Unit Trusts Act, 1990

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

12.—(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.