Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Board Notices

Rules for the administration of a collective investment scheme in participation bonds

12. Funds received in reduction of principal debt
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Any money received by the manager in reduction of the principal debt owing under a participation bond included in a scheme must be kept on deposit by the manager in the name of the nominee company on behalf of all the participants in the scheme until the money is:—

(a)re-invested by the manager in another participation bond or bonds included in the scheme; or
(b)repaid to the participants in the scheme: Provided that the money may not be repaid to any participant, or his successor, until the expiry of the five year period referred to in section 58 of the Act.