S.L. 370.19 Art. 16Consequences of a merger.

A merger effected in accordance with regulation 3(1) shall have the following consequences:

(a) all the assets and liabilities of the merging UCITS shall be transferred to the receiving UCITS or, where applicable, to the depositary of the receiving UCITS;

(b) the unit-holders of the merging UCITS shall become unit-holders of the receiving UCITS and, where applicable, they shall be entitled to a cash payment not exceeding 10 per centum of the net asset value of their units in the merging UCITS; and

(c) the merging UCITS shall cease to exist on the entry into effect of the merger. Where the merging UCITS is a Maltese company, the Registrar of Companies shall strike the name of the company off the register.