Amendment of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 20135
1
Regulation 16 of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (modification of the Limited Partnerships Act 1907 for partnership schemes)17 is amended as follows.
2
In paragraph (3)—
a
omit sub-paragraph (a)(ii);
b
after sub-paragraph (a) insert—
aa
in subsection (2A) there were omitted the words “and shall not be liable for the debts or obligations of the firm beyond the amount so contributed”;
c
in sub-paragraph (b)—
i
for “subsection (2)” substitute “subsection (2A)”;
ii
the inserted subsections (2A) to (2C) become inserted subsections (2AA) to (2AC); and
iii
in the inserted subsection (2AC) for “Subsection (2B)” substitute “Subsection (2AB)”.
3
In paragraph (6)—
a
for “subsection (1)” substitute “subsection (1A)”; and
b
in sub-paragraph (a) for “paragraphs (d) and (f)” substitute “paragraphs (a)(iii) and (b)(iii)”.