122. Appointment of Managers

(1) Where it considers it necessary or desirable in the pursuit of its objectives, the AFSA may issue a written notice requiring an Authorised Person to appoint one or more individuals to act as managers of the business of such Person on such terms as the AFSA may specify in any such notice.

(2) The terms specified in the written notice may be varied by the AFSA from time to time by further written notice.

(3) An individual so appointed by an Authorised Person must be either nominated or approved by the AFSA.

123. Compulsory Winding up

(1) The AFSA may petition to the AIFC Court for the winding up of an Authorised Person or Ancillary Service Provider.

(2) On such a petition, the AIFC Court may wind up the Authorised Person or Ancillary Service Provider if it is of the opinion that it is just and equitable that the Authorised Person or Ancillary Service Provider be wound up.