MUTUAL FUND ACT, 1997

SCHEDULE

EXEMPTION (section 27)

Column 1

Column 2

Law     

Extent of non-applicability

1. Business Tax Act

1. Whole Act

2. Exchange Control Act

The whole Act except that a mutual fund or mutual fund administrator is not  authorised by this exemption to engage in the business of buying or selling foreign currencies or gold.

3.Foreign Exchange Earnings (Regulations) Act, 1996

The whole Act

4. Immovable Property (Transfer Restriction) Act

4.1 Section 4, in so far it prohibits a non-Seychellois from leasing immovable property in Seychelles or entering into an agreement to lease immovable property.

4.2 Section 13, in so far as it prohibits the purchase or acquisition by a non-Sey-chellois of shares in a company which owns im-movable property or rights therein in Seychelles.

5. Social Security Act

3. Section 3(1)(b) in so far it subjects a licensed mutual fund or licensed mutual fund administrator as an employer to pay contributions to the Social Security Fund in respect of its employees.

6. Stamp Duty Act

4. Section 10 in so far as it imposes ad valorem stamp duty on an instrument evidencing a transfer of an equity interest as defined in this Act.

7. Trade Tax Act

5. In respect of goods imported by a licensed mutual fund or licensed mutual fund administrator for use exclusively by the licensed mutual fund or licensed mutual fund administrator

I certify that this is a correct copy of the Bill which was passed by the National Assembly on 16th December, 1997.

Sheila Gemmell

Clerk to the National Assembly