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

3. Approval of loans
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(1)The Board of Directors of the manager (who may delegate this function to a committee or other suitable person) must approve all loans granted upon the security of a participation bond.

 

(2)The manager may not apply funds received for investment in a collective investment scheme in participation bonds for the granting of loans against security of immovable property in which:—
(a)the manager or any of its associated companies; or
(b)shareholders, directors or employees of the manager and any of its associated companies

has a direct or indirect interest.