(1) A person shall not unless that person is licensed by the Commission,
(a) establish or operate a unit trust;
(b) issue an invitation to the public to acquire units in a unit trust; or
(c) maintain or pose as carrying on die business of dealing in units of a unit trust.
(2) A licence shall not be granted to a person to operate a unit trust unless that person is a company incorporated under the Companies Act, 1963 (Act 179).
(3) A person who contravenes subsection (1) is liable to pay to the Commission an administrative penalty of four thousand five hundred penalty units.