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MUTUAL FUNDS ACT, 1996

PART III

Private Funds

18. No private fund shall, in or from within the Territory, carry on business or manage or administer its affairs unless it is recognised under this Act.

19. (1) A private fund that is constituted recognition. under the laws of the Territory is entitled to be recognised under this Act if, upon the coming into force of this Act, it provides proof satisfactory to the Minister that it is

(a) a private fund within the meaning of this Act; and

(b) lawfully constituted under the laws of the Territory.

(2) A private fund that is constituted outside the Territory may apply for recognition under this Act by sending to the Minister a letter setting out the nature and scope of its business which shall be accompanied by

(a) the application fee set out in Part II of Schedule 2 or such other amount as may be prescribed by regulations;

(b) the notices required under section 26; and

(c) proof satisfactory to the Minister that the applicant is

(i) a private fund within the meaning of this Act; and

(ii) lawfully constituted under the laws of another country or jurisdiction.

20. (1) The Minister may, in his recognition. grant or refuse to grant recognition under section 19 (2).

(2) Where the Minister refuses to grant recognition under section 19 (2), the provisions of section 11 (3) shall apply mutatis mutandis.

(3) The Minister shall not refuse to grant recognition under section 19 (1) unless the applicant fails to comply with the requirements of that section.

(4) Where the Minister refuses to grant recognition under section 19 (1), he shall give the applicant notice in writing of his decision and the reasons therefor and the applicant may appeal such decision pursuant to section 33.

21. Where the Minister grants procedure. recognition to a private fund, he shall direct the Registrar accordingly and the Registrar shall

(a) enter the particulars relating to the private fund in the register maintained by him for the purpose under section 6; and

(b) issue a certificate of recognition to the private fund as directed by the Minister showing the date of recognition.