Article 30 - Prohibition of Financial Assistance
(1) An Investment Club shall not (directly or indirectly) provide financial assistance to a person to acquire its Shares.
(2) In this Article 30, reference to "financial assistance" is a reference to financial assistance of any kind and includes:
a. making a loan;
b. making a gift;
c. issuing a debenture;
d. giving security over assets; or
e. giving a guarantee or indemnity in respect of another person's liability.
(3) The prohibition on financial assistance in this Article 30 shall not preclude:
a. a distribution of the Investment Club's Assets by way of dividend lawfully made or a distribution made in the course of the Investment Club's winding up;
b. the allotment of bonus Shares;
c. a reduction of Share capital in accordance with these Regulations; or
d. a purchase of Shares in accordance with these Regulations.
|Derived (as from 20th December 2016).|