Termination and loss of the right of management

(1) The capital management company is entitled to terminate the management of a collective investment fund by publication in the Federal Gazette, and additionally in the annual report or half-yearly report. Investors must be informed without delay, by means of a durable medium, of a termination published under the first sentence; for special collective investment funds, publication of the termination in the Federal Gazette and in the annual report is not required. From the publication of its termination under the first sentence, or, in the case of special collective investment funds, from the notification of its investors under the second sentence, the capital management company is obliged to wind up the collective investment fund and distribute it to the investors. Investment limits no longer need to be complied with in the course of the winding-up. The obligation to manage the collective investment fund ends only once the capital management company has wound up the collective investment fund.
(2) The capital management company may not resolve on its dissolution for a time earlier than that at which its right to manage all collective investment funds lapses.
(3) The right of the capital management company to manage the collective investment funds also lapses upon the opening of insolvency proceedings over the assets of the capital management company, or upon the legal force of the court order dismissing the application for the opening of insolvency proceedings for insufficiency of assets under section 26 of the Insolvency Code. The collective investment funds do not form part of the insolvency estate of the capital management company.
(4) Where the capital management company is dissolved for a reason not named in subsections (2) and (3), or where a general prohibition on disposal is issued against it, the depositary has the right, in relation to a collective investment fund held in custody with it, to terminate the investors' contractual relationship with the capital management company on their behalf, without observing a notice period.
(5) No investor may demand the dissolution of the community of investors existing in respect of the collective investment fund; nor does such a right accrue to a creditor, pledgee, attaching creditor, or the insolvency administrator over the assets of an investor.