|
Duties and Responsibility of the Trustee
The Trustee of the Fund
is expected to act as follows:-
| (a) |
Act as the custodians of the Fund and safeguard the interest
of the Unit holders; |
| (b) |
Exercise
all due diligence and vigilance in carrying out its functions
and duties in accordance with the Deed, the Guidelines and securities
laws; |
(c) |
Ensure
proper records are kept for all transactions, dividends, interest
and income received and distributed in respect of the Fund; |
(d) |
Require
the Manager to keep it fully informed as to details of the Manager's
policies on investments and any changes thereof; |
(e) |
Keep records
on investments or disposals, which the Manager undertakes not
later than the next trading day after the transactions were
made; |
(f) |
Collect
and distribute income earned, if any, from the investment portfolio
to Unit holders; |
(g) |
Ensure
the accounts are audited at the end of each accrual period by
the auditors and ensure that each Unit holder receives a copy
of the audited annual report and interim report (unaudited)
within 2 months at the end of the accrual period; and |
(h) |
Ensure
investments are not made to further the particular interests
of any party related to the Manager |
Retirement,
Removal or Replacement of Trustee
The Trustee may retire
by giving 12 months notice to the Manager of their desire to do
so or such shorter period as the Manager and the Trustee may agree,
and may by the Deed appoint in its stead new Trustee approved by
the Securities Commission.
The Trustee may be removed
and another Trustee may be appointed by special resolution of the
Unit holders at a Unit holders' meeting convened in accordance with
the Deed.
Power
of the Trustee to Remove Manager
The Trustee
shall give notice in writing to remove the Manager if the Manager
has failed or neglected in carrying out its duties to the satisfaction
of the Trustee and the Trustee considers that it would be in the
interests of Unit holders for it to do so, after it has given notice
and reasons and has considered representations made by the Manager
in respect of that opinion, and after consultation with the relevant
authorities and with the approval of the Unit holders.
Statement
of Responsibility by the Trustee
The Trustee
has given its willingness to assume the position as Trustee of the
Fund and all the obligations in accordance with the Deed, the Guidelines,
securities laws and other relevant law, and also its willingness
to provide indemnity to the Manager for the benefit of the Unit holders
of the Fund for any loss incurred as a result of any non- performance
of the Trustee.
©2002,
RHB Capital Berhad
Disclaimer
and Indemnity
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