Subscription slip for funds
A subscription slip , also known as a declaration of membership , is a form for a person to participate in a closed-end fund that has been created by the fund's provider.
Legal basis
The investor submits an offer by signing the subscription slip. With the acceptance by the fund company (direct participation) or the trust company (fiduciary participation) different contracts come into being. In the fiduciary investment, a trust agreement and is management contract between the investor and trust company completed. In the case of direct participation, the investor offers to acquire shareholder rights against payment of the subscription amount including premium . This involves the admission of a new limited partner . With some providers, an administrative trust agreement is also concluded for direct participation. The basis of the contract are the trust agreement and the articles of association , which are annex to the sales prospectus.
The contract becomes effective after acceptance of the offer by the general partner (direct participation) or the trust company (fiduciary participation) and the expiry of the cancellation period. If the investor does not pay, interest on arrears can be charged and the unwilling investor can be sued for payment of the subscription amount. Often the payment claims against the subscribers are assigned as collateral to the financing banks of the fund.
Content of the subscription form
- Name of the fund
- Personal details of the investor (name, address, profession, telephone)
- Investor account details (for transfers of distributions)
- Tax office and tax number (for the allocation of tax results)
- Subscription amount and currency
- if necessary, payment dates for several payment installments
- desired type of participation (direct or fiduciary)
- Account details to which the subscription amount and premium are to be paid
- Cancellation policy (14 days after signature)
- Data protection declaration according to the Federal Data Protection Act
- Declaration by the investor that he / she has received the prospectus in advance and has taken note of its content (in particular trust and partnership agreements, risk information, consumer information for distance selling, etc.) and that he / she recognizes the content of the contracts as binding.
- Declaration by the investor that he is offering to conclude a trust agreement or that he wants to acquire a limited partner's share.
- Declaration by the investor that no other assurances have been made beyond the prospectus.
- Name of the provider and the investment broker (stamp field)
- Other information (minimum participation, information in accordance with the German Civil Code Information Duties Ordinance, etc.)