On selecting a substitute Fund Manager, the following conditions shall be considered: 1. The substitute manager shall be a Licensed Person by the Authority to work as a Collective Investment Scheme manager. 2. The substitute Fund Manager shall not be a manager of another Fund; which is similar in terms of goals, policies, activities and the category of investors targeted by such Fund, unless it is a Close-Ended Fund and has fulfilled its capital. 3. The substitute Fund Manager shall not have experienced default before due to mismanagement of any Fund. 4. The substitute Fund Manager shall be able to manage a new Fund, so that the position thereof when assuming the Fund management doesn’t affect the interest of Unit holders. 5. The substitute manager shall undertake to abide by the Fund’s Articles of Association. 6. Obtain the Authority’s approval to appoint a substitute Fund Manager before holding the Unit holders assembly, which shall decide on selecting such substitute manager. The Authority shall notify the applicant of the decision setting out the reasons thereof within thirty days as of the date it received the application. 7. Any other conditions decided by the Authority. In the event of an inability to appoint a substitute Fund Manager, the Authority is entitled to cancel the Fund’s license and it shall be liquidated in accordance with the provisions set forth on this Module.