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Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Part V : Collective Investment Schemes in Property

47. Definitions

 

(1) In this Part unless the context indicates otherwise—

 

"collective investment scheme in property"

includes a scheme the portfolio of which consists of property shares, immovable property, assets determined under subsection (2) or any investment permitted under section 49;

 

"fixed property company"

means a company all the issued shares of which are included in a portfolio, and the principal business of which consists in the acquisition and holding of—

(a) urban immovable property or any undivided share or interest therein or leasehold in respect thereof; and
(b) such other immovable property or any undivided share or interest therein or leasehold in respect thereof as the registrar may have approved;

 

"property shares"

means shares in and of—

(a) a fixed property company; or
(b) a holding company which has no subsidiaries other than fixed property companies which are wholly owned subsidiaries as referred to in section 3(1)(b) of the Companies Act; and

[Paragraph (b) amended by section 224 of Act No. 45 of 2013]

 

"urban immovable property"

means any piece of land registered as an erf, lot or stand in a deeds registry, including the office of the Rand Townships Registrar, which erf, lot or stand is situated in a township as defined in section 1 of the Advertising on Roads and Ribbon Development Act, 1940 (Act No. 21 of 1940), and, for the purposes of section 49, any piece of land registered as an erf, lot or stand in a foreign deeds registry.

 

(2) The registrar may for the purposes of this Part determine assets, other than those referred to in the definition of "collective investment scheme in property", which may be included in a portfolio of a collective investment scheme in property.