Pension Funds Act, 1956 (Act No. 24 of 1956)
Chapter II : Registration and Incorporation
4. Registration of pension
1)Every pension fund must, prior to commencing any pension fund business—
|(b)||be provisionally or finally registered under this Act;|
[Subsection 1 amended by section 5(a) of Act No. 45 of 2013]
2)An application under subsection (1) shall be accompanied by the particulars and the fee prescribed.
3)The registrar must, if the fund has complied with the prescribed requirements and the registrar is satisfied that the registration of the fund is desirable in the public interest, register the fund provisionally and forward to the applicant a certificate of provisional registration, which provisional registration takes effect on the date determined by the fund or, if no such date has been determined by the fund, on the date of registration by the registrar.
[Subsection 3 amended by section 5(b) of Act No. 45 of 2013]
4)If after considering any such application the registrar is satisfied that the complies with the conditions prescribed, he shall register such fund and send to the applicant a certificate of registration as well as a copy of the rules of the fund bearing an endorsement of the date of registration.
|(a)||If the registrar deems it necessary, the registrar may—|
|(i)||request a pension fund to furnish additional information in respect of its application under subsection (1); or|
|(ii)||require a pension fund to verify the information provided in its application under subsection (1).|
|(b)||If a pension fund fails to furnish or verify the information contemplated in paragraph (a) within 60 days from the date of the request, its application under subsection (1) lapses.|
[Subsection 5 amended by section 5(c) of Act No. 45 of 2013]
6)Subject to the provisions of subsection (7) the provisional registration of a fund under subsection (3) shall be valid for a period of five years, but may in the discretion of the registrar and subject to such conditions and limitations as he may consider desirable, be renewed from time to time for periods not exceeding twelve months at a time and not exceeding five years in the aggregate.
7)Whenever a fund which is provisionally registered under this section has complied with all the requirements specified in subsection the registrar shall register the fund and transmit to it a certificate of registration as well as a copy of its rules with the date of registration duly endorsed thereon and thereupon the fund shall cease to be provisionally registered.
8)No fund shall be registered or provisionally registered under this Act except as provided in this section.