(1) There shall be prepared in respect of each designated investment fund a prospectus and the prospectus shall include particulars of the manner in which the fund will be applied and specify the terms and conditions on or subject to which subscriptions to the fund will be accepted from participants.

(2) Without prejudice to the generality of subsection (1) of this section, a prospectus shall -

(a) state that subscriptions to the designated investment fund to which the prospectus relates will, and will only, be accepted on or subject to terms and conditions specified in the prospectus pursuant to the requirement of subsection (1) of this section, and

(b) be dated.