Section 190: Power of intervention.

(1) If it appears to the Commission that:
(a) any of the requirements for the registration of a scheme as an authorised scheme are no longer satisfied; or
(b) the manager or trustee or custodian of such a scheme has contravened any provision of this Act or any rules or regulations made thereunder or, in purported compliance with any such provisions has furnished the Commission with false, inaccurate or misleading information or has contravened any prohibition or requirement imposed under this Act, or
(c) it is desirable in the interests of participants or potential participants in the scheme, the Commission may give directives in accordance with the provisions of subsection (2) of this section.
(2) The directives referred to in subsection (1) of this section may:
(a) require the manager of the scheme to cease the issue or redemption, or both the issue and redemption of units or securities under the scheme on a date specified in the directive until such further date as is specified in that order or directive; or
(b) require the manager and trustee or custodian of the scheme to wind it up by such date as is specified in the directive or if no date is specified, as soon as practicable;
(c) appoint any person to take over and perform the duties of the manager or trustee or custodian for such interim period as may be required pending the appointment of such manager, trustee or custodian pursuant to the provisions of the trust deed or custodial agreement.
(3) The revocation of the registration of an authorised scheme shall not affect the operation of any directive under subsection (1) of this section which is then in force; and a directive may be given under that subsection in relation to a scheme in the case of which the order declaring it to be an authorised scheme has been revoked if a directive under that subsection was already in force at the time of revocation.