Subscription and Redemption of Shares Sample Clauses
The 'Subscription and Redemption of Shares' clause defines the procedures and conditions under which investors can purchase (subscribe to) or sell back (redeem) shares in a fund or company. It typically outlines the process for submitting requests, any minimum investment or redemption amounts, notice periods, and applicable fees or restrictions. This clause ensures that both the entity and its investors have a clear understanding of how shares can be acquired or exited, thereby providing transparency and predictability in managing ownership interests.
Subscription and Redemption of Shares. (a) Whenever the Trust shall sell any Shares, the Trust shall deliver or cause to be delivered to the Custodian an Instruction specifying the name of the Portfolio whose Shares were sold and the amount to be received by the Custodian for the sale of such Shares.
(b) Upon receipt of such amount from the Transfer Agent or its designee, the Custodian shall credit such money to the separate account of the Portfolio specified in the Instruction described in paragraph (a) above.
(c) Upon issuance of any Shares in accordance with the foregoing provisions of this Section 12, the Custodian shall pay all original issue or other taxes required to be paid in connection with such issuance upon the receipt of an Instruction specifying the amount to be paid.
(d) Except as provided hereafter, whenever any Shares are redeemed, the Trust shall deliver or cause to be delivered to the Custodian an Instruction specifying the name of the Portfolio whose Shares were redeemed and the total amount to be paid for the Shares redeemed.
(e) Upon receipt of an Instruction described in paragraph (d) above, the Custodian shall pay to the Transfer Agent (or such other person as the Transfer Agent directs) the total amount specified in such Instruction. Such payment shall be made from the separate account of the Portfolio specified in such Instruction.
Subscription and Redemption of Shares