22. The following new section is hereby inserted immediately after section 31 A and shall have effect as section 31 B of the principal enactment :
| 31 B. (1) The Commission shall withdraw the approval of a trustee of a unit trust where the Commission is satisfied that the trustee 01' that unit trust |
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| (a) has acted in breach of any provision of this Act or any rules or regulations made thereunder; |
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| (b) has ceased to be of good financial standing; or |
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| (c) is guilty of malpractice or irregularity in the management of its affairs. |
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| (2) Upon withdrawal of any approval under subsection (1), the trustee shall be deemed to have retired but such retirement shall not take effect until a new trustee duly approved by the Commission has been appointed. ". |
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Sri Lanka Consolidated Acts