PRIV S1.20 CIT Declaration of Trust

For a CIT, a statement that, subject to the trust instrument and the Private Placement Schemes Rules 2010

(a) the scheme property (other than amounts in any distribution account) is held by the operator on trust for the unitholders—
(i) according to the number of units held by each unitholder; or
(ii) if relevant, according to the number of individual shares in the scheme property represented by the units held by each unitholder; and
(b) the amounts in any distribution account are held by the operator on trust to distribute or apply in accordance with the trust instrument and those rules.

Note CIT is defined in r 1.2.14. Trust instrument and distribution account are defined in the glossary. Scheme property is defined in r 1.2.3.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)