| (1) | Upon the registration under this Act— |
| (a) | of a fund which is a pension fund organisation in terms of paragraph (a) of the definition of "pension fund organization" in subsection (1) of section one, the fund shall, under the name by which it is so registered, and in so far as its activities are concerned with any of the objects set out in that definition, become a body corporate capable of suing and being sued in its corporate name and of doing all such as may be necessary for or incidental to the exercise of its powers or the performance of its functions in terms of its rules; |
| (b) | of a fund which is a pension fund organization in terms of paragraph (b) of the said definition, all the assets, rights, liabilities and obligations pertaining to the business of the fund shall, notwithstanding anything contained in any law or in the memorandum, articles of association, constitution or rules of any body corporate or unincorporate having control of the business of the fund, be deemed to be assets, rights, liabilities and obligations of the fund to the exclusion of any other person, and no person shall have any claim on the assets or rights or be responsible for any liabilities or obligations of the fund, except in so far as the claim has arisen or the responsibility has been incurred in connection with transactions relating to the business of the fund; |
| (c) | of any fund, the assets, rights, liabilities and obligations of the fund (including any assets held by any person in trust for the fund), as existing immediately prior to its registration, shall vest in and devolve upon the registered fund without any formal transfer or cession. |
| (1)bis | The officer in charge of a deeds registry in which is registered any deed or other document relating to any asset or right which in terms of paragraph (c) of subsection vests in or devolves upon a registered fund shall, upon production to him by the fund of its certificate of registration or of provisional registration, as the case may be, and of the deed or other document aforesaid, without payment of transfer duty, stamp duty, registration fees or charges, make the endorsements upon such deed or document and the alterations in his registers that are necessary by reason of such vesting or devolution. |
| (2) | All moneys and assets belonging to a pension fund shall be kept by that and every fund shall maintain such books of account and other records as may be necessary for the purpose of such fund: Provided that such money and assets may, subject to such conditions as may be prescribed, also be kept in the name of the pension fund by one or more of the following institutions or persons, namely— |
| (a) | an authorised user as defined in section 1 of the Financial Markets Act, 2012 (Act No. 19 of 2012); |
[Section 5(2)(a) amended by section 6(a) of Act No. 45 of 2013]
| (b) | a long-term insurer registered in terms of the Long-term Insurance Act, 1998 (Act No. 52 of 1998); |
| (bA) | a manager of a domestic or foreign collective investment scheme registered under the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002); |
[Section 5(2)(bA) inserted by section 6(b) of Act No. 45 of 2013]
| (c) | a bank registered under the Banks Act, 1990 (Act No. 94 of 1990); |
| (e) | a person or investment vehicle approved by the registrar subject to such conditions as the registrar may determine. |
[Section 5(2)(e) amended by section 6(d) of Act No. 45 of 2013]
| (3) | For the purposes of this section, a nominee company is a company which— |
| (i) | has as its principal object to act as representative of any person; |
| (ii) | is precluded by its Memorandum of Incorporation from incurring any liabilities other than those to persons on whose behalf it holds property; |
| (iii) | has entered into an irrevocable agreement with another person in terms of which such other person has undertaken to pay all expenses of and incidental to its formation, activities, management and liquidation; and |
| (iv) | has been approved by the registrar, subject to conditions as the registrar may impose, including any guarantee for the fulfilment of any obligation in respect of the holding of such property, the generality of the aforegoing provisions not being restricted by the provisions of this paragraph. |
| (b) | is incorporated under the Companies Act where the Memorandum of Incorporation contains a reference to paragraph (a)(i) and (ii) as a restrictive condition contemplated in section 15(2)(b) of the Companies Act. |
[Section 5(3) amended by section 6(e) of Act No. 45 of 2013]
| (4) | Notwithstanding the provisions of subsection (2), the registrar may permit money and assets to be kept in the name of a nominee company on behalf of the pension fund. |
