> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/fund-governance/unit-issuance-redemption-and-transfer.md).

# Unit Issuance, Redemption & Transfer

#### General

Investors subscribe for fully paid-up Units — either Fund Units (general estate) or SubFund Units (specific SubFund). Units represent a co-ownership participation in the relevant assets. The aggregate liability of a Unitholder cannot exceed the NAV per Unit held.

#### Classes

The Management Company may issue SubFund Units of different classes, with different rights and obligations. Some classes may be restricted to certain groups of investors (e.g., investors in a particular jurisdiction) to conform to local law, customs, or fiscal requirements.

#### Form

Units are issued in registered form only. The entry into the register of Unitholders is conclusive evidence of ownership. Certificates are issued only upon request and at the Management Company's discretion. All Fund Units and all SubFund Units per SubFund must be held by a single legal person — no second holder is registered.

#### Transfer

Transfer of Units is effected by a written declaration entered in the register of Unitholders, executed by transferor and transferee (or persons with suitable powers of attorney). The Management Company may decline to register any transfer if, in its opinion, the transfer would be unlawful or would result in adverse regulatory, tax, or fiscal consequences to the Fund or its Unitholders.

#### Redemption

Fund Units are redeemed on the date of liquidation of the Fund. Fund Units cannot be redeemed while any SubFund Units or Notes are outstanding.

SubFund Units may be redeemed in accordance with the conditions set out in the relevant Specific Management Regulations.

#### Voting and governance

Unless expressly provided by the Specific Management Regulations, no general meetings of Unitholders are held and no voting rights are attached to Units. Unitholders may not request the liquidation or sharing-out of the Fund or any SubFund. The death, incapacity, failure, or insolvency of a Unitholder has no effect on the existence of the Fund.

#### Upfront Fee

Upon issuance of Units, the Management Company may increase the issue price by an Upfront Fee, up to the percentage defined in the Specific Management Regulations of each SubFund.

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