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Jul 11 2010 onwards

64. Winding Up if the Fund's Purpose has been Accomplished or Cannot be Accomplished



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(1) If the Fund Manager of a Fund considers that the Fund is not commercially viable or that the purpose of the Fund:
(a) has been accomplished; or
(b) cannot be accomplished;
it may, in accordance with this Article, take steps to wind up the Fund.
(2) The Fund Manager shall give to the Unitholders of the Fund and to the DFSA a notice in writing:
(a) explaining the proposal to wind up the Fund, including explaining how the Fund's purpose has been accomplished or why that purpose cannot be accomplished;
(b) informing the Unitholders of their rights to call a Unitholders' meeting to consider the proposed winding up of the Fund and to vote on any Special Resolution Unitholders propose about the winding up of the Fund; and
(c) informing the Unitholders that the Fund Manager or where appointed the Trustee is permitted to wind up the Fund unless a meeting is called to consider the proposed winding up of the Fund within 28 days of the Fund Manager giving the notice to the Unitholders.
(3) If no meeting is called within that 28 days to consider the proposed winding up, the Fund Manager or where appointed the Trustee may wind up the Fund.