(1) In this Act…”private mutual fund” means a mutual fund that is,
(a) operated as an investment club, where,
(i) its shares or units are held by not more than fifty persons and its indebtedness has never been offered to the public,
(ii) it does not pay or give any remuneration for investment advice or in respect of trades in securities, except normal brokerage fees, and
(iii) all of its members are required to make contributions in proportion to the shares or units each holds for the purpose of financing its operations, or
(b) administered by a trust corporation registered under the Loan and Trust Corporations Act and consists of a common trust fund as defined in section 1 of that Act;