COLL 9.2.3 Winding-up Required by Constitutional Document—All QFC Schemes

(1) The constitutional document of a QFC scheme may provide that the scheme is to be wound up—
(a) at a stated time; or
(b) in stated circumstances or on the happening of a stated event.

Note Constitutional document is defined r 3.1.1.
(2) However, a provision of the constitutional document that purports to provide that the scheme is to be wound up if a particular person ceases to be the operator or independent entity is of no effect.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)