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.