FUNDS 12.4.1

Past version: effective from 21/10/2015 - 20/10/2015
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(1) A Fund Manager must:
(a) have comprehensive and well documented valuation policies and procedures in place to ensure the production of timely and accurate valuation of Fund Property;
(b) ensure that the Fund Property is valued at regular intervals as appropriate to the nature of the Fund, market practice and investor expectations, and in accordance with the valuation procedures set out in the Fund's Constitution and/or Prospectus, except where such valuation is suspended in any circumstances that are set out in the Fund's Constitution and/or Prospectus;
(c) prepare, or cause to be prepared, a valuation in accordance with (3) for each relevant type of Unit at each relevant valuation point; and
(d) as soon as practicable after each valuation point, both publish and make available to the Unitholders and prospective Unitholders of the Fund, the price of the Units of the Fund.
(2) The value of the Fund Property is the net value of the Fund Property after deducting any expenses and outstanding borrowings, including any capital outstanding on a mortgage of any Real Property.
(3) The value of the Fund Property must, except as otherwise provided in this Chapter, be determined in accordance with the provisions of the Constitution and the Prospectus, as appropriate.
(4) For the purposes of (2), any charges that were paid, or would be payable, on acquiring or disposing of the asset must be excluded from the value of that asset.
(5) A Fund Manager must not make a dilution levy or dilution adjustment unless stated as permitted in the Fund's Prospectus. Such a measure must be applied in a fair manner to reduce dilution and solely for that purpose.