Sub-funds; power to issue statutory instruments

(1) The partnership agreement may provide for the formation of sub-funds. The sub-funds are separated from each other in terms of liability and assets. As between investors, each sub-fund is treated as a separate partnership fund. The rights of investors and creditors in relation to a sub-fund, in particular its formation, 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 open-ended investment limited partnership and the winding-up of a sub-fund.
(2) Investment conditions must be prepared for each sub-fund. The investment conditions of a sub-fund, and material amendments to them, must be submitted to the Federal Institute under section 273.
(3) 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.
(4) A depositary must be named for each sub-fund.
(5) The general partners are liable for the liabilities of all sub-funds. The limited partners are liable, under sections 171 to 176 of the Commercial Code in conjunction with the provisions of this Subdivision, only for liabilities of the sub-fund concerning them.
(6) The partnership agreement must provide that matters concerning the open-ended investment limited partnership as a whole are decided at a meeting of partners to which investors of all sub-funds are invited.
(7) The partnership agreement may provide that the management may, with the consent of the depositary, resolve on the dissolution of a sub-fund. The dissolution resolution becomes effective six months after notice of the resolution to the investors of the sub-fund concerned, unless the investors consent to an earlier dissolution. The dissolution resolution must be included in the next annual report. Section 100(1) and (2) applies correspondingly to the winding-up of the sub-fund.
(8) 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.