Section 193: Real estate investment companies or trusts.

(1) A body corporate incorporated for the sole purpose of acquiring intermediate or long term interests in real estate or property development may raise funds from the capital market through the issuance of securities which shall have the following characteristics:
(a) an income certificate giving the investor a right to a share of the income of any property or property development; and
(b) an ordinary share in the body corporate giving the investor voting rights in the management of that body corporate.
(2) Under this Act, a trust may be constituted for the sole purpose of acquiring a property on a "trust for sale" for the investors.
(3) The trust referred to in subsection (2) of this section shall have the following characteristics:
(a) the investors shall acquire units in the trust through which they shall be entitled to receive periodic distribution of income and participate in any capital appreciation of the property concerned; and
(b) the investors shall also be entitled to retain control over their investments by investing directly in a particular property rather than in a portfolio of investments.
(4) The Commission shall, from time to time, make rules and regulations regulating the activities and securities (whether the securities are described as asset backed-securities or otherwise) of real estate investment companies or trusts referred to in subsections (1) and (2) of this section.