Section 98

An operator of a public collective investment scheme must, at all times during the dealing day, be willing to issue and effect the sale of units in the public collective investment scheme to any eligible client in accordance with any conditions in the constitution and the prospectus which must be fair and reasonable as between all unit holders and prospective unit holders for whom the operator does not have reasonable grounds to refuse such sale.

An operator of a public collective investment scheme must, at all times during the dealing day, effect redemption of units owned by a prospective unit holder, on the request of that prospective unit holder in accordance with any conditions in the constitution and the prospectus, unless the operator has reasonable grounds to refuse such redemption.

On agreeing to redemption of units under sub-regulation (2), the operator must pay the full proceeds of the redemption to the unit holder within any reasonable period specified in the constitution or the prospectus unless it has reasonable grounds for withholding the payment.

The operator of the public collective investment scheme must make payment of proceeds on redemption in any manner provided for in the prospectus that must be fair and reasonable as between redeeming unit holders and continuing unit holders.

If a public collective investment scheme is a closed-ended public collective investment scheme, the operator must have in place arrangements to ensure that the issue, sale and redemption of units of the public collective investment scheme are consistent with the closed-ended nature of the public collective investment scheme. The operator may also make provision for the issue of units of the public collective investment scheme through private placement provided those provisions are not inconsistent with the closed ended nature of the public collective investment scheme.

Register of unit holders.