The beneficiary rights of a trust shall be equally divided according to the total number of beneficiary units. The number of beneficiary units represented by each beneficiary certificate shall be as stated on the beneficiary certificate.
A beneficiary may exercise the rights associated with a beneficiary certificate in accordance with the terms and conditions stated on the certificate itself and based on the number of beneficiary units held. The same beneficiary rights shall inhere in any further issues from the fund.

After the date of issuance of certificates of beneficial interest, a SITE shall duly produce and deliver to subscribers certificates of beneficial interest [for subsequent issues] within seven business days from the date upon which the custodian institution has received the full amount of the subscription price.
The term "date of issuance of certificates of beneficial interest" used in the preceding paragraph refers to the date on which the production and initial delivery of certificates of beneficial interest has been completed by a SITE.

Certificates of beneficial interest shall be in bearer form.
Physical certificates need not be printed for an issue of certificates of beneficial interest, which may be delivered by book entry-transfer.
Rules governing the handling of certificates of beneficial interest shall be drafted by the Trust Association and submitted to the FSC for approval.

Where certificates of beneficial interest are held jointly by more than one person, one of the joint owners shall be selected to exercise the associated rights.
When the government or a juristic person is a beneficiary, a natural person shall be chosen as a representative for the exercise of associated rights.

Certificates of beneficial interest are freely transferable except where otherwise prohibited by law or regulation.
The transfer of a beneficiary certificate is accomplished through endorsement and delivery by the original beneficiary, who shall inscribe the full name or title of the transferee on the certificate.
Where the name or title and the domicile or residence of the transferee referred to in the preceding paragraph is not listed in the SITE's register of beneficiaries, parties to the transfer shall have no recourse against the SITE.
Transfer of a beneficiary certificate by the book-entry or registration method shall take place in accordance with the Regulations Governing Book-Entry Operations for Centrally Deposited Securities.

Except where no physical certificates are printed, certificates of beneficial interest shall be produced by the SITE in a form prescribed by the FSC and bearing the required information, and issued following their signing by the custodian institution.
The certificates of beneficial interest referred to in the preceding paragraph shall be given serial numbers and shall bear the following information:
1.The fund's name, the total number of beneficiary units, the date of issuance, the period of duration, and whether there may be subsequent issues.
2.The name and address of the SITE and the custodian institution.
3.The name or title of the beneficiary.
4.The number of beneficiary units represented by the particular beneficiary certificate.
5.The method by which the price of subscription to each beneficiary certificate was calculated and the associated fee.
6.The method of calculation of the management fees or custodial fees of the SITE and the custodian institution, and the payment schedules and methods.
7.The procedures for redemption of certificates of beneficial interest and the applicable times and locations; the method of calculation of the redemption price and associated fees; and the time and method of payment of the redemption price by the SITE.
8.The method for calculation and announcement of the net asset value per beneficiary unit.
9.Where there are restrictions on potential transferees of certificates of beneficial interest, the terms of the restrictions and their effect.
10.Other information that shall be specified in accordance with FSC regulations.
For a trust enterprise that concurrently operates securities investment trust business, has obtained FSC approval for custody of fund assets, and has established a trust supervisor, the name and address of the trust supervisor shall be listed under subparagraph 2 of the preceding paragraph.
Except where no physical certificates are issued, certificates of beneficial interest shall be certified; the provisions of the Regulations Governing Certification of Corporate Stock and Bond Issues by Public Companies shall apply to their certification mutatis mutandis.