Investment Funds, Companies and Miscellaneous Provisions Act 2005

Amendment of section 255 of Act of 1990.

24.—Section 255 of the Act of 1990 is amended by adding the following after subsection (2):

“(3) Notwithstanding subsection (1), an umbrella fund may, for the account of any of its sub-funds, and in accordance with conditions imposed by the Central Bank pursuant to section 257, acquire by subscription or transfer for consideration, shares of any class or classes, howsoever described, representing other sub-funds of the same umbrella fund provided that the acquisition is for a purpose otherwise than that provided for in section 253(2)(b)(ii).”.