10.—(1) Subparagraphs (2) and (3) apply where, at a time in the surrender year, the person who is the bearer of an outstanding bearer unit delivers to the scheme—U.K.
(a)the instrument mentioned in section 241A relating to the unit,
(b)a request for the unit to be converted to a registered unit, and
(c)a statement of the person’s name and address.
(2) Delivery of the instrument to the scheme does not operate as a transfer of the unit.
(3) The operator of the scheme must—
(a)cancel the instrument,
(b)register the person as the holder of the unit, and
(c)prepare a certificate in respect of the unit as registered.
(4) Subparagraphs (2) and (3) do not apply in relation to outstanding bearer units of which the operator of the scheme is the bearer (but see paragraph 11).
(5) The operator of a scheme must exercise due diligence and take all reasonable steps to ensure that a certificate prepared in accordance with subparagraph (3)(c) is ready for delivery as soon as reasonably practicable.
Commencement Information
I1Sch. para. 10 in force at 1.1.2021, see reg. 1(2)