Section 5

Subject to subsection (3}, neither a mutual fund licence nor a mutual fund permission shall be issued or given as regards any arrangement which issues or offers/ or has at any time issued or offered/ bearer shares.

In this Order, "bearer share" means any share, bond or other security the title to which is vested in a particular person by reason only of his being in possession of or the bearer of a particular certificate or other document relating to the security.

The Minister may in any particular case and on such terms and conditions as he thinks fit exempt a mutual fund, in whole or in part, from the application of this section.