Chief Registrar's Circular 10/2016

ΤERMINATION OF COLLECTIVE INVESTMENT SCHEME ADMINISTERED BY BLUE BOND INVESTMENTS LIMITED (BONDS REGISTERED AFTER 1 MARCH 2004)

1. APPLICATION OF THIS CIRCULAR AND REPEAL OF CRC 1 OF 2015

In the letter received from the Registrar of Collective Investment Schemes dated 24 October 2014, (filed under BC No. 1 of 2015 in respect of CRC 1 of 2015), consent is given for the following: -

1.1.1. endorsement of 'each of the participation bonds' registered in favour of Blue Bond Financial Nominees Proprietary Limited (Registration number 1970/008155/07), in order to reflect the termination of the Collective Investment Scheme in Participation Bonds administered by Blue Bond Investments Limited (Registration Number 1969/012081106); and

1.1.2. the cession of ‘each of the said bonds' to The Standard Bank of South Africa Limited (Registration Number 1962/000738106), in terms of section 102 of Act No. 45 of 2002.

1.2 After the issuing of CRC 1 of 2015 a further letter dated 6 July 2016 was received from the Registrar of Collective Investment Schemes in which it is stated that the letter of consent dated 24 October 2014 'applies only to Scheme 2 and does not apply to Scheme 1 (as defined in a letter of 17 May 2016), or to bonds which formed a part thereof.’

1.3 Chief Registrar's Circular No. 1 of 2015 is hereby withdrawn and substituted with this Circular.

2. TERMINATION OF THE COLLECTIVE INVESTMENT SCHEME IN PARTICIPATION BONDS ADMINISTERED BY BLUE BOND INVESTMENTS LIMITED AND CESSION OF PARTICIPATION BONDS TO THE STANDARD BANK OF SOUTH AFRICA LIMITED

2.1 The Collective Investment Scheme in Participation Bonds administered by Blue Bond investments Limited (Registration Number 1969/012081106) (‘Scheme 2'), consisting of bonds registered after 1 March 2004, has been terminated in terms of section 102 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), with effect from 31 December 2014.

2.2 All the Participation bonds affected by the termination of Scheme 2 are vested in the name of Blue Bond Financial Nominees Proprietary Limited (Registration Number 1970/008155/07), as the nominee for and representative of the investors in Scheme 2.

2.3 All the Participation bonds affected by the termination of Scheme 2 must be ceded to The Standard Bank of South Africa Limited (Registration Number 1962/000738106), in terms of section 102 of Act No. 45 of 2002.

2.4 Examiners are reminded of the change of name concerning the Nominee and Scheme as dealt with in CRC's 2 and 3 of 2004 (see CRC 2 of 2004 regarding the change of name of Standard Bank Financial Nominees Proprietary Limited to Blue Bond Financial Nominees Proprietary Limited, and CRC 3 of 2004 regarding the change of name of Standard Bank Bond Investments Limited to Blue Bond Investments Limited).

2.5 The enclosed documentation regarding the termination of Scheme 2 and the mandate of the Registrar of Collective Investment Schemes for the cession of the bonds to The Standard Bank of South Africa Limited as sole participant, must be filed under BC No. 10 of 2016 in all deeds registries.

3. NOTING OF CAVEAT REGARDING TERMINATION OF SCHEME AND SIMULTANEOUS CESSION OF BONDS

3.1 All deeds registries must note a caveat against the name of Blue Bond Financial Nominees Proprietary Limited (Registration Number 1970/008155/07), to the effect that all the relevant bonds in Scheme 2 must be endorsed (whenever lodged in the deeds registry for whatever purpose) to:

3.1.1, indicate the termination of Scheme 2 (section 3(1)(v) application); and

3.1.2, provide for the simultaneous cession of the bonds to The Standard Bank of South Africa Limited.

3.2 The caveat must provide for the relevant bond to be accompanied by:

3.2.1. Section 3(1)(v) application:

An application (per bond) in terms of section 3(1)(v) of Act No. 47 of 1937, for purposes of its endorsement to indicate the termination of Scheme 2. The said application must be drafted in the format of Annexure A and must make reference to the filing of the relevant documentation under BC No. 10 of 2016.

• The conveyancer must provide a separate blank page to be inserted at the back of each bond, which page must contain the following endorsement:

3.2.2. CESSION OF BONDS
There must be lodged, simultaneously with the application in terms of section 3(1)(v) (see par. 3.2.1), a cession (per bond) to The Standard Bank of South Africa Limited. The said cession must be drafted in the format of Annexure B.

• The page provided for the section 3(1)(v) endorsement (see par. 3.2.1) must also contain the following endorsement:

4. OFFICE FEES

Office fees are payable in respect of endorsements referred to in par. 3.2.1 and par. 3.2.2. 

Chief Registrar's Circular No. 10 of 2016