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mutual fund "mutual fund" or "fund"means an offshore company or a company incorporated under the laws of any recognised country or jurisdiction, partnership or a unit trust which- (a) collects and pools funds for the purpose of collective investment with the aim of spreading investment risk; and (b) issues shares which entitle the holder to redeem his investments within a specified period that is agreed upon by the parties and receive an amount computed by reference to the value of a proportionate interest in the whole or part of the net assets of the company, partnership or unit trust, as the case may be, [Am. Act 1191 - Prior text read - "(b) issues shares which entitle the holder to receive on demand or within a specified period after demand an amount computed by reference to the value of a proportionate interest in the whole or part of the net assets of the company, partnership or unit trust, as the case may be,"] and includes an umbrella fund whose shares are split into a number of different class funds or sub-funds and participants in which are entitled to exchange rights in one part for rights in another;
ACT 579 - LABUAN OFFSHORE SECURITIES INDUSTRY ACT 1998
2. Interpretation. |
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See Also: Translator EN-BM |