(1) The Court may, on application, order the appointment of a person as a temporary manager of a scheme.

(2) The application may be made by

(a) the Commission;

(b) the manager;

(c) the directors of a mutual fund;

(d) the trustee or custodian; or

(e) an investor in the scheme.

(3) The appointment shall not be for more than ninety days but the Court may, on application by the temporary scheme manager, extend the appointment.

(4) A temporary scheme manager shall, before the end of the appointment, report to the Court recommending a course of action to be taken in relation to the scheme.

(5) The Court may make the orders that are just, including orders to call an investors’ meeting to consider a proposed resolution to nominate a replacement scheme manager or for the termination of the scheme.

(6) A temporary scheme manager shall have the same powers and rights in respect of the property of the scheme as the manager of the scheme.