Section 7
Registration of small scheme
ActIn forceProvision 7 of 92
Section 7
(1)
An application for the registration of a small scheme may be made by a management company provided that the management company—
Interest Schemes
17
(a)
is a company limited by shares incorporated under the
Companies Act 2016 or corresponding previous written law;
(b)
specifies in its constitution that the management of the interest scheme is one of its main objects;
(c)
meets the minimum amount of paid up capital as determined by the Commission; and
(d)
will not raise fund exceeding the threshold as specified by the Commission.
(2)
The Registrar shall have the power to impose any other conditions as he thinks fit for the purpose of registration of the small scheme.