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(1) A proposal for change in a unit trust or mutual fund shall be subject to approval by a special resolution of holders of interests in the unit trust or mutual fund.

(2) The manager of a unit trust or mutual fund shall submit the proposal to the Commission for approval and the Commission shall acknowledge receipt in writing within seven days of receipt.

(3) If the Commission does not take a decision on the proposal within a period of sixty days after its submission, the manager may assume that it has been approved. [As substituted by Securities Industry (Amendment) Act, 2000 (Act 590) s. 10]