Section 179: Qualification and registration of trustee or custodian

(1) The Commission may by regulation prescribe the qualification and conditions for any person or institution to become or act as a manager, trustee or custodian.
(2) A company or institution referred to in subsection (1) of this section may not become or act as a manager, trustee or custodian unless it maintains capital and reserves as may be prescribed by the Commission from time to time.
(3) The Commission may not register a person as a trustee or custodian unless it is satisfied that:
(a) the person is not in relation to the manager, either a holding company or a subsidiary or fellow subsidiary company within the meaning of those terms as defined in the Companies and Allied Matters Act; and
(b) the general financial and commercial standing and independence of the person is such that it is fit for performing the functions of a trustee or custodian and that the person is by reason of the nature of its business sufficiently experienced and equipped to perform such functions.