Sub-funds; power to issue statutory instruments

(1) The investment stock corporation with variable capital may establish sub-funds. The establishment of new sub-funds by the management board requires the consent of the supervisory board; the consent of the general meeting is not required.
(2) The sub-funds are separated from each other in terms of liability and assets, and are also not liable for the investment operating assets under section 112(2), first sentence. As between shareholders, each sub-fund is treated as a separate company's assets. The rights of shareholders and creditors in relation to a sub-fund, in particular its establishment, management, and dissolution, are limited to the assets of this sub-fund. Only the sub-fund concerned is liable for the liabilities attributable to the individual sub-fund. The separation in terms of liability and assets also applies in the event of the insolvency of the investment stock corporation with variable capital and the winding-up of a sub-fund.
(3) Section 109(1), third sentence, applies to the investment stock corporation with sub-funds, with the proviso that the shares of a sub-fund represent the same share, or fractions thereof, in the respective sub-fund.
(4) The costs of establishing new sub-funds may be charged only against the unit prices of the new sub-funds. The value of the unit must be calculated separately for each sub-fund.
(5) Investment conditions must be prepared for each sub-fund. For retail sub-funds, these investment conditions must contain at least the particulars under section 162. The investment conditions, and any amendments to them, must be approved by the Federal Institute under section 163. For special sub-funds, the investment conditions, and material amendments to the investment conditions, must be submitted to the Federal Institute under section 273.
(6) A depositary must be named for each sub-fund.
(7) An investment stock corporation with variable capital establishing sub-funds must include in its articles of association a notice that special investment conditions apply to the sub-funds. In all cases in which the articles of association must be published, handed over, or otherwise made available, the respective investment conditions must likewise be published, handed over, or otherwise made available.
(8) The articles of association of an investment stock corporation with variable capital establishing sub-funds may provide that the management board, with the consent of the supervisory board or the depositary, may resolve on the dissolution of a sub-fund. A resolution under the first sentence becomes effective six months after its publication in the Federal Gazette. A resolution under the first sentence must be included in the next annual financial statements or half-yearly report. Section 100(1) and (2) applies correspondingly to the winding-up of the sub-fund. Section 100b applies correspondingly to the transfer to another investment stock corporation with variable capital.
(9) The Federal Ministry of Finance is empowered to issue, by statutory instrument not requiring the consent of the Bundesrat, further provisions on the accounting presentation, financial reporting, and determination of the value of each sub-fund. The Federal Ministry of Finance may transfer this power by statutory instrument to the Federal Institute.