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

Part III : Association of Collective Investment Schemes

33. Power of court to declare member disqualified

 

(1) If a court—
(a) convicts a member of an association of an offence in terms of this Act or of an offence of which any dishonest act or omission is an element; or
(b) finds, in proceedings to which a member of an association is a party or in which his or her conduct is called in question, that he or she has been guilty of reckless or dishonest conduct,

the court may declare the member concerned to be disqualified, for an indefinite period or for a period specified by the court, from carrying on the business of a member of an association.

 

(2) The court may, on good cause shown, vary or revoke a declaration made under subsection (1).

 

(3) The registrar of the court or the clerk of the court which has made a declaration under subsection (1) or varied or revoked a declaration under subsection (2) must as soon as possible notify the registrar and the association concerned thereof.

 

(4) A declaration made under subsection (1) in respect of a member does not affect any right of an executive committee to take disciplinary action against the member in terms of the rules.