(1) [deleted]
(2) [deleted]
(3) A merger by scheme of arrangement shall have the following consequences -
(a) the net assets of the merging UCITS are transferred to the receiving UCITS or, where applicable, the depositary of the receiving UCITS;
(b) all the shareholders or members of the merging UCITS become unit-holders in the receiving UCITS; and
(c) the merging UCITS continues to exist until all the liabilities have been discharged.
(4) Subject to paragraph (6) the consequences take effect on the date specified in the order made by the Authority under regulation 9 (application for authorisation).
(5) The receiving UCITS, or where applicable, the depositary of the receiving UCITS, must take such steps as are required by law to give effect to the transfer of the assets and liabilities of the merging UCITS.
(6) Where one of the merging or receiving UCITS is a master UCITS, the merger shall not take effect unless the master UCITS has provided the information specified under regulation 9
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