Section 77: Management licence

77. Management licence (1) A company whose main activity is to— (a) set up, administer, manage, and provide nominee and other services to— (i) a corporation which proposes to apply for, or holds, a Global Business Licence; and (ii) such class of corporations as may be prescribed; or (b) act as corporate trustee or qualified trustee under the Trusts Act, shall apply to the Commission for a management licence. (2) For the avoidance of doubt, an application for a management licence shall be subject to the regulation of financial services under Part IV. (3) The Chief Executive may, in addition to the matters specified in section 53 (1), act in accordance with that section in relation to a holder of a licence under this section where he is of the opinion that an administrative sanction is necessary to protect the good repute of Mauritius as a centre for global business.