Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 5: AIF external manager / [25] Resignation and replacement of the external manager.

25. Resignation and replacement of the external manager.

(1) The external manager may resign from the management of the AIF only where a substitute has been appointed in accordance with the provisions of sections (2) to (5), unless the AIF after the resignation of its external management becomes internally managed AIF subject to articles 12 and 13:

It is provided that the provisions of this section shall apply to AIFLNPs as if the reference to article 13 is a reference to article 126.

(2) The replacement of the external manger of the AIF, for any reason, is subject to the Securities and Exchange Commission’s approval, which approves the appointment of the new external manager, taking into consideration the unitholders’ interests