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representative, it can negotiate on any movable or immovable property, make bank deposits in the name of the fund and exercise all rights which are directly and indirectly related to the fund.

  • 2.

    A management company may administer one or more pension funds.

  • 3.

    Under the terms of the following paragraph and subject to authorisation of AMCM, closed pension funds may be administered by more than one management company so long as they are in excess of a determined amount and do not affect the rights of the participants and beneficiaries.

  • 4.

    If the administration of a closed pension fund pertains to more than one management company, one of the companies shall be appointed by the associate to take responsibility for carrying out the consolidation of accounts and for appointing the actuary responsible for the fund.

  • 5.

    Management companies shall not transfer, in whole or in part, to third parties the powers of pension fund management conferred by law, without prejudice to the possibility of using services of third parties.

  • 6.

    Management companies may delegate the management of a part or of all the assets of a pension fund only to finance companies, credit institutions or insurance companies authorised to transact life business, provided the said companies are authorised to operate in the territory of Macau.

  • 7.

    For the purposes of paragraph 1, immovable property shall include:

  • a)

    Rights over Immovable property;

  • b)

    Shares in the capital of companies which are involved in buying, selling, renting, administration and operation of immovable property and whose exclusive object includes one or more of the said activities;

  • c)

    Participating units in real estate investment funds;

  • d)

    Mortgaged loans on immovable property.

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