ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
29. Resignation of trustee
Edition: 2022-12-31 · In force
29. Resignation of trustee
(1)A trustee shall not be entitled to resign except upon the appointment of a new trustee. If a trustee wishes to resign it shall give three months notice in writing to that effect to the fund manager and the Authority and the fund manager shall appoint within two months after the date of such notice, some other qualified person as the new trustee upon and subject to such person entering into a trust deed supplemental to the trust deed comprised in the incorporation documents. If the fund manager is unable to appoint a new trustee as aforesaid within such period of two months, the trustee shall be entitled to appoint a qualified company selected by it as the new trustee on the same basis as aforesaid.(2)In this clause the expression "qualified person" means a company qualified to act as trustee in terms of these Regulations.