Unit Trusts Act, 1972


1.—(1) In this Act, unless the context otherwise requires—

“company” means a company formed and registered under the Joint Stock Companies Acts, the Companies Act, 1862 , the Companies (Consolidation) Act, 1908 , or the Companies Act, 1963 , (but does not include a company registered under any of those enactments outside the State), or a company incorporated in the State by statute or charter;

“debentures” means any debentures, debenture stock or bonds of any body corporate, incorporated in or outside the State, whether constituting a charge on the assets of the body or not;

“holding company” has the same meaning as in the Companies Act, 1963 ;

“the Minister” means the Minister for Industry and Commerce;

“officer”, in relation to a body corporate, includes a director or secretary;

“the register” means the register established and maintained under section 2 of this Act;

“registered unit trust scheme” means a unit trust scheme that is registered in the register;

“the registrar” means the registrar of companies, within the meaning of the Companies Act, 1963 ;

“securities” means—

(a) shares or debentures, or rights or interests (described whether as units or otherwise) in any shares or debentures, or

(b) securities of the Government or the government of any country or territory outside the State, or

(c) rights (whether actual or contingent) in respect of money lent to, or deposited with, any industrial and provident society, friendly society or building society;

“shares” means shares in the share capital of a body corporate or stock of a body corporate;

“subsidiary company” has the same meaning as in the Companies Act, 1963 ;

“units”, in relation to a unit trust scheme, means any units (described whether as units or otherwise) into which are divided the beneficial interests in the assets subject to any trust created under the scheme;

“unit trust scheme” means any arrangements made for the purpose, or having the effect, of providing facilities for the participation by the public, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever.

(2) Any reference in this Act to a manager under a unit trust scheme or to a trustee under such a scheme shall be construed as a reference to the person in whom are vested the powers of management relating to property for the time being subject to any trust created in pursuance of the scheme or, as the case may be, to the person in whom such property is or may be vested in accordance with the terms of the trust.