(1)  At any time after the merger date, the merging company may merge any of its common funds in accordance with this section.

(2)  The merger must be approved by at least 75% of the members in each common fund proposed to be merged voting personally or by proxy at separate meetings.

(3)  The members in each of the common funds proposed to be merged must be given at least 21 days’ notice in writing of a meeting to vote on a resolution to merge the common funds.

(4)  The notice is to be accompanied by an explanatory statement setting out the nature, purpose and effect of the proposed merger.

(5)  The explanatory statement is to include a statement by the auditors of the merging company that they have undertaken an examination of the common funds proposed to be merged for the purposes of –

(a) verifying the existence of the assets in each of those common funds and the value of those assets; and

(b) ascertaining whether the assets of those common funds comply with the Trustee Companies Act 1953 ; and

(c) ascertaining whether the nature, purpose and effect of the merger of those common funds is fairly set out in the explanatory statement; and

(d) reporting their findings to the members in each of those common funds on the results of the examination; and

(e) expressing an opinion as to whether the proposal to merge those common funds is fair and reasonable in the interests of the members in each of those common funds.