(1) A manager of a mutual fund shall manage that mutual fund on a day to day basis, select investments to be owned by the company and carry out any other functions assigned to the manager under contract from the mutual fund.

(2) The manager is subject to the directions of the directors of the mutual fund and shall perform the normal functions performed by the managing director of a company.

(3) Where the directions given to die manager by the directors of the mutual fund contravene this Act or any other enactment, the manager shall refer the matter to the Commission for guidance.

(4) The manager of a mutual fund shall maintain the required minimum capital and have die amount and type of financial and material resources determined by the Commission.

(5) The manager shall not allow the property of the company to be used or invested contrary to the investment restrictions under this Act or the Regulations.

(6) The manager shall ensure that the directors or other persons concerned with the management of die business have die necessary qualifications and experience required by the Commission.

(7) The manager shall act in accordance with investment policies laid down by the directors under this Act.