| (1) |
An offer to investors holding a qualifying interest to take up a participatory interest in a collective investment scheme established by a conversion in terms of this Part must be made in writing to each individual investor, and such offer must be accompanied by a statement issued by the manager and must contain such particulars in connection with— |
| (a) |
the offer, the conversion and the collective investment scheme's profit; |
| (b) |
the scheme's business prospects; |
| (c) |
the scheme’s general state of affairs; and |
| (d) |
such other affairs of the scheme as the registrar may require. |
| (2) |
The provisions of the Companies Act, with respect to the issue of a prospectus or an offer of shares, do not apply to an offer referred to in subsection (1). |
[Subsection 2 amended by section 232 of Act No. 45 of 2013]
| (3) |
Upon a request made in writing by an investor holding a qualifying interest to a manager (except a manager of a collective investment scheme in property) to apply the proceeds of such interest for the payment of a participatory interest in a converted collective investment scheme— |
| (a) |
such qualifying interest may be redeemed immediately despite the conditions attached thereto; and |
| (b) |
such proceeds may be applied for the payment of such participatory interest. |
Implementation of Geneva Conventions Act, 2012
