S.L. 123.51 Art. 8Securities in a non- prescribed fund that is subsequently classified as a prescribed fund. Cap. 345.

(1) When a fund is classified as a prescribed fund in terms of regulation 7(2) any securities held in that fund on the date of that classification shall continue to be treated as securities in a non-

prescribed fund: provided that when such securities are disposed of they shall, if they are listed on a stock exchange recognised under the Financial Markets Act, be deemed to be disposed of for the price last quoted on the recognised stock exchange before the date of the said classification.

(2) When a person holds securities that are treated as securities in a non-prescribed fund in terms of subregulation (1) and other securities in the same fund that are not so treated, any disposals of securities in that fund by that person shall be treated as disposals of securities in a non-prescribed fund until all the securities which that person held on the date on which that fund was classified as a prescribed fund have been disposed of.