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(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.