Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Board Notices

Rules for the administration of a collective investment scheme in participation bonds

11. Receipt of funds for investment in a scheme
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(a)Any money accepted or received by the manager from any person for investment in a scheme, must be kept by the manager on deposit, or in a money market portfolio of a collective investment scheme in securities, in the name of the nominee company on behalf of the person from whom it was accepted or received and such money must remain so invested until such person is granted a participatory interest in such scheme or until the money is repaid to such person.
(b)If a participatory interest is not granted to a person referred to at sub-paragraph (a) within 60 days from the date of acceptance or receipt of such money by the manager, or within such further period as the registrar may allow in a particular case, the manager must immediately refund such money to such person.