(1) The Commission may license a unit trust if the Commission is satisfied that

(a) the manager and trustee are qualified to aa in that capacity;

(b) the manager is a company incorporated in the Republic;

(c) the trustee is a bank, an insurance company or a financial institution or a wholly owned subsidiary of any of them approved by the Commission;

(d) the trustee has die minimum paid up capital required by the Commission;

(e) the business of the manager in relation to the unit trust is administered independently of the trustee; and

(f) the trust deed complies with this Act and the Regulations.

(2) The Commission shall within ninety days of receipt of an application for a licence communicate its decision on the application in writing to the applicant.

(3) A licence granted under subsection (1) is subject to die conditions spewed in the licence or in relation to the licence.

(4) The Commission shall not refuse to grant or renew a licence without first giving the applicant or the holder of the licence an opportunity of being heard.