Article 93: Meetings of Unitholders

Article 93: Meetings of Unitholders

a. The fund manager shall develop a policy regarding meetings of unitholders. The fund manager shall include the details of such policy in the Terms and Conditions of the private fund.

b. The fund manager must call for a unitholders meeting upon receiving a written request from the unitholder or of unitholders own collectively or individually at least (25%) in value of the units in the fund, or from the custodian.

c. When calling for a unitholders meeting, the fund manager must state the items of the agenda and the quorum of the meeting and the required percentage to approve to these items, provided that the policy of such is determined in the Fund’s Terms and Conditions.

d. The fund manager may call for a unitholders meeting on its own initiative, provided that the subject of the invitation does not conflict with the responsibilities and duties of the fund manager in accordance with the provisions of these Regulations.

e. The fund manager shall call for a meeting of unitholders by sending a written notice to all unitholders and the custodian by giving not less than (10) days’ prior notice of the meeting and not more than (21) days’ notice before the meeting. The notice must specify the date, place, time and agenda of the meeting and the resolution proposed. The fund manager must at the same time as sending a notice to unitholders convening any meeting of unitholders also send a copy of any such notice to the Authority.

f. The Fund Manager shall provide unitholders with access to all required information and documents related to agenda items, to enable unitholders to make informed decision.

g. The fund manager must immediately notify the Authority of all resolutions issued in the unitholders' meetings.

h. When preparing the unitholders meeting's agenda, the fund manager of a private fund must take into consideration the matters that unitholders wish to list; unitholders holding no less than (10%) of the value of the private fund units are entitled to add one or more items to the unitholders meeting's agenda, provided that the proposed items does not overlap with the duties and responsibilities of the fund manager in accordance with the provisions of these Regulations.

i. The fund manager may amend the agenda of the unitholders meeting during the notification period referred to in Paragraph (e) of this Article, provided that a written notice is sent to all the unitholders and the custodian by giving not less than (10) days’ prior notice of the meeting and not more than (21) days’ notice before the meeting.

j. If the unitholders approve to any of the proposed decisions at the unitholders meeting, which necessitated amending the Fund’s Terms and Conditions, the fund manager must amend such Terms and Conditions in accordance with the approved decision.

k. The fund manager must call for a unitholders meeting upon the Authority’s request within a period not exceeding (10) days.