المادة 31: Segregation of Fund Money

Article 31: Segregation of Fund Money

a) A custodian must open a separate local bank account in his name for each fund he is a custodian for, such account shall be in favour of the related real estate investment fund.

b) As an exception to the provisions of paragraph (a) of this Article, in the event of a real estate investment fund that takes the form of a special purposes entity, the custodian must open a separate account with a local bank in the name of such special purposes entity.

c) The custodian must deposit all cash belonging to the investment fund into the relevant bank account referred to in paragraphs (a) or (b) of this Article (as applicable), and must deduct from the relevant bank account the amounts used to finance the investments and the real estate investment fund management and operations expenses in accordance with the provisions of these Regulations, the fund’s updated terms and conditions that it received from the Fund Manager, and the contract by which the custodian was appointed by the fund manager.