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(1) A person shall not unless the mutual fund is licensed by the Commission

(a) establish or operate a mutual fund;

(b) issue an invitation to the public to acquire shares in a mutual fund; or

(c) maintain or pose as carrying on the business of dealing in a mutual fund.

(2) A person who contravenes subsection (1) is liable to pay to the Commission an administrative penalty of four thousand five hundred penalty units.