Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part III : Association of Collective Investment Schemes33. Power of court to declare member disqualified |
| (1) | If a court— |
| (a) | convicts a member of an association of an offence in terms of this Act or of an offence of which any dishonest act or omission is an element; or |
| (b) | finds, in proceedings to which a member of an association is a party or in which his or her conduct is called in question, that he or she has been guilty of reckless or dishonest conduct, |
the court may declare the member concerned to be disqualified, for an indefinite period or for a period specified by the court, from carrying on the business of a member of an association.
| (2) | The court may, on good cause shown, vary or revoke a declaration made under subsection (1). |
| (3) | The registrar of the court or the clerk of the court which has made a declaration under subsection (1) or varied or revoked a declaration under subsection (2) must as soon as possible notify the registrar and the association concerned thereof. |
| (4) | A declaration made under subsection (1) in respect of a member does not affect any right of an executive committee to take disciplinary action against the member in terms of the rules. |