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Pension Funds Act, 1956 (Act No. 24 of 1956)

Chapter III : Manner of Administration and Powers of Registered Funds

11. Rules

 

(1) The rules of a fund which applies for registration after the date of the coming into operation of section 24 of the Financial Institutions Second Amendment Act, 1993, shall be in the prescribed format and form and shall comply with the prescribed requirements.

 

(2) A fund which, immediately prior to the date referred to in subsection (1), was a registered fund, shall within the prescribed period ensure that its rules are amended so as to comply with the format, form and requirements contemplated in subsection (1).

 

(3)
(a) If all the referred to in subsection (2) are effected on one occasion within the prescribed period and the registrar is satisfied, on submission to him of a certificate signed by the principal officer of the fund, that the sole reason for the amendments is to comply with the said format, form and requirements, he may register the amendments in accordance with section 12(4) against payment of the prescribed fee, which shall be calculated as if only a single amendment is being effected.
(b) Any amendment of the rules of a fund effected after the date referred to in subsection (1) shall comply with the prescribed format, form and requirements contemplated in subsection (1).

 

(4) Subject to the provisions of subsections (2) and the provisions of this section as they existed before the substitution thereof by section 24 of the Financial Institutions Second Amendment Act, 1993, shall continue to apply in respect of the rules of a fund referred to in subsection (2) until the rules of such fund comply with the format, form and requirements contemplated in subsection (1).