The registered office of the Fund is located at the office of Montaque Securities International, Saffrey Square, First Floor, Bay Street and Bank Lane , Nassau, The Bahamas. The authorized share capital is $101,000 consisting of Ten Million non-voting shares (designated Class A) of no par value and initially offered at $1.00 each, and One Thousand voting shares (designated Class B) at $1 par value. At the initial public offering of Class A shares, the shares were offered at $1 per share. The value of shares thereafter is based on the monthly calculation of the Net Asset Valuation as described hereafter under `General Procedures'. The Class B shares are Management Shares which have been subscribed by and issued to Montaque Securities International for the sole purpose of implementing management and investment decisions. No benefit or interest in the assets of the Fund will accrue to these Management Shares.
It is intended that no commission shall be payable in respect of subscriptions for Class A shares.
Share certificates will not be issued. The Register of Shareholders maintained by MSI will represent legal title of the shareholder to the number of shares assigned to his/her name in such Register. Registration of ownership of all shares will be further acknowledged by the Fund Manager in the prescribed manner upon acceptance of the subscription form.
All income of the Fund is attributable to the shareholders in proportion to their respective interest in the Fund, less any applicable fees or charges as outlined below. The Fund has no intention to pay dividends but will allow assets to accumulate for the benefit of the shareholders.
Ultimate responsibility for the Fund rests with a Board of Directors. The Directors serve without remuneration, and no payments of any kind have been made to the Directors to induce them to become Directors. MSI reserves the right to appoint Directors in addition to the following persons who currently serve in that capacity:
- Mr. Owen S-M. Bethel - President, Montaque Securities International, Ltd.
- Mr. Larry R. Gibson - President , First Bahamas Capital Ltd.
- Mr. Peter T. Higgs - Partner, Higgs & Johnson, Counsel & Attorneys-at-Law
- Mr. Anthony Inder Rieden - Managing Director, MeesPierson Fund Services (Bahamas) Limited
- Mr. Harold Longley - Chief Executive Officer, Workers Bank
- Mr. G. Andre White - Consultant/Financial Analyst
The Directors of the Fund have appointed an Advisory Board to assist in the proper execution of the objectives of the fund. However, no member of the Advisory Board may be held accountable to the shareholders for advice given. The members of the Advisory Board are as follows:
- Ms. Judy V. C. Munore - Managing Director, Caribbean Bottling Company
- Mr. Macgregor N. Robertson - Managing Partner, Deloitte & Touche
- Mr. Hugh G. Sands - Chairman, Bank of The Bahamas
In the event of liquidation of the Fund, each holder of Class A shares will participate in the distribution of the net assets of the Fund pro rata on the basis of the number of shares held in the Fund.
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