S.L. 370.16 Art. 21Dissolution of a contractual fund.

(1) A contractual fund shall be dissolved:

(a) upon the expiry of the period, if any, fixed by the deed of constitution of the said contractual fund;

(b) in the event of bankruptcy or cessation of duties by the management company or by the depositary, if these are not replaced within two months;

(c) with the consent of the unit holders in the contractual fund as may be specified in the deed of constitution;

(d) in other circumstances as indicated in the deed of constitution.

(2) Notice of the dissolution shall be published without delay, and in any event within seven working days from the event giving rise to the dissolution, by the management company or the depositary, in a newspaper in circulation in Malta. In default, such notice shall be published by the competent authority at the expense of the contractual fund.

(3) As soon as the event giving rise to the dissolution of the contractual fund occurs, the issue of units shall be prohibited, on penalty of nullity. The redemption of units, where applicable, shall remain possible, provided the equal treatment of unit holders is ensured.