ABRDN PRIVATE EQUITY OPPORTUNITIES TRUST PLC ARTICLES OF ASSOCIATION
of
ABRDN PRIVATE EQUITY OPPORTUNITIES TRUST PLC
(Incorporated in Scotland on 9 March 2001 with registered number SC216638)
(Adopted by special resolution passed on 27 March 2024)
CONTENTS
PRELIMINARY .................................................................................................................. 1
1. Exclusion of model articles and unrestricted objects ...................................... 1
2. Definitions .............................................................................................................. 1
3. Liability of members ............................................................................................. 8
NAME ................................................................................................................................... 8
4.
Change of name ...................................................................................................... 8
SHARE CAPITAL .............................................................................................................. 9
5. Issue of shares ......................................................................................................... 9
6. Rights attached to shares ...................................................................................... 9
7. Redeemable shares ................................................................................................ 9
8. Variation of rights .................................................................................................. 10
9. Pari passu issues ..................................................................................................... 10
10. Payment of commission ........................................................................................ 10
11. Trusts not recognised ............................................................................................ 10
12. Suspension of rights where non-disclosure of interest .................................. 11
13. Uncertificated shares ............................................................................................. 13
14. Right to share certificates ..................................................................................... 15
15. Replacement of share certificates ....................................................................... 15
16. Execution of share certificates ............................................................................. 16
LIEN
17. Company's lien on shares not fully paid .......................................................... 16
18. Enforcing lien by sale ............................................................................................ 16
19. Application of proceeds of sale ........................................................................... 17
CALLS ON SHARES ......................................................................................................... 17
20.
Calls .......................................................................................................................... 17
21. Payment on calls ..................................................................................................... 17
22. Liability of joint holders ....................................................................................... 17
23. Interest due on non-payment ............................................................................... 17
24. Sums due on allotment treated as calls .............................................................. 18
25. Power to differentiate ............................................................................................ 18
26. Payment of calls in advance ................................................................................. 18
FORFEITURE AND SURRENDER OF SHARES ........................................................ 18
27. Notice to pay unpaid calls and forfeiture .......................................................... 18
28. Notice of forfeiture ................................................................................................ 19
29. Forfeited shares to be the property of the Company ...................................... 19
30. Board may annul forfeiture .................................................................................. 20
31. Forfeiture not to extinguish liability to pay ...................................................... 20
32. Statutory declaration as to forfeiture ................................................................. 20
TRANSFER OF SHARES ................................................................................................. 20
33. Transfer .................................................................................................................... 20
34. Rights to decline registration of partly paid shares ........................................ 21
35. Other rights to decline registration .................................................................... 21
36. Notice of refusal ..................................................................................................... 22
37. No fee for registration ........................................................................................... 22
38. Untraced shareholders .......................................................................................... 22
TRANSMISSION OF SHARES ...................................................................................... 24
39. Transmission on death .......................................................................................... 24
40. Entry of transmission in register ......................................................................... 24
41. Election of person entitled by transmission ..................................................... 24
42. Rights of person entitled by transmission ........................................................ 24
ALTERATION OF SHARE CAPITAL ........................................................................... 25
43. Fractions ................................................................................................................... 25
44. Reduction of capital ............................................................................................... 25
45. Purchase of own shares ......................................................................................... 25
GENERAL MEETINGS .................................................................................................... 25
46. Convening and participating in general meetings .......................................... 25
47. Electronic meetings ................................................................................................ 27
48. General meeting held at more than one physical location ............................ 27
NOTICE OF GENERAL MEETINGS ............................................................................. 29
49. Length of notice ...................................................................................................... 29
50. Omission or non-receipt of notice ...................................................................... 30
51. Postponement of general meetings .................................................................... 30
PROCEEDINGS AT GENERAL MEETINGS .............................................................. 31
52. Quorum .................................................................................................................... 31
53. Procedure if quorum not present ........................................................................ 31
54. Accommodation of members, security arrangements and
orderly conduct ....................................................................................................... 31
55. Chairman of general meeting .............................................................................. 32
56. Entitlement to attend, speak and participate .................................................... 33
57. Adjournments ......................................................................................................... 33
58. Notice of adjournment .......................................................................................... 34
AMENDMENTS ................................................................................................................ 34
59. Amendments to resolutions ................................................................................. 34
60. Amendments ruled out of order .......................................................................... 34
VOTING .............................................................................................................................. 34
61. Suspension of rights .............................................................................................. 34
62. Votes of members .................................................................................................. 34
63. Method of voting .................................................................................................... 36
64. Procedure if poll demanded ................................................................................. 37
65. When poll to be taken ........................................................................................... 37
66. Continuance of other business after poll demand .......................................... 37
67. Votes cast in advance ............................................................................................. 37
68. Votes on a poll ........................................................................................................ 37
69. Votes of joint holders ............................................................................................ 38
70. Voting on behalf of incapable member ............................................................. 38
71. No right to vote where sums overdue on shares .............................................. 38
72. Objections or errors in voting .............................................................................. 38
PROXIES .............................................................................................................................. 39
73. Appointment of proxies ........................................................................................ 39
74. Receipt of proxy appointments ........................................................................... 39
75. Duration of proxy appointment .......................................................................... 41
76. Cancellation of proxy's authority ........................................................................ 41
CORPORATIONS ACTING BY REPRESENTATIVES ............................................. 42
77.
Representatives of corporations .......................................................................... 42
CLASS MEETINGS ........................................................................................................... 42
78.
Separate general meetings .................................................................................... 42
APPOINTMENT, RETIREMENT AND REMOVAL OF
DIRECTORS ........................................................................................................... 42
79. Number of directors .............................................................................................. 42
80. Directors' shareholding qualification ................................................................ 42
81. Power of the Company to appoint directors ..................................................... 42
82. Power of the Board to appoint directors ............................................................ 42
83. Periodic retirement ................................................................................................ 43
84. Filling vacancies ..................................................................................................... 43
85. Procedure if insufficient directors appointed .................................................. 43
86. Power of removal by special resolution ............................................................ 44
87. Persons eligible as directors ................................................................................. 44
88. Position of retiring directors ................................................................................ 44
89. Vacation of office by directors ............................................................................ 44
90. Alternate directors ................................................................................................. 45
91. Executive directors ................................................................................................. 46
FEES, REMUNERATION, EXPENSES AND PENSIONS ......................................... 46
92. Directors' fees ......................................................................................................... 46
93. Fees distinct from other remuneration .............................................................. 47
94. Additional remuneration ...................................................................................... 47
95. Expenses ................................................................................................................... 47
96. Pensions and gratuities for directors .................................................................. 47
DIRECTORS' INTERESTS .............................................................................................. 48
97.
Permitted interests and voting ............................................................................ 48
POWERS AND DUTIES OF THE BOARD .................................................................. 52
98. General powers of the Company vested in the Board .................................... 52
99. Liability for loss of financial assets held in custody ...................................... 52
100. Borrowing powers .................................................................................................. 52
101. Agents ....................................................................................................................... 56
102. Delegation to individual directors ..................................................................... 56
103. Official seals ........................................................................................................... 57
104. Registers ................................................................................................................... 57
105. Provision for employees ....................................................................................... 57
PROCEEDINGS OF THE BOARD ................................................................................. 57
106. Board meetings ....................................................................................................... 57
107. Notice of board meetings ..................................................................................... 57
108. Quorum .................................................................................................................... 57
109. Directors below minimum through vacancies ................................................. 57
110. Appointment of chairman .................................................................................... 58
111. Competence of meetings ...................................................................................... 58
112. Voting ....................................................................................................................... 58
113. Delegation to committees ..................................................................................... 58
114. Participation in meetings ...................................................................................... 59
115. Resolution in writing ............................................................................................ 59
116. Validity of acts of the Board or a committee .................................................... 59
SECRETARY ....................................................................................................................... 59
117.
Appointment and removal of the secretary ...................................................... 60
SEALS ................................................................................................................................... 60
118.
Use of seals .............................................................................................................. 60
DIVIDENDS AND OTHER PAYMENTS ..................................................................... 60
119. Declaration of dividends by the Company ....................................................... 60
120. Payment of interim and fixed dividends by the Board .................................. 60
121. Calculation and currency of dividends .............................................................. 60
122. Amounts due on shares may be deducted from dividends ........................... 61
123. No interest on dividends ...................................................................................... 61
124. Payment procedure ................................................................................................ 61
125. Uncashed dividends .............................................................................................. 63
126. Forfeiture of unclaimed dividends ..................................................................... 63
127. Distribution of specific assets ............................................................................. 63
128. Scrip dividends ....................................................................................................... 64
RESERVES .......................................................................................................................... 66
129. Sums carried to reserves ....................................................................................... 66
130. Capital reserve ........................................................................................................ 66
CAPITALISATION OF PROFITS AND RESERVES ................................................. 68
131. Power to capitalise reserves and accounts ......................................................... 68
132. Settlement of difficulties in distribution .......................................................... 68
RECORD DATES ............................................................................................................... 68
133.
Power to choose any record date ......................................................................... 68
ACCOUNTING RECORDS ............................................................................................. 69
134. Records to be kept .................................................................................................. 69
135. Inspection of records ............................................................................................. 69
SUMMARY FINANCIAL STATEMENTS .................................................................... 69
136.
Summary financial statements ............................................................................ 69
AUDITORS ......................................................................................................................... 69
137. Validity of acts of Auditors .................................................................................. 69
138. Attendance at general meetings .......................................................................... 69
SERVICE OF NOTICES, DOCUMENTS AND OTHER
INFORMATION .................................................................................................... 69
139. Method of service ................................................................................................... 69
140. Record date for service .......................................................................................... 71
141. Members resident abroad or on branch registers ............................................ 71
142. Service on person entitled by transmission ...................................................... 72
143. Deemed delivery .................................................................................................... 72
144. Notice when post not available ........................................................................... 73
DESTRUCTION OF DOCUMENTS .............................................................................. 73
145.
Company may destroy old instruments of transfer and other documents ................................................................................................................ 73
WINDING UP ..................................................................................................................... 74
146.
Distribution of assets otherwise than in cash .................................................. 74
INDEMNITIES ................................................................................................................... 75
147.
Indemnities ............................................................................................................. 75
VALUATION OF THE COMPANY'S ASSETS ........................................................... 76
148.
Valuation of the Company's assets ..................................................................... 76
INVESTOR DISCLOSURES ........................................................................................... 76
149.
Investor disclosures ............................................................................................... 76
LIABILITY FOR LOSS OF FINANCIAL ASSETS HELD IN
CUSTODY ............................................................................................................... 77
150.
Liability for loss of financial assets held in custody ...................................... 77
OBLIGATION TO PROVIDE INFORMATION TO THE
COMPANY .............................................................................................................. 77
151.
Obligation to provide information to the Company ....................................... 77
THE COMPANIES ACT 2006 ________________________________
PUBLIC COMPANY LIMITED BY SHARES
________________________________
ARTICLES OF ASSOCIATION
of
ABRDN PRIVATE EQUITY OPPORTUNITIES TRUST PLC
(Registered Number SC216638)
(Incorporated in Scotland on 9 March 2001) (Adopted by special resolution passed on [] [] 20[])
____________________________
PRELIMINARY
1. Exclusion of model articles and unrestricted objects
1.1. The regulations contained in Table A in the Schedule to the Companies (Tables A to F) Regulations 1985 (and any amendment, re-enactment or substitution thereof from time to time including that made by the Companies (Tables A to F) (Amendment) Regulations 2007 and the Companies (Tables A to F) (Amendment No. 2) Regulations 2007) and the model articles contained in the Companies (Model Articles) Regulations 2008 (SI 2008 No. 3229) shall not apply to the Company except insofar as they are repeated or contained in these Articles.
1.2. In accordance with the 2006 Act, the Company's objects shall be unrestricted.
2. Definitions
In these Articles unless the context otherwise requires:-
"the 2006 Act"
means the Companies Act 2006 as amended and in force from time to time;
"address"
includes a number or address used for the purposes of sending or receiving documents or information by electronic means;
"AIFM Regulations"
means The Alternative Investment Fund Managers Regulations 2013 and all associated provisions of the FCA Handbook;
"these Articles"
means these articles of association as
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abrdn Private Equity Opportunities Trust plc published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 17:29:27 UTC.
