Article 21 - Allotment of Shares at a discount

(1) An Investment Club may allot Shares at a discount to their nominal value if the value of the Shares so allotted:
a. is less than the nominal value of the Shares; and
b. is proportionate to the asset value of the Investment Club.
(2) For such an allotment, the asset value of the Investment Club must be determined as for an allotment under Article 19.
Derived (as from 20th December 2016).