3.1 Without prejudice to the generality of Article (162) of the Commercial Companies Law, a trustee for the holders of Debt Securities shall not cease to be the trustee until a corporation qualified for appointment as trustee for the holders of the Debt Securities has been appointed to be the trustee for the holders of the Debt Securities and has taken office as such.

3.2 Where provision has been made in the Debt Securities or in the relevant trust deed for the appointment of a successor to a trustee for the holders of the Debt Securities upon retirement or otherwise, the successor may be appointed in accordance with such provision.

3.3 Where no provision has been made in the Debt Securities or in the relevant trust deed for the appointment of a successor to a retiring trustee, the borrowing corporation may appoint a successor which is qualified for appointment.

3.4 Notwithstanding anything in the Commercial Companies Law or in any Debt Securities or trust deed, a borrowing corporation may, with the consent of an existing trustee for the holders of the Debt Securities, appoint as successor to the existing trustee any corporation which is qualified for such appointment.

3.5 Where the trustee for the holders of the Debt Securities has ceased to exist or to be qualified, or fails or refuses to act or is disqualified, the court may, on the application of the borrowing corporation or the trustee for the holders of the Debt Securities or the holder of any of the Debt Securities or the Agency, appoint any corporation qualified to be the trustee for the holders of the Debt Securities in place of the trustee which has ceased to exist or to be qualified, which has failed or refused to act as trustee, or which is disqualified.

3.6 Where a successor is appointed to be a trustee in place of any trustee, the successor shall within one month after the appointment submit to the Agency notice in the prescribed form of the appointment.

3.7 Any person who fails to comply with the requirements of 3.6 above shall be guilty of an offence and shall be liable on conviction to a fine as stated in Articles (361) or (362) of the Commercial Companies Law, as the case may be.