Indigenisation and Economic Empowerment Act updated May 2011 SECOND SCHEDULE (Section 13(2)(b) RULES OF UNIT TRUST ACCOUNT OF FUND PART 1 DEFINITIONS 1. In this Schedule, unless inconsistent with the context, the following words shall have the meanings stated below. 1.1 “Accounting date” means in each year the 31st day of December, or, in the case of the final accounting period, the date on which the moneys required for the distribution account are transferred to the distribution account; 1.2 “Accounting period” means a period commencing from the end of the last or final accounting period (as the case may require) and ending on an accounting date. 1.3 “The auditors” means a qualified accountant or firm of qualified accountants appointed by the chief executive officer with the approval of the Board; 1.4 “Authorised Investment” means any investment for the time being authorised by law and which the chief executive officer or the managers, with the approval of the Board, may select for the purpose of investment of the deposited property; 1.5 “Certificate” means a certificate issued by the Board to a unit holder in terms of this Schedule; 1.6 “Conversion offer” means any offer to exchange units or sub-units of another trust for units of the Unit Trust Account; 1.7 “Deal note” means the form of receipt which shall be issued by the managers to the purchasers of units on the purchase of such units and to the sellers of units on the sale of such units; 1.8 “Dealing day” means the day of each week on which managers deal with applications for units, and on which they will redeem units, being any business day excluding Saturdays; 1.9 “Deposited property” means all the assets for the time being held on deemed to be held in trust in terms of this Schedule excluding any amount for the time being standing to the credit of the distribution account, to be constituted as provided in Part 8. 1.10 “Distribution account” means the distribution account referred to in paragraph 40.2; and “distribution statement” means the distribution statement referred to in paragraph 40.1 1.11 “Equalisation payment” means ⎯ 1.11.1 as regards a unit issued by the Board, the sum deemed by the managers, after consulting the Auditors, to represent amounts included in the issue price of such unit for income of the Unit Trust Account accrued up to the close of business on the grouping date; 1.11.2 as regards a unit surrendered for value and subsequently re-sold, a sum equivalent to the equalisation payment which would relate to a unit sold by the Board on the same date; - 20 -