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Jul 11 2010 onwards

24. General Powers Including Delegations and Outsourcing



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(1) A Fund Manager of a Domestic Fund shall have all the powers that are required or necessary for it to carry out its functions and discharge its duties as set out under the Fund's Constitution and the most recent Prospectus in accordance with this Law, any other DFSA administered law, or rules made for the purposes of those laws.
(2) A Fund Manager may, subject to any restriction in the Domestic Fund's Constitution and subject to any Rules made for the purposes of this Article, delegate any of its activities or outsource any of its functions, to another person (a "service provider").
(3) Where the Fund Manager delegates an activity or outsources a function, the Fund Manager remains responsible to Unitholders for any acts or omissions of the service provider as if they were the acts or omissions of the Fund Manager even where the service provider acted fraudulently or outside the scope of its authority or engagement.