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(1) The directors of a company applying to operate as a mutual fund shall appoint for the mutual fund

(a) a manager which shall be a company incorporated in Ghana and independent of the mutual fund company; and

(b) a custodian which shall be independent of the mutual fund company and be a bank, an insurance company or any other financial institution approved by the Commission or a wholly owned subsidiary of any of them approved by the Commission.

(2) The custodian shall have and maintain such minimum capital requirement as shall be determined by the Commission. [As substituted by Securities Industry (Amendment) Act, 2000 (Act 590) s. 10]