Section 160: Transitional provisions – unit trusts schemes and authorised mutual
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
160. Transitional provisions – unit trusts schemes and authorised mutual
funds
(1) Notwithstanding the repeals in section 157 (1) (b) and (d) (i) and subject to subsection (2), a mutual fund authorised under section 35 of the Companies Act 1984 or any unit trust scheme authorised under the Unit Trust Act
shall continue its activities in accordance with its authorisation and shall be
governed by the applicable enactments as if they have not been repealed.
(2) Authorised mutual funds and unit trusts schemes in existence immediately before the commencement of this Act, shall within 5 years of the
commencement of this Act, apply for authorisation according to conditions
and subject to such exemptions as may be specified in FSC Rules.
(3) Notwithstanding the repeal in section 157 (1) (b) and subject to subsection (4), a person authorised as manager and a person authorised as trustee of a unit trust scheme shall continue to be so authorised and shall be
governed by the applicable enactment as if it has not been repealed.
(4) A manager of a unit trust scheme shall within 3 years of the commencement of this Act apply for a licence as CIS manager.
[S. 160 amended by s. 42 of Act 15 of 2007 w.e.f. 28 September 2007.]