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TMI BlogGrowing Income Unit Scheme (Cumulative and Non-cumulative), 1990X X X X Extracts X X X X X X X X Extracts X X X X ..... nitions.--In this Scheme, unless the context otherwise requires:-- (a) the "Act" means the Unit Trust of India Act, 1963; (b) "acceptance date" means the date on which the letter of conversion which is sent by the unitholder is accepted by the Trust, which shall not be later than 31st January 1990; (c) "number of units to be in issue" means the aggregate of the number of units sold and outstanding; (d) "recognised stock exchange" means a stock exchange which is for the time being recognised under the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (e) "Regulations" means Unit Trust of India General Regulations, 1964, made under section 43(1) of the Act; (f) "unit" means one undivided share of the face value of rupees ten in the unit capital; (g) all other expressions not defined herein but defined in the Act shall have the respective meanings assigned to them by the Act. III. Face value of each unit.--The face value of each unit shall be "Ten" rupees. IV. Application for units.--(1) An applicant under the Scheme shall be a unitholder under Income Unit Scheme 1985 who has exercised the option to hold such number of units under this Scheme as may be conver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts repurchased by the Trust after deductions, if any, shall be made as early as possible after the acceptance date in such manner as the applicant may indicate in the application. No interest shall, on any account, be payable on the amount due to the applicant and the cost of remittance (including postage) or of realisation of cheque or draft sent by the Trust shall be borne by the applicant. VII. Restrictions on sale and repurchase of units.--Notwithstanding anything contained in any provision of the Scheme, the Trust shall not be under an obligation to repurchase units. (i) on such days as are not working days; and (ii) during the period when the register of unitholders is closed in connection with (as notified by the Trust) the annual closing of the books and accounts. Explanation.--For the purposes of this Scheme, the term "working day" shall mean a day which has not been either (i) notified under the Negotiable Instruments Act, 1881, to be a public holiday in the State of Maharashtra or such other States where the Trust has its offices; of (ii) notified by the Trust in the Gazette of India as a day on which the office of the Trust will be closed. VIII. Conversion or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of termination of the Scheme in the manner as specified in clause XXVI hereof, the Trust shall determine the repurchase price by valuing the assets pertaining to the Scheme as at the close of business on the date notified for termination reduced by the liabilities pertaining to the Scheme and dividing them by the number of units outstanding and deducting therefrom such sum as in the opinion of the Trust is adequate to cover brokerage, commission, taxes, if any, stamp duties and other charges in relation to realisation of investments by the Trust and other adjustments and the expenditure in connection with the closure and payment of the distribution to the unitholders of the assets in respect of the Scheme. In such an event the repurchase price shall, in addition to the par value, bear the other distributable component of the asset per unit arrived at by the Trust in a manner satisfactory to its auditors and as the Board may approve. X. Publication of repurchase price/final repurchase price.--(a) The Trust shall, as early as possible after the determination of the repurchase price, publish in such manner as it may deem fit, the repurchase price of units. (b) Upon termination of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appears thereon, may have ceased to be a person authorised to sign unit certificates on behalf of the Trust; Provided that should the unit certificate so prepared contain the signature of an authorised person who however is dead at the time of issue of the certificate, the Trust may, by a method considered by it as most suitable, cancel the signature of such a person appearing on the certificate and have the signature of any other authorised person affixed to it. The unit certificate so issued shall also be valid. XIV. Trusts not to be recognised regarding unit certificates.--The person who is registered as the holder and in whose name a unit certificate has been issued shall be the only person to be recognised by the Trust as the unitholder and as having any right, title or interest in or to such unit certificate and the units which it represents; and the Trust may recognise such unitholder as absolute owner thereof and shall not be bound by any notice to the contrary or to take any notice of the execution of any trust or, save as herein expressly provided or as by some court of competent jurisdiction ordered, to recognise any trust or equity or other interest affecting the titl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ister of the unitholders shall, as regards receipt of amounts due in respect of such units, discharge the Trust in respect of such amounts; (b) Where two individuals, none of them being a minor, apply for issue of a unit certificate in their favour and request in the application that either of them should be permitted to deal with the units, the Trust shall record in its books suitable entries to take note of such requests; and when a unit certificate has been issued in such circumstances, then either of the holders shall be entitled to deal with the units represented by such certificate, and a discharge by either of such persons shall, as regards receipt of amounts due in respect of such units, discharge the Trust in respect of such amounts: Provided that the income distribution declared in respect of the units represented by such certificates shall be paid to the person first named in the register of unitholders. (3) Any change of name or address on the part of any unitholder shall be notified to the Trust, which on being satisfied of such change and on compliance with such formalities as it may require, shall alter the register accordingly. (4) Except when the register i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r lawful guardian of a minor may apply for the units and deal with them in accordance with and to the extent provided in sub-section (2A) of section 21 of the Act and in this Scheme. (2) Such adult while applying for units shall furnish to the Trust in such manner as may be specified, proof of age of the minor and the capacity to hold and deal with units on behalf of the minor: Provided that the Trust shall be entitled to act on the statements made by such adult in the application form without any further proof. XX. Transfer of units.--(1) Every unitholder shall be entitled to transfer all or any of the units held by him by an instrument in writing in a form approved by the Chairman of the Trust provided that no transfer shall be registered if the registration thereof would result in the transferor or the transferee being a holder of a number of the units not being a multiple of ten. (2) Every instrument of transfer shall be signed by the transferor and the transferee and the transferor shall be deemed to remain the holder of the units transferred until the name of the transferee is entered in the register in respect thereof. (3) Every instrument of transfer shall be duly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (On a pro rata basis) 1990-91 12.50% 1991-92 12.50% 1992-93 13.00% 1993-94 13.00% 1994-95 14.00% _________________________________________________________________ Under two different options as given below, viz., the cumulative and the non-cumulative income distribution options, the unitholder should exercise his right to participate in either of the options at the time of joining the plan. His decision once made will be irreversible. A. Non-cumulative: (1) Dividend will be payable every half year ending 31st December and 30th June to those whose names stood on the register of unitholders as on the above dates. The income distributable shall be paid as soon as may be after the expiry of the relevant half ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sible after the unit certificate with the form on the reverse thereof duly completed has been received by it. The unit certificate received for repurchase shall be retained by the Trust for cancellation. XXVII. Scheme to be binding on unitholders.--The terms of the Scheme including any amendments thereof from time to time shall be binding on each unitholder and every other person claiming through him as if he had expressly agreed that they should be so binding. XXVIII. Copy of Scheme to be made available.--A copy of this Scheme incorporating all amendments thereto shall be made available for inspection at the offices of the Trust at all times during its business hours on payment of a sum of rupees five. XXIX. Benefits to unitholders.--All benefits accruing under the Scheme in respect of capital, reserves and surpluses, if any, available at the time of the closure of the scheme, shall be distributable only among the unitholders who hold the units at its closure. XXX. Power to construe provisions.--Should any doubt arise as to the interpretation of any of the provisions of the Scheme, the Chairman or in his absence the Executive Trustee shall have powers to construe the provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The price of the units may be paid me/us by cash $/cheque/bank draft/at my/our cost. Signature/s or holder(s) 1. . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . . . Signature of witness Name: . . . . . . . . . . . Occupation: . . . . . . . . Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . Signature of witness Name: . . . . . . . . . . . Occupation: . . . . . . . . Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. For the use of the office Acceptance date _______________________________________________ * Delete inapplicable words. $ Payment in cash permissible only if the amount does not exceed Rs. 10,000. *Corrigenda [1991] 192 ITR (St.) 154 - Notification Tax Management India - taxmanagementindia - taxmanagement - t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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