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Unit Trusts Act, 1990 (No. 37)Introductory TextActs Referred to1. Interpretation.2. Non-application of this Act to certain undertakings.3. Register of authorised unit trust schemes.4. Authorisation of unit trust schemes.5. Powers of Bank.6. Refusal of authorisation.7. Alteration in trust deed of, or change in name of, authorised unit trust scheme.8. Replacement of management company or trustee.9. Prohibition of the sale or purchase of units of unauthorised unit trust schemes and certain like schemes.10. Prohibition of certain advertising in relation to unauthorised unit trust schemes and certain like schemes.11. Assets of unit trust schemes.12. Obligation on management companies under unit trust schemes to purchase units.13. Prohibition of certain transactions and making of certain profits by management companies under unit trust schemes and by certain other persons.14. Liability of trustees under authorised unit trust schemes.15. Adaptation of certain provisions of UCITS Regulations.16. Offences in relation to certain bodies.17. Offences under provisions of this Act and UCITS Regulations.18. Penalties.19. Expenses of Minister.20. Repeal of Unit Trusts Act, 1972, and consequential provisions.21. Short title.
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AI Summary of 12. Obligation on management companies under unit trust schemes to purchase units.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 26 December 1990 - onwards

12. Obligation on management companies under unit trust schemes to purchase units.

(1) Subject to Regulation 63 (as adapted by section 15) of the UCITS Regulations and subsection (2), whenever the unit-holder in an authorised unit trust scheme, or in a scheme the authorisation of which stands revoked under this Act, so requests, the management company under the scheme shall, as soon as may be, purchase such number of the units of the scheme held by the unit-holder as that person may specify at the price for the time being at which the management company purchases units of the scheme.

(2) Subsection (1) shall not apply to the extent that the Bank may specify in a condition imposed by it under section 5.

(3) A management company which contravenes subsection (1) shall be guilty of an offence.

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