Section 21
Amendment of registered fund's memorandum etc.
(1)
Where as regards a registered fund it is proposed-
(a} to amend in any manner the memorandum of association, articles of association, partnership agreement, trust or other deed or other instrument under which the fund is incorporated, established or otherwise constituted;
(b)
to amend the fund's prospectus; or
(c)
to issue a new prospectus, the manager of the fund shall furnish to the Authority particulars of the proposal in writing.
(2)
As regards any proposal described in subsection (1), the requirement of that subsection shall be complied with as soon as practicable by the manager of the mutual fund, and in any event within the period of 30 days beginning on the day on which the proposal is circulated or otherwise published to the participants in the relevant registered fund.
(3)
Where the manager of the mutual fund fails to comply with the requirements of subsection (1), then, subject to the First Schedule, the Authority may revoke his operator's licence or permission.
(4)
Where particulars of a proposed amendment are furnished pursuant to subsection (1) and the Authority is of opinion that, were the proposal to be implemented, the interests' of the participants or potential participants in the registered fund in question would be either no longer protected or no longer adequately protected, he may, within the period of 30 days beginning on the day on which he receives the particulars, by a notice in writing require the manager of the fund to do each of the following -
(a} to take such steps as are requisite to ensure that the articles of association, partnership agreement, trust or other deed or other instrument under which the registered fund is incorporated, established or otherwise constituted or, as the case may be, the proposed new prospectus amended in a manner specified in the notice; and
(b)
within a period specified in the notice, being not less than 30 and not more than 90 days from the date of the notice, to furnish the 182
Authority with a copy of the instrument or prospectus as so amended.
{5) Where-
{a) pursuant to subsection {1) particulars of a proposed amendment or of a new prospectus proposed to be issued are furnished to the
Authority;
{b) the period specified in subsection (4) expires; and
{c) during that period no notice under subsection {4) is received by the person by whom the particulars were so furnished, then on the expiry of that period the proposed amendment or, where appropriate, the proposed new prospectus to which the particulars relate shall be deemed to have been approved by the Authority.
Change of manager etc.