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

Part XII : General

95. Sale of participatory interests only on payment of full purchase price and restriction on lending or borrowing of money

 

(1) A manager may not—
(a) sell or offer for sale any participatory interest except on terms requiring payment of the full selling price of the participatory interest to be made upon the acceptance by the manager or any of its duly authorised agents, of the investor’s offer for the purchase of the participatory interest; or
(b) lend or advance any money.

 

(2) A manager, other than a manager of a collective investment scheme in securities, may for the account of a portfolio borrow money for the purposes and subject to the limits and conditions determined in the deed.

 

 


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