ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
22. Removal of a fund manager
Edition: 2022-12-31 · In force
22. Removal of a fund manager
(1)A fund manager shall be removed immediately on the happening of any of the following events:—(a)if a court of competent jurisdiction orders liquidation of the fund manager (except a voluntary liquidation for the purpose of reconstruction or amalgamation upon terms previously approved in writing by the trustee, board of directors, as the case may be, and the Authority); or(b)if a receiver is appointed for the undertaking of the fund manager's assets or any part thereof; or(c)if for good and sufficient reason the trustee or board of directors, as the case may be, is of the opinion and so states in writing to the Authority that a change of fund manager is desirable in the interest of the holders.(2)A fund manager shall be removed by three months notice in writing by the trustee or board of directors to the fund manager as the case may be—(a)if an extra-ordinary resolution is passed by the holders removing the fund manager; or(b)if the holders of three quarters majority in value of the shares in existence (excluding shares held or deemed to be held by the fund manager or by any associate of the fund manager) request in writing to the trustee or board of directors as the case may be, that the fund manager be removed.