Common use of Fund board Clause in Contracts

Fund board. The Fund is governed by a Fund Board appointed by the Fund Manager and approved by the Authority. The Fund Board comprises two independent directors and three officers nominated by the Fund Manager. The Fund board’s responsibilities shall include the following, without being limited to: 1. Approve all material contracts involving the Fund; 2. Oversee and, where appropriate, ratify any conflicts of interest identified by the Fund Manager in accordance with Investment Fund Regulations; 3. Meet at least twice annually with the Fund Manager’s compliance officer and anti-money laundering officer and oversee the fund manager’s compliance with all applicable laws and regulations; 4. Approve any recommendations made by the liquidator if appointed; 5. Confirm the completeness and accuracy, and compliance of the terms and conditions with the Regulations; 6. Ensure that the Fund Manager carries out his obligations in the best interests of the unit holders, in accordance with the terms and conditions and the Regulations; 7. Act as a fiduciary for the benefit of the Fund and its unit holders. Directors of the Fund Board are appointed initially for a two-year term and are remunerated for their services. Their total annual remuneration does not exceed 0.1% of average assets of the Fund.

Fund board. The Fund is governed by a Fund Board appointed by the Fund Manager and approved by the Authority. The Fund Board comprises two independent directors and three four officers nominated by the Fund Manager. The Fund board’s responsibilities shall include the following, without being limited to: 1. Approve all material contracts involving the Fund; 2. Oversee and, where appropriate, ratify any conflicts of interest identified by the Fund Manager in accordance with Investment Fund Regulations; 3. Meet at least twice annually with the Fund Manager’s compliance officer and anti-money laundering officer and oversee the fund manager’s compliance with all applicable laws and regulations; 4. Approve any recommendations made by the liquidator in if appointed; 5. Confirm the completeness and accuracy, and compliance of the terms and conditions with the Regulations; 6. Ensure that the Fund Manager carries out his obligations in the best interests of the unit holders, in accordance with the terms and conditions and the Regulations; 7. Act as a fiduciary for the benefit of the Fund and its unit holders. Directors of the Fund Board are appointed initially for a two-year term and are remunerated for their services. Their total annual remuneration does not exceed 0.1% of average assets of the Fund.