Council for Medical Schemes Levies Act, 2000
R 385
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part XI : Conversion of Collective Investment Scheme83. Effects of conversion |
| (1) | The business of a converted collective investment scheme which existed before the conversion, continues thereafter but in the converted format and from the applicable date— |
| (a) | the relevant provisions of this Act apply to it; |
| (b) | a reference in any document to the former collective investment scheme is construed, unless inconsistent with the context or otherwise clearly inappropriate, as a reference to the collective investment scheme in its new format; |
| (c) | if applicable, the persons who immediately before the conversion were directors of the manager must vacate their offices and the persons referred to in section 78(2)(e) become the directors of the manager of the converted collective investment scheme; |
| (d) | the investors holding a qualifying interest become investors in the converted collective investment scheme; and |
| (e) | all participatory interests issued by the former collective investment scheme and which were not repurchased or cancelled before the conversion, become participatory interests in the converted collective investment scheme. |
| (2) | Except in so far as this section provides otherwise, a conversion does not derogate from the obligations of the collective investment scheme or the rights of any creditor of the collective investment scheme before the conversion. |
