Section 187: Alteration of schemes and change of manager, trustee or custodian.

(1) The manager of an authorised scheme shall give written notice to the Commission of:
(a) any proposed alteration to the scheme; and
(b) any proposal to replace the trustee or custodian of the scheme.
(2) Any notice given in respect of a proposed alteration involving a change in the trust deed or custodial agreement shall be accompanied by a certificate signed by a legal practitioner to the effect that the change will not affect the compliance of the trust deed or custodial agreement with this Act and the regulations made under section 186 of this Act.
(3) The trustee or custodian of an authorised scheme shall give written notice to the Commission of any proposal to replace the manager of the scheme or in the case of an open ended investment company replace the board of directors or transfer the assets of the scheme to a new scheme or wind-up the scheme.
(4) No effect shall be given to any of the proposals referred to in subsections (1) and (3) of this section unless:
(a) the Commission has given its approval to the proposal; or
(b) one month has elapsed since the date on which the notice was given under subsection (1) or (3) of this section without the Commission having notified the manager or trustee that the proposal is not approved.
(5) The manager or the trustee or custodian of an authorised scheme shall not be replaced except by persons who satisfy the requirements of section 188 of this Act or regulations made thereunder:
Provided that where any of them has been so replaced, the former manager or trustee or custodian, shall within 14 days, handover all properties and documents of the scheme in his possession to the trustee or custodian and, in the case of a trustee or custodian, to the manager.