Legal effects of the merger

(1) A merger by absorption has the following effects:
1. all assets and liabilities of the transferring collective investment fund pass to the receiving collective investment fund or the receiving EU UCITS;
2. the investors of the transferring collective investment fund become investors of the receiving collective investment fund or the receiving EU UCITS; insofar as this is provided for in the merger plan, they are entitled to a cash payment of up to 10 percent of the value of their units in the transferring collective investment fund, except that this does not apply insofar as the receiving collective investment fund or the receiving EU UCITS is a unit-holder of the transferring collective investment fund; third-party rights in the units continue to exist in the units that take their place, and
3. the transferring collective investment fund ceases to exist.
(2) A merger by establishment of a new fund has the following effects:
1. all assets and liabilities of the transferring collective investment funds pass to the newly established collective investment fund or the newly established EU UCITS;
2. the investors of the transferring collective investment funds become investors of the newly established collective investment fund or the newly established EU UCITS; insofar as this is provided for in the merger plan, they are entitled to a cash payment of up to 10 percent of the value of their units in the transferring collective investment fund; third-party rights in the units continue to exist in the units that take their place, and
3. the transferring collective investment funds cease to exist.
(3) The new units of the receiving or newly established collective investment fund are deemed to have been issued to the investors of the transferring collective investment fund or EU UCITS with the beginning of the day following the transfer date.