UNIT TRUSTS ACT

ARRANGEMENT OF SECTIONS

PART I
Preliminary

   1   Short title

   2   Interpretation

   3   Commission responsible for administration of Act

 

PART II
Registration of Unit Trust Schemes

   4   Registration of unit trust scheme required for its operation

   5   Qualifications of unit trust scheme for registration

   6   Appeal from refusal to register scheme

   7   Proposal to cancel registration of unit trust scheme

   8   Appeal against proposal to cancel registration of scheme

 

PART III
Registration and Licensing of Salesmen

   9   Unlicensed salesman guilty of offence

   10   Registration of salesman

   11   Appeal against proposal to refuse registration of salesman

   12   Implementation of proposal to refuse to register salesman

   13   Licensing of salesmen

   14   Grounds for proposed and summary cancellation of registration of salesman

   15   Appeal against proposal to cancel registration of salesman

   16   Implementation of proposal to cancel registration of salesman

   17   [Repealed by Act 11 of 2001 s 2.]

   18   Determination and suspension of licences

 

PART IIIA
Accounts and Audit

      Accounts and audit of unit trust scheme

PART IV
Investigation

   19   Inspectors and their functions

   20   Inspectors' recommendations

   21   Production of salesmen's books

 

PART V
Offences

   22   Fraudulent or misleading inducements to acquire units

   23   Restrictions on distribution of circulars relating to unit trusts

   24   False statements and falsification or destruction of documents

   25   Offences committed by corporation

   26   Connivance at illegal salesmanship

   27   General penalty

 

PART VI
Miscellaneous

   28   Regulations

   29   Exemption

   30   Parliamentary control

   31   Entry and search of premises

      Obligation to secrecy

   32   Disclosure of information in certain circumstances

   33   Saving for solicitors, counsel and bankers

   34   Extension of time

   35   Powers not affected by criminal proceedings

   36   Notices

   37   Gazetting lists of licensed salesmen

   38   Publication of particulars of schemes

      SCHEDULES

 

THE UNIT TRUSTS ACT

*[Date of Commencement: 27th April, 1971]

Acts
29 of 1970,
11 of 2001.

LN 94J/2009.

PART I
Preliminary (sections 1-3)

1   Short title

   This Act may be cited as the Unit Trusts Act.

2   Interpretation

   (1) In this Act-

   "bank" means commercial bank as defined in subsection (1) of section 2 of the Bank of Jamaica Act;

   "broker" means any person who carries on the business of doing any of the following things as an agent, that is to say, contriving, making, or concluding bargains or contracts for the acquisition or disposal of securities;

   "building society" means a society incorporated under the Building Societies Act;

   "Commission" means the Financial Services Commission established under section 3 of the Financial Services Commission Act;

[11/2001 s 2.]

   "corporation" means any body corporate, whether incorporated in Jamaica or elsewhere;

   "debentures" means any debentures, debenture stock or bonds of a corporation, whether constituting a charge on the assets of the corporation or not;

   "life insurance company" means any corporation whose business involves the issue of policies of life insurance;

   "Minister" means the Minister responsible for finance, and references to the Minister in any provisions of section 161 of the Companies Act, shall be construed accordingly in the application thereof pursuant to any of the provisions of section 19;

   "pensions" includes compensation, unemployment, retirement or superannuation allowances, and other allowances of a like nature;

   "industrial and provident society" means a society registered under the Industrial and Provident Societies Act;

   "registered unit trust scheme" means any unit trust scheme which is registered under Part II;

   "salesman" means any person who as a servant or agent of the manager under any registered unit trust scheme, or of a bank, broker or life insurance company, or of any institution approved by order of the Minister, does any of the following things, that is to say, making or offering to make with any other person, or inducing or attempting to induce any other person to enter into or offer to enter into, any agreement for, or with a view to, the disposal of any of the units under a registered unit trust scheme to such other person, not being the manager or trustee under the scheme;

   "securities" means-

   (a)   shares or debentures, or rights or interests (described whether as units or otherwise) in any shares or debentures; or

   (b)   securities of the Government of Jamaica or of any country or territory outside Jamaica; or

   (c)   rights (whether actual or contingent) in respect; of money lent to, or deposited with, any industrial and provident society or building society,

and includes rights or interests (described whether as units or otherwise) which may be acquired under any unit trust scheme under which all property for the time being subject to any trust created in pursuance of the scheme consists of such securities as are mentioned in paragraphs (a), (b) and (c) of this definition or in any of such paragraphs;

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