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Replacement of general partner and custodian.
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30.—(1) The Bank may replace a general partner or custodian with another general partner or custodian where—
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(a) it is satisfied that the general partner or custodian has failed to demonstrate the competence, probity or experience in the discharge of their functions reasonably required of them,
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(b) it is satisfied that they are not of sufficiently good repute,
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(c) it is satisfied that it is undesirable in the interests of the limited partners that the person should remain as general partner or custodian,
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(d) without prejudice to paragraph (c), it is satisfied that the general partner or custodian has contravened any provision of this Act or regulations made thereunder or, in purported compliance with any such provision, has furnished the Bank with false, inaccurate or misleading information or has contravened any prohibition or requirement imposed under this Act or regulations made hereunder.
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(2) Upon replacement by the Bank under this section of a general partner or custodian, that general partner or custodian as the case may be shall cease to be a partner of or custodian to the investment limited partnership, without prejudice to the general partner's liabilities in respect of the debts and obligations of the partnership and the powers and duties of the general partner or custodian under the partnership agreement or this Act shall be exercised and carried out by the new general partner or custodian, as the case may be.
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(3) The Bank may, by application to the Court, seek such interim or interlocutory relief preventing a general partner or custodian from acting as such or appointing a person to carry out their functions and the court on such application, having regard to the matters set forth in subsection (1) and the protection of the limited partners, may make such order as it deems appropriate.
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