Section 48
Separation of funds of interest holders and other persons
The management company shall ensure that a separate trust account is maintained and controlled by the trustees for each scheme that the management company administers.
(2)
Funds deposited into a trust account referred to in subsection (1)
may only be withdrawn for the purposes of making payment—
(a)
to an interest holder or person entitled to such payment;
or
(b)
in accordance with this Act, any other written law, the trust deed or contractual agreement.
(3)
Any excess remaining in the trust account after payment of or provision for all claims of interest holders whose funds have, or should have been deposited in such account, is not considered as a trust property and shall be dealt with as if the excess were unclaimed moneys under the law relating to unclaimed moneys.
(4)
The Registrar may, on an application from a person having a financial interest or a claim against a trust account, make an order—
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(a)
to prohibit the trustee from operating a trust account in any way; and
(b)
to appoint any person to administer the account and to specify the duties and powers of the person administering the account.
(5)
Any person aggrieved with the decision of the Registrar under this section may appeal to the Court.