Common use of Change of Trustee Clause in Contracts

Change of Trustee. 11.1 The Trustee shall 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, 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, after giving twenty-one 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, and appoint another trustee provided such removal does not itself constitute admission of such default or non-compliance on part of the Trustee. 11.4 Upon the appointment of a new trustee, the Trustee shall immediately deliver and hand over all the documents and records to the new trustee and shall transfer all the Deposited Property and any amount deposited in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. 11.5 The new trustee shall exercise all the powers and enjoy all 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.

Change of Trustee. 11.1 19.1 The Trustee shall not be entitled to retire voluntarily or otherwise except upon at anytime with the appointment prior written notice of a new trusteeat least 3 months to the Management Company. In the event of the Trustee desiring to retire the The Management Company within a the Notice 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) 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. 11.2 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 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 forthwith 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 Trustee some other company or corporation according to the provisions of the Rules rules and the Constitutive Documents as the new trusteeNew Trustee. 11.3 19.3 The Management Company may remove the Trustee, with the prior written approval of the Commission, Commission remove the Trustee after giving twentyat least 90-one days notice in writing to the Trustee on grounds ground of any material default or non-non compliance with the provisions of the Constitutive Documents or the Rules, and appoint another trustee Trustee provided that such removal does shall not by itself constitute admission of such material default or non-compliance on part of the Trustee. 11.4 Upon 19.4 Notwithstanding, removal/resignation of the appointment of a new trusteeTrustee and its subsequent discharge from its duties under this Deed and the Rules, the Trustee shall immediately deliver and hand over all the documents and records remain entitled to the new trustee and shall transfer all the Deposited Property and any amount deposited in any Distribution Account to the new trustee and make payments to the new trustee benefit of all sums due from the Trustee. 11.5 The new trustee shall exercise all the powers and enjoy all 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.Clauses 7.2, 18.2, 18.3, 18.6, 18.7, &

Change of Trustee. ‌ 11.1 The A Trustee shall not be entitled may, subject to prior approval of the Commission and under intimation to the Management Company, retire voluntarily or otherwise except upon the 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. In the event of the Trustee desiring to retire retire, the Management Company may, within a period of six months ninety (or in default the Trustee90) days, with the prior written approval of the Commission may SECP and by a deed supplemental hereto under the seal of the Management Company or the Trustee (as the case may be) 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. 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 goes into liquidation (otherwise other than for the purpose of amalgamation or reconstruction on terms previously agreed with the Management Company for purpose of reconstruction and amalgamationCompany) 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 RulesRegulations, or any other law for the time being in force 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 Regulations and the Constitutive Documents this Deed as the new trustee. 11.3 11.4 The Management Company may remove by giving reasons in writing apply to the Trustee, with the prior approval Commission for change of the trustee and propose a new trustee. 11.5 The Commission, if satisfied by the reasons given by the Management Company and after giving twenty-one days notice in writing providing an opportunity of hearing to the Trustee on grounds of any material default or non-compliance with trustee, approve the provisions removal of the Constitutive Documents or existing and the Rules, and appoint another trustee provided such removal does not itself constitute admission appointment of such default or non-compliance on part of the Trusteea new trustee. 11.4 11.6 Upon the appointment of a new trustee, the Trustee shall immediately deliver and hand over all the documents and records to the new trustee and shall transfer all the Deposited Fund Property and including any amount deposited held in any Distribution of the Bank Account of the Scheme to the new trustee and make payments to the new trustee of all sums due from the Trustee. Dividend bank accounts (if any) shall not be closed. 11.5 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 Trustee hereunder as fully as though such new trustee had originally been a party hereto. 11.8 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. 11.9 Furthermore, the 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, the Management Company and the Trustee. 11.11 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 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, out 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. 11.1 8.1 The Trustee shall not be entitled to retire voluntarily at any time upon prior written notice of 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 otherwise except upon from the appointment date of a new assumption of assets of the scheme by the newly appointed trustee, whichever is later. In the event of the Trustee desiring to retire retire, the Management Company Company, within a period of six three months (or in default after receiving a notice to that effect from the Trustee) Trustee and with the prior written approval of the Commission Commission, may by a trust deed supplemental hereto under the seal of the Management Company or the Trustee (as the case may be) 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. 11.2 8.2 If the Trustee 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 ceases to carry on business or a receiver of its undertaking is appointed or it becomes ineligible to act as a trustee of the Unit Trust under the provisions of the RulesRegulations, the Management Company shall forthwith 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 some other company or corporation according to the provisions of the Rules Regulations and the Constitutive Documents this Trust Deed as the new trusteeTrustee. 11.3 8.3 The Management Company may remove apply to the TrusteeCommission giving cogent reasons for change of the Trustee by simultaneously proposing the appointment of a new trustee. The Commission, if satisfied with the prior circumstances and results for the change applied for, may accord approval of the Commission, after giving twenty-one days notice in writing to removal of the Trustee on grounds and appointment of any material default or non-compliance with the provisions of the Constitutive Documents or the Rules, and appoint another trustee provided a new trustee. Provided such removal does not by itself constitute admission of such default or non-compliance on the part of the Trustee. 11.4 Upon 8.4 In the appointment circumstances where the Commission is of a new trusteethe opinion that the Trustee has been in violation of the Regulations or the provisions of this Deed or is found guilty of misconduct or has failed to discharge its obligations under the Regulations, the Trustee shall immediately deliver and hand over all the documents and records to the new trustee and shall transfer all the Deposited Property and any amount deposited in any Distribution Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. 11.5 The new trustee shall exercise all the powers and enjoy all rights and shall be subject to all duties and obligations of Commission may remove the Trustee hereunder as fully as though such new trustee had originally been a party heretoafter giving opportunity of being heard.

Change of Trustee. 11.1 22.1 The Trustee shall not be entitled to may retire voluntarily or otherwise except upon in accordance with and subject to the appointment conditions of a new trustee. In the event of the Trustee desiring to retire the Clause 4.5 herein above. 22.2 1The Management Company within a period of six months (or in default the Trustee) may with the prior written approval of the Commission may by a deed supplemental hereto under the seal of the Management Company or remove the Trustee (as after giving at least ninety days notice in writing to the case may be) appoint a new Trustee under 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. 11.2 If duties and responsibilitiesIf the Trustee 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 ceases to carry on business or a receiver of its undertaking is appointed or it becomes ineligible to act as a trustee of the Unit Trust under the provisions of the Rules, the Management Company shall forthwith with the approval of the SECP, 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 some other company or corporation according to the provisions of the Rules and the Constitutive Documents this Deed as the new trustee.Trustee 11.3 22.3 The Management Company may remove the Trustee, with the prior approval of the Commission, Commission remove the Trustee after giving twenty-one 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 RulesRules 1or Regulations, and appoint another trustee trustee, provided such removal does not by itself constitute admission of such 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 11.4 22.4 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 Deposited Trust Property and any amount deposited in any Distribution Redemption Account to the new trustee and make payments to the new trustee of all sums due from the Trustee. 11.5 22.5 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, 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 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 22.9 1Furthermore the Management Company may immediately upon the issuance of notice of removal of Trustee under Clauses 22.2 & 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, the Management Company and the Trustee1 22.11 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 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, out 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, the new Trustee and the Trust