9911796707
TMI BlogMonthly Income Unit Scheme with Extra Bonus and Growth (12), 1989X X X X Extracts X X X X X X X X Extracts X X X X ..... ecutive Trustee may suspend or extend the sale of units under the Scheme at any time after the commencement of the Scheme by giving a week's notice in such newspapers as may be decided. II. Definitions.--In this Scheme, unless the context otherwise requires:-- (a) the "Act" means the Unit Trust of India Act, 1963; (b) "acceptance date" with reference to an application made by an applicant to the Trust for sale or repurchase of units by the Trust means the day on which the Trust, after being satisfied that such application is in order, accepts the same; (c) "applicant" means an applicant under the Scheme and shall include the alternate applicant mentioned in the application form when units are sold for the benefit of a mentally handicapped person. (d) "eligible institution" means an eligible trust as defined under the Unit Trust of India General Regulations, 1964, and includes private trusts created by an instrument in writing and being irrevocable for the benefit of children or a charitable or religious trust or endowment which is administered, controlled or supervised by or under the provisions of a Central or State enactment which is for the time being in force. (e) " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt who wishes to apply for units from a place other than where the Trust has its office may do so by sending to the office of the Trust application with the bank draft for the number of units applied for deducting therefrom charges payable for bank draft. (ii) If the payment is made by cheque, the acceptance date will, subject to such cheque being realised, be the date on which the cheque is received by the Trust or by a designated branch of the authorised bank. If payment is made by draft, the acceptance date will, subject to such draft being realised, be the date of issue of such draft, provided, the application is received by the Trust or a designated branch of the authorised bank within such time as may be deemed reasonable by the Trust. If the amount tendered by way of payment for the units applied for is not sufficient to cover the amount payable for the units applied for the applicant shall be issued such lower number of units as could be issued under the Scheme and the balance due to him shall be refunded at his cost in such manner as the Trust may deem fit. (iii) A unit certificate will be sent by registered post/recorded delivery with or without acknowledgment to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rants remaining outstanding up to and inclusive of the month of repurchase to the Trust. The Trust shall not on accepting the unit certificate for repurchase, be bound to pay any income distribution on the units for the future months nor shall any interest be payable on the repurchase proceeds. The certificate and the unpaid income distribution warrants, if any, received shall be retained by the Trust for cancellation. (3) Notwithstanding anything contained in the foregoing sub-clauses the Trust shall be at liberty while repurchasing the units, in the event of failure of the unitholder to surrender the income distribution warrants which are then outstanding to deduct from the repurchase price such amount representing the amount of the income distribution warrant payable in future as have not been surrendered and pay the balance to the unitholder. On the acceptance of the unit certificate/s by the Trust, the unitholders' right to receive future income distribution including the income distribution for the month of acceptance will cease and the Trust shall have a claim on the amount/s represented by such outstanding income distribution. (4) A unitholder to be entitled to a full y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 distribution component of the asset per unit arrived at by the Trust in a manner satisfactory to its auditors and as the Board may approve. IX. Publication of final repurchase price.--(a) Upon termination of the Scheme in the manner provided in clause XXVI hereof the Trust shall as early as possible after determining the final repurchase price publish it in such manner as it may deem fit. (b) The final repurchase price at which the units will b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture 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. XIII. Trusts not to be recognized regarding unit certificates.--(1) 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 recognized 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 recognize 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 recognize any trust or equity or other interest affecting the title to any unit certificate or the units thereby represented. (2) When an application is made by an individual for the benefit of another individual who is mentally handicapped and accepted by the Trust, the Trust shall not be deemed to be taking notice of any trust. The Trust shall deal, for all purposes, under the Scheme with the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny 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. Any change pursuant to death of an applicant who has applied for units for the benefit of another individual who is a mentally handicapped person shall be entered in the register accordingly. (3) Except when the registers are closed in accordance with the provisions in that behalf hereinafter contained, the register shall during business hours (subject to such reasonable restrictions as the Trust may impose but so that not less than two hours on each business day shall be allowed for inspections), be open to inspection by any unitholder without charge. (4) The register will be closed at such times and for such period as the Trust may from time to time determine provided that it shall not be closed for more than 60 days in any one year; the Trust shall give notice of such closure by advertisement in such newspapers as the Board may direct (5) No notice of any Trust express, implied or constructive shall be entered on the register in respect of any unit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to make any nomination. XX. Transfer of units.--No transfer of units issued under this Scheme shall be permissible. Notwithstanding this a unitholder may pledge all the units covered in a certificate with a bank for availing a loan but not any of the post dated income distribution warrants and the Trust shall record upon pledge a lien. The Bank holding the pledge upon enforcing it could be registered as a transferee unitholder. XXI. Death or bankruptcy of a unitholder.--(1) In the event of death of a unitholder the nominee/s shall be the person/s recognised by the Trust as the person/s entitled to the amount payable by the Trust in respect of units under the regulations. (2) In the absence of a valid nomination by a unitholder, the executor or administrators of the deceased unitholder or a holder of succession certificate issued under Part X of the Indian Succession Act, 1925 (39 of 1925), shall be the only persons who may be recognised by the Trust as having any title to the unit. (3) Any person becoming entitled to the units consequent upon the death or bankruptcy of a unitholder may, upon producing such evidence as to his title as the Trust shall consider sufficient, b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income distribution for the months May, June and July, 1989, shall be forwarded to the unitholder along with the post-dated income distribution warrants for the months August, 1989, to March, 1990, provided further that the income distribution for the 12 months or, as the case may be, shall be distributed to the unitholders during August, 1990, out of the income accrued during the period and such distribution shall be at a rate equivalent to 12 per cent., per annum depending upon the month of acquisition of units and other relevant factors. The Board of Trustees, however, reserve the right to declare an interim dividend for the purpose. The Trust reserves the right to forward post-dated income distribution warrants for such periods as the Trust may determine. (4) Subject to the provisions of sub-clause (2), the warrants for payment of income distribution on a monthly basis will be sent to the unitholder once a year or all together at any time and the warrants will be so dated that the unitholder shall encash each one of the warrants on becoming mature for payment. Every warrant shall have validity for three months. The Trust shall not be bound to pay interest in the event of any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1993. XXIV. Publication of accounts.--The Trust shall as soon as may be after the 30th June of each year cause to be published in such manner as the Board may decide, accounts in the manner specified by the Board showing the working of the Scheme during the period ending as of that date. The Trust shall, on a request in writing received from a unitholder, furnish him a copy of the accounts so published. XXV. Additions and amendments to the Scheme.--The Board may from time to time add to or otherwise amend this Scheme and any amendment/addition thereof will be notified in the Official Gazette. XXVI. Termination of the Scheme.--The Scheme shall stand finally terminated as of 1st July, 1994. All unitholders who have participated in the Scheme for the entire period of five years shall be paid the value of the units at the repurchase price fixed for the final repurchase during the above period. Besides receiving the final repurchase price determined no further benefit of any kind either by way of increase in the repurchase value or by way of dividend for any subsequent period shall accrue and the repurchase value will be paid by the Trust as early as possible after the unit certif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with Extra Bonus and Growth-(12), 1989. Name: For the Unit Trust of India Date: Chairman Trustee Form of application for repurchase of all units Date: . . . . . . . . . . . To The Unit Trust of India, I/We . . . . . . . . . . . . . . . . . . . . . . . . . . offer to the Trust for repurchase at the repurchase price on the acceptance date all units comprised in the certificate. The price of the units may be paid to me/us by* cash/cheque/bank draft/at my/our cost. Signature/s of holders (s) 1. . . . . . . . . . . . . . . . . . . 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature of witness Name: . . . . . . . . . . . . . . . . Occupation: . . . . . . . . . . . . . Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature of witness Name: . . . . . . . . . . . . . . . . Occupation: . . . . . . . . . . . . . Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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