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Questions and Answers
What must be done with a collectable or personal use asset within seven days of the fund acquiring it?
What must be done with a collectable or personal use asset within seven days of the fund acquiring it?
- Documented in the minutes of a meeting of trustees
- Transferred to a related party
- Insured in the fund's name (correct)
- Stored or displayed in a private residence of a related party
Which of the following is not allowed for collectables and personal use assets?
Which of the following is not allowed for collectables and personal use assets?
- Used by a related party
- Leased to a related party
- Stored or displayed in a private residence of a related party
- Transferred to a related party at market price (correct)
Which of the following is a requirement for investing in collectables and personal use assets?
Which of the following is a requirement for investing in collectables and personal use assets?
- Must be stored or displayed in a private residence of a related party
- Must be documented in the minutes of a meeting of trustees
- Must comply with all other relevant investment restrictions (correct)
- Must be insured in the fund's name
