21Register of units etc.

#### 21 Register of units etc. (1) This clause sets out policy objectives for the DSAP scheme. Register (2) The first objective is that the DAA is to keep a register in which the DAA includes particulars of units. Registration of ownership (3) The second objective is that an entity’s ownership of a unit is not to be counted for the purposes of the scheme unless that ownership is entered on the register. (4) The third objective is that the transfer of the ownership of a unit is not to be registered unless: (a) the transferee is an eligible entity; or (b) the transferee gives the DAA a written undertaking to assign the unit to an eligible entity within 60 days after the transfer is registered. > Note: For enforcement of the undertaking, see clause 52. Registration of charges (5) The fourth objective is that the scheme may provide for the registration of charges over units. Inspection of register (6) The fifth objective is that an entry on the register relating to a unit is to be open for inspection in the following circumstances: (a) the owner of the unit consents to the entry being open for inspection; (b) such circumstances as are set out in the scheme. Form of register (7) The sixth objective is that the DAA may keep the register in electronic form or otherwise. No declaration of trust in respect of unit (8) The seventh objective is that: (a) the owner of a unit must not dispose of a unit by way of declaration of trust; and (b) if a purported disposal contravenes the rule in paragraph (a), it is of no effect. Beneficial interest in unit must not be transferred independently of legal interest (9) The eighth objective is that: (a) a beneficial interest in a unit must not be transferred independently of the legal interest in the unit; and (b) if a purported transfer contravenes the rule in paragraph (a), it is of no effect. Definition (10) In this clause: > eligible entity means an entity included in a class of entities declared by the DSAP scheme to be entities who are eligible to become transferees of units.