MUTUAL FUND ACT, 1997

PART IV - AUTHORITY

13. (1) There shall be an Authority which shall be responsible for carrying out the functions specified under and for the administration of this Act.

(2) The Authority shall be -

(a) a person designated by the Minister by notice published in the Gazette; or

(b) a body corporate constituted under subsection (3).

(3) The Minister may by order published in the Gazette constitute an Authority which shall be a body corporate consisting of such number of persons as may be specified in the order.

(4) An order made under subsection (3) may provide for the name, registered address, meetings, finance, staff, administration and management and any other matter necessary for carrying out the functions of the Authority under this Act.

(5) Where the person designated by the Minister under subsection (2)(a) does not have the necessary staff, office accommodation and other matter necessary for carrying out the functions of the Authority, the Minister shall so provide the person.

(6) A function of the Authority under or for the purposes of this Act may be carried out by an authorised officer of the Authority.