s 197 Exception for redemption of units of a unit trust scheme under buy-back covenant
Subsection 188(2) shall not apply in respect of the redemption by a trustee under a trust deed relating to a unit trust scheme in accordance with a buy-back covenant contained or deemed to be contained in the trust deed at a price that is required by the trust deed to be calculated, so far as is reasonably practicable, by reference to the underlying value of the assets, less any liabilities of the unit trust scheme to which the units of the unit trust scheme relates, and less any reasonable charge for purchasing the units of the unit trust scheme or interest.
Malay text (authoritative)
Kecualian bagi penebusan unit skim unit amanah di bawah waad belian balik
Subseksyen 188(2) tidak terpakai berkenaan dengan penebusan oleh seseorang pemegang amanah di bawah suatu surat ikatan amanah yang berhubungan dengan suatu skim unit amanah mengikut waad belian balik yang terkandung atau disifatkan terkandung dalam surat ikatan amanah itu pada harga yang dikehendaki oleh surat ikatan amanah itu dihitung, setakat yang semunasabahnya boleh dilaksanakan, melalui rujukan kepada nilai asas aset itu, ditolak apa-apa tanggungan skim unit amanah yang dimaksudkan oleh unit bagi skim unit amanah itu, dan ditolak apa-apa caj munasabah bagi pembelian unit daripada skim unit amanah atau kepentingan itu.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
