Section 22
( 1)
Where as regards any registered fund a person ceases to be its manager, administrator or trustee or custodian, then-
{a) in the case where the cessation is that of the fund's manager, then its trustee or, where appropriate, its custodian;
{b)
in the case where the cessation is that of the fund's administrator or its trustee or custodian, then the fund's manager, shall, within the period of 3 months beginning on the day of such cessation, notify the Authority in writing both of the cessation and of the name of the person who, has succeeded as its manager, administrator, trustee or custodian, as the case may be.
(2)
Where-fa) a cessation described in subsection (1) occurs and the requirements of that subsection are not complied with; or
{b) the Authority is notified pursuant to subsection (1) and is not satisfied that the person specified in the notice as having succeeded as the fund's manager has qualifications, expertise and experience which are appropriate for its proper management and administration, the Authority may, subject to the First Schedule revoke the fund's mutual fund licence or, where appropriate, mutual fund permission.
(3)
Where the Authority is notified pursuant to subsection (1), the Authority shall suitably amend the mutual fund licence or, permission.
!4)
Where the person specified in a notice to the Authority under this section is a body corporate, the Authority may attach to the mutual fund licence or permission a condition that at all times at least one of that body's directors or, where appropriate, the body's officers whose office is similar or analogous to that of a company director, shall be an individual who is ordinarily resident in Brunei
Darussalam.
(5)
In a case where two or more persons are specified in a mutual fund licence or permission as the manager of the fund, any reference in this section to a person ceasing to be the manager shall be construed as a reference to any one of those persons ceasing to hold that office or to have the status by virtue of which he was specified as one of the managers, and any reference to a person succeeding as the manager shall be construed accordingly.
Duty of manager etc. to inform Authority of certain matters.