(1) Subject to paragraph (2), the consequences of a cross-border merger are that, on the effective date -
(a) all the assets and liabilities of the transferor companies are transferred to the successor company,
(b) in the case of a merger by acquisition or a merger by formation of a new company, where no application has been made by minority shareholders under Regulation 12, all remaining members of the transferor companies except the successor company (if it is a member of a transferor company) become members of the successor company,
(c) the transferor companies are dissolved,
(d) all legal proceedings pending by or against any transferor company shall be continued with the substitution, for the transferor companies, 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 terms of the common draft terms,
(f) the rights and obligations arising from the contracts of employment of