(1) The manager or trustee (if any) under a unit trust scheme that is not a registered unit trust scheme or any other person concerned with the management or supervision of the scheme shall not purchase or sell units of the scheme.
(2) The prohibition contained in subsection (1) of this section does not apply to the purchase, from a holder thereof, of units of a unit trust scheme the registration of which under this Act stands cancelled.
(3) A person who contravenes this section shall be guilty of an offence.
(4) In subsection (1) of this section and in section 8 of this Act "unit trust scheme" includes any arrangements (other than a company, a building society, a friendly society or an industrial and provident society) made for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public, as beneficiaries, otherwise than under a trust, in profits or income arising from the acquisition, holding, management or disposal of securiti