(1) Without prejudice to section 8 of the Unit Trusts Act 1990, the Bank may replace a management company or trustee with another management company or trustee where -
(a) it is satisfied that the management company or trustee 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 trustee 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 trustee remain as management company or trustee;
(d) without prejudice to paragraph (c), it is satisfied that the management company or trustee -
(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 Regulations.
(2) Upon replacemen