Quay Dublin 1

Limited Liability Company Dated this 4 August 2006

Witness to the above signatures:

David Naughton

International Financial Services Centre

North Wall Quay

Dublin 1

Solicitor

M-1650050-9                                                                                 fi7

Name:_________________________________

Address:_______________________________

 

 

 

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ISEEDLFBQKFZBBL