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Rules of Practice 1994 (S.R. 1994, No. 229)
Requested:  28 Mar 2017
Consolidated as at:  17 Mar 2006

69. Controlled fund operators that are corporations

If a controlled fund operator is a corporation –

(a) each practitioner who is a member of the related firm is to be a director of the corporation; and

(b) only a practitioner who is a member of the related firm may be a director of the corporation; and

(c) the corporation's articles of association are to provide that only a practitioner who is a member of the related firm may be a shareholder of the corporation; and

(d) the controlled fund operator must have its accounts and records audited at least once a year by a trust account inspector.


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