(1) A merger effected in accordance with paragraph (a) of the definition in Regulation 3(1) of "merger" shall have the following consequences:
(a) all the assets and liabilities of the merging UCITS are transferred to the receiving UCITS or, where applicable, to the depositary of the receiving UCITS;
(b) the unit-holders of the merging UCITS become unit-holders of the receiving UCITS and, where applicable, they are entitled to a cash payment not exceeding 10 % of the net asset value of their units in the merging UCITS; and
(c) the merging UCITS cease to exist on the entry into effect of the merger.
(2) A merger effected in accordance with paragraph (b) of the definition in Regulation 3(1) of "merger" shall have the following consequences:
(a) all the assets and liabilities of the merging UCITS are transferred to the newly constituted receiving UCITS or, where applicable, to the depositary of the receiving UCITS;
(b) the unit-holders of the merging UCITS become unit-holders of the newly
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