Regulations Governing Securities Investment Trust Funds Article 80

When a securities investment trust agreement terminates, liquidators shall complete liquidation of the fund within three months of the date on which the FSC approves its liquidation. Liquidators shall make proportional distributions to beneficiaries of the remainder after liquidation, based on the number of beneficiary units held, provided that when for legitimate reasons liquidation cannot be completed within three months, application may be made to the FSC, prior to the lapse of the first three-month period, for a one-time extension of not more than three additional months.Liquidators shall announce and report to the FSC the methods of liquidation and distribution referred to in the preceding paragraph and notify beneficiaries of the same.Within two months of the conclusion of liquidation proceedings, the results shall be filed for recordation with the FSC and notice of same provided to beneficiaries.