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The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996
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Notice of directions
19.—(1) The power to give a direction under regulation 18 above in relation to an investment company with variable capital shall be exercisable by written notice served by SIB on the company and its depositary, and any such notice shall take effect on such date as is specified in the notice.
(2) If SIB refuses to withdraw or vary a direction on the application of the company concerned or of the depositary of that company, it shall serve the applicant with a written notice of the refusal.
(3) A notice—
(a)giving a direction or varying it otherwise than on the application of the company concerned or of the depositary of that company; or
(b)refusing to withdraw or vary a direction on the application of such a person;
shall state the reasons for which the direction was given or varied or, as the case may be, why the application was refused.
(4) SIB may give public notice of a direction given by it under regulation 18 above and of any withdrawal or variation of such a direction; and any such notice may, if SIB thinks fit, include a statement of the reasons for which the direction was given, withdrawn or varied.
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