25. Retirement or Removal of a Fund Manager

(1) A Fund Manager may voluntarily retire as the Fund Manager of a Domestic Fund only where:
(a) a replacement Fund Manager has been appointed to the Fund in accordance with the requirements in this Law and Rules made for the purposes of this Law; or
(b) upon an application made by the Fund Manager or Trustee of the Fund to a Court, the Court has appointed a temporary Fund Manager to the Fund.
(2) The DFSA, a Unitholder or a Trustee of a Domestic Fund may make an application to a Court for the removal of the Fund Manager where the Fund Manager:
(a) no longer meets the requirements of this Law or the Rules; or
(b) engages, or has engaged in, any activities that may constitute misconduct, default or breach of any duty of the Fund Manager.
(3) The Court may, upon application made under Article 25(2), make one or more of the following orders:
(a) an order for the appointment of a temporary Fund Manager;
(b) an order for the winding up of the Fund pursuant to this Law; or
(c) any other order as the Court considers just and equitable and in the interests of the Fund and of its Unitholders.
(4) The DFSA shall make Rules prescribing the manner and circumstances in which the Unitholders may approve the appointment of a new Fund Manager, or seek a Court order for the replacement of the existing Fund Manager or any other matter relevant or necessary to give effect to the provisions in this Article.