S.I. No. 134/1990 - Unit Trusts Act, 1972 (Section 10 (3)) Order, 1974 (Amendment) Order, 1990.

S.I. No. 134 of 1990.

UNIT TRUSTS ACT, 1972 (SECTION 10 (3)) ORDER, 1974 (AMENDMENT) ORDER, 1990.

I, DESMOND O'MALLEY, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 10 (4) of the Unit Trusts Act, 1972 (No. 17 of 1972), as adapted by the Industry, Trade, Commerce and Tourism (Alteration of Name of Department and Title of Minister) Order, 1986 ( S.I. No. 41 of 1986 ), hereby order as follows:

1. This Order may be cited as the Unit Trusts Act, 1972 (Section 10 (3)) Order, 1974 (Amendment) Order, 1990.

2. This Order shall come into operation on the 1st day of June, 1990.

3. The Unit Trusts Act, 1972 (Section 10 (3)) Order, 1974 ( S.I. No. 294 of 1974 ), is hereby amended by the substitution of the following Article for Article 3:

"3. (1) Not less than 50 per cent of any property for the time being subject to a trust created under a registered unit trust scheme that is not—

( a ) a specified collective investment undertaking,

or

( b ) a collective investment undertaking, the management company of which—

(i) has not been given a certificate but has been informed in writing by the Minister for Finance that it will be given a certificate, and

(i) will, upon the giving of the certificate, become and be a qualifying management company,

shall be Irish securities or other property in the State.

(2) In this Article,

'certificate' means a certificate under section 39A (inserted by the Finance Act, 1981 (No. 16 of 1981) or 39B (inserted by the Finance Act, 1987 (No. 10 of 1987) of the Finance Act, 1980 (No. 14 of 1980);

'qualifying management company', 'specified collective investment undertaking' and 'collective investment undertaking' have the meanings assigned to them by section 18 (1) of the Finance Act, 1989 (No. 10 of 1989).".

GIVEN under my Official Seal, this 25th day of May, 1990.

DESMOND O'MALLEY

Minister for Industry and Commerce.

EXPLANATORY NOTE.

The Unit Trusts Act 1972 (Section 10 (3)) Order 1974 requires Unit Trusts registered under the 1972 Act to invest at least 50 per cent of their property in Irish securities or other property in the State. This Order removes the 50 per cent investment restriction in respect of Unit Trusts established in the International Financial Services Centre or at Shannon.