These Rules may be cited as the Securities (Registration of Securities) (Investment Companies) Rules.
(1) In these Rules, unless the context otherwise requires-
“associate” means-
Interpretation
in relation to any director, chief executive or substantial shareholder (being an individual)-
(i) his spouse, and any child or step-child under the age of twenty-one years, of the director, chief
executive or substantial shareholder or of his spouse;
(ii) the trustees, acting in their capacity as such trustees, of any trust of which he or any of his close
relations is a beneficiary or, in the case of a discretionary trust, is a discretionary object; or
(iii) any company in the equity capital of which he or his close relations taken together are directly
or indirectly interested so as to exercise or control the exercise of twenty per cent or more of the voting
power at general meetings, or to control the composition of a majority of the board of directors and any
other company which is its subsidiary or holding company or a fellow subsidiary of any such holding
company; and…