Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 8: Special provisions / Part 1 - Common fund / [47] Joint unitholders of the common fund.

47. Joint unitholders of the common fund.

(1)(a) Where the holders of the units of the common fund are more than one natural person (“joint unitholders”), each of them, as joint unitholder, may use the units of the common share partially or in total, without the collaboration of the others joint unitholders.

(b) The ways joint units are used shall be specified at the opening of a joint unitholders’ share account (μερίδα), by all the joint unitholders or by the joint unitholder who submitted the subscription application in the common fund and paid the consideration for the acquired units.

(c) In the case of redemption of units after the unitholder’s request, which may use the units without the collaboration of the other unitholders, the external manager of the common fund and the depositary shall not be liable to pay any amount to the other joint unitholders related to the value of the redeemed units, in accordance with paragraph (a).

(2) At the opening of the joint account of the joint unitholders in accordance with section (1), may be defined that in case of death of any of the unitholders, his units shall be automatically transferred to the rest of the joint unitholders of the account, to the last of them:

It is provided that, no inheritance tax or any other charges are due from the transfer of the units to the rest of the living joint unitholders.

(3) To add a new beneficiary on a common fund unit, the written consent of the external manager of the common fund and of all the joint unitholders of the account is required, while the removal of an existing joint unitholder requires his express written consent:

It is provided that, the information regarding the new unitholder shall be included in the Unitholders’ Register and the information regarding the unitholder which ceased to be a joint unitholder shall be deleted.

(4) In the case of application of section (1), a confirmation of participation per account is issued regarding the joint unitholders’ units in accordance with the provisions of article 48, which shall include the names of all joint unitholders.