(1) The merger becomes effective at the end of the financial year of the transferring collective investment fund, where 1. the merger has been approved in the current financial year, 2. insofar as necessary, the general meetings of the investment funds involved have consented, 3. the values of the receiving and the transferring collective investment fund or EU UCITS have been calculated as at the end of the financial year of the transferring collective investment fund (transfer date), and 4. the exchange ratio of the units, and, where applicable, the cash payment in an amount of no more than 10 percent of the net asset value of these units, has been determined as at the transfer date.
(2) A different date may be determined, on the expiry of which the merger is to become effective. This date may fall only after any consent required from the voting shareholders of the receiving or transferring investment stock corporation with variable capital, or of the receiving or transferring EU UCITS. In other respects, subsection (1) applies with the proviso that the values of the receiving and the transferring collective investment fund must be calculated as at this date, and the exchange ratio must be determined as at this date.
(3) The capital management companies and the depositaries involved in the merger process must carry out the technical rebooking and legal transaction acts required for this, and must inform each other of this.
(4) The capital management company of the receiving collective investment fund must publish notice of the effectiveness of the merger in the Federal Gazette and additionally in a sufficiently widely circulated financial or daily newspaper or in the electronic information media named in the sales prospectus. For a cross-border merger, it must publish notice of the effectiveness of the merger in accordance with the corresponding legal provisions of the home State of the receiving EU UCITS. The Federal Institute must be informed of this; for a merger of an EU UCITS into a UCITS collective investment fund, the competent authorities in the home State of the transferring EU UCITS must also be informed.
(5) A merger that has become effective under subsection (1) or subsection (2) may no longer be declared void.