ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investment Schemes) Regulations
30. Removal of a trustee
Edition: 2022-12-31 · In force
30. Removal of a trustee
(1)A trustee shall be removed by the 'fund manager in writing immediately on the happening of any of the following events, that is if—(a)a court of competent jurisdiction orders its liquidation (except a voluntary liquidation for the purpose of reconstruction or amalgamation under a scheme approved by the Authority);(b)a manager or a receiver is appointed over any of its assets; or(c)the trustee ceases to carry on business as a bank or financial institution.(2)A trustee shall be removed by three months notice in writing given to the trustee by the fund manager with the approval of the Authority if—(a)the trustee fails or neglects after reasonable notice from the fund manager to carry out or satisfy any duty imposed on the trustee in accordance with the trust deed, the incorporation documents, the information memorandum, the rules of the collective investment scheme or these Regulations; or(b)the holders, by extra ordinary resolution resolve that such notice be given.(3)The fund manager shall by deed supplemental to the trust deed appoint as trustee some other qualified person with the approval of the Authority to replace a trustee who has been removed.