Part XVII Collective Investment Schemes

Chapter III Authorised Unit Trust Schemes

Powers of intervention

258 Applications to the court.

1

If the Authority could give a direction under section 257, it may also apply to the court for an order—

a

removing the manager or the trustee, or both the manager and the trustee, of the scheme; and

b

replacing the person or persons removed with a suitable person or persons nominated by the Authority.

2

The Authority may nominate a person for the purposes of subsection (1)(b) only if it is satisfied that, if the order was made, the requirements of section 243(4) to (7) would be complied with.

3

If it appears to the Authority that there is no person it can nominate for the purposes of subsection (1)(b), it may apply to the court for an order—

a

removing the manager or the trustee, or both the manager and the trustee, of the scheme; and

b

appointing an authorised person to wind up the scheme.

4

On an application under this section the court may make such order as it thinks fit.

5

The court may, on the application of the Authority, rescind any such order as is mentioned in subsection (3) and substitute such an order as is mentioned in subsection (1).

6

The Authority must give written notice of the making of an application under this section to the manager and trustee of the scheme concerned.

7

The jurisdiction conferred by this section may be exercised by—

a

the High Court;

b

in Scotland, the Court of Session.