Securities for investment

(1) The securities in which a company may invest the assets of its statutory funds are set out in Schedule III. Schedule III. Schedule III. (2) The Minister may from time to time by order amend Schedule III. (3) All investments and deposits of the funds of a local company shall be made in the company’s corporate name and no director or officer of the company and no member of a committee that can exercise any authority over the investment or disposition of the funds of the company shall– (a) either directly or indirectly be a beneficiary or accept any fee, brokerage commission or gift or other consideration for or on account of any loan, deposit, purchase, sale, payment or exchange made by or on behalf of the company; or (b) be pecuniarily interested in any purchase, sale or loan made by or on behalf of the company, whether solely or jointly, except where the director, officer or member of the committee is a policyholder then he is entitled to all the benefits accruing to him under the terms of his (4) In this section, “funds” means all funds of a company.