Common use of Change of Trustee Clause in Contracts

Change of Trustee. 19.1 The Trustee shall be entitled to retire voluntarily at anytime with the prior written notice of at least 3 months to the Management Company. The Management Company within the Notice period with the prior written approval of the Commission may by a deed supplemental hereto will appoint a new Trustee under the provisions of the Rules in place of the retiring Trustee and also provide in such deed for the automatic vesting of all the assets of the Trust in the name of the new Trustee. 19.2 If the Trustee (i) goes into liquidation (otherwise than for the purpose of amalgamation or reconstruction on terms previously agreed to with the Management Company for purpose of reconstruction and amalgamation) ; or (ii) ceases to be a central depository company or ceases to carry on business; or (iii) a receiver of its undertaking is appointed; or (iv) it becomes ineligible to act as a Trustee of the Unit Trust under the provisions of the Rules, the Management Company shall after obtaining prior approval of the Commission, by instrument in writing remove the Trustee from its appointment under this Deed and shall by the same or some other instrument in writing simultaneously appoint as Trustee some other company or corporation according to the provisions of the rules and the Constitutive Documents as the New Trustee. 19.3 The Management Company may with the prior written approval of the Commission remove the Trustee after giving at least 90-days notice in writing to the Trustee on ground of any material default or non compliance with the provisions of the Constitutive Documents or the Rules, and appoint another Trustee provided that such removal shall not by itself constitute admission of such material default or non-compliance on part of the Trustee. 19.4 Notwithstanding, removal/resignation of the Trustee and its subsequent discharge from its duties under this Deed and the Rules, the Trustee shall remain entitled to the benefit of Clauses 7.2, 18.2, 18.3, 18.6, 18.7, &

Change of Trustee. 19.1 The ‌ 11.1 A Trustee shall be entitled may, subject to retire voluntarily at anytime with prior approval of the prior written notice of at least 3 months Commission and under intimation to the Management Company, retire from his office on appointment of a new trustee and the retirement shall take effect at the same time as the new trustee is appointed or from the date of assumption of assets of the Fund by the new appointed trustee, whichever is later. The In the event of the Trustee desiring to retire, the Management Company may, within the Notice a period of ninety (90) days, with the prior written approval of the Commission may SECP and by a deed supplemental hereto will hereto, appoint a new Trustee trustee in place of the retiring Trustee, under the provisions of the Rules in place of and the retiring Trustee Regulations, and also provide in such deed for the automatic vesting of all the assets of the Trust in the name of the new Trusteetrustee. 19.2 11.2 where the Commission is of the opinion that trustee has been in violation of the Regulations or the trust deed or is found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the trustee after giving the trustee an opportunity of being heard. 11.3 If the Trustee (i) goes into liquidation (otherwise other than for the purpose of amalgamation or reconstruction on terms previously agreed to with the Management Company for purpose of reconstruction and amalgamationCompany) ; or (ii) ceases to be a central depository company or ceases to carry on business; business or (iii) a receiver of its undertaking is appointed; appointed or (iv) it becomes ineligible to act as a Trustee trustee of the Unit Trust under the provisions of the RulesRegulations, or any other law for the time being in force the Management Company shall after obtaining prior approval of the Commission, forthwith by instrument in writing remove the Trustee from its appointment under this Deed and shall by the same or some other instrument in writing simultaneously appoint as Trustee trustee some other company or corporation according to the provisions of the rules Regulations and the Constitutive Documents this Deed as the New Trusteenew trustee. 19.3 11.4 The Management Company may with by giving reasons in writing apply to the prior written approval Commission for change of the Commission remove trustee and propose a new trustee. 11.5 The Commission, if satisfied by the reasons given by the Management Company and after providing an opportunity of hearing to the trustee, approve the removal of the existing and the appointment of a new trustee. 11.6 Upon the appointment of a new trustee, the Trustee after giving at least 90-days notice in writing shall immediately deliver and hand over all the documents and records to the Trustee on ground of new trustee and shall transfer all the Fund Property including any material default or non compliance with the provisions amount held in any of the Constitutive Documents or Bank Account of the Rules, Scheme to the new trustee and appoint another Trustee provided that such removal make payments to the new trustee of all sums due from the Trustee. Dividend bank accounts (if any) shall not by itself constitute admission of such material default or non-compliance on part be closed. 11.7 The new trustee shall exercise all the powers and enjoy all rights and shall be subject to all duties and obligations of the TrusteeTrustee hereunder as fully as though such new trustee had originally been a party hereto. 19.4 Notwithstanding, 11.8 Notwithstanding the removal/resignation of the Trustee and its subsequent discharge from its duties under this Deed and the RulesRegulations, the Trustee shall remain responsible or obligated to liquidate any liability for which the Trustee may have become liable under this Deed and/or the Regulations and also remain entitled to the benefit under the terms of Clauses 7.2this Deed till the removal/ resignation of the trustee is effective. 11.9 Furthermore, 18.2the Management Company may immediately upon the issuance of notice of removal of Trustee under Clause 9.3 appoint Auditors with the consent of SECP from amongst the panel of Auditors designated as “A” category by State Bank of Pakistan for the audit of Financial Institutions. 11.10 The Auditors so appointed shall be other than the existing Auditors of the Fund, 18.3the Management Company and the Trustee. 11.11 The Auditors shall have the same scope as that for the annual audit, 18.6or such other enhanced scope as may be specified by the Management Company or SECP. 11.12 The Auditor shall submit the report for the audit to the Management Company not later than 30 Business Days from their appointment. A copy of the report shall also be provided to SECP, 18.7out going Trustee and the new Trustee. 11.13 The cost of such audit shall be shared equally by the outgoing Trustee, &the new Trustee and the Fund.

Change of Trustee. 19.1 22.1 The Trustee shall be entitled to may retire voluntarily at anytime in accordance with and subject to the conditions of Clause 4.5 herein above. 22.2 1The Management Company may with the prior written notice of at least 3 months to the Management Company. The Management Company within the Notice period with the prior written approval of the Commission may by a deed supplemental hereto will appoint a new remove the Trustee under after giving at least ninety days notice in writing to the Trustee on grounds of any material default or non-compliance with the provisions of the Constitutive Documents or the Rules in place or Regulations, and appoint another trustee, provided such removal does not by itself constitute admission of such default or non-compliance on the part of the retiring Trustee, provided further that the change of Trustee and also provide in such deed for will become effective with SECP’s approval, once the automatic vesting newly appointed trustee takes charge of all the assets of the Trust in the name of the new Trustee. 19.2 If duties and responsibilitiesIf the Trustee (i) goes into liquidation (otherwise than for the purpose of amalgamation or reconstruction on terms previously agreed to with the Management Company for purpose of reconstruction and amalgamation) ; or (ii) ceases to be a central depository company or ceases to carry on business; business or (iii) a receiver of its undertaking is appointed; appointed or (iv) it becomes ineligible to act as a Trustee trustee of the Unit Trust under the provisions of the Rules, the Management Company shall after obtaining prior with the approval of the CommissionSECP, by an instrument in writing writing, remove the Trustee from its appointment under this Deed and shall by the same or some other instrument in writing simultaneously appoint as Trustee trustee some other company or corporation according to the provisions of the rules Rules and the Constitutive Documents this Deed as the New new Trustee. 19.3 22.3 The Management Company may with the prior written approval of the Commission remove the Trustee after giving at least 90-ninety days notice in writing to the Trustee on ground grounds of any material default or non non-compliance with the provisions of the Constitutive Documents or the RulesRules 1or Regulations, and appoint another Trustee trustee, provided that such removal shall does not by itself constitute admission of such material default or non-compliance on the part of the Trustee, provided further that the change of Trustee will become effective with SECP’s approval, once the newly appointed trustee takes charge of all duties and 22.4 Upon the appointment of a new trustee the Trustee shall immediately hand over all the documents and records to the new trustee and shall transfer all the Trust Property and any amount deposited in any Redemption Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. 19.4 Notwithstanding22.5 The new trustee shall exercise all the powers and enjoy all the rights and shall be subject to all duties and obligations of the Trustee hereunder as fully as though such new trustee had originally been a party hereto. 22.6 1The Management Company may by giving reasons in writing apply to the Commission for change of the trustee and propose a new trustee 1 22.7 1SECP may remove the Trustee by giving atleast ninety (90) days notice in writing to the Trustee and under intimation to the Management Company, removal/if in its opinion, any of the following has occurred (a) The Trustee has willfully contravened the provisions of Rules and Regulations or this Deed in any material respect and has failed to rectify the contravention within a reasonable period after the contravention has come to its notice; (b) If the Trustee is guilty of misconduct or becomes ineligible to act as a Trustee of the Trust under the provisions of the Rules and Regulations, or any other law for the time being in force. 22.8 1Notwithstanding the removal/ resignation of the Trustee and its subsequent discharge from its duties under this Deed and the RulesRegulations, the Trustee shall remain entitled to the benefit under the terms of this Deed till the removal/ resignation of the Trustee is effective without prejudice to the Trustee's responsibility or obligation to liquidate any liability for which the Trustee may have become liable under this Deed and/or the Regulations 22.9 1Furthermore the Management Company may immediately upon the issuance of notice of removal of Trustee under Clauses 7.222.2 & 22.7 appoint auditors with the consent of S ECP from amongst the panel of auditors designated as “A” category by State Bank of Pakistan for the audit of Financial Institutions 22.10 The auditors so appointed shall be other than the Auditors of the Fund, 18.2the Management Company and the Trustee1 22.11 The auditors shall have the same scope as that for the annual audit, 18.3or such other enhanced scope as may be specified by the Management Company or SECP1 22.12 1The auditor shall submit the report for the audit to the Management Company not later than 30 Business Days from their appointment. A copy of the report shall also be provided to SECP, 18.6out going Trustee and the new Trustee. The report shall be for a period upto the date of appointment of the new trustee 22.13 1The cost of such audit shall be shared equally by the outgoing Trustee, 18.7, &the new Trustee and the Trust

Change of Trustee. 19.1 8.1 The Trustee shall be entitled to retire voluntarily at anytime with the any time upon prior written notice of at least 3 three months to the Management Company and after obtaining prior written consent of the Commission; subject to the condition that the retirement shall take effect at the same time as the new trustee is appointed with the approval of the Commission or from the date of assumption of assets of the scheme by the newly appointed trustee, whichever is later. In the event of the Trustee desiring to retire, the Management Company. The Management Company , within a period of three months after receiving a notice to that effect from the Notice period Trustee and with the prior written approval of the Commission Commission, may by a trust deed supplemental hereto will under the seal of the Management Company appoint a new Trustee trustee under the provisions of the Rules Regulations in place of the retiring Trustee and also provide in such trust deed for the automatic vesting of all the assets of the Trust Scheme in the name of the new Trusteetrustee. Provided that the obligations of the Trustee shall continue and the Trustee shall also receive its remuneration until the new trustee is appointed. In case the Trustee decides to retire voluntarily, as above, it shall endeavor its best to suggest the name(s) of alternate company(s) or institution(s) qualified for being appointed as trustee to the Management Company and the Commission for appointment as the trustee, in the place of the Trustee and provide all possible support in the hand-over process. 19.2 8.2 If the Trustee (i) goes into liquidation (otherwise than for the purpose of amalgamation or reconstruction on terms previously agreed to with the Management Company for purpose of reconstruction and amalgamation) ; or (ii) ceases to be a central depository company or ceases to carry on business; business or (iii) a receiver of its undertaking is appointed; appointed or (iv) it becomes ineligible to act as a Trustee trustee of the Unit Trust under the provisions of the RulesRegulations, the Management Company shall after obtaining prior with the approval of the Commission, by an instrument in writing writing, remove the Trustee from its appointment under this Trust Deed and shall by the same or some other instrument in writing simultaneously appoint as Trustee trustee some other company or corporation according to the provisions of the rules Regulations and the Constitutive Documents this Trust Deed as the New new Trustee. 19.3 8.3 The Management Company may apply to the Commission giving cogent reasons for change of the Trustee by simultaneously proposing the appointment of a new trustee. The Commission, if satisfied with the prior written circumstances and results for the change applied for, may accord approval of the Commission remove removal of the Trustee after giving at least 90-days notice in writing to the Trustee on ground and appointment of any material default or non compliance with the provisions of the Constitutive Documents or the Rules, and appoint another Trustee provided that a new trustee. Provided such removal shall does not by itself constitute admission of such material default or non-compliance on the part of the Trustee. 19.4 Notwithstanding, removal/resignation 8.4 In the circumstances where the Commission is of the opinion that the Trustee and its subsequent discharge from its duties under has been in violation of the Regulations or the provisions of this Deed and or is found guilty of misconduct or has failed to discharge its obligations under the RulesRegulations, the Commission may remove the Trustee shall remain entitled to the benefit after giving opportunity of Clauses 7.2, 18.2, 18.3, 18.6, 18.7, &being heard.