Implementation of Geneva Conventions Act, 2012
R 385
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part XI : Conversion of Collective Investment Scheme79. Consideration of application |
| (1) | The registrar may not approve a conversion if— |
| (a) | any of the documents referred to in section 78(2) is inconsistent with this Act or contains a provision which is undesirable; |
| (b) | the basis or conditions on which a participatory interest in the proposed collective investment scheme is offered to investors or to investors and members of the public referred to in section 76 (2) (c) are not reasonable or fair or might have the effect that a participatory interest in the proposed scheme may be acquired contrary to this Act or any other law; or |
| (c) | the application does not comply with a requirement of this Act or any other law. |
| (2) |
| (a) | For the purposes of considering the basis and conditions on which a participatory interest in any proposed collective investment scheme is offered to investors or to investors and members of the public referred to in section 76(2)(c) the registrar may, after consultation with the manager, designate a person to investigate and advise him or her on the reasonableness and fairness of the proposed basis and conditions. |
| (b) | The costs of an investigation in terms of paragraph (a) must be paid by the manager. |
| (3) | The registrar may not refuse an application without having afforded the manager a reasonable opportunity to amend the relevant document in accordance with the registrar's requirements. |
