(1) Upon the happening of any of the events specified in (2) and not otherwise, the
Fund Manager and, if appointed the Trustee must cease to issue, sell, cancel or redeem Units in the Fund or to invest or borrow for the Fund and proceed to wind up the Fund in accordance with the Law and this section.
(2) The events referred to in (1) are:
(a) in response to a request made to the
DFSA by the Trustee, Fund Manager or other member of its Governing Body for the removal of a Fund from the list of registered Funds, the DFSA has agreed, albeit subject to there being no material change in any relevant factor, that, on the conclusion of the winding up of the Fund, the DFSA will accede to that request;
(b) the expiration of any period specified in the
Constitution as the period at the end of which the Fund is to terminate; or
(c) the effective date of a duly approved transfer scheme, which is to result in the
Fund that is subject to the transfer scheme being left with no property.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]