Lapse of the conditions of a special investment fund

(1) A special investment fund is deemed dissolved where the special investment fund changes its investment conditions in such a way that the conditions of section 26 are no longer satisfied, or a material infringement of the investment provisions of section 26 exists. Where the conditions of an investment fund continue to be satisfied at the same time, an investment fund is deemed newly established on the dissolution. Where the conditions of section 26 cease to exist at a time other than the end of the financial year, a rump financial year is deemed ended for tax purposes.
(2) The units in the special investment fund are deemed disposed of at the time the conditions under section 26 cease to exist. The redemption price at the end of the financial year or rump financial year is deemed the disposal proceeds. Where no redemption price is fixed, the exchange or market price takes the place of the redemption price.
(3) At the time the conditions of section 26 cease to exist, under the conditions of subsection (1), the investment units in the investment fund are at the same time deemed acquired. The value applicable under subsection (2), second or third sentence is deemed the acquisition cost of the investment units.