21. Unit schemes.
For the purpose of providing facilities for participation in the income, profits and gains arising out of the acquisition, holding, management or disposal of securities by the Trust, the Board 4[ may make one or more 5[ unit schemes, including one or more unit schemes for issuing units to persons resident outside India in such foreign currencies, as the Trust may deem fit."]
Subject to the provisions of this Act, and the regulations made under section 43, a scheme made under sub- section (1) may provide for-
5[ the issue of units and the face value of each unit; Provided that the face value of each unit shall, where such value is in Indian currency, be not less than ten rupees or more than one hundred rupees and where such value is in any foreign currency, be in multiples of ten;]
the form and manner in which an application may be made for the purchase of a unit from the Trust;
the manner in which payment may be made for purchasing a unit from the Trust;
the issue of unit certificates and the form and manner in which such certificates may be issued;
the issue of duplicate of any unit certificate in the event of loss or destruction of the original and the fee on the payment of which such duplicate may be issued;
the procedure for determining the value at which the units may be sold or purchased, from time to time, by the Trust;
the recognition of persons as unit holders;
1[ the application for, and the holding of, or dealing with, units by any parent of a minor;]
the persons to whom, the time at which and the manner in which any payments in respect of a unit shall be made by the Trust;
the preparation and maintenance of a register, if any, of unit holders;
the conditions, if any, subject to which a unit holder may transfer the unit;
any other matter which the Trust may consider to be necessary or proper for the effective implementation of the scheme.
1[ Where any parent of a minor holds, deals with or makes any application for the purchase of a unit on behalf of the minor, the provisions of the scheme, in pursuance of which the unit had been issued, shall be binding on the minor.
Where the payment of any sum becomes due on, or in respect of, any unit held on behalf of a minor, such payment shall, subject to the provisions of the scheme, be made to the parent by whom the purchase of such unit was applied for or by whom such
unit was acquired, as the case may be, and such parent shall be entitled to receive such payment for and on behalf of the minor; and in the event of the death of the said parent, such payment shall be made to the lawful guardian of the minor. Explanation.-- References in this section to" parent" shall be construed as including references to step- parent.]
The Board may, from time to time, add to or otherwise amend 1[ any scheme] made under sub- section (1).
2[ Every scheme] made under sub- section (1) and every amendment thereof under sub- section (3) shall be notified in the Official Gazette. CHAP ALLOCATION AND DISTRIBUTION OF INCOME AND RESERVE FUNDS 3[ CHAPTER V ALLOCATION AND DISTRIBUTION OF INCOME AND RESERVE FUNDS