Common use of Change of Trustee Clause in Contracts

Change of Trustee. 17.1 The Trustee may, subject to the prior approval of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trustee, whichever is later. 17.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 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. 17.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors with the consent of the Commission from amongst the panel of auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 The auditors so appointed shall be other than the existing auditors of the Fund, the Management Company and the Trustee. 17.8 The auditors shall have the scope as may be specified by the Management Company or Commission. 17.9 The audit report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 The costs of such audit shall be borne by the Fund.

Change of Trustee. ‌ 17.1 The Trustee may, subject to the prior approval of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trustee, whichever is later. 17.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 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. 17.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors with the consent of the Commission from amongst the panel of auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 The auditors so appointed shall be other than the existing auditors of the Fund, the Management Company and the Trustee. 17.8 The auditors shall have the scope as may be specified by the Management Company or Commission. 17.9 The audit report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 The costs of such audit shall be borne by the Fund.

Change of Trustee. 17.1 21.1 The Trustee may, may retire voluntarily in accordance with and subject to the prior approval conditions of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trustee, whichever is laterClause 4.5 herein above. 17.2 21.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 21.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 21.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 21.5 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. 17.6 21.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors with the consent of the Commission from amongst the panel of auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 21.7 The auditors so appointed shall be other than the existing auditors of the Fund, the Management Company and the Trustee. 17.8 21.8 The auditors shall have the same scope as that for the annual audit, or such other enhanced scope as may be specified by the Management Company or Commission. 17.9 21.9 The audit report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 21.10 The costs of such audit shall be borne shared equally by the outgoing Trustee, the new trustee and the Fund.

Change of Trustee. 17.1 The Trustee may, subject to the prior approval of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trustee, whichever is later. 17.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 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. 17.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors Auditors with the consent of the Commission from amongst the panel of auditors Auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 The auditors Auditors so appointed shall be other than the existing auditors Auditors of the Fund, the Management Company and the Trustee. 17.8 The auditors Auditors shall have the scope as may be specified by the Management Company or Commission. 17.9 The audit report for the audit shall be submitted by the auditors Auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 The costs of such audit shall be borne by the Fund.

Change of Trustee. 17.1 11.1 The Trustee mayshall not be entitled to retire voluntarily or otherwise except upon the appointment of a new trustee. In the event of the Trustee desiring to retire the Management Company within a period of six months (or in default the Trustee) with the prior written approval of the Commission may by a deed supplemental hereto under the seal of the Management Company or the Trustee (as the case may be) 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. 11.2 If the Trustee goes into liquidation (otherwise than for the purpose of amalgamation or reconstruction on terms previously agreed with the Management Company for purpose of reconstruction and amalgamation) or ceases to carry on business or a receiver of its undertaking is appointed or it becomes ineligible to act as a trustee of the Trust under the provisions of the Rules, subject the Management Company shall 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 some other company or corporation according to the provisions of the Rules and the Constitutive Documents as the new trustee. 11.3 The Management Company may remove the Trustee, with the prior approval of the Commission, retire from his office after giving twenty-one days notice in writing to the Trustee on appointment grounds of a new trustee and the retirement shall take effect at the same time as the new trustee is appointed any material default or non-compliance with the approval provisions of the Commission Constitutive Documents or from the date Rules, and appoint another trustee provided such removal does not itself constitute admission of assumption of Trust Property such default or non-compliance on part of the Scheme by the newly appointed trustee, whichever is laterTrustee. 17.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 11.4 Upon the appointment of a new trustee trustee, the Trustee shall immediately deliver and hand over all the documents and records to the new trustee and shall transfer all the Trust Deposited Property and any amount held deposited in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 11.5 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. 17.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors with the consent of the Commission from amongst the panel of auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 The auditors so appointed shall be other than the existing auditors of the Fund, the Management Company and the Trustee. 17.8 The auditors shall have the scope as may be specified by the Management Company or Commission. 17.9 The audit report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 The costs of such audit shall be borne by the Fund.

Change of Trustee. 17.1 The 12.1 A Trustee may, subject to the prior approval of the CommissionCommission 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 appointed, with the approval of the Commission Commission, or from the date of assumption of Trust Property assets of the Scheme Fund by the newly new appointed trustee, whichever is later. In the event of the Trustee desiring to retire, the Management Company may, within a period of ninety (90) days, with the prior written approval of SECP and by a deed supplemental hereto under the seal of the Management Company and the trustees (both incoming and outgoing Trustee), appoint a new trustee in place of the retiring Trustee, under the provisions of the Rules and the Regulations, and also provide in such deed for automatic vesting of all the assets of the Trust in the name of the new trustee. 17.2 In circumstances where 12.2 Where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust the 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. 17.3 12.3 The Management Company may, may by giving cogent reasons, reasons in writing apply to the Commission for change of the Trustee trustee and propose a new trustee. 12.4 The Commission, if satisfied by simultaneously proposing the reasons given by the Management Company and after providing an opportunity of hearing to the trustee, may approve the removal of the existing and the appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 12.5 Upon the appointment of a new trustee, the trustee the Trustee shall immediately deliver and hand over all the documents and records to the new trustee and shall transfer all the Trust Fund Property and including any amount held in any Distribution Account of the Bank Accounts of the Scheme to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 12.6 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. 17.6 The 12.7 Notwithstanding the removal/resignation of the Trustee and its subsequent discharge from its duties under this Deed and the Regulations, 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 this Deed till the removal/ resignation of the trustee is effective. 12.8 Furthermore, the Management Company may immediately in case upon the issuance of retirement or notice of removal of Trustee appoint auditors Auditors with the consent of the Commission SECP from amongst the panel of auditors Auditors designated as “A” Category category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such AuditorFinancial Institutions. 17.7 12.9 The auditors Auditors so appointed shall be other than the existing auditors Auditors of the Fund, the Management Company and the Trustee. 17.8 12.10 The auditors Auditors shall have the same scope as that for the annual audit of the Scheme, or such other enhanced scope as may be specified by the Management Company or CommissionSECP. 17.9 12.11 The audit Auditor shall submit the report for the such audit shall be submitted by the auditors to the Management Company not later than thirty (30) 30 Business Days from their appointment. A copy of the report shall also be provided to the CommissionSECP, the out going Trustee and the new trusteeTrustee. 17.10 12.12 The costs cost of such audit shall be borne shared equally by the outgoing Trustee, the new Trustee and the Fund. 12.13 In case of change, the old trustee shall continue to be liable for any default in or non- performance of its duties as trustee or for any negligence on its part or on part of its officer or officials, nominees or agents and for any acts or omissions effectuated prior to and upto the effective time in accordance with the provision of trust deed and offering document, the Rules and the Regulations, whereafter the new trustee shall be responsible for the same. Further the old trustee shall indemnify the Management Company and the new trustee in respect of any default, non performance or violations of the terms and conditions of the trust deed, offering document, the Rules and / or Regulations that may have taken place, advertently or inadvertently prior to and upto Effective Time and which may come to the notice of the Management Company or the new trustee or the Commission at any time after the effective time.

Change of Trustee. 17.1 The 9.1 A Trustee may, subject to the prior approval of the CommissionCommission 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 with the approval of the Commission or from the date of assumption of Trust Property assets of the Scheme Fund by the newly new appointed trustee, whichever is later. In the event of the Trustee desiring to retire, the Management Company within a period of ninety (90) days with the prior written approval of SECP may by a deed supplemental hereto under the seal of the Management Company and the Trustees (both incoming and outgoing Trustee), which hereby appoints a new trustee under the provisions of the Rules and the Regulations 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. 17.2 In circumstances where 9.2 Where the Commission is of the opinion that Trustee trustee has been in violation of the Regulations or this 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. 17.3 9.3 The Management Company may, may by giving cogent reasons, reasons in writing apply to the Commission for change of the Trustee and propose a new trustee. The Commission, if satisfied by simultaneously proposing 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. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 9.4 Upon the appointment of a new trustee trustee, the Trustee shall immediately deliver and hand over all the documents and records to the new trustee and shall transfer all the Trust Deposited Property and any amount held in any Distribution Fund’s Bank Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee Dividend bank accounts (if any) shall have the right to receive its remuneration up to the effective date of its removal or retirementnot be closed. 17.5 9.5 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. 17.6 The 9.6 Notwithstanding the removal/resignation of the Trustee and its subsequent discharge from its duties under this Deed and the Regulations, 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. 9.7 Furthermore, the Management Company may immediately in case upon the issuance of retirement or notice of removal of Trustee appoint auditors Auditors with the consent of the Commission SECP from amongst the panel of auditors designated as “A” Category category by State Bank of Pakistan for the audit of financial institutionsFinancial Institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor1 Inserted vide 1st Supplemental Trust Deed dated July 29, 2011. 17.7 9.8 The auditors Auditors so appointed shall be other than the existing auditors of the Fund, the Management Company and the Trustee. 17.8 9.9 The auditors Auditors shall have the same scope as that for the annual audit, or such other enhanced scope as may be specified by the Management Company or CommissionSECP. 17.9 9.10 The audit Auditor shall submit the report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) 30 Business Days from their appointment. A copy of the report shall also be provided to the CommissionSECP, the out going Trustee and the new trusteeTrustee. 17.10 9.11 The costs cost of such audit shall be borne shared equally by the outgoing Trustee, the new Trustee and the Fund.

Change of Trustee. 17.1 The Trustee may, subject to the prior approval of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trusteetrust- ee, whichever is later. 17.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission Commis- sion is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 The new trustee shall exercise all the powers and enjoy all the rights and shall be subject to all duties and obligations obliga- tions of the Trustee hereunder as fully as though such new trustee had originally been a party hereto. 17.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors Auditors with the consent of the Commission from amongst the panel of auditors Auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 The auditors Auditors so appointed shall be other than the existing auditors Auditors of the Fund, the Management Company and the Trustee. 17.8 The auditors Auditors shall have the scope as may be specified by the Management Company or Commission. 17.9 The audit report for the audit shall be submitted by the auditors Auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 The costs of such audit shall be borne by the Fund.

Change of Trustee. 17.1 18.1 The Trustee may, subject to the prior approval of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trustee, whichever is later. 17.2 18.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 18.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 18.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 18.5 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. 17.6 18.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors with the consent of the Commission from amongst the panel of auditors designated as “"A” " Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 18.7 The auditors so appointed shall be other than the existing auditors of the Fund, the Management Company and the Trustee. 17.8 18.8 The auditors shall have the scope as may be specified by the Management Company or Commission. 17.9 18.9 The audit report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 18.10 The costs of such audit shall be borne by the Fund.

Change of Trustee. 17.1 The Trustee may, subject to the prior approval of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trustee, whichever is later. 17.2 In circumstances where the Commission is of the opinion that t h e Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the Commission is satisfied with the circumstances and reasons for this change and accords approval for appointment of such a new trustee. 17.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 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. 17.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors with the consent of the Commission from amongst the panel of auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 The auditors so appointed shall be other than the existing auditors of the Fund, the Management Company and the Trustee. 17.8 The auditors shall have the scope as may be specified by the Management Company or Commission. 17.9 The audit report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) Business Days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 The costs of such audit shall be borne by the Fund.

Change of Trustee. 17.1 21.1 The Trustee may, may retire voluntarily in accordance with and subject to the prior approval conditions of the Commission, 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 with the approval of the Commission or from the date of assumption of Trust Property of the Scheme by the newly appointed trustee, whichever is laterClause 4.5 herein above. 17.2 21.2 In circumstances where the Commission is of the opinion that Trustee has been in violation of the Regulations or this Trust Deed or found guilty of misconduct or failed to discharge its obligations under the Regulations, it may remove the Trustee after giving an opportunity of being heard. 17.3 21.3 The Management Company may, giving cogent reasons, apply to the Commission for change of the Trustee by simultaneously proposing appointment of a new trustee. A new trustee shall be appointed when the The Commission is if satisfied with the circumstances and reasons for this change and accords may accord approval for appointment of such a new trustee. 17.4 21.4 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 held in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. The Trustee shall have the right to receive its remuneration up to the effective date of its removal or retirement. 17.5 21.5 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. 17.6 21.6 The Management Company may immediately in case of retirement or removal of Trustee appoint auditors with the consent of the Commission from amongst the panel of auditors designated as “A” Category by State Bank of Pakistan for the audit of financial institutions. The Management Company shall ensure that accounts of the Fund till the day of the appointment of the new trustee are audited by such Auditor. 17.7 21.7 The auditors so appointed shall be other than the existing auditors of the Fund, the The Management Company and the Trustee. 17.8 21.8 The auditors shall have the same scope as that for the annual audit, or such other enhanced scope as may be specified by the Management Company or Commission. 17.9 21.9 The audit report for the audit shall be submitted by the auditors to the Management Company not later than thirty (30) Business Days business days from their appointment. A copy of the report shall also be provided to the Commission, the Trustee and the new trustee. 17.10 21.10 The costs of such audit shall be borne shared equally by the outgoing Trustee, the new trustee and the Fund. 21.11 1SECP may remove the Trustee by giving atleast ninety (90) days notice in writing to the Trustee and under intimation to the Management Company, 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;