Article 48
1. A merger effected in accordance with point (p)(i) of Article 2(1) 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 point (p)(ii) of Article 2(1) 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 constituted 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.
3. A merger effected in accordance with point (p)(iii) of Article 2(1) 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) the unit-holders of the merging UCITS become unit-holders of the receiving UCITS; and
(c) the merging UCITS continues to exist until the liabilities have been discharged.
4. Member States shall provide for the establishment of a procedure whereby the management company of the receiving UCITS confirms to the depositary of the receiving UCITS that transfer of assets and, where applicable, liabilities is complete. Where the receiving UCITS has not designated a management company, it shall give that confirmation to the depositary of the receiving UCITS.