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PART IIIU.K. CORPORATE CODE

SharesU.K.

Bearer sharesU.K.

48.  An open-ended investment company may, if its instrument of incorporation so provides, issue shares (“bearer shares") evidenced by a share certificate, or by any other documentary evidence of title for which provision is made in its instrument of incorporation, which indicates—

(a)that the holder of the document is entitled to the shares specified in it; and

(b)that no entry will be made on the register of shareholders identifying the holder of those shares.