20. The following new heading and new section are here by inserted immediately after section 64 of the principal enactment and shall have effect as heading " BB Unit Trusts * and section 64A respectively of the
principal enactment"
| 64.A.
| | (1)For the purposes of this Act, every unit trust and every mutual fund shall be deemed to be a company resident in Sri Lanka and accordingly the provisions of this Act relating to companies resident in Sri Lanka shall, mutatis mutandis, apply to every unit trust and every mutual fund. | | |
| | (2) Without prejudice to the generality of the provisions of subsection (1)"
| | | (a) a " unit'' in any unit trust or a mutual fund shall be deemed to be a " share " in that company; |
| (b) a unit holder in any unit trust or mutual fund shall be deemed to be a shareholder in that company; |
| (c) the profits and income derived by, or arose or accrued to the benefit of, the trustee of any unit trust or the custodian of any mutual fund from any property subject to that unit trust or mutual fund or from any trade or business carried on by such trustee or such custodian for, or on behalf of, that unit trust or mutual fund shall be deemed to be the profits and income of that company; |
| (d) any distribution, in tiny manner whatsoever, of the profits or income of any unit trust or mutual fund to its unit holders shall be deemed to be a dividend distributed to the shareholders of that company ; and |
| (e) the paid up value of any unit in any unit trust or mutual fund shall be deemed to be the paid up value of any share in that company. |
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| | (3) Any sum appropriated or paid by way of remuneration to the manager or the trustee of any unit trust or to the manager or custodian of any mutual fund out of the funds of that unit trust or mutual fund shall, for the purposes of section 23 be deemed to be outgoings and expenses incurred by that company in the production of its income. | | |
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Sri Lanka Consolidated Acts