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(1) The manager may retire in favour of another eligible person on the written approval of the trustee of a unit trust or the directors of the mutual fund where

(a) in the case of a unit trust, the appointment is made under the seal of the retiring manager;

(b) the rights and duties of the retiring manager have been assigned to die new manager; and

(c) any other act required to be done for die assumption of duty as manager has been done.

(2) The retiring manager shall be absolved from an obligation on retirement but this is without prejudice to the rights of a person for an act or omission of the retiring manager before retirement.

(3) On assuming office as the new manager, die manager shall enjoy the rights and exercise the powers as manager and be subject to the duties and obligations of a manager.