If you are part of a managed investment scheme, there is an exception to a rule that normally applies. This rule is found in section 241. You do not have to follow this rule when you redeem managed investment products if the price you get is based on the actual value of the scheme's assets.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091348.
254: Exceptions for schemes of arrangement approved under Companies Act 1993, or
"Companies rearranging under the Companies Act don't have to follow some financial rules when trading shares."
256: Exception for Reserve Bank, or
"The Reserve Bank doesn't have to follow some finance rules when it trades certain products."
Section 241 does not apply to the redemption of managed investment products in a managed investment scheme if the redemption price is calculated by reference to the underlying value of the assets of the scheme.
