Statistics Act, 1999
R 385
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Board NoticesRules for the administration of a collective investment scheme in participation bonds27. Amalgamation and cession of rights or take-over of nominee company |
| (1) | Despite these rules the manager may, after having obtained the written consent of the registrar, authorise the nominee company to:— |
| (a) | amalgamate with; or |
| (b) | cede any rights of the said nominee company under any participation bond registered in its name to; or |
| (c) | take over any rights under any participation bond from, any other nominee company, which has been approved by the registrar. |
| (2) | The manager and the nominee companies which are parties to an amalgamation, cession, transfer or take-over in terms of sub-rule (1) must ensure that:— |
| (a) | any surety mortgage bond, collateral security or any cash pertaining to a participation bond which is ceded or transferred, is ceded or transferred with the participation bond concerned to the nominee company taking over the rights under such participation bond in order to vest in such nominee company the rights and obligations referred to in the Act; and |
| (b) | in the case of an amalgamation, or in the case of a cession of the rights under all the participation bonds included in a scheme, any cash is transferred to the nominee company taking over the rights under such participation bonds, in order to vest in such nominee company the rights and obligations referred to in the Act. |
