Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part VI : Collective Investment Schemes in Participation Bonds54. Restrictions on business of collective investment scheme in participation bonds |
| (1) | From the date of the coming into operation of this Part, a manager of a participation bond scheme which has been exempted by the registrar of unit trust companies in terms of section 37(2)(a) of the Unit Trusts Control Act, 1981 (Act No. 54 of 1981), may not register any further participation bond in terms of the Participation Bonds Act, 1981 (Act No. 55 of 1981). |
(2)
| (a) | A manager of a participation bond scheme which has been exempted by the registrar of unit trust companies in terms of section 37(2)(a) of the Unit Trusts Control Act, 1981 (Act No. 54 of 1981), and a nominee company approved by that registrar in terms of that section, is regarded as from the date of the commencement of this Part to be registered as a manager or approved as a nominee company, as the case may be, under this Part. |
| (b) | The registrar must issue to a manager referred to in paragraph (a) a certificate of registration in terms of this Act. |
| (3) | Within 90 days after the commencement of this Part, the manager must exchange participations in a participation bond registered in terms of the Participation Bonds Act, 1981, for a participatory interest of equal value in a collective investment scheme in participation bonds in terms of this Part. |
| (4) | Sections 42 and 43 apply, to the extent to which they can be applied, in respect of a manager of a collective investment scheme in participation bonds. |