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Uba Bond Fund

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    THE TRUSTEE WILL BE LIABLE FOR BREACH OF ITS DUTIES WHERE IT FAILS TO CARRY OUT ITS RESPONSIBILITIES UNDER THE TRUST DEED OR REPORT BREACH OF THE TERMS OF THE TRUST DEED TO THE COMMISSION AMENDED   AND   RESTATED   TRUST   DEED D ATED T HE 1 ST   D AY O F NOVEMBER   2011 IN   RESPECT   OF   THE   UBA   BOND   FUND B ETWEEN   UBA   ASSET   MANAGEMENT   LIMITED ( T HE M  ANAGER ) AND UNION   TRUSTEES   LIMITED ( T HE T RUSTEE ) PREPARED   BY   98,    A WOLOWO R OAD  S OUTH -W EST I KOYI ,   L  AGOS ,   N IGERIA   A FRI -I NVESTMENT H OUSE  P LOT 2669,    A GUIYI -I RONSI S TREET  M  AITAMA ,    A BUJA ,   N IGERIA  www.banwo-ighodalo.com   1 TABLE OF CONTENTS 1. DEFINITIONS ...................................................................................................................................5 2. THE TRUST DEED ......................................................................................................................... 10 3. CONSTITUTION AND ADMINISTRATION OF THE FUND ............................................................ 10 4. DESCRIPTION AND OBJECTIVE OF THE FUND ......................................................................... 11 5. SALE AND ISSUE OF UNITS ......................................................................................................... 11 6. FINANCIAL YEAR ........................................................................................................................... 12 7. RIGHTS OF UNITHOLDERS .......................................................................................................... 12 8. PAYMENT OF REMUNERATION AND FEES ................................................................................ 12 9. REDEMPTION OF UNITS .............................................................................................................. 12 10. TRANSFER OF UNITS ................................................................................................................... 13 11. TRUST OF THE UNDERLYING SECURITIES ............................................................................... 13 12. INVESTMENT POLICY ................................................................................................................... 14   13. RIGHT TO SELECT INVESTMENTS .............................................................................................. 14 14. REALISATION OF INVESTMENT .................................................................................................. 15 15. CHANGE IN INVESTMENTS .......................................................................................................... 15 16. INVESTMENT RESTRICTIONS ..................................................................................................... 16 17. APPOINTMENT OF REGISTRAR .................................................................................................. 16 18. REGISTRATION OF UNITHOLDERS ............................................................................................. 16 19. VOTING RIGHTS ON FUND ASSETS ........................................................................................... 18 20. ISSUANCE OF CERTIFICATES ..................................................................................................... 18 21. FORM OF CERTIFICATES ............................................................................................................. 19 22. RIGHT OF ASSIGNMENT .............................................................................................................. 20 23. WORN-OUT DEFACED LOST OR DESTROYED CERTIFICATES ............................................... 20 24. INCOME DISTRIBUTION ............................................................................................................... 20 25. POWERS, RIGHTS, RESPONSIBILITES AND INDEMNITIES OF TRUSTEE AND MANAGER ... 20 26. MANAGER AND TRUSTEE ACTING FOR OTHER TRUSTS ........................................................ 24 27. PAYMENTS TO TRUSTEE AND MANAGER ................................................................................. 24 28. CONDITIONS FOR EFFECTING TRANSACTIONS OR DEALINGS.............................................. 24 29. FORFEITURE OF UNITS BY UNITHOLDERS ............................................................................... 25 30. COVENANTS BY THE MANAGER ................................................................................................. 25 31. REMOVAL OR RETIREMENT AND APPOINTMENT OF MANAGER ............................................ 26 32. REMOVAL, RETIREMENT AND APPOINTMENT OF TRUSTEE .................................................. 27 33. PREPARATION OF CERTIFICATES, CHEQUES WARRANTS ..................................................... 28 34. AUDITING OF THE FUND ’S ACCOUNTS  ...................................................................................... 28 35. AUDITORS ..................................................................................................................................... 28 36. DURATION AND TERMINATION OF THE TRUST ........................................................................ 29 37. PROCEDURE AFTER TERMINATION OF THE TRUST ................................................................ 30 38. MEETINGS ..................................................................................................................................... 30 39. CIRCULARS AND ADVERTISEMENTS ......................................................................................... 30 40. NOTICES ........................................................................................................................................ 31 41. PAYMENT ....................................................................................................................................... 31 42 COPIES OF TRUST DEED TO BE MADE AVAILABLE ................................................................. 32 43. RECONSTRUCTION AND AMALGAMATION ................................................................................ 32 44. POWER OF MODIFICATION BY SUPPLEMENTAL DEED ........................................................... 32 45. COMPLIANCE ................................................................................................................................ 33 46. GOVERNING LAW ......................................................................................................................... 34 47. ARBITRATION ................................................................................................................................ 34   2 48. MISCELLANEOUS .......................................................................................................................... 34 THE FIRST SCHEDULE .............................................................................................................................. 35 THE SECOND SCHEDULE ......................................................................................................................... 36 THE THIRD SCHEDULE.............................................................................................................................. 44 FOURTH SCHEDULE .................................................................................................................................. 45   3 THIS TRUST DEED  is made the 1 st  day of November 2011 BETWEEN UBA ASSET MANAGEMENT LIMITED , a private limited liability company duly incorporated in Nigeria and having its principal place of business at 57, Marina, Lagos State, Nigeria (hereinafter referred to as “the Manager”  which expression shall, where the context so admits, include its successors-in-title and assigns) of the one part;  AND UNION TRUSTEES LIMITED , a private limited liability company duly incorporated in Nigeria and having its principal place of business at 160/162, Broad Street, Lagos State, Nigeria (hereinafter referred to as “the Trustee”  which expression shall where the context so admits include its successors-in-office and assigns) of the other part. WHEREAS : A.   The Manager, pursuant to a resolution of its Board of Directors passed on the 1 st  day of November 2005, established the UBA Bond Fund ( “the Fund” ) as an open-ended bond unit trust scheme, providing investors the opportunity to deal and invest in Federal and State Government, and corporate bonds and money market instruments as may be approved by the Securities and Exchange Commission ( “the SEC” ) from time to time; and to serve as Manager of the Fund. A Trust Deed dated the 23 rd  day of May, 2006 ( “Initial Trust Deed” ) which constituted the Fund was entered into between the Manager and the Trustee. B.   By virtue of the resolution referred to in recital A above, the Directors offered to the general public, 1,000,000,000 (One Billion) Units of the Fund by way of an initial public offering and memorandum listing on the Exchange. C.   The Manager is duly registered with the SEC as Fund Managers and Investment  Advisers. D.   The Trustee is duly registered with the SEC as a Trustee and had agreed to act as Trustee to the Fund for the benefit of the Unitholders, and subject to the terms and conditions set forth in the Initial Trust Deed. E.   The Trustee and the Manager are distinct and separate corporate entities and are both duly incorporated under the Companies and Allied Matters Act, Cap. C20 Laws of the Federation of Nigeria 2004, and neither of them is a subsidiary or holding company of the other. F.   Clause 44.1 of the Initial Trust Deed authorises the Trustee and Manager by supplemental deed to consolidate, modify, alter or add to the provisions of the Trust Deed; provided that

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Sep 22, 2019

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Sep 22, 2019
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