The Legal Nature of the Unit Trust

This book provides a conceptual analysis of the unit trust. The author examines such topics as the nature of the unit trust, the interaction of unit holders, the manager's legal position, and the trustee and manager relationship.

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This is the first book to examine in depth the doctrinal character of the unit trust. The author begins by tracing the history of the unit trust as a sub-set of the trust and the company. He goes on to examine a whole range of related topics, including the contractual ingredient of the unit trust and its implications on doctrines of perpetuities, important case law such as the case of Saunder v Vautier, frustration, and remedies. This is followed by an analysis of the unit trust's relationships, obligations, and rights aspects -- including the associative, agency and fiduciary character of the relationships; the 'split of trusteeship' between the trustee and the manager (in the form of directory, veto, delegation, and advisory powers); and the nature of the unit trust. The relevant provisions of the Financial Services Act 1986 and its subsidiary legislation are also analysed. Clearly this book will be invaluable to all those who require a better understanding of the unit trust.