Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part V : Collective Investment Schemes in Property48. Restrictions on administration of collective investment scheme in property |
| (1) | No person other than a company which has been registered as a manager of a collective investment scheme in property under this Part or its authorised agent may administer a collective investment scheme in property. |
| (2) | Only a company which— |
| (a) | is registered as a company under the Companies Act; and |
[Subsection (2)(a) amended by section 225(a) of Act No. 45 of 2013]
| (b) | has capital and reserves as determined in terms of section 88 available for employment in its collective investment scheme, |
may be or may remain registered as a manager under this Part.
| (3) | A person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment. |
[Subsection 3 amended by section 225(b) of Act No. 45 of 2013]