Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part XI : Conversion of Collective Investment Scheme81. Registration of Memorandum of Incorporation by Companies and Intellectual Property Commission |
| (1) | If a collective investment scheme is not a company incorporated in terms of the Companies Act, and is converted into a collective investment scheme in the format of a company, it must be incorporated as a company in terms of the Companies Act with its Memorandum of Incorporation complying with that Act: Provided that, subject to the requirements of the Companies Act and any requirement of the registrar or any other authority, the conversion must be regarded as having taken place upon the endorsement of the Memorandum of Incorporation under that Act. |
| (2) | The Companies and Intellectual Property Commission may not endorse the Memorandum of Incorporation of a company contemplated in this section unless the application is accompanied by a certificate issued in terms of section 82(1). |
| (3) | For the purposes of the endorsement of the Memorandum of Incorporation of any such company in terms of the Companies Act, the persons referred to in section 78(2)(e) must, if they accept their appointment as the first directors of the company, sign the Memorandum of Incorporation as if they were the persons contemplated in section 13(1) of the Companies Act. |
[Section 81 amended by section 231 of Act No. 45 of 2013]