Section 192: Open-ended investment company.

(1) An open-ended investment company shall be registered by the Commission if:
(a) it is a body corporate incorporated in accordance with the Companies and Allied Matters Act;
(b) it has capital and reserve as prescribed by the Commission from time to time;
(c) its article of association provide that it may acquire its own shares; and
(d) it satisfies all other conditions which may be prescribed by the commission from time to time.
(2) The assets and investments of an open-ended investment company shall be in the custody of a registered custodian or trustee.