Older Persons Act, 2006
R 385
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part IV : Collective Investment Schemes in Securities41. Restrictions on administration of collective investment scheme in securities |
| (1) | No person other than a company which has been registered as a manager under section 42 and its authorised agent may administer any collective investment scheme in securities. |
| (2) | Only a company which— |
| (a) | is a company under the Companies Act; and |
[Subsection (2)(a) amended by section 221(a) of Act No. 45 of 2013]
| (b) | has capital and reserves as determined in terms of section 88 available for employment in its collective investment scheme, |
| (c) | may be or may remain registered as a manager under section 42. |
| (3) | A person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment. |
[Subsection 3 amended by section 221(b) of Act No. 45 of 2013]
