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IN exercise of the powers
conferred on the Registrar of
companies by subsection (2) of
section 318 of the Companies Code,
1963 (Act 179), this Instrument is
made this 3rd day of May, 1991.
Section 1—Authorisation of a Unit
Trust.
The Home Finance Company Unit
Trust Fund (hereafter in this
Instrument referred to as "the
Trust") is hereby declared to be
an authorised Unit Trust for the
purposes of the Companies Code,
1963 (Act 179).
Section 2—Conditions of
Authorisation.
The Trust shall operate as a unit
trust subject to the following
conditions—
(a) the manager of the Trust
shall be a company incorporated
under the laws of Ghana with a
place of business in Ghana at
which notices and other documents
are received on behalf of the
company;
(b) the Trust shall have a board
of trustees who shall be appointed
by the unit holders, except that
until such time as the unit
holders are in a position to
appoint the trustees, the Housing
Finance and Institution Reform
Committee established by the
Government, shall appoint the
trustees;
(c) the board of trustees shall
have an office in Ghana at which
notices and other documents are
received on behalf of the
trustees;
(d) the effective control and
administration of the affairs of
the manager company shall be
exercised independently by persons
other than the members of the
board of trustees;
(e) the trust shall be expressed
in a deed providing for the
matters specified in paragraph 3
of this Instrument.
Section 3—Contents of Trust Deed.
The trust deed shall—
(a) provide for the method for
calculating the manager’s sale and
purchase price of units and the
profit from such units;
(b) provide that holders of units
may request the manager to
purchase the units at the
calculated price;
(c) provide the mode of execution
and issue of unit certificates and
in particular provide that no unit
certificate shall be executed or
issued in respect of any right or
interest in any property unless
all steps, satisfactory to the
trustees, have been taken for the
vesting of the property in the
trustees or their nominee;
(d) prohibit or restrict, the
issue by the manager, or on his
behalf, of advertisements,
circulars or other documents that
contain—
(i)
any statement on the sale price of
units or the payment or other
benefits receivable or likely to
be received by the unit holders;
or
(ii) any invitation to buy units
unless the documents also contain
a statement of the profit
receivable from the units;
(e) provide that any
advertisement, circular or other
document that contains any
statement with respect to the sale
price of any units and profits
therefrom or contains an
invitation to buy units shall not
be issued by or on behalf of the
manager unless the trustees have
had a period or 30 days for the
consideration of the terms and
notified their approval thereof;
(f) provide for the establishment
of a management fund to be applied
for defraying the expenses of the
administration of the Trust;
(g) provide for the auditing of
the funds of the Trust in
accordance with the provisions of
the Companies Code, 1963 (Act
179);
(h) provide that the manager
company shall annually circulate
to the unit holders statement of
account of the Trust including
accounts of the manager company as
it affects the funds of the Trust;
(i)
provide that the manager company
may be retired where the trustees
are satisfied that it is in the
interest of the beneficiaries to
do so;
(j) provide that at least 10% of
the funds of the Trust shall be
invested in gilt edged securities;
(k) provide for the payment to
unit holders of such part of the
initial service charge as the
auditors to the Trust consider
appropriate in the event of the
termination of the Trust before
the date specified, if any, for
termination, unless the
termination is at the request of
the unit holders;
(l) provide that the unit holders
may by majority decision, or the
manager company, may, require the
Trust to be terminated;
(m) provide that at the
termination of the Trust, the
securities of the Trust shall be
sold and the proceeds distributed
among the unit holders subject to
such deductions as the holders may
be liable to pay; and
(n) provide that such portion of
the income of the Trust as may
from time to time be determined by
the manager company shall be added
to the capital fund of the Trust.
Section 4—Discretion of Registrar
of Dispense with Conditions.
The Registrar of companies may,
where he is satisfied that
circumstances exist which make it
impracticable for the Trust to
fulfil any of the conditions
specified under paragraph 3,
dispense with the fulfilment of
the said conditions, unless it is
prejudicial to the interest of
beneficiaries to do so.
Section 5—Revocation of Trust
Instrument.
(1) The Registrar may subject to
paragraph 4 revoke or vary this
Instrument where he is satisfied
that—
(a) the Trust has failed to comply
with any of the conditions
specified in paragraph 3 of this
Instrument; or
(b) that the circumstances which
gave rise to the issue of this
Instrument no longer exist.
(2) The Registrar shall before
any revocation or variation notify
the manager and the trustees in
writing of his proposed action and
the grounds therefor and shall
provide the manager and trustees
an opportunity to make such
representation as they consider
appropriate within 30 days of the
receipt of the notice.
(3) The Registrar may revoke or
vary the Instrument after the
expiration of the said period, but
before deciding whether or not to
revoke or vary the Instrument he
shall take into consideration any
representation made by the manager
or trustees.
Section 6—Particulars of Trust to
be Published in Gazette.
The Registrar shall at least once
in every year publish in the
Gazette such particulars of the
Trust as he may determine.
Section 7—Furnishing of
Information and Penalty for
Contravention.
(1) The Registrar may from time to
time request from the Trust such
information as he considers
appropriate.
(2) Any person who—
(a) fails to furnish information
requested by the Registrar; or
(b) in furnishing information
makes any statement which he knows
to be false in a material
particular,
commits an offence and is liable
on summary conviction to a fine
not exceeding ¢500,000.00 or to
imprisonment for a term not
exceeding one year or to both.
Section 8—Interpretation.
In this Instrument unless the
context otherwise requires—
“Registrar” means the Registrar of
companies;
“unit trust” has the same meaning
as provided in section 318 (1) of
the Companies Code, 1963 (Act
179).
Section 9—Commencement.
This Instrument shall be deemed to
have come into force on 30th day
of December, 1990.
D. M. MILLS
Registrar of companies
Date of Gazette Notification: 7th
June, 1991. |
