| (1) |
The registrar shall cancel the registration of a fund— |
| (a) |
on proof to his satisfaction that the fund has ceased to exist; or |
| (b) |
if the registrar and the fund are agreed that the fund was registered by mistake in circumstances not amounting to fraud: |
Provided that in the circumstances stated in paragraph (b), the registrar may suspend the registration in lieu of cancelling it, if he is satisfied that by so doing the fund will be furnished with an opportunity of rectifying the said mistake to the satisfaction of the registrar, the latter shall thereupon reinstate the said registration, as from the date of suspension but if the mistake is not rectified within a period specified by the registrar he shall cancel the registration of the fund.
| (2) |
The registrar may apply to the court for the cancellation or suspension of the registration of a fund if— |
| (a) |
the fund has wilfully and after notice from the registrar violated any provision of this Act; or |
| (b) |
the registrar is of opinion, as a result of an investigation under section twenty-five, that the registration should be cancelled or suspended. |
| (3) |
The may cancel the registration of the fund or suspend such registration for such period as it thinks fit, and may attach to such cancellation or suspension such conditions as it thinks desirable, or may make any other order which in the circumstances it thinks desirable. |
| (4) |
Unless the court otherwise orders, the costs of the registrar in or in connection with the application shall be paid by the fund and shall be a first charge upon the assets of such fund. |
Public Service Commission Act, 1997
