38. (1) An ICAV may issue shares and debentures according to its instrument of incorporation, its prospectus, Bank regulations and conditions imposed under section 27.

(2) An ICAV may issue shares as fully paid up, or subscribed and partly paid up, in such manner as may be provided by its instrument of incorporation and in accordance with its prospectus, Bank regulations and conditions imposed under section 27.

(3) An ICAV may issue more than one class of shares, and may create more than one sub- fund, in accordance with its instrument of incorporation, its prospectus, Bank regulations and conditions imposed under section 27.

(4) The assets of an ICAV shall belong exclusively to the ICAV and no shareholder has any interest in the assets of the ICAV.

(5) The rights which attach to each share of an ICAV of any given class are the following:

(a) the right, in accordance with the instrument of incorporation of the ICAV, to participate in or receive profits or income arising from the acquisition, holding, management or disposal of assets of the ICAV;

(b) the right, in accordance with the instrument of incorporation of the ICAV, to vote at any general meeting of the ICAV or at any meeting of shareholders of that class of shares;

(c) such other rights as may be provided for in the instrument of incorporation of the ICAV in relation to shares of that class, subject to Bank regulations and conditions imposed under section 27.

(6) In respect of any class of shares, the rights referred to in subsection (5) may, if the instrument of incorporation of the ICAV so provides, be expressed in one or more denominations.