PART III CORPORATE CODE

Shares

Bearer shares48

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.