ADVOKS GLOBAL · KENYA
The Capital Markets (Alternative Investment Funds) Regulations
22. Resignation of fund manager
Edition: 2023-12-15 · In force
22. Resignation of fund manager
(1)A fund manager may resign by giving a three months’ notice to the board of directors, partners or trustee of the fund and to the Authority stating the reasons for the resignation.(2)The board of directors, partners or trustee shall upon receipt of the notice of resignation by the fund manager in subregulation (1) find a replacement within the notice period.(3)The board of directors, partners or trustee shall enter into agreements with the new fund manager in order to secure the due performance of its duties as fund manager.(4)In the event a fund manager is not found upon the expiry of the notice, the board of directors, partners, or trustee as the case may be shall call for an extra-ordinary general meeting to pass a resolution to liquidate the fund.