scheme of arrangement

(in COLL and CIS) an arrangement relating to an authorised fund ("transferor fund") or to a sub-fund of a scheme that is an umbrella ("transferor sub-fund") under which:

1. (a) either:
   1. (i) all or part of the property of the transferor fund, or all or part of the property attributed to the transferor sub-fund, is to become the property of one or more regulated collective investment schemes ("transferee schemes"); or
   2. (ii) all or part of the property attributed to the transferor sub-fund is to become part of the property attributed to one or more other sub-funds of the same umbrella scheme ("transferee sub-funds"); and
2. (b) holders of units in the transferor fund or transferor sub-fund, the property of which is being transferred or reattributed under (a), are to receive, in exchange for their respective interests in that property, either:
   1. (i) units in the transferee scheme or one or more of the transferee schemes, to which the property is transferred; or
   2. (ii) units in the transferee sub-fund or one or more of the transferee sub-funds522, to which the property is reattributed.