1964_SECURITIES_(MISCELLANEOUS)_REGULATIONS — Page 7

1988 Ed.]

Securities (Miscellaneous) Regulations

[CAP. 333

A 7

[Subsidiary]

Annual fees for authorized mutual fund corporations and unit trusts

13. (1) The following annual fees shall be paid-

(a) in respect of an authorized mutual fund corporation that maintains, or is capable of maintaining, more than one fund, a fee of $2,700 plus $2,700 for each fund proposed to be maintained during the year in question;

(b) in respect of an authorized unit trust within which there is, or could be, more than one fund, a fee of $2,700 for each fund proposed to be maintained during the year in question;

(c) in any other case, a fee of $2,700.

(2) An authorization of a mutual fund corporation or unit trust shall not take effect unless the annual fee is paid.

(3) Subject to paragraph (4), the annual fee shall also be paid on or before the anniversary, in each succeeding year, of the date on which an authorization took effect.

(4) In the case of a mutual fund corporation or unit trust which was immediately before the commencement of the Securities (Miscellaneous) (Amendment) Regulations 1988 (L.N. 148/88) an authorized mutual fund corporation or unit trust, the annual fee shall be paid-

(a) within 1 month after the commencement of those regulations; and

(b) on or before the anniversary, in each succeeding year, of the commen-

cement of those regulations.

(L.N. 148/88)

Cessation of authorization

14. (1) A mutual fund corporation or unit trust that has ceased to be authorized shall not be authorized again unless the fees prescribed by regula- tions 11(1), 12(1) and 13(1) are paid.

(2) An authorized mutual fund corporation or unit trust that has ceased to be authorized in respect of any fund shall not be authorized again in respect of that fund unless the fees prescribed by regulations 11(2), 12(2) and 13(1) are paid.

(L.N. 148/88)

Publication in the Gazette

15. (1) Where a mutual fund corporation or unit trust becomes authorized or ceases to be authorized, the Commission shall within 1 month give notice in the Gazette of that fact and, where an authorization applies or used to apply to more than one fund, of the names of the funds.

(2) Where an authorization is extended to another fund or ceases to apply to a particular fund, the Commission shall within 1 month give notice in the Gazette of that fact and of the name of the fund.