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Manner in which wishes of entitled persons are to be ascertained

Business Trusts (Summary Financial Statement) Regulations

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—(1) For the purposes of section 79(4) of the Act, whether or not an entitled person of a registered business trust wishes to receive copies of the full accounts and reports of the registered business trust for a financial year as well as for future financial years is to be ascertained —(a)from any relevant notification he has given to the trustee-manager of the registered business trust as to whether he wishes to receive copies of the full accounts and reports of the registered business trust or as to whether he wishes, instead of copies of those documents, to receive the summary financial statements under section 79(1) of the Act; (b)from any notification he has given to the trustee-manager of the registered business trust with respect to future financial years as to whether he wishes to receive copies of the full accounts and reports of the registered business trust for those future financial years; or (c)failing any such express notification, from any failure to respond to an opportunity given to the entitled person to elect to receive copies of the full accounts and reports of the registered business trust as part of a relevant consultation of his wishes by the trustee-manager of the registered business trust. (2) For the purposes of paragraph (1)(a), a notification is a relevant notification with respect to a financial year if it relates to that year and if it is received by the trustee-manager of a registered business trust not later than 7 days before the first date on which copies of the full accounts and reports of the registered business trust are sent out to entitled persons of the registered business trust in compliance with section 78(1) of the Act with respect to that financial year. (3) For the purposes of paragraph (1)(c), a relevant consultation of the wishes of an entitled person of a registered business trust is a notice given by the trustee-manager of the registered business trust to the entitled person which —(a)states that for that financial year and all future financial years, so long as he is an entitled person, he will be sent a summary financial statement instead of the full accounts and reports of the registered business trust, unless he notifies the trustee-manager that he wishes to continue to receive those documents; (b)contains a statement in a prominent position that a failure to respond to the notice would be taken to be an indication that he does not wish to receive copies of the full accounts and reports of the registered business trust for that financial year and for all future financial years; (c)accompanies a copy of a summary financial statement, prepared in accordance with section 79 of the Act and these Regulations, with respect to the financial year covered by those full accounts and reports of the registered business trust and which is identified in the notice as an example of the document which the entitled person will receive for all future financial years, so long as he is an entitled person, unless he notifies the trustee-manager to the contrary; and (d)is accompanied by a printed card or form in respect of which any postage necessary for its return to the trustee-manager has been, or will be, paid by the trustee-manager on behalf of the registered business trust and which is so worded as to enable an entitled person, by marking a box and returning the card or form, to notify the trustee-manager of any of the following matters: (i)that he wishes to receive the full accounts and reports of the registered business trust for the financial year covered by the summary financial statement as well as for future financial years; or (ii)that he does not wish to receive the summary financial statements or the full accounts and reports of the registered business trust for future financial years.

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