Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Board NoticesRules for the administration of a collective investment scheme in participation bonds1. Definitions |
In these Rules "the Act" means the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), and any word or expression to which a meaning has been assigned in the Act bears the meaning so assigned to it and, unless the context otherwise indicates—
"deposit"
means a deposit as defined in the Banks Act, 1990 (Act No. 94 of 1990), or in the Mutual Banks Act, 1990 (Act No. 124 of 1993);
"non-reducible participation bond"
means a participation bond, other than a reducible participation bond, whose conditions regarding the repayment of the capital and the payment of interest are agreed between the manager and the mortgagor, from time to time;
"reducible participation bond"
means—
| (a) | a participation bond which provides for the redemption by regular annual payments, or payments at shorter intervals, of the capital amount advanced and of interest due on the amount outstanding under the bond; and |
| (b) | a former non-reducible participation bond which after the registration of the participation bond, has been converted by written agreement between the mortgagee and the mortgagor, to a reducible participation bond as contemplated in paragraph (a); |
"scheme"
means a collective investment scheme in participation bonds as defined in the Act.