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The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996

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4.—(1) The schemes falling within this paragraph are—

(a)any scheme under which the undertaking, property and liabilities of an investment company with variable capital are to be transferred to another such company, other than one formed for the purpose of, or in connection with, the scheme;

(b)any scheme under which the undertaking, property and liabilities of two or more bodies corporate, each of which is either—

(i)an investment company with variable capital; or

(ii)a public company;

are to be transferred to an investment company with variable capital formed for the purpose of, or in connection with, the scheme;

(c)any scheme under which the undertaking, property and liabilities of an investment company with variable capital or a public company are to be divided among and transferred to two or more investment companies with variable capital whether or not formed for the purpose of, or in connection with, the scheme.

(2) Nothing in this Schedule shall be taken as enabling the court to sanction a scheme under which the whole or any part of the undertaking, property or liabilities of an investment company with variable capital may be transferred to any person other than an investment company with variable capital.

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