In a unit trust where the terms of issue provide that units 'shall be redeemed' on a specified date by payment in cash, the trustee's obligation to pay the redemption amount arises automatically on that date without any further act (such as appropriation of funds or register entries), and the unitholders acquire an absolute right to payment. The money representing the redemption amount is excluded from the trust's assets as 'proceeds from withdrawals which have not yet been paid', and the unitholders retain a beneficial interest in that sum under the existing trust — they are not transmuted into mere creditors. An information memorandum provided only to one class of unitholders cannot be used to construe the terms of issue of another class.
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