(1) No person shall-

(a) establish or operate a unit trust;

(b) issue any invitation to the public to acquire any units in any unit trust; or

(c) maintain or hold himself out as carrying on the business of dealing in units of a unit trust unless the person is licensed by the Commission.

(2) No licence shall be granted to any person to operate a unit trust unless it is a company incorporated under the Companies Code 1963 (Act 179).

(3) Any person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of not less than 500 penalty units or imprisonment for a term not exceeding two years or to both and where the contravention is by a body corporate, the body corporate shall on conviction be liable to a fine of not less than 500 penalty units. [As substituted by Securities Industry (Amendment) Act, 2000 (Act 590) s. 10]