Section 159 Investments and Securities Act

Section 159 of the Investments and Securities Act 2025 is about Alteration of trust deed, custodial agreement, or change of name of scheme. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) A manager, trustee or custodian of a scheme shall not make any alteration in the trust deed or custodial agreement in which are expressed the trusts of an authorised scheme or make any change in the name of an authorised scheme without the prior approval of the Commission.

(2) A manager or trustee of a scheme who contravenes the provision of subsection (1), is liable to a penalty of N5,000,000 and a further sum of N100,000 for every day the violation continues.