PART IV - ISSUES OF SECURITIES AND TAKE-OVERS AND MERGERS DIVISION 5 - UNIT TRUST SCHEMES AND PRESCRIBED INVESTMENT SCHEMES
Section 108. Duty of management company to replace trustee.
(1) A management company shall take all reasonable steps to replace a trustee as soon as practicable after becoming aware that-
(a) the trustee has ceased to exist;
(b) the trustee has not been validly appointed;
(c) the trustee is not eligible to be appointed or to act as trustee under section 99;
(d) the trustee has failed or refused to act as trustee in accordance with the provisions or covenants of the deed or the provisions of this Act;
(e) a receiver is appointed over the whole or a substantial part of the assets or undertaking of the existing trustee and has not ceased to act under that appointment, or a petition is presented for the winding up of the existing trustee (other than for the purpose of and followed by a reconstruction, unless during or following such reconstruction the existing trustee becomes or is declared to be insolvent) ; or
(f) the trustee is under investigation for conduct that contravenes the Trust Companies Act 1949, the Trustee Act 1949, the Companies Act 1965 or any securities law.
(2) A management company who contravenes subsection (1) shall be guilty of an offence.