(1) The consequences of a cross-border merger are that, from the effective date -

(a) all of the assets and liabilities, including all of the rights and obligations, of the transferor companies shall be transferred to the successor company,

(b) in the case of a merger by acquisition or a merger by formation of a new company, all remaining members of the transferor companies except the successor company (if it is a member of a transferor company) shall become members of the successor company, save for members who have made a request in accordance with Regulation 37(1),

(c) the transferor companies shall be dissolved,

(d) all legal or regulatory proceedings pending by or against any transferor company shall be continued with the substitution, for the transferor company concerned, of the successor company as a party,

(e) the successor company is obliged to make to the members of the transferor companies any cash payment required by the common draft terms or by a court under Regulation 37,