SCHEDULETRANSITIONAL PROVISION
PART 1CONVERSION AND CANCELLATION OF EXISTING BEARER SHARES IN OPEN-ENDED INVESTMENT COMPANIES ON OR BEFORE 1 JANUARY 2022
Payment of dividends and other distributions during the surrender year
5
1
A dividend or other distribution paid in the surrender year in respect of an outstanding bearer share must be paid into the account opened by the company in accordance with sub-paragraph (3).
2
Where a share is converted under paragraph 3, the person registered under paragraph 3(3) in respect of the share is entitled to—
a
any amounts paid into that account in respect of the share under sub-paragraph (1), and
b
any interest accrued on those amounts while held in that account.
3
Where any payments are to be made under sub-paragraph (1) or paragraph 6 in respect of shares of a particular open-ended investment company, the company must open a separate bank account for the purpose of receiving the payments, and must do so before the first of any such payments is to be made.
4
The terms of the account must be such that its balance—
a
bears interest at an appropriate rate, and
b
can be withdrawn during bank hours without having to give prior notice.