I.   Introductory provisions

A Fund, from the Latin word “fundus” is the ancient Roman term used for an estate.

Similar to trusts which form an estate, a Fund could be created by inheritance or living grant. An inherited Fund, or “inheritance” was called a Heredium.

The word Fund (fundus) fell into disuse after the collapse of the Roman Empire.

In the 13th Century CE, the word fund was re - introduced effectively as a “merchant estate” of a member of a private guild – hence the definition “a merchant’s basic stock or capital”.

By the 18th Century CE, the word “fund” was further modified to define “an asset or group of assets of an estate, set aside then usually capitalized (securitized) in the form of bonds, stocks or other securities bearing interest for a specific purpose”.