Securities Investment Trust and Consulting Act Article 48

The securities investment trust enterprise shall serve as the liquidator of the fund. Where an event specified in subparagraphs 1 or 2 of paragraph 1 of Article 45 exists with respect to the securities investment trust enterprise, the fund custodian shall serve as the liquidator. Where an event specified in subparagraphs 1 or 2 of paragraph 1 of Article 45 also exists with respect to the fund custodian, a beneficiaries meeting shall select by a resolution a securities investment trust enterprise or fund custodian that complies with the provisions of the Competent Authority to be the liquidator.When the fund contract is terminated because an event specified in subparagraphs 1 or 2 of paragraph 1 of Article 45 exists with respect to the fund custodian, the liquidator may select a suitable fund custodian to assume, after approval is obtained from the Competent Authority, the fund custody duties during the liquidation period.Unless otherwise provided by law or contract, the rights and obligations of the liquidator and the fund custodian during the duration of the fund shall be the same as those of the original securities investment trust enterprise and fund custodian.