Unit Holders' Rights & Liabilities
No Unit Holders shall by reason of the provisions of the Deed and the relationship created thereby between the Unit Holders, the Independent Trustee and the Manager be liable for any amount in excess of the purchase price paid for the unit, and shall not be under any obligation to indemnify the Independent Trustee and/or the Manager in the event that the liabilities incurred by the Independent Trustee and the Manager in the name of or on behalf of the fund pursuant to and/or in the performance of the provisions of the Deed exceed the gross Asset Value of the Fund, and any right of indemnity of the Independent Trustee and/or Manager will be limited to recourse to the fund.
UNIT HOLDERS' RIGHTS
A Unit Holder is a person registered in the register as a holder of units or fractions of units in the Fund that automatically accords him/her rights and interests in the Fund.
For new investors, the date of his first investment with the Fund is the date on which he is recognized as a Unit Holder i.e. in the case of cash sales, the date of depositing of investment monies, and in the case of EPF sales, the date of submission of application forms to the Manager, subject to acceptance of the application request by the Manager.
Unit Holders shall be entitled to receive the distributions of the Funds, participate in any increase in the capital value of the units, and to other rights and privileges as are provided for in the Deed.
Unit Holders are vested with the powers to call for a Unit Holders' meeting, and to vote for the removal of the Trustee or the Manager through an Extraordinary Resolution.
First time qualified Unit Holders of any unit trust funds under the Manager are entitled to a cooling-off period of six (6) Business Days from date of receipt of the application form and payment by Manager. For EPF Unit Holders, the cooling-off period shall begin from the date of the application form (deemed to be the date of acceptance of the application form by AFMB) and is subject to EPF's terms and conditions. During this period of cooling-off, a first time qualified Unit Holder, upon changing his mind about the unit trust investment he had made, may exercise his cooling-off right by issuing a cooling-off request to AFMB and he will be paid a full refund of his investment principal within ten (10) days.
In addition, Unit Holders shall receive annual financial reports and interim reports of the Funds which are sent out within two months from the close of each financial year/period.
No Unit Holder shall be entitled to require the transfer to him of any of the assets comprised in the Funds or be entitled to interfere with or question the exercise by the Trustee or the Manager on his behalf of the rights of the Trustee as owner of such assets.
UNIT HOLDERS' LIABILITIES
(a) A Unit Holder shall not be under any obligation to indemnify the Manager and/or the Trustee in the event that the liabilities incurred by the Manager and/or the Trustee in the name of or on behalf of the Fund pursuant to and/or in the performance of the provisions of the Deed exceed the value of the assets of the Fund, and any right of indemnity of the Manager and/or the Trustee shall be limited to recourse to the Fund.
(b) No Unit Holder shall by reason of any provision of the Deed and the relationship created hereby between the Manager, the Trustee and the Unit Holders, or in any event whatsoever, be liable for any amount in excess of the purchase price paid for the Units as determined in accordance with the Deed at the time the Units were purchased and any charges payable in relation thereto.
UNIT HOLDERS' LIMITATIONS AND RESTRICTIONS
(a) No Unit Holder shall be entitled to require the transfer to him of any of the investments or assets of the Fund or be entitled to interfere with or question the exercise by the Trustee, or the Manager on its behalf, of the rights of the Trustee as the registered owner of such investments and assets. In amplification and not in derogation of the aforesaid, Units held shall not confer on any Unit Holder any interest in any particular part or asset of the Fund but only in such interest in the Fund as a whole as may be conferred on Unit Holders by the provisions of the Deed.
(b) No Unit Holder shall have any right by reason of his being a Unit Holder to attend any meeting of shareholders, stockholders or debenture holders or to vote or take part in or consent to any company or shareholders', stockholders' or debenture holders' action.
