Section 17Part 3 — Mutual Fund Administration
Licensed mutual fund administrators to give notice of certain matters
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If a licensed mutual fund administrator knows or has reason to believe that a regulated mutual fund for which it provides a principal office, or a promoter or operator of such a mutual fund —
is or is likely to become unable to meet its obligations as they fall due;
is carrying on business otherwise than in accordance with this or any other law; or
is carrying on b usiness in a manner that is or is likely to be prejudicial to investors or creditors of the mutual fund, the mutual fund administrator shall immediately give the Authority written notice of its knowledge or belief giving its reason for that knowledge or be lief, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of two hundred thousand dollars.