Section 64
Section 64
If the management company considers that the purpose of the scheme has been accomplished or cannot be accomplished, the management company may take steps to wind up the scheme in accordance with this section.
(2)
The management company shall send to the interest holders of the scheme, the Registrar and the trustee a notice in writing—
(a)
explaining the proposal to wind up the scheme, including explaining how the scheme’s purpose has been accomplished or why that purpose cannot be accomplished;
(b)
informing the interest holders of their rights to call a meeting of interest holders to consider the proposed winding up of the scheme and to vote on the proposal to wind up the scheme; and
(c)
informing the interest holders that the management company is permitted to wind up the scheme unless a meeting is called to consider the proposed winding up of the scheme within twenty-eight days from the date of the notice.
(3)
The management company may wind up the scheme if no meeting is called within twenty-eight days to consider the proposed winding up and the Registrar is satisfied of that fact after receiving certification from the trustee.