FUNDS 11.1.2

(1) Every Domestic Fund shall have:
(a) a written Constitution which complies with these Rules;
(b) a purpose that is reasonably capable of being successfully carried into effect;
(c) an auditor appointed in respect of the Fund;
(d) if it is an Investment Trust, a Trustee appointed to the Fund in accordance with the requirements in the FSMR and these Rules;
(e) if it is not an Investment Trust, an eligible person with whom the legal title to the Fund Property is registered unless otherwise provided in these Rules; and
(f) in the case of an open-ended Fund, single pricing for the purposes of redemption and re-issue or sale of Units in the Fund where the price of a Unit is calculated by reference to the net asset value of the property of the Fund to which the Units relate and in accordance with these Rules.
(2) Any provision in the Constitution of a Domestic Fund is void in so far as it would have the effect of exempting the Fund, the Fund Manager and, if appointed, the Trustee from liability for any failure to discharge their obligations under these Rules, the FSMR, or any rules made for the purposes of these laws.