F1PART 4APROPERTY AIFS

Annotations:

CHAPTER 1PRELIMINARY PROVISIONS

Key concepts69C

1

In this Part “entry” means the time when this Part begins to apply to an open-ended investment company.

2

In this Part “cessation” means the time when this Part ceases to apply to an open-ended investment company.

3

In this Part, in relation to an open-ended investment company—

a

“F (pre-entry)” means the open-ended investment company before this Part begins to apply to it,

b

“F (tax-exempt)” means the open-ended investment company in so far as it carries on property investment business (within the meaning of regulation 69F) while this Part applies to it,

c

“F (residual)” means the open-ended investment company in so far as it carries on business other than property investment business while this Part applies to it, and

d

“F (post-cessation)” means the open-ended investment company after this Part has ceased to apply to it.

F24

In this Part, a “dedicated feeder fund” in relation to a property AIF means a fund which—

a

is a unit trust scheme;

b

is dedicated to investment in the property AIF for which it is a feeder fund (in accordance with its prospectus); and

c

holds at least 85% of its assets in the form of shares in that property AIF.