§ 15.12. Management provisions.
(a) An institution administering a collective investment fund shall have the exclusive management thereof. The institution may charge a fee for the management of the fund; except that the fractional part of such fee proportionate to the interest of each participant shall not, when added to any other compensations charged by the institution to the participant, exceed the total amount of compensations which would have been charged to the participant if no assets of the participant had been invested in participations in the fund. The institution shall absorb the costs of establishing or reorganizing a fund.
(b) No institution administering a collective investment fund shall issue any certificate or other document evidencing a direct or indirect interest in such fund in any form.
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