Article 87: Responsibilities of the Members of the Private Real Estate Fund’s Board

Article 87: Responsibilities of the Members of the Private Real Estate Fund’s Board

The responsibilities of the members of the private real estate fund board shall include the following:

1) approving material contracts, decisions and reports involving the private real estate fund, including, but not limited to, contracts for the provision of real estate development, custody contract, and marketing contract, valuation contract, and the contract with an engineering office;

2) approving of the appointment of the auditor of the fund nominated by the fund manager.

3) making a decision regarding any transaction involving a conflict of interest disclosed by the fund manager.

4) meeting at least twice annually with the fund manager’s compliance officer or the fund's Money Laundering and Terrorism Financing Reporting Officer (MLRO) to review the fund manager’s compliance with all applicable rules, laws and regulations;

5) approving the Terms and Conditions of a private real estate fund and any changes thereto;

6) ensuring that the fund manager carries out its obligations in the best interests of the unitholders, in accordance with the provision of these Regulations, the Terms and Conditions of a private real estate fund;

7) ensuring that the fund manager is disclosing material information to the Unitholders and other stakeholders;

8) have a fiduciary duty to unitholders, including a duty to act in good faith, a duty to act in the best interests of the unitholders and a duty to exercise all reasonable care and skill; and

9) taking minutes of meetings that provide all deliberations and facts of the meetings and the decisions taken by the fund board of director.

10) reviewing the report that includes assessment of the performance and quality of services provided by the parties involved in providing significant services to the fund referred to in Paragraph (l) of Article (9) of these Regulations, in order to ensure that the fund manager fulfils his responsibilities in the interest of unitholders in accordance with the Fund’s Terms and Conditions and the provisions stipulated in these Regulations.

11) assessing the mechanism of the fund manager’s handling of the risks related to the fund’s assets in accordance with the fund manager’s policies and procedures that detect the fund’s risks and how to treat such risks.

12) Review the report containing all complaints and the measures taken regarding them referred to in Paragraph (m) of Article (9) of these Regulations, in order to ensure that the fund manager carries out his responsibilities in a way that serves the interest of unitholders in accordance with the Fund’s Terms and Conditions and in accordance in this Regulation.