COLL 3.2.2 Smaller and Larger Denomination Shares etc—CICs

(1) The constitutional document of a CIC may provide that the rights attached to shares of any class are to be expressed in 2 denominations; one of which (the smaller denomination) is to be such proportion of the other (the larger denomination) as is fixed by the constitutional document.

Note CIC is defined in r 1.3.7. Constitutional document is defined in r 3.1.1.
(2) For any class of shares of a CIC to which subrule (1) applies, any share with rights expressed in the smaller denomination is a smaller denomination share, and any share with rights expressed in the larger denomination is a larger denomination share.
(3) For any class of shares of a CIC that is not expressed in 2 denominations, the rights that attach to a share of the class are equal to the rights that attach to every other share of that class.
(4) For any class of shares of a CIC that is expressed in 2 denominations—
(a) the rights that attach to a share of the class are equal to the rights that attach to every other share of that class of the same denomination; and
(b) the rights that attach to a smaller denomination share of the class are the relevant proportion of the rights that attach to a larger denomination share of that class.
(5) For subrule (4) (b):

relevant proportion means the proportion fixed by the constitutional document (as mentioned in subrule (1)).
Derived from QFCRA RM/2010-05 (as from 1st January 2011)