ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
151. Modification of the trust deed: without meeting
Edition: 2023-12-15 · In force
151. Modification of the trust deed: without meeting
(1)Subject to subregulation (2) and any restriction on the powers to modify which may be contained in the trust deed, a modification to the trust deed may be made without the approval of a resolution of the participants if it is required solely—(a)to implement any change in the law, including a change brought about by an amendment to these Regulations;(b)as a direct consequence of any such change in the law;(c)to change the name of the scheme;(d)to include a provision to enable the fund manager to deduct a charge on redemption, where the circumstance envisaged by regulation 94 does not apply;(e)to remove from the trust deed obsolete provisions;(f)to replace the fund manager or the trustee when he or she has been removed or wishes to retire or has retired;(g)to remove references to a constituent part of an umbrella fund; or(h)to make any other modification which the trustee or custodian and the fund manager have agreed in writing does not involve any participants or potential participants in any material prejudice.(2)A modification is not within subregulation (1) if it—(a)would affect any express restriction imposed by the trust deed on the powers which the fund manager and trustee or custodian or either of them would otherwise be able to exercise within these Regulations;(b)would increase the maximum of any charge authorised by the trust deed to be made by the fund manager; or(c)would relate to the authority for payments to be made out of the property of the scheme to the trustee or custodian by way of remuneration for the trustee or custodian’s services.