64. Winding up if the Fund's purpose has been accomplished or cannot be accomplished

Past version: effective from 01/08/2006 - 07/02/2007
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(1) If the Operator of a Fund considers that the Fund is not commercially viable or that the purpose of the Fund:
(a) has been accomplished; or
(b) cannot be accomplished;
it may, in accordance with this Article, take steps to wind up the Fund.
(2) The Operator shall give to the Unitholders of the Fund and to the DFSA a notice in writing;
(a) explaining the proposal to wind up the Fund, including explaining how the Fund's purpose has been accomplished or why that purpose cannot be accomplished;
(b) informing the Unitholders of their rights to call a Unitholders' meeting to consider the proposed winding up of the Fund and to vote on any Special Resolution Unitholders propose about the winding up of the Fund; and
(c) informing the Unitholders that the Operator or where appointed the Trustee is permitted to wind up the Fund unless a meeting is called to consider the proposed winding up of the Fund within 20 days of the Operator giving the notice to the Unitholders.
(3) If no meeting is called within that 28 days to consider the proposed winding up, the Operator or where appointed the Trustee may wind up the Fund.