(1)The manager of an authorised unit trust scheme must give written notice to the Authority of any proposal to alter the scheme or to replace its trustee.
(2)Any notice given in respect of a proposal to alter the scheme involving a change in the trust deed must be accompanied by a certificate signed by a solicitor to the effect that the change will not affect the compliance of the deed with the trust scheme rules.
(3)The trustee of an authorised unit trust scheme must give written notice to the Authority of any proposal to replace the manager of the scheme.
(4)Effect is not to be given to any proposal of which notice has been given under subsection (1) or (3) unless—
(a)the Authority, by written notice, has given its approval to the proposal; or
(b)one month, beginning with the date on which the notice was given, has expired without the manager or trustee having received from the Authority a warning notice under section 252 in respect of the proposal.
(5)The Authority must not approve a proposal to replace the manager or the trustee of an authorised unit trust scheme unless it is satisfied that, if the proposed replacement is made, the scheme will continue to comply with the requirements of section 243(4) to (7).
(1)If the Authority proposes to refuse approval of a proposal to replace the trustee or manager of an authorised unit trust scheme, it must give a warning notice to the person by whom notice of the proposal was given under section 251(1) or (3).
(2)If the Authority proposes to refuse approval of a proposal to alter an authorised unit trust scheme it must give separate warning notices to the manager and the trustee of the scheme.
(3)To be valid the warning notice must be received by that person before the end of one month beginning with the date on which notice of the proposal was given.
(4)If, having given a warning notice to a person, the Authority decides to refuse approval—
(a)it must give him a decision notice; and
(b)he may refer the matter to the Tribunal.