Cap. 514 чл. 23Unenforceability of unlicensed retirement schemes.

(1) A scheme or arrangement which is operating or purporting to operate as a retirement scheme which is not licensed in accordance with this Act shall be unenforceable against any contributor and such contributor shall be entitled to recover any money paid, or other property transferred by him under the retirement scheme.

(2) In cases falling under sub-article (1), where such property cannot be so recovered, such contributor shall be entitled to have it replaced by its value at the time of the agreement, together with compensation for any loss sustained by him in consequence of such payment or transfer or the non-recovery of the property transferred and any profits that may have accrued as a result of that money or other property having been transferred by him. under this Act in terms of regulations made under this Act.