ADVOKS GLOBAL · KENYA
The Capital Markets (Alternative Investment Funds) Regulations
23. Removal and replacement of fund manager
Edition: 2023-12-15 · In force
23. Removal and replacement of fund manager
(1)A fund manager shall be removed—(a)immediately upon the suspension or revocation of its license by the Authority; or(b)by the board of directors, partners, or trustee of the fund by giving at least three months’ notice in writing to the fund manager, the unit holders and the Authority upon the occurrence of the following events—(i)the fund manager goes into liquidation;(ii)the fund manager is placed under administration;(iii)for good and sufficient reason the trustee, board of directors, partners, is of the opinion, and so states in writing, that a change of fund manager is desirable in the interest of the participants; or(iv)at an extraordinary resolution of removing the fund manager is passed by three quarters majority in value of the participatory interests in existence (excluding participatory interests held or deemed to be held by the fund manager or by any associate of the fund manager) and the total number of participants.(2)The fund manager shall on receipt of a notice under subregulation (1) cease to be the fund manager of the fund and the board of directors, partners or trustee shall, by deed, appoint another person eligible under these regulations to be the fund manager of the fund.