FUNDS 12.3.5

Past version: effective from 21/10/2015 - 20/10/2015
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In the case of an Investment Trust:

(a) the Trustee of the Fund must hold the Fund Property on trust for the Unitholders and accordingly is responsible to the Unitholders for the safekeeping of the Fund Property;
(b) The Trustee shall ensure that property of the Investment Trust is:
(1) clearly identified as the property of that Investment Trust; and
(2) held separately from any other property held by or entrusted to the Trustee.
(c) the legal title of the Fund Property must be registered with the Trustee except in the case of a Property Fund investing in Real Property where the Trustee has made adequate alternative arrangements that are in accordance with Rule 12.3.3; and
(d) the Trustee must not act on instructions of the Fund Manager in relation to the Fund Property if such instructions are not in accordance with the Trust Deed and the Prospectus.