ACST definition
Examples of ACST in a sentence
The Acquiring Fund assumed all of the liabilities of the Target Fund and ACST issued Class A, Class B, Class C and Class Y shares of the Acquiring Fund to the Target Fund's Class A, Class B, Class C and Class Y shareholders, respectively.
A trustee of ACST may be removed at any time by a written instrument signed by at least two-thirds of the trustees or by vote of two-thirds of the outstanding shares of ACST.
ACST, like IMSFI, will operate as an open-end management investment company registered with the SEC under the 1940 Act.
Copies of the IMSFI Articles of Incorporation and IMSFI Bylaws, and of the ACST Declaration and ACST Bylaws are available to shareholders without charge upon written request to IMSFI.
SHARES OF ACST The beneficial interests in the New Fund will be represented by transferable shares, par value $0.01 per share.
In particular, ACST will have greater flexibility to conduct business without the necessity of engaging in expensive proxy solicitations to shareholders.
In the case of any vacancy on the Board of Trustees of ACST (the "ACST Board"), a majority of the trustees may appoint a successor to fill such vacancy.
ACST will be governed primarily by the terms of the ACST Declaration.
The responsibilities, powers, and fiduciary duties of the trustees of ACST are substantially the same as those of the directors of IMSFI.
Given the nature of the assets and operations of ACST, the possibility of ACST being unable to meet its obligations is considered remote, and even if a claim were brought against ACST and a court determined that shareholders were personally liable, it would likely not impose a material obligation on a shareholder.