Schedule - 08 - Procedure for conduct of meetings - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

EIGHTH SCHEDULE SECURITIES AND EXCHANGE BOARD OF INDIA (COLLECTIVE INVESTMENT SCHEME) REGULATIONS, 1999 [Regulation 51] PROCEDURE FOR CONDUCT OF MEETINGS MEETINGS Procedure relating to conduct of meeting are as follows: The trustee or unit holders holding one-tenth in nominal value of the unit capital of the 1 [collective investment scheme] may call a meeting of the unit holders in the manner as set out below: (i) Within 21 days of the receipt of the notice from the unit holders, the trustee shall call a meeting of the unit holders by causing to send a notice by post of the proposed meeting at least 7 days before the proposed meeting to each of the unit holders or, in the case of joint holders, to the joint holder whose name appears first in the records. (ii) The trustee shall preside as chairman at every meeting. (iii) Any unit holder may appoint another person as his proxy to attend and vote instead of himself. (iv) Proxy so appointed shall not have any right to speak at the meeting. (v) Each unit holder shall have one vote for every 1.00 unit of capital contributed by him (or his predecessor in title). Except where expressly provided to the contrary in the deed or the regulations, all decisions relating to the 2 [collective investment scheme] shall be by ordinary resolution. Equality of voting shall result in the resolution being deemed lost. The Chairman shall have a casting vote. An extraordinary resolution shall be carried if threequarters of the votes are in favour of the resolution. (vi) No business shall be transacted at a meeting without a quorum. Quorum shall be met if unit holders (including proxies) holding at least one-tenths in nominal value of the unit capital of the 3 [collective investment scheme] are present at the meeting. (vii) The Collective Investment Management Company shall keep a minute book in which the Minutes and Resolutions of each meeting shall be recorded. (viii) At any meeting a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is demanded by the Chairman or by any unit holder present in person. (ix) Entry of a resolution in the Minute Book shall be conclusive evidence of the number of votes recorded in favour of or against the resolution. (x) A resolution of the unit holders shall be invalid if it constitutes a fraud on those unit holders who oppose the resolution. ************** NOTES:- 1 ibid. 2 ibid. 3 ibid.