Section 16: Effect of unlicensed or unauthorised private pension schemes
consolidated text (as amended). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
16. Effect of unlicensed or unauthorised private pension schemes
(1) The rights, powers, obligations and liabilities of a private pension
scheme shall not be invalid or unenforceable by reason of the scheme not
being licensed or authorised under this Act.
(2) Where a person operates a private pension scheme without the
scheme being licensed or authorised, the Chief Executive shall direct that
person to apply for the scheme to be licensed or authorised under this Act.
(3) Where, after a direction given under subsection (2), a person does not
make an application within 2 months of such direction, he shall commit an
offence and shall, on conviction, be liable to a fine not exceeding 500,000
rupees and to imprisonment for a term not exceeding 5 years.
PART IV – CONSTITUTION AND MANAGEMENT OF PRIVATE
PENSION SCHEMES