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TMI BlogPermissible structures for special purpose distinct entityX X X X Extracts X X X X X X X X Extracts X X X X ..... INCIDENTAL MATTERS Permissible structures for special purpose distinct entity. 9. (1) The special purpose distinct entity shall be constituted in the form of a trust the constitutional document whereof entitles the trustees to issue securitised debt instruments: Provided that originator or any of its associates shall not exercise control over the special purpose distinct entity and its trustees. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the special purpose distinct entity for loss or damage caused to the investors by their act of negligence or commission or omission. (5) The special purpose distinct entity and the trustee shall adopt internal procedures designed to avoid conflict of interest. (6) A special purpose distinct entity shall not raise any moneys in the form of debt or issue any debt securities other than through issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sponsor or originator shall not constitute more than one half of the Board of Trustees of the special purpose distinct entity, as the case may be. (10) Where the special purpose distinct entity proposes to launch multiple schemes, - (a) it shall be capable in terms of the trust deed or other constitutional document, of segregating multiple securitisation schemes; and (b) the terms of issue of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) any trust or other body promoted by the National Bank for Agriculture and Rural Development, in respect of activities undertaken by it in terms of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981); (iii) any trust set up by a securitisation company or reconstruction company in respect of activities undertaken by it in terms of the Securitisation and Reconstruction o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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