Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 10: Mergers / [85] Types of mergers.

85. Types of mergers.

For the purposes of this Chapter-

“merger” means any of the following acts:

(a) an act by which one or more AIFs or investment compartments thereof, (“the merging AIFs”) are being dissolved without going into liquidation and transfer all of their assets and liabilities to another existing AIF or an investment compartment thereof, (“the receiving AIF”), in exchange for the issue to their unitholders of units of the receiving AIF, and, if applicable, a cash payment not exceeding 10% of the net asset value of the units of each of the merging AIFs;

(b) an act by which two or more AIFs or investment compartments thereof, (“the merging AIFs”) are being dissolved without going into liquidation, transfer all of their assets and liabilities to a new established AIF or an investment compartment thereof, (“the receiving AIF”), in exchange for the issue to their unitholders of units of the receiving AIF and, if applicable, a cash payment not exceeding 10% of the net asset value of the units of each of the merging AIFs;

(c) an act by which one or more AIFs or investment compartments thereof, (“the merging AIFs”), which continue to exist by the time their liabilities have been discharged, transfer their net assets to another investment compartment of the same AIF, or to another existing AIF or to a new established AIF or a new established investment compartment thereof, (“the receiving AIF”).

“receiving AIF” means an existing AIF or its investment compartment which absorbs -

(a) another AIF; or

(b) an investment compartment of another AIF; or

(c) a newly established AIF created by the merger of two (2) or more AIFs; or

(d) a newly established investment compartment created by the merger of two (2) or more AIFs.

“merging AIF” means an existing AIF or its investment compartment which is absorbed by another existing AIF or by a new AIF, or its investment compartment, which is established as a result of the merger