(1) Any 2 or more persons, associated for any lawful purpose, may prepare or cause to be prepared an instrument to be known as an instrument of incorporation in respect of a proposed ICAV.
(2) Following the instrument’s preparation, the persons referred to in subsection (1) shall subscribe their names to the instrument of incorporation.
(3) The instrument of incorporation shall provide that -
(a) the sole object of the ICAV -
(i) shall, subject to subparagraph (ii), be the collective investment of its funds in property and giving members the benefit of the results of the management of its funds, or
(ii) shall, in the case of an ICAV authorised under the UCITS Regulations, be as set out in Regulation 4(3)(a) of those Regulations,
(b) the actual value of the paid-up share capital of the ICAV shall be at all times equal to the value of the assets of the ICAV after deduction of its liabilities,
(c) the shares of the ICAV shall, at the request of any of the shareholders, be purchased by t
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