Public Service Commission Act, 1997
R 385
Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Board NoticesRules for the administration of a collective investment scheme in participation bonds3. Approval of loans |
| (1) | The Board of Directors of the manager (who may delegate this function to a committee or other suitable person) must approve all loans granted upon the security of a participation bond. |
| (2) | The manager may not apply funds received for investment in a collective investment scheme in participation bonds for the granting of loans against security of immovable property in which:— |
| (a) | the manager or any of its associated companies; or |
| (b) | shareholders, directors or employees of the manager and any of its associated companies |
has a direct or indirect interest.
