The Capital Markets (Collective Investments Schemes) Regulations, 2023

47. Procedure for removal

Edition: 2023-12-15 · In force

47. Procedure for removal

(1)A trustee may not retire voluntarily, unless the trustee has—

(a)given at least six months’ notice in writing of the intention to resign to the Authority, fund manager and unit holders and sets out in such notice the reasons for for the intended resignation; and

(b)recommended and appointed a new trustee in the trustee’s place within the notice period.

(2)Where the trustee is unable to find a replacement within the notice period, the trustee shall make a recommendation to unit holders at an extraordinary general meeting to—

(a)dissolve the collective investment scheme; or

(b)transfer the unit holders to another fund.

(3)If the trustee ceases to be a licensed person or fails to perform the trustee’s duties, the fund manager shall, as provided in the scheme documents, appoint another eligible person to be the trustee subject to the approval by the unit holders at an extraordinary general meeting.

← Previous provision Next provision →

Source: Kenya Law