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Conditions that must be complied with for dispensation of sending of summary financial statements

Business Trusts (Summary Financial Statement) Regulations

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—(1) In relation to regulations 3(1)(f)(iii) and 4(3)(d)(ii), the trustee-manager of a registered business trust may not dispense with the sending of a summary financial statement to an entitled person of the registered business trust unless the following conditions have been complied with: (a)the trustee-manager must have sent a notice under regulation 4(3) to the entitled person which was accompanied by a printed card or form in respect of which any postage necessary for its return to the trustee-manager had been paid by the trustee-manager on behalf of the registered business trust and which was worded so as to enable the entitled person, by marking a box and returning the card or form, to notify the trustee-manager that he does not wish to receive the summary financial statements for future financial years in accordance with regulation 4(3)(d)(ii); and (b)the entitled person must have notified the trustee-manager in writing that he does not wish to receive the summary financial statements for future financial years. (2) The receipt by the trustee-manager of a registered business trust of a notification given by an entitled person of the registered business trust that he does not wish to receive the summary financial statements for future financial years shall be deemed to be conclusive evidence of a request in writing by the entitled person for the purposes of paragraph (1)(b) and shall remain effective until expressly revoked by him, in writing or otherwise. (3) The trustee-manager of a registered business trust shall, with respect to all future financial years, continue to give an entitled person of the registered business trust who has notified it that he does not wish to receive the summary financial statements for future financial years, the opportunity to elect to receive free of charge the summary financial statements or copies of the full accounts and reports of the registered business trust with respect to those future financial years.

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