CmaBylaw
Executive Bylaws
11-78 Of Module Eleven: Dealing in Securities
Section: Chapter Eleven: Sukuk Regulations
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Tuesday, 14 February 2017
The subject of and grounds for the obligations of the Trust Document shall be totally valid and defined in accordance with the purposes of issue. In the event that a Trust Document is established in contradiction with the provisions of this chapter, the Issuer, Obligor or Originator (as per each case individually) shall take all the necessary actions for establishing a valid Trust Document that contains these provisions, provided that it conforms to the agreements referred to in respect of the invalid Trust Document and grants the same level of protection of Sukukholders. In the event that it is found difficult to create a valid Trust Document, the Issuer, Obligor or Originator (as per each case individually) shall be liable for indemnifying Sukukholders for any losses that may result from failure to create a valid Trust Document based on the conditions stated in this Module.
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