Regulations Governing Securities Investment Trust Funds Article 81

The SITE shall act as the liquidator of a fund; when the circumstances under Article 45, paragraph 1, subparagraphs 1 or 2 of the Securities Investment Trust and Consulting Act apply to the SITE, the fund's custodian institution shall act as liquidator. When the circumstances under Article 45, paragraph 1, subparagraphs 1 or 2 of the Securities Investment Trust and Consulting Act also apply to the custodian institution, the beneficiaries' meeting shall pass a resolution selecting another SITE or custodian institution qualified under FSC regulations to act as liquidator.When a fund's securities investment trust agreement is terminated because the circumstances under Article 45, paragraph 1, subparagraphs 1 or 2 of the Securities Investment Trust and Consulting Act apply to the fund's custodian institution, the liquidator shall select another custodian institution to execute custodial duties for the fund for the duration of the liquidation period, subject to the prior approval of the FSC.Except where otherwise provided by law or in the securities investment trust agreement, the rights and obligations of the liquidator and the custodian institution during the duration of the fund shall be the same as those of the original SITE and the original custodian institution.