Regulations Governing Securities Investment Trust Funds Article 86

The SITE shall carry out the transfer of assets from the non-surviving to the surviving fund within two business days from the record date of the merger; the non-surviving fund's assets may not be used in investment transactions from the record date of merger until the transfer of assets is completed.The non-surviving fund may be exempt from liquidation.Where the non-surviving fund holds centrally custodized securities, the SITE shall authorize the custodian institution to apply to the centralized securities depository enterprise, submitting the letter of approval for the fund merger and other documents required by the centralized depository enterprise regulations, to undertake matters connected with their transfer.