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Jul 11 2010 - Aug 20 2014Aug 21 2014 onwards

35. Alterations



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(1) Subject to Article 35(6):
(a) changes to a Domestic Fund's Constitution or Prospectus in respect of investment, borrowing or gearing powers may be made; or
(b) the Fund Manager, the Trustee, a member of the Governing Body or the auditor of a Fund may be replaced,
if, an appropriate Special Resolution has been passed by the Unitholders at a meeting convened by the Unitholders solely for that purpose.
(2) Any other materially significant changes not falling within Article 35(1), such as replacing a member of the Shari'a Supervisory Board or changes to the Constitution or Prospectus, which may adversely affect the Unitholders may be made in relation to a Fund if an appropriate ordinary resolution has been passed by a simple majority of the Unitholders at a meeting convened for that purpose.
(3) If the Fund Manager and if appointed, the Trustee, consider on reasonable grounds that the change is not one that falls within Article 35(1) or (2) and will not adversely affect Unitholders' rights, such change may be made by the Fund Manager without recourse to the Unitholders other than to notify them after the change has been effected.
(4) The DFSA may, by Rules, prescribe:
(a) further requirements applicable for any changes to the Fund, including the changes referred to in this Article; and
(b) exemptions from the requirements in this Article.
(5) The Fund Manager of a Domestic Fund shall give notice in writing to the DFSA of any proposal specified in Article 35(1). Any such notice given to the DFSA shall be accompanied by a certificate signed by the Fund Manager and if appointed, the Trustee, of the Fund to the effect that the proposed change will not affect compliance with this Law or any Rules made under this law.
(6) Effect is not to be given to any proposal notified to the DFSA under Article 35(5) unless the DFSA has, by notice in writing, given its approval to the proposal.
(7) An approved change must not be made to the trust deed of an Investment Trust except by a deed, expressed to be supplemental to the trust deed, entered into jointly by the Fund Manager and the Trustee.