S.L. 370.16 Art. 18Cessation of duties.

The duties of the management company or of the depositary in respect of a contractual fund shall cease:

(a) upon the voluntary withdrawal of the management company, provided that the competent authority has approved such withdrawal;

(b) upon the voluntary withdrawal of the depositary or of its removal by the management company;

(c) where the competent authority cancels the licence issued to the management company or to the depositary;

(d) where the competent authority removes the management company or the depositary or suspends their appointment;

(e) where the authorisation of the management company or of the depositary is withdrawn;

(f) where the management company or the depositary has been declared bankrupt, has entered into a compromise with creditors, has obtained a suspension of payment, or has been dissolved;

(g) in other cases provided for in the deed of constitution:

Provided that when the functions of a manager or of a depositary of a contractual fund cease in terms of this regulation:

(i) the depositary or manager must be replaced within two months of its removal or such longer period as may be authorized in writing by the competent authority; and

(ii) during the intervening period, the depositary or the manager, whichever remains in office, shall take all necessary steps for safeguarding the interests of unit holders.