Section 45

take all reasonable steps and exercise due diligence to ensure that the scheme is managed in accordance with the provisions of this Act, offer document such as the prospectus or product disclosure statement and the trust deed or the contractual agreement;

exercise due diligence and care in managing assets and funds of the scheme;

be responsible for the act and omissions of its employees, any person for the time being exercising the functions of the management company or the persons whose services have been availed by the management company;

remain liable to the interest holders for any commissions or omissions, notwithstanding anything contained in any contract or agreement;

ensure that its officers or employees do not make improper use of their position or information to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the scheme; and

comply with the covenants contained in the trust deed or with the terms of the contractual agreement.

Interest Schemes

59

The management company and every officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.

Obligations to trustees