Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part VI : Collective Investment Schemes in Participation Bonds53. Restrictions on administration of collective investment scheme in participation bonds |
| (1) | No person other than a public or private company which has been registered as a manager of a collective investment scheme in participation bonds under this Part or its authorised agent may administer any collective investment scheme in participation bonds. |
| (2) | Only a company which has capital and reserves as determined in terms of section 88 available for employment in its collective investment scheme may be or 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 228 of Act No. 45 of 2013]