Article 18. Disposal of investors' cash and investment assets of mutual funds

On investment and mutual funds (LRU-392-son) · Date: 25.08.2015 · In force

The trustee shall have the right to manage the funds of investors after registration of a mutual fund at the Central securities depository.

Cash of a mutual fund are spent on the basis of a payment document signed by the head of the trustee and an authorized official of the Central securities depository.

The goals and directions of the use of cash and other investment assets must comply with the terms of the trust agreement, including the investment declaration.

Income received on investment assets is distributed once a year among the owners of investment units of a mutual fund or reinvested by agreement of all owners of investment shares. Payment of income to the owners of investment units of a mutual fund is carried out by the trustee.

Contracts concluded by the trustee on behalf of and at the expense of the mutual fund are subject to registration with the Central securities depository.

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Source of the text

National Database of Legislation of the Republic of Uzbekistan (lex.uz). Original on lex.uz: lex.uz/docs/4610865

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Cite as: Article 18. Disposal of investors' cash and investment assets of mutual funds On investment and mutual funds (LRU-392-son). neolex.uz/en/laws/law-2731865/18 (lex.uz/docs/4610865)