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Public
THE OPEN - ENDED INVESTMENT COMPANIES REGULATIONS 2001
INSTRUMENT OF INCORPORATION
of
Vanguard Investments Funds ICVC
(an Investment Company with Variable Capital) Registered in England and Wales
Date : 06 October 2026
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CONTENTS
Page Number
INTERPRETATION ................................ ................................ ................................ ......................... 3
CONSTITUTION ................................ ................................ ................................ .............................. 6
NAME ................................ ................................ ................................ ................................ ............... 7
DURATION OF THE COMPANY ................................ ................................ ................................ ... 7
OBJECT ................................ ................................ ................................ ................................ ............ 7
TYPE OF AUTHORISATION OF COMPANY ................................ ................................ ............... 7
DESIGNATED PERSON ................................ ................................ ................................ ................. 7
ELIGIBLE MARKETS ................................ ................................ ................................ ..................... 8
BASE CURRENCY ................................ ................................ ................................ .......................... 8
SHARE CAPITAL AND CLASSES OF SHARE ................................ ................................ ............. 8
ISSUE AND CANCELLATION OF SHARES IN THE COMPANY ................................ .............. 9
IN SPECIE ISSUE AND CANCELLATION ................................ ................................ ................. 10
SALE AND REDEMPTION ................................ ................................ ................................ ........... 10
FUNDS ................................ ................................ ................................ ................................ ............ 10
VALUATION AND PRICING ................................ ................................ ................................ ....... 11
SWITCHING OF SHARES ................................ ................................ ................................ ............ 11
QUALIFICATIONS AND RESTRICTIONS ON HOLDING SHARES ................................ ........ 14
EVIDENCE OF TITLE TO SHARES ................................ ................................ ............................ 16
DENOMINATIONS OF SHARES ................................ ................................ ................................ . 16
TRANSFER AND TRANSMISSION OF SHARES ................................ ................................ ....... 16
GENERAL MEETINGS ................................ ................................ ................................ ................. 17
PROCEEDINGS AT GENERAL MEETINGS ................................ ................................ ............... 17
VOTING RIGHTS ................................ ................................ ................................ .......................... 20
PROXIES ................................ ................................ ................................ ................................ ........ 20
CORPORATIONS ACTING BY REPRESENTATIVES ................................ ............................... 21
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ACD ................................ ................................ ................................ ................................ ................ 21
REMUNERATION AND REIMBURSEMENT OF EXPENSES OF ACD ................................ ... 22
FUNCTIONS OF THE ACD ................................ ................................ ................................ ........... 22
INTERESTS OF ACD ................................ ................................ ................................ ..................... 23
MINUTES OF ACD'S MEETINGS ................................ ................................ ................................ 23
REMOVAL OF ACD ................................ ................................ ................................ ...................... 23
AMENDMENTS ................................ ................................ ................................ ............................. 23
INCOME EQUALISATION ................................ ................................ ................................ ........... 24
RIGHTS IN SCHEME PROPERTY AND ALLOCATION OF INCOME ................................ .... 24
INCOME AND DISTRIBUTIONS ................................ ................................ ................................ . 24
CHEQUES ETC. ................................ ................................ ................................ ............................. 25
INITIAL EXPENSES ................................ ................................ ................................ ...................... 26
DESTRUCTION OF DOCUMENTS ................................ ................................ .............................. 26
NOTICES ................................ ................................ ................................ ................................ ........ 26
WINDING UP ................................ ................................ ................................ ................................ . 27
INDEMNITY ................................ ................................ ................................ ................................ .. 27
CONFLICT WITH REGULATIONS ................................ ................................ ............................. 28
THE SCHEDULE ................................ ................................ ................................ ........................... 29 Part 1 - Share Classes ................................ ................................ ................................ ...... 29 Part 2 - Funds ................................ ................................ ................................ .................. 30 Part 3 - Determination of Net Asset Value ................................ ................................ ...... 35 Part 4 - Allocation of Rights to Participate in the Property of a Sub - Fund ...................... 38
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VANGUARD INVESTMENTS FUNDS ICVC
Incorporated and authorised by the Financial Conduct Authority (“FCA”, formerly the
Financial Services Authority) on 16 June 2009
INTERPRETATION
1.1 In this Instrument the words and expressions set out in the first column below shall have the
meanings set opposite them unless the context requires otherwise. Words and expressions
contained in this Instrument but not defined herein shall have the same meanings as in the Act or the Regulations (as defined below) (as the case may be) unless the contrary is stated.
Accumulation Shares Shares (of whatever Class) in the Company as
may be in issue from time to time in respect of
which income allocated thereto is credited
periodically to capital pursuant to the COLL
Sourcebook net of any tax deducted or
accounted for by the Company
ACD the authorised corporate director holding
office as such from time to time pursuant to
the COLL Sourcebook
Act the Financial Services and Markets Act 2000
Base Currency the currency in which the accounts of the
Company are to be prepared in accordance
with clause 9 of this Instrument provided that
in the context of a Fund or the price of a Share
relating to a Fund or a payment in respect of
such a Share, reference to Base Currency shall
be treated as a reference to the currency stated
in the Prospectus as being the currency to be
used for the purpose in question in relation to
that Fund.
Class all of the Shares relating to a single Fund or a particular class of Shares relating to a single
Fund
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COLL Sourcebook the rules contained in the Collective
Investment Schemes Sourcebook (or COLL)
published by the FCA as part of their
Handbook of rules made under the Act which
shall, for the avoidance of doubt, not include
guidance or evidential requirements contained
in the said sourcebook
Company Vanguard Investments Funds ICVC
Depositary the person to whom is entrusted the
safekeeping of all the scheme property of the
Company (other than certain scheme property
designated by the COLL Sourcebook) and
who has been appointed for this purpose in
accordance with the OEIC Regulations
Fund a sub - fund of the Company that is pooled
separately pursuant to clause 14 and Part 2 of
the Schedule to this Instrument
Income Shares Shares (of whatever Class) in the Company as
may be in issue from time to time in respect of
which income allocated thereto is distributed
periodically to the holders thereof pursuant to
the COLL Sourcebook net of any tax deducted
or accounted for by the Company
in writing includes printing, lithography, photography,
telex, facsimile, electronic mail and any other
form of transmission as enables the recipient
to know and to record the time of receipt and
to preserve a legible copy of such
transmission, or partly in one such form and
partly in another
this Instrument this instrument of incorporation, including the
Schedule, as amended from time to time
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Net Asset Value the value of the scheme property of the
Company (or, where the context requires,
such part of the scheme property as is
attributable to a particular Fund) less all the
liabilities of the Company (or such liabilities
as are attributable to that Fund as the case may be) determined in each case in accordance
with this Instrument
OEIC Regulations The Open - Ended Investment Companies
Regulations 2001 (SI 2001/1228)
Ordinary Resolution a resolution of the Company in general
meeting or of a Class meeting (as the case may be) passed by a simple majority of the votes
validly cast (whether on a show of hands or on a poll) for and against the resolution at such
meeting
Prospectus the prospectus of the Company from time to
time
the Regulations the OEIC Regulations and the COLL
Sourcebook
Shareholders holders of Shares
Shares shares (of whatever Class) in the Company,
which may be larger denomination shares or
smaller denomination shares (as the context
requires)
signed includes signed by way of a signature or
representation of a signature affixed by a
photographic, electronic or mechanical means or any other electronic evidence of assent,
except where the context specifically requires
otherwise
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Vanguard Group of Companies the group of companies of which The
Vanguard Group, Inc. is the ultimate parent.
1.2 Any reference in this Instrument to any statute, statutory provision or regulation shall be construed
as including a reference to any modification, amendment, extension, replacement or re - enactment
thereof for the time being in force.
1.3 In this Instrument, words denoting the singular shall include the plural and vice versa. Words
denoting one gender only shall include all genders. Words denoting persons shall include
companies or associations or unincorporated bodies of persons.
1.4 In this Instrument, the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative.
1.5 The word "company" shall (unless the contrary intention is expressed) mean a body corporate
including a company within the meaning of the COLL Sourcebook.
1.6 Any reference in this Instrument to Shares being issued "in respect of" or "relating to" a Fund
shall be construed as a reference to Shares issued by the Company which give the holder thereof
rights (as provided for in the Regulations and this Instrument) for the time being to participate in
that part of the scheme property comprising the Fund in question and the entitlement (as provided
for in the Regulations and this Instrument) to exchange those rights for rights to participate in
that part of the scheme property comprising any other Fund of the Company (save to the extent
that the provisions of the Prospectus limit the issue of units in any such other Fund).
1.7 The headings used in this Instrument are for convenience only, do not form part of, and shall not
affect the construction of, this Instrument.
1.8 Any reference in this Instrument to clause numbers shall (unless the contrary intention is
expressed) be construed as a reference to clauses of this Instrument.
CONSTITUTION
2.1 The head office of the Company is situated in England and Wales.
2.2 The Company is an open - ended investment company with variable share capital.
2.3 The Shareholders are not liable for the debts of the Company. A Shareholder is not liable to make
any further payment after he has paid the price of his Shares in the Company and no further
liability can be imposed on him in respect of the Shares which he holds .
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2.4 The scheme property of the Company is entrusted to a Depositary for safekeeping (in accordance
with and subject to any exceptions permitted by the COLL Sourcebook).
2.5 Charges or expenses of the Company may be taken out of the scheme property .
2.6 The assets of a Fund belong exclusively to that Fund and shall not be used to discharge directly
or indirectly the liabilities of, or claims against, any other person or body, including the Company,
or any other Fund, and shall not be available for any such purpose.
NAME
3.1 The name of the Company is “ Vanguard Investments Funds ICVC”.
3.2 In the event of the appointment of an authorised corporate director which is not a member of the
Vanguard Group of Companies, the name of the Company shall be changed by the ACD to
remove the word “Vanguard” from the name of the Company.
DURATION OF THE COMPANY
4 The Company is not to be wound up after the expiry of a particular period of time and shall
continue in existence until otherwise wound up in accordance with Rule 7.3 of the COLL
Sourcebook.
OBJECT
5 The object of the Company is to invest the scheme property in transferable securities, money
market instruments, deposits, units in collective investment schemes, derivative instruments and
forward transactions in accordance with the COLL Sourcebook applicable to the Company and
each Fund according to the type of authorisation of the Company as stated in clause 6 below with
the aim of spreading investment risk and giving its Shareholders the benefit of the results of the
management of that property.
TYPE OF AUTHORISATION OF COMPANY
6 The Company is a UCITS scheme for the purposes of the COLL Sourcebook and also an
Umbrella Company for the purposes of the OEIC Regulations.
DESIGNATED PERSON
7 The person designated for the purposes of paragraph 4 of Schedule 4 to the OEIC Regulations
shall be the person who is for the time being the ACD of the Company.
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ELIGIBLE MARKETS
8.1 Subject to any restriction contained in the COLL Sourcebook or this Instrument, the Company
has the power to invest in any securities market or deal on any derivatives market;
(a) which is an eligible securities market or eligible derivatives market under the COLL
Sourcebook to the extent that power to do so is conferred by the COLL Sourcebook; or
(b) to the extent that the power to do so is conferred by the COLL Sourcebook irrespective
of any issue of eligibility.
8.2 The ACD, after consultation with and notification to the Depositary, may choose a market as
one which is appropriate for the purpose of investment of, or dealing in, the scheme property.
Any such market will be an eligible market for the purposes of the CO LL Sourcebook and a list
of such markets will be included in the Prospectus.
BASE CURRENCY
9 The accounts of the Company shall be prepared in sterling or such other currency or currencies
as shall be the lawful currency of the United Kingdom.
SHARE CAPITAL AND CLASSES OF SHARE
10.1 The capital of the Company shall be represented by Shares of no par value and shall at all times
be equal to the Net Asset Value of the Company in Base Currency.
10.2 The minimum capital of the Company shall be £1 and the maximum capital shall be
£500,000,000,000.
10.3 The Company may issue one or more of such Classes of Shares as are set out in Part 1 of the
Schedule to this Instrument and may do so in respect of such Funds as are set out in Part 2 of the
Schedule and the rights attaching to each Class of Shares shall be as set out in this Instrument and
in the Regulations.
10.4 The Directors may by resolution from time to time create Classes of Share in respect of a Fund
additional to those set out in Part 1 of the Schedule to this Instrument. On the creation of any new Class a new Part 1 of the Schedule to this Instrument showing the new Class and the rights
attaching to it (as well as those of the other extant Classes) shall be substituted for the previous
Part 1 and form part of this Instrument to the exclusion of the previous part.
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10.5 The special rights attaching to a Class of Shares shall (unless otherwise expressly provided by
the conditions of issue of such Shares) be deemed not to be varied by:
(a) the creation, allotment or issue of further Shares of any Class ranking pari passu therewith;
(b) the exchange of Shares of any Class into Shares of another Class (whether or not the
Classes are in different Funds);
(c) the creation, allotment, issue or redemption of Shares of another Class within the same Fund, provided that the interests of that other Class in the Fund represent fairly the
financial contributions and benefits of Shareholders of that Class;
(d) the creation, allotment, issue or redemption of Shares of another Fund;
(e) the passing of any resolution at a meeting of holders of Shares in another Fund which
does not relate to the Fund in which the Class is interested.
10.6 A separate Class meeting may by Ordinary Resolution vary the rights attached to that Class.
10.7 Where a Class is denominated in a currency which is not the Base Currency, distributions paid
on Shares on that Class shall, in accordance with the COLL Sourcebook, be in the currency of
that Class, and statements of amounts of money or values included in statements and in tax
certificates shall also be given in the currency of that Class (whether or not also given in the
Base Currency).
10.8 Votes at meetings of the Fund of which the Class forms part shall be determined in accordance
with the proportionate interests in the Fund ascertained in accordance with Part 4 of the
Schedule and the COLL Sourcebook.
10.9 Where for any purpose not specifically covered by the Regulations or this Instrument it is
necessary to convert one currency into another, conversions shall be made at a rate of exchange
decided by the ACD as being a rate that is not likely to result in any material prejudice to the
interests of Shareholders or potential Shareholders.
ISSUE AND CANCELLATION OF SHARES IN THE COMPANY
11 The ACD will issue or cancel Shares in the Company by making a record of the issue or
cancellation of such Shares and the number of Shares in each Class concerned. Subject to and
in accordance with the COLL Sourcebook, the issue or cancellation of Shares m ay take place
through the Company directly.
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IN SPECIE ISSUE AND CANCELLATION
12 The Depositary may take into or pay out of the scheme property assets other than cash as
payment for the issue or cancellation of Shares but only if the Depositary has taken reasonable
care to ensure that receipt or payment out of the property concerned would not be likely to result
in any material prejudice to the interests of Shareholders of the Company.
SALE AND REDEMPTION
13 In accordance with the Regulations, the arrangements for the sale and redemption of Shares in
the Company are as set out in the Prospectus. Any restrictions that apply in relation to the sale
and redemption of Shares are as set out in Part 2 of the Schedule to this Instrument.
FUNDS
14.1 Subject to the COLL Sourcebook, all consideration received for the account of the Company for
the issue of Shares in respect of a Fund together with the investments in which such consideration
is invested or reinvested, and all income, earnings, profits and proceeds thereof and liabilities and
expenses relating thereto shall be pooled and kept separate from all other monies, liabilities and
expenses of the Company and the following provisions shall apply to each Fund:
14.1.1 for each Fund the Company shall keep books in which all transactions relating to the
relevant Fund shall be separately recorded and the assets and the liabilities, income and
expenditure attributable to that Fund shall be applied or charged to such Fund subject to
the provisions of this clause;
14.1.2 any asset derived from any other asset (whether cash or otherwise) comprised in any
Fund shall be applied in the books of the Company to the same Fund as the asset from
which it was derived and any increase or diminution in the value of such asset shall be
applied to the relevant Fund;
14.1.3 each Fund shall be charged with the liabilities, expenses, costs and charges of the
Company in respect of or attributable to that Fund; and
14.1.4 any assets, liabilities, expenses, costs or charges not attributable to one Fund only, and
allocated in accordance with the COLL Sourcebook, may be reallocated by the ACD
provided that such reallocation shall be done in a manner which is fair to the Shareholders
of the Company generally.
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14.2 Any Fund shall be terminated subject to and in accordance with the Regulations, by the ACD in
its absolute discretion if:
14.2.1 one year from the date of the first issue of Shares relating to that Fund or at any date
thereafter the Net Asset Value of the Fund is less than £50 million or its equivalent in the
Base Currency of the Fund; or
14.2.2 the ACD decides that it is desirable to terminate the Fund, including without limitation
because of a change in the laws or regulations of any country.
14.3 The Funds of the Company for the time being constituted and their respective investment
objectives are set out in Part 2 of the Schedule to this Instrument.
14.4 Subject to Clause 5, the ACD may by resolution from time to time create such additional Fund
or Funds with such investment objectives and such restrictions as to investment or otherwise,
and denominated in such currencies, as the ACD shall from time to time determine. On creation
of any such Fund or Funds a new Part 2 of the Schedule to this Instrument including the
specified details of the new Fund or Funds (as well as those of the other extant Funds) shall be
substituted for the previous one and shall form part of this Instrument to the exclusion of the
previous one.
VALUATION AND PRICING
15 The Scheme will be single priced. The Net Asset Value of the Company and each Fund shall be
determined in accordance with the COLL Sourcebook, and, subject thereto, in accordance with
Part 3 of the Schedule to this Instrument and the Prospectus. Subject to the COLL Sourcebook
and in the absence of bad faith, negligence or manifest error, such determination by the ACD
shall be definitive. The basis for the pricing of any Shares issued by the Company shall be forward
pricing only in accordance with the COLL Sourcebook.
SWITCHING OF SHARES
16.1 Subject to the following provisions of this clause and the Prospectus, any Shareholder may give
notice to the Company in such form as the ACD may from time to time determine ("a Switching
Notice") of his desire to exchange all or some of his Shares of one Class issued in respect of any Fund (the "Original Shares") for Shares of another Class issued in respect of the same Fund or for
Shares issued in respect of a different Fund, (the "New Shares").
16.2 Upon receipt by the Company of a Switching Notice, the ACD shall arrange for the Company to
cancel (or, at its discretion, the ACD shall itself redeem) the Original Shares and issue (or, at its
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discretion, the ACD shall sell to the Shareholder) such number of New Shares as is arrived at by
reference to clause 16.6 provided that, so far as the Regulations allow, the ACD may impose such
restrictions as to the Classes for which exchange may be effected and may make exchange subject
to such charge, as it shall determine and, in cases where the New Shares have a different valuation
point to the Original Shares, may impose such restrictions as to the frequency and/or timing of
the exchange as it shall determine.
16.3 Where a Switching Notice relates to a desired exchange of Shares between Classes issued in
respect of different Funds, the ACD shall not impose restrictions as to the Classes of New Shares
for which exchange may be effected unless the provisions of the Prospectus limit the issue of
units or impose a minimum size of holding or dealing in such other Share Classes in respect of
such different Funds or otherwise there are reasonable grounds relating to the circumstances of
the Shareholder concerned for refusing to issue or sell Shares of a particular Class to him. For
the avoidance of doubt, the ACD may refuse to give effect to an exchange, whether of all or part,
of a holding of Shares of any Class in any case where it would be entitled by the COLL
Sourcebook or this Instrument to refuse to give effect to a request by the Shareholder for the
redemption or cancellation of the Original Shares or the issue or sale of New Shares.
16.4 Exchange pursuant to this clause of the Original Shares specified in a Switching Notice shall take
place at the first valuation point after the time upon which the Switching Notice is received or
deemed to have been received by the Company or at such other valuation point as the ACD at the
request of the Shareholder giving the relevant Switching Notice may determine. Where the
exchange is between Shares of Funds that have different valuation points the cancellation or
redemption of the Original Shares shall take place at the next valuation point of the relevant Fund
following receipt (or deemed receipt) of Switching Notice by the Company and the issue or sale
of New Shares shall take place at the next subsequent valuation point of the different Fund.
16.5 For the purposes of this clause and for the avoidance of doubt, the ACD shall be construed as the
Shareholder of all Shares in the Company which are in issue and in respect of which no other
person's name is entered on the register.
16.6 The ACD shall determine the number of New Shares to be issued or sold to the Shareholder on an exchange in accordance with the following formula:
N = O x (CP x ER) SP
where:
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N is the number of New Shares to be issued or sold (rounded down or, at the absolute
discretion of the ACD, rounded up to the nearest whole number of smaller denomination
Shares);
O is the number of Original Shares specified (or deemed to be specified) in the Switching
Notice which the holder has requested to exchange;
CP is the price determined by the ACD at which a single Original Share may be cancelled or redeemed as at the valuation point applicable to the cancellation or redemption as the
case may be;
ER R is 1, where the Original Shares and the New Shares are designated in the same currency and, in any other case, is the exchange rate determined by the ACD in its absolute
discretion (subject to the COLL Sourcebook as representing the effective rate of
exchange between the two relevant currencies as at the date the Switching Notice is
received (or deemed to have been received) by the Company having adjusted such rate
as may be necessary to reflect any costs incurred by the Company in making any transfer
of assets as may be required as a consequence of such an exchange being effected; and
SP is the price determined by the ACD at which a single New Share may be issued or sold
as at the valuation point applicable to the cancellation or redemption as the case may be.
16.7 The ACD may adjust the number of New Shares to be issued or sold in accordance with clause
16.6 to reflect the imposition of the Switching Charge referred to in clause 16.2 together with any other charges or levies in respect of the issue or sale of the New Shares or cancellation or
redemption of the Original Shares as may be made without infringement of the Regulations.
16.8 Where an exchange of Shares would, if effected in accordance with the terms of any Switching
notice, result in a Shareholder holding less than the permitted minimum holding (by number or value) of either Original Shares or New Shares as set out in the Prospectus, then the ACD may (at its discretion) decide either to:
16.8.1 treat the Shareholder in question as having served a Switching Notice in respect of their
entire holding of Original Shares; or
16.8.2 refuse to give effect to the Switching Notice in question.
16.9 For the avoidance of doubt:
16.9.1 each Switching Notice shall relate only to the exchange of Shares of a single Class; and
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16.9.2 a Switching Notice may be given as much in respect of a desired exchange of Shares
between Classes issued in respect of different Funds as an exchange of Shares between
different Classes issued in respect of the same Fund.
QUALIFICATIONS AND RESTRICTIONS ON HOLDING SHARES
17.1 The ACD may from time to time take such action and impose such restrictions as it thinks
necessary for the purpose of ensuring that no Shares in the Company are acquired or held by any person in circumstances ("relevant circumstances"):
17.1.1 which constitute a breach of the law or governmental regulation (or any interpretation of
a law or regulation by a competent authority) of any country or territory; or
17.1.2 which would (or would if other Shares were acquired or held in like circumstances) result
in the Company incurring any liability to taxation or suffering any other adverse
consequence (including a requirement to register under any securities or investment or similar laws or governmental regulation of any country or territory);
and, in this connection, the ACD may, inter alia, reject at its discretion any subscription for, sale
or transfer of, Shares or any exchange notice given pursuant to clause 16.1.
17.2 If it comes to the notice of the ACD that any Shares ("Affected Shares") have been acquired or
are being held in each case whether beneficially or otherwise in any of the relevant circumstances
referred to in clause 17.1 or if it reasonably believes this to be the case the ACD may give notice
to the holder of the Affected Shares requiring the holder to transfer such Shares to a person who
is qualified or entitled to own the same or to give a request in writing for the redemption or
cancellation of such Shares in accordance with the COLL Sourcebook. If any person upon whom
such a notice is served pursuant to this clause does not within thirty days after the date of such
notice transfer his Shares to a person qualified to hold the same, or establish to the satisfaction of
the ACD (whose judgement shall be final and binding) that he and any person on whose behalf
he holds the Affected Shares are qualified and entitled to hold the Shares, he shall be deemed
upon the expiration of that thirty day period to have given a request in writing for the redemption
or cancellation (at the discretion of the ACD) of the Affected Shares pursuant to the COLL
Sourcebook.
17.3 A person who becomes aware that he has acquired or holds Shares whether beneficially or
otherwise ("Affected Shares") in any of the relevant circumstances referred to in clause 17.1 shall
forthwith, unless he has already received a notice pursuant to clause 17.2 either transfer or procure the transfer of all the Affected Shares to a person qualified to own the same or give a request in
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writing or procure that a request is so given for the redemption or cancellation of all the Affected
Shares pursuant to the COLL Sourcebook.
17.4 When the holder of any Shares in any Share Class fails or ceases for whatever reason to be entitled
to receive distributions or have allocations made in respect of his holding of Shares in a manner, in terms of the Company making or not making any deduction of United Kingdom tax prior to
the distribution or allocation to the holder, as is envisaged for such Share Class, he shall, without
delay, give notice thereof to the Company and the Company shall, upon receipt of such notice,
treat the Shareholder concerned as if he had served on the Company an exchange notice or notices
pursuant to clause 16.1 requesting exchange of all of the relevant Shares owned by such holder
for Shares of the Class or Classes of Shares in the Company which, in the opinion of the ACD,
such holder is entitled to hold and most nearly equate to the Class or Classes of Shares being
exchanged by that Shareholder and the provisions of clauses 16.1 to 16.9 inclusive shall be
applied accordingly.
17.5 If at any time the Company or the ACD become aware that the holder of any Shares, that make
or intend to make distributions or allocations without any tax being deducted or accounted for by
the Company, has failed or ceased for whatever reason to be entitled to receive distributions or have allocations made in respect of his holding of such Shares without deduction of United
Kingdom tax, then the Company shall, without delay, treat the Shareholder concerned as if he
had served on the Company an exchange notice or notices pursuant to c lause 16.1 requesting
exchange of all of the relevant Shares owned by such holder for Shares of the Class or Classes
which, in the opinion of the ACD, such holder is entitled to hold and most nearly equate to the
Class or Classes of Shares held by that Shareholder and the provisions of clauses 16.1 to 16.9
inclusive shall be applied accordingly.
17.6 An amount equal to any tax charge incurred by the Company or for which the Company may be
held liable as a result of an exchange pursuant to clause 16.1 shall be recoverable from the
Shareholder concerned and may be accounted for in any adjustment made of the number of New
Shares to be issued pursuant to clause 16.6.
17.7 If at any time the ACD is not entitled to receive distributions or have income allocations made in
respect of Shares held by it without deduction of United Kingdom tax and has redeemed, pursuant
to the COLL Sourcebook, any Shares that make distributions or allocations without any tax being
deducted or accounted for by the Company, the ACD shall forthwith following such redemption
arrange for the Company to cancel any such Shares or (at its discretion) the ACD shall forthwith
sell such Shares to a person who is (or appears to the ACD to be) entitled to hold the same.
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EVIDENCE OF TITLE TO SHARES
18 Title to Shares shall be evidenced by an entry in the register of Shareholders ("Registered
Shares"), and the Company shall not issue certificates to Shareholders. A statement of
Shareholding ("statement") in respect of Shares shall be sent to a holder at least once a year in
such form as the ACD may decide. A statement shall not constitute a document of title to the
Shares to which it refers. The Company is authorised to charge for issuing any document
recording, or for amending, an entry on the register (other than on the issue or sale of Shares).
DENOMINATIONS OF SHARES
19 The rights attaching to the Shares of all Classes may be expressed in two denominations and, in
each of those Classes, the proportion of a larger denomination Share represented by a smaller
denomination Share shall be one ten thousandth of the larger denomination Share.
TRANSFER AND TRANSMISSION OF SHARES
20.1 All transfers of Shares shall be effected by transfer in writing in any usual or common form or in
any other form as may be approved by the ACD. The signature on the instrument of transfer may be affixed manually or electronically and may be an actual signature or a facsimile signature. The
ACD shall not be bound to enquire as to the genuineness of any signature. The transferor shall
remain the holder of the Shares concerned until such time as the name of the transferee is entered
in the register in respect thereof. f.
20.2 No instrument of transfer may be given in respect of more than one Class of Shares.
20.3 In the case of a transfer to joint holders, the number of joint holders to whom a Share is to be
transferred may not exceed four.
20.4 Unless the ACD in its discretion decides otherwise, no transfer may result in either the transferor
or the transferee holding fewer Shares of the Class concerned or Shares of such Class having a lesser aggregate value than any number or value as is stated in the Prospectus as the minimum
number or value of Shares of that Class which may be held.
20.5 The Company may refuse to register a transfer of Shares unless there has been paid for the
account of the Company, an amount determined by the ACD not exceeding the amount that
would be derived by applying the rate of stamp duty reserve tax to the market v alue of the
Shares being transferred. This clause shall not apply to transfers excluded by law from a charge
to stamp duty reserve tax.
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20.6 Any person becoming entitled to a Share or Shares in consequence of the death or bankruptcy of
a Shareholder or otherwise by operation of law may, subject as provided below and upon such
evidence being produced as may from time to time be lawfully required by the ACD as to his
entitlement, either be registered himself as the holder of the Share or Shares, or elect to have some
person nominated by him registered as the transferee thereof. If the person so becoming entitled
elects to be registered himself, he shall deliver or send to the Company a notice in writing signed
by him stating that he so elects. If he shall elect to have his nominee registered, he shall signify
his election by signing and delivering or sending to the Company an instrument of transfer of
such Share or Shares in favour of his nominee.
20.7 All the limitations, restrictions and provisions of this Instrument relating to the right to transfer
and the registration of transfers of Shares shall be applicable to any notice or instrument of transfer
given or made pursuant to clause 20.6 as if the death or bankruptcy of the Shareholder or other
event giving rise to the transmission had not occurred and the notice or instrument of transfer
were an instrument of transfer signed by that Shareholder.
20.8 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder
or otherwise by operation of law shall (upon such evidence being produced as may from time to
time be lawfully required by the ACD as to his entitlement) be entitled to receive and may give a discharge for any income distributions or other monies payable in respect of the Share, but he
shall not be entitled in respect of the Share to receive notices of or to attend or vote at general
meetings of the Company or, save as stated above, to exercise in respect of the Share any of the
rights or privileges of a Shareholder until he shall have become registered as the holder thereof.
The ACD may at any time give notice requiring any such person to elect either to be registered
himself or to transfer the Share in question and if the notice is not complied with within sixty days
the ACD may then withhold payment of any income distributions and other monies payable in
respect of the Share until the requirements of the notice have been complied with.
GENERAL MEETINGS
21 All general meetings shall be called Extraordinary General Meetings.
PROCEEDINGS AT GENERAL MEETINGS
22.1 The provisions of this Instrument which relate to proceedings at meetings shall apply mutatis
mutandis to Class meetings and Fund meetings as they apply to general meetings.
22.2 Prior to each general meeting, the Depositary shall nominate an individual to act as chairman,
and if that individual is not present within fifteen minutes (which shall be deemed to be a
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reasonable time) after the time fixed for the start of the meeting or is not willing and able to act,
the Shareholders present must choose one of their number to be chairman of the meeting.
22.3 No business may be transacted at a general meeting unless a quorum is present. The absence
of a quorum does not prevent the appointment of a chairman in accordance with this Instrument,
which shall not be treated as part of the business of the meeting. The quorum required to
conduct business at a general meeting is two Shareholders, present in person or by proxy.
22.4 If a quorum is not present within fifteen minutes (which shall be deemed to be a reasonable
time) after the time fixed for the start of the meeting or if there is no longer a quorum present
at any time during the meeting, the meeting, if convened on the re quisition of members, is
dissolved. In any other case it stands adjourned to such other day and time (being not less than
seven days after the day and time for the meeting) and place as the chairman decides. If at an
adjourned meeting under this clause 22.4 a quorum is not present within fifteen minutes (which
shall be deemed to be a reasonable time) after the time fixed for the start of the meeting, one
person entitled to be counted in a quorum shall constitute a quorum and if there is no such
person the meeting is dissolved.
22.5 The chairman of any general meeting at which a quorum is present may with the consent of the
meeting (and shall if so directed by the meeting) adjourn the meeting from time to time (or for an indefinite period) and from place to place, but no business shall be transacted at any adjourned
meeting except business which might lawfully have been transacted at the meeting from which
the adjournment took place. Where a meeting is adjourned without agreement as to the date, time
and place for the adjourned meeting, the date, time and place for the adjourned meeting shall be
fixed by the ACD. When a meeting is adjourned for thirty days or more or for an indefinite
period, not less than seven days' notice of the adjourned meeting shall be given in like manner as in the case of the original meeting.
22.6 A meeting of Shareholders or a Fund meeting or a Class meeting (as the case may be) duly
convened and held shall have the power by the passing of the appropriate resolution to decide
any matter (including, without limitation, the suspension or curtailment of the powers of the
ACD), subject to the Regulations and (in the case of Fund meetings and Class meetings) subject
also to any rights in relation to that matter which Shareholders of other Funds or Classes may
have.
22.7 A resolution put to the vote of a general meeting must be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by:
22.7.1 the chairman of the meeting;
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22.7.2 not less than two Shareholders; or
22.7.3 the Depositary.
A demand by a proxy is deemed to be a demand by the member appointing the proxy. The
chairman must exercise his power to demand a poll if requested to do so by the ACD.
22.8 A demand for a poll may be withdrawn only with the approval of the chairman of the meeting.
Unless a poll is required, a declaration by the chairman of the meeting that a resolution has been
carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in
the minute book or other record of proceedings, shall be conclusive evidence of that fact without
proof of the number or proportion of the votes recorded for or against such resolution. If a poll
is required, it shall be taken in such a manner (including the use of ballot papers or electronic or computer voting systems) as the chairman of the meeting may direct and the result of the poll
shall be deemed to be the resolution of the meeting at which the poll was demanded. The chairman
of the meeting may (and, if so directed by the meeting, shall) appoint scrutineers and may adjourn
the meeting to some place and time fixed by him for the purpose of declaring the result of the
poll.
22.9 A poll demanded on the choice of the chairman or on a question of adjournment shall be taken
forthwith. A poll demanded on any other question shall be taken either immediately or at such
subsequent time (not being more than thirty days from the date of the meeting) and place and in
such manner (including by post) as the chairman may direct. No notice need be given of a poll
not taken immediately. The demand for a poll shall not prevent the continuance of the meeting
for the transaction of any business other than the question on which the poll has been demanded.
22.10 The chairman of a general meeting may take any action he considers appropriate for the safety of
people attending a general meeting, the proper and orderly conduct of the general meeting or in
order to reflect the wishes of the majority. He may require any people to prove who they are,
carry out security searches, and stop certain things being taken into the meeting. The chairman
may refuse to allow any person into a meeting, or may arrange for any person who refuses to
comply with any requirements imposed under this clause to be removed from a meeting. The
ACD may arrange for any people whom it considers cannot be seated in the main meeting room (where the chairman will be) to attend and take part in a general meeting in an overflow room or
rooms.
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VOTING RIGHTS
23.1 The entitlement to vote at any general meeting of Shareholders or Class meeting attaching to each
Share is in accordance with the COLL Sourcebook. On a show of hands every Shareholder who
is present in person has one vote. On a poll, votes may be given either personally or by proxy or in any other manner permitted herein.
23.2 Where a receiver or other person (by whatever name called) has been appointed by any court
claiming jurisdiction in that regard to exercise powers with respect to the property or affairs of
any Shareholder on the ground (however formulated) of mental disorder, the ACD may in its
absolute discretion upon or subject to production of such evidence of the appointment as the ACD
may require, permit such receiver or other person on behalf of such Shareholder to vote on a poll
in person or by proxy at any general meeting of Shareholders or Class meeting or to exercise any right other than the right to vote on a show of hands conferred by ownership of Shares in relation
to such a meeting.
23.3 No objection shall be raised as to the admissibility of any vote except at the meeting or adjourned
meeting at which the vote objected to is or may be given or tendered and every vote not disallowed
at such meeting shall be valid for all purposes. Any such objection shall be referred to the
chairman of the meeting whose decision shall be final and conclusive.
PROXIES
24.1 An instrument appointing a proxy shall be in writing in any usual or common form or in any other
form which the ACD may approve and:
24.1.1 in the case of an individual shall be signed by the appointor or his attorney; and
24.1.2 in the case of a corporation shall be either given under its common seal or signed on its
behalf by a person duly authorised for the purpose by the corporation.
24.2 The signature on such instrument need not be witnessed. Where an instrument appointing a proxy is signed on behalf of the appointor by an attorney, the letter or power of attorney or a duly
certified copy thereof must (failing previous registration with the Company) be lodged with the
instrument appointing the proxy pursuant to the next following clause, failing which the
instrument may be treated as invalid.
24.3 An instrument appointing a proxy must be left at or delivered to such place or one of such places
(if any) as may be specified for the purpose in or by way of note to or in any document
accompanying the notice convening the meeting (or, if no place is so specified, to or at the head
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office) by the time which is forty - eight hours before the time appointed for the holding of the
meeting or adjourned meeting or (in the case of a poll taken otherwise than at or on the same day
as the meeting or adjourned meeting) for the taking of the poll at which it is to be used and, in
default, may be treated as invalid. The instrument appointing a proxy shall, unless the contrary
is stated thereon, be valid as well for any adjournment of the meeting as for the meeting to which
it relates.
24.4 A vote cast by proxy shall not be invalidated by the previous death or bankruptcy of the principal
or by other transmission by operation of law of the title to the Shares concerned or by the
revocation of the appointment of the proxy or of the authority under which the appointment of
the proxy was made provided that no intimation in writing of such death, insanity or revocation
shall have been received by the Company at the head office by the time which is two hours before
the commencement of the meeting or adjourned meeting or (in the case of a poll taken otherwise
than at or on the same day as the meeting or adjourned meeting) the time appointed for the taking
of the poll at which the vote is cast.
CORPORATIONS ACTING BY REPRESENTATIVES
25.1 Any corporation which is a Shareholder of the Company may by resolution of the directors or
other governing body of such corporation and in respect of any Share or Shares in the Company
of which it is the holder authorise such individual as it thinks fit to act as its representative at any general meeting of the Shareholders or of any Class meeting. The individual so authorised shall
be entitled to exercise the same powers on behalf of such corporation as the corporation could
exercise in respect of such Share or Shares if it were an individual Shareholder of the Company
and such corporation shall for the purposes of this Instrument be deemed to be present in person at any such meeting if an individual so authorised is so present.
25.2 A corporation which holds Shares as nominee may appoint more than one individual to act as its
representative at any general meeting, each in respect of a specified number of Shares which the
corporation holds, and each such representative shall be entitled to exercise such powers only in
respect of the Shares concerned.
ACD
26.1 Unless otherwise determined by the ACD the Company shall have one Director only.
26.2 For so long as the ACD is the sole Director of the Company, the ACD shall have authority to
exercise all the powers, authorities and discretions expressed in the Regulations to be vested in
the directors of an investment company with variable capital generally.
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26.3 The ACD is entitled by one or more duly authorised representatives to attend and speak at any general meeting, any Fund meeting and at any Class meeting.
26.4 No resolution made by the Company in general meeting or by the holders of the Shares of any Fund at a Fund meeting, or by the holders of the Shares of any Class at a Class meeting shall
invalidate any prior act of the ACD which would have been valid if such resolution had not been
made.
26.5 Subject to the COLL Sourcebook, the ACD may appoint agents and delegate any of the powers, authorities and discretions vested in or exercisable by it, with or without power to sub - delegate.
Any such appointment or delegation made by the ACD in accordance with COLL Sourcebook
may be made upon such terms and subject to such conditions as the ACD may think fit, and the
ACD may remove any such appointee, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected
by it doing so.
26.6 Subject to the COLL Sourcebook, the ACD may by power of attorney appoint any company, firm
or person or any fluctuating body of persons, whether nominated directly or indirectly by the
ACD, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the ACD under this
Instrument) and for such period and subject to such conditions as the ACD may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the ACD may think fit, and may also authorise any such attorney
to sub - delegate all or any of the powers, authorities and discretions vested in him.
REMUNERATION AND REIMBURSEMENT OF EXPENSES OF ACD
27 The ACD shall be entitled to remuneration for its services as ACD. Such remuneration shall
(unless otherwise determined by the ACD) be deemed to accrue from day to day and the amount
of such remuneration shall (subject to the COLL Sourcebook) be determined by the ACD. The
ACD shall be entitled to the reimbursement of expenses of any type disclosed in the Prospectus
and for which it may be reimbursed in accordance with the Regulations.
FUNCTIONS OF THE ACD
28 Any decision or action which is authorised or required by the Regulations to be taken by the
directors of an investment company with variable capital shall, if and for so long as the ACD is
the sole director, be valid and effective if made or taken by the ACD.
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INTERESTS OF ACD
29.1 Subject to the Regulations, the ACD may be party to, or in any way interested in, any contract or
arrangement or transaction to which the Company is a party, or in which the Company is in any way interested, and he may hold and be remunerated in respect of any office or place of profit
(other than the office of auditor or Depositary of the Company) under the Company or any other
company in which the Company is in any way interested and may retain for its own absolute use and benefit all profits and advantages accruing to it thereunder or in consequence thereof.
29.2 Any interest of a kind referred to in clause 29.1 must be properly recorded and minuted by the
ACD as soon as practicable after it becomes so interested. Nothing in this clause shall absolve
the ACD from its fiduciary duty to act in the best interests of the Company as a whole.
29.3 For so long as the ACD is the sole Director of the Company, the ACD shall, subject to the
Regulations, be entitled at its own discretion to determine the terms of its appointment or re
appointment as such with the Company notwithstanding its interest therein which terms shall be
set out in writing in an agreement between the ACD and the Company.
MINUTES OF ACD'S MEETINGS
30.1 The ACD shall cause records to be made and kept in permanent form of:
30.1.1 all proceedings at meetings of the Company or of the holders of any Class of Shares in
the Company; and
30.1.2 all resolutions made by the ACD in respect of the Company otherwise than at a meeting
and all other matters required by this Instrument to be formally recorded by the ACD.
REMOVAL OF ACD
31 The Company may by Ordinary Resolution remove the ACD notwithstanding anything in this
Instrument or in any agreement between the Company and the ACD. Such removal shall take
effect only upon the satisfaction of either of the conditions appearing in Regulation 21(3) of the
OEIC Regulations and shall be without prejudice to any claim the ACD may have for damages
for breach of any such agreement.
AMENDMENTS
32 Amendments may be made to this Instrument by resolution of the ACD to the extent permitted
by the COLL Sourcebook.
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INCOME EQUALISATION
33.1 Except where the ACD determines otherwise, the following clause shall apply to the Shares of
the Company from time to time.
33.2 An allocation of income (whether annual or interim) to be made in respect of each Share to which
this clause applies issued by the Company or sold by the ACD during the accounting period in
respect of which that income allocation is made shall be of the same amount as the allocation to
be made in respect of the other Shares of the same Class issued in respect of the same Fund but
shall include a capital sum ("income equalisation") representing the ACD's best estimate of the
amount of income included in the price of that Share and calculated in accordance with the
following clause.
33.3 The amount of income equalisation in respect of any Share shall be either:
33.3.1 the actual amount of income included in the issue price of that Share; or
33.3.2 an amount arrived at by taking the aggregate of the amounts of income included in the
price in respect of Shares of that Class issued or sold in the annual or interim accounting
period in question and dividing that aggregate amount by the number of such Shares and
applying the resultant average to each of the Shares in question.
RIGHTS IN SCHEME PROPERTY AND ALLOCATION OF INCOME
34.1 The proportionate interests of different Share Classes and of holders of Shares in each Share
Class in the property of the scheme shall be calculated on the basis of Part 4 of the Schedule.
34.2 The provisions of Part 4 of the Schedule to this Instrument shall also apply to each allocation
of income made in respect of any Fund at a time when more than one Class of Shares is in issue
in respect of that Fund provided that the Company may adopt a method of calculating the
amount of income to be allocated between the Shares in issue (or the Shares in issue in respect
of any Fund) which is different to that which appears in Part 4 of the Schedule to this Instrument
if the ACD is satisfied that such method is fair to Shareholders and that it is reasonable to adopt
such method in the given circumstances.
INCOME AND DISTRIBUTIONS
35.1 Part 1 of the Schedule to this Instrument shall set out the basis for the distribution or re - investment
of income in respect of any Class of Shares in issue for any Fund.
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35.2 Any distribution or other monies payable on or in respect of a Share may be paid by crossed
cheque, warrant or money order and may be remitted by post to the registered address of the
Shareholder or person entitled to such monies (or, if two or more persons are registered as joint
holders of the Share or are entitled by virtue of the death or bankruptcy of the holder or otherwise
by operation of law, to the registered address of any one of such persons) or to such person and
to such address as the Shareholder or other such person or persons may direct in writing.
35.3 Any distribution or other monies may also be paid by any other usual or common banking method
(including, without limitation, direct credit, bank transfer and electronic funds transfer (a "bank
transfer") and to or through such person or such persons as the relevant person may direct in
writing.
35.4 Every such cheque, warrant or order shall be made payable to the person entitled to the monies
represented by it or to such person as the relevant holder or joint holders may direct in writing
and the payment of such cheque, warrant or order or the transfer by way of direct credit or bank
transfer by the bank so instructed by the Company shall be a good discharge to the Company. The
Company shall not be responsible for any loss of any cheque, warrant or order or for any error in
any transfer by direct credit or bank transfer which in each case shall be sent or transferred at the
risk of the person or persons entitled to the money thereby.
35.5 If two or more persons are registered as joint holders of any Share, or are entitled jointly to a
Share in consequence of the death or bankruptcy of the holder or otherwise by operation of law,
any one of them may give an effectual receipt for any distribution or other monies payable or
property distributable on or in respect of the Share.
35.6 No distribution or other monies payable on or in respect of a Share shall bear interest against the
Company.
35.7 All distributions unclaimed for a period of six years after having become due for payment shall
be forfeited and shall revert to the relevant Fund of the Company. The payment of any unclaimed
distribution, interest or other sum payable by the Company on or in respect of a Share into a
separate account shall not constitute the Company a trustee thereof.
CHEQUES ETC.
36 All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
instruments and all receipts for money paid to the Company shall be signed, drawn, accepted,
endorsed or otherwise executed, as the case may be, in such manner as the ACD shall from time
to time by resolution determine.
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INITIAL EXPENSES
37 Subject to the COLL Sourcebook, the expenses of the incorporation and authorisation of the
Company or any Fund may be charged to the assets of each Fund in such proportions and in
such manner as the ACD may determine in accordance with the COLL Sourcebook.
DESTRUCTION OF DOCUMENTS
38.1 Subject to maintaining records in accordance with the Regulations and any other applicable
law, rule or regulation, the ACD or Depositary or the Company may at any time destroy any
records or other documentation relating to the Company including, without l imitation, any
payment mandate (including any variation or cancellation of it) which ceases to have effect,
any notification of change of name or address which has been recorded, any instrument of
transfer of Shares which has been registered and any other document on the basis of which any entry in the register of Shareholders has been made or cancelled.
38.2 It shall conclusively be presumed in favour of the Company that every instrument of transfer
so destroyed was a valid and effective instrument duly and properly registered and that every
other document destroyed under clause 38.1 was a valid and effective document in accordance
with the recorded particulars of it in the books or records of the Company, provided always that
the document was destroyed in good faith and without express notice to the Company that the
preservation of the document was relevant to a claim.
38.3 Nothing contained in this clause shall be construed as imposing upon the Company any liability
in respect of the destruction of any document in any case where the conditions of this clause
are not fulfilled. References to this clause to the destruction of any document include references
to its disposal in any manner.
NOTICES
39.1 The provisions within the COLL Sourcebook shall be treated as applying to any notice or
document to be given to the Company pursuant to this Instrument.
39.2 A Shareholder whose registered address is not within the United Kingdom and who gives to the
Company an address within the United Kingdom at which notices may be given to him shall be
entitled to have notices given to him at that address. If he has not given such an address the
Company shall give notices to him at his address outside the United Kingdom unless its doing
so would contravene any applicable laws or regulations.
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39.3 A person entitled to a Share in consequence of the death or bankruptcy of a Shareholder or other
operation of law shall, upon such evidence being produced as may from time to time be lawfully
required by the ACD as to his entitlement and upon supplying also an address for the service of
notices, be entitled to have served upon or delivered to him at such address any notice or document
to which the Shareholder but for his death, bankruptcy or other event giving rise to the
transmission would have been entitled, and service or delivery of such notice or document in such
way shall be deemed good service on all persons interested (whether jointly with or claiming
through or under him) in the Share. Save as aforesaid any notice or document delivered or sent
by post to or left at the address of any Shareholder in accordance with the COLL Sourcebook
shall, notwithstanding the death or bankruptcy of such Shareholder or other operation of law and
whether or not the Company has notice of such state of affairs, be deemed to have been duly
served or delivered in respect of any Share registered in the name of such Shareholder as sole or joint holder.
39.4 In the case of joint Shareholders, service of a notice or document on any one is effective service
on the other joint Shareholders.
39.5 If at any time by reason of the suspension or curtailment of postal services within the United
Kingdom or any other country or territory, the Company is unable effectively to convene a general
meeting, Fund meeting or Class meeting by notices sent through the post, such a
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