Other Procedures. (a) The Investment Adviser must keep accurate records of the quotations it receives from other dealers, as well as any other information it deems necessary to demonstrate compliance with the above conditions. (b) A quarterly report of all sales of Debt Securities made by an Affiliated Person must be made to the Board of Directors of the Fund. This report must include a written record of each transaction, prepared by the Investment Adviser and containing the information required by paragraph 2(b) and any other information concerning such transaction deemed relevant by the Investment Adviser or requested by the Board or the Compliance Officer. (c) The Board, including a majority of the Independent Fund Directors, will review at each quarterly meeting the Fund’s sales of Debt Securities described in the above report in order to determine that they comply with the above procedures.
Appears in 12 contracts
Samples: Dealer Agreement (Tax-Free High Grade Portfolio Target Maturity Fund for Puerto Rico Residents, Inc.), Dealer Agreement (Tax-Free Fixed Income Fund for Puerto Rico Residents, Inc.), Dealer Agreement (Tax-Free Fixed Income Fund IV for Puerto Rico Residents, Inc.)
