37NRegister of units etc.

#### 37N Register of units etc. Register (1) It is a policy objective that the DAA is to include particulars of units in payment rights under the SDA scheme on the register referred to in clause 21. Registration of ownership (2) It is a policy objective that an entity’s ownership of a unit is not to be counted for the purposes of the SDA scheme unless that ownership is entered on the register. (3) It is a policy objective 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 (4) It is a policy objective that the SDA scheme may provide for the registration of charges over units. Inspection of register (5) It is a policy objective 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 SDA scheme. No declaration of trust in respect of unit (6) It is a policy objective 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 (7) It is a policy objective 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 (8) In this clause: > eligible entity means an entity included in a class of entities declared by the SDA scheme to be entities who are eligible to become transferees of units.