S.L. 370.19 Art. 12Rights of unit- holders.

(1) The unit-holders in a merging UCITS and in a receiving UCITS shall both have the right to request, without any charge other than those retained by the UCITS to meet disinvestment costs, the repurchase or redemption of their units or, where possible, to convert them into units in another UCTIS with similar investment policies and managed by the same management company or by any other company with which the management company is linked by common management or control, or by a substantial direct or indirect holding. That right shall become effective from the moment that the unit-holders of the merging UCITS and those of the receiving UCITS have been informed of the proposed merger in accordance with regulation 11(1) and (2) and shall cease to exist five working days before the date for calculating the exchange ratio.

(2) Without prejudice to subregulation (1) and by way of derogation from the obligation of the UCITS to repurchase or redeem its units at the request of any unit-holder, the competent authority may require or allow the temporary suspension of the subscription, repurchase or redemption of units if such suspension is deemed justified for the protection of the unit-holders.