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The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996

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15.  In section 83(2) of the 1986 Act (activities in which manager of authorised unit trust scheme may engage)—

(a)after paragraph (a) there shall be inserted—

“(aa)acting as a director of an investment company with variable capital;”;

(b)in paragraph (b), after the words “mentioned in paragraph (a)” there shall be inserted the words “or (aa)”.

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