(1) Without prejudice to section 8 of the Unit Trusts Act 1990, the Bank may replace a management company or depositary with another management company or depositary where -
(a) it is satisfied that the management company or depositary has failed to demonstrate the competence, probity or experience in the discharge of its functions reasonably required of it,
(b) it is satisfied that the management company or depositary is not of sufficiently good repute,
(c) it is satisfied that it is undesirable in the interests of the unit-holders that the management company or depositary remain as management company or depositary, or
(d) without prejudice to subparagraph (c), it is satisfied that the management company or depositary -
(i) has contravened any provision of these Regulations,
(ii) in purported compliance with any such provision, has furnished the Bank with false, inaccurate or misleading information, or
(iii) has contravened any prohibition or requirement imposed under these Regulation
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