Section 41 of the Banning of Unregulated Deposit Schemes Act, 2019 creates an exemption for deposits…
Section 41 concerns the ordinary-business character of the deposit. Fixed interest, assured returns or commission-based agents do not alone establish that exemption, and are…
Choose your answer
Section 41 of the Banning of Unregulated Deposit Schemes Act, 2019 creates an exemption for deposits taken:
Answer and explanation
Correct answer B
Section 41 concerns the ordinary-business character of the deposit. Fixed interest, assured returns or commission-based agents do not alone establish that exemption, and are not alone proof of an unlawful scheme either; the statutory nature of the receipt and arrangement controls.