Article 65 According to the agreement in the fund contract or the resolution of the fund share holders' meeting, the operation mode of the fund may be changed with the approval of the the State Council securities regulatory authority.

Article 66 To raise a closed-end fund or extend the term of the fund contract, it shall meet the following requirements and be approved by the the State Council Securities Regulatory Authority:

(1) The fund has good business performance;

(2) The fund manager has not been subjected to administrative punishment or criminal punishment for illegal acts in the last two years;

(3) Resolutions adopted by the fund share holders' meeting;

(4) Other articles specified in this Law.

Article 67 The fund contract shall be terminated under any of the following circumstances:

(1) The term of the fund contract expires and will not be extended;

(2) The fund share holders' meeting decides to terminate;

(3) The responsibilities of the fund manager and the fund custodian are terminated, and no new fund manager or fund custodian will undertake it within six months;

(4) Other circumstances stipulated in the fund contract.

Article 68 When the fund contract is terminated, the fund manager shall organize a liquidation group to liquidate the fund property.

The liquidation group consists of fund managers, fund custodians and relevant intermediary service agencies.

The liquidation report made by the liquidation group shall be audited by an accounting firm, and after the law firm issues a legal opinion, it shall be reported to the the State Council Securities Regulatory Authority for filing and announcement.

Article 69 The remaining fund property after liquidation shall be distributed according to the shares held by the fund share holders.