Mutual fund trust deeds must mandate trustee duties, independent-quorum meetings, unitholder approval for amendments, and ban encumbering liabilities.

Trust deeds must require trustees to comply with the Regulations, state trusteeship fees, maintain at least four trustees with Board-approved removals, and require Board and generally unitholder approval for amendments while setting the procedure for unitholder approval. Deeds must mandate quorum including one independent trustee, quarterly meetings (minimum four per year), confirm unitholders' beneficial interests by holding, reproduce trustees' duties over custody and supervision of scheme property and income, require disclosure of trustees' interests, impose arms-length and abstention obligations, and forbid asset acquisitions that create unlimited liability or encumbrances and the making or guaranteeing of loans contrary to the Regulations.

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