Act On The Redemption Of Compensation

Original Language Title: Gesetz über die Tilgung von Ausgleichsforderungen

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: http://www.gesetze-im-internet.de/ausglfog_1965/BJNR006500965.html

Act on the redemption of compensation AusglFoG 1965 copy date: 30.07.1965 full quotation: "Act on the redemption of compensation of 30 July 1965 (BGBl. I p. 650), most recently by article 12 of the law of 28 June 1990 (BGBl. I S. 1221) has been changed" stand: last amended by art. 12 G v. 28 6.1990 I 1221 for more information on the stand number you see in the menu see remarks footnote (+++ text detection from validity) : 21 3.1975 +++) heading: considered in the 6.8.1965 adopt gem. § 1 para 1 No. 5 G 114-5 § 1 are factual validity of the law (1) compensation, pension compensation claims and special compensation (compensation), which in the debt register of the Federation or a land for financial institutions, insurance companies or building societies are registered or still be registered under this Act to pay off.
(2) this Act does not apply the forty-fifth regulation to the conversion law and for compensation claims, the Deutsche Bundesbank, Deutsche Bundespost and the Senate Administration for the postal and telecommunications Berlin have been granted special compensation pursuant to § 2.

§ 2 amortization from 1 January 1956-rate compensation be blotted out every six months with 0.5% of the granted amount plus the interest saved by the progressive repayment, interest equalisation claims every six months with 2 per cent of the amount granted. Services, a debtor before entry into force of this Act caused according to sentence 1 for the purpose of eradicating considered repayment within the meaning of this Act.

§ 3 repayment services are (1) repayment on non-interest bearing compensation on 30 June and 31 December of each year, to be paid on interest-bearing compensation with due interest payments.
(2) If a compensation claim with interest rates running from one after the 1 January 1956 this time is granted, the first repayment performance at the end of the grant following calendar half-year is due. It is to calculate, as if the compensation demand already with interest rates running from January 1, 1956 on would have been granted.

§ 4 (1) repayments, which causes the debtor after the date where according to paragraphs 2 and 3 are payable are change of compensation claims to interest from that date until the payment with an annual 5 per cent. The paid up amounts as done in the time where they would have to be paid according to § 3 apply to the interest on the compensation claims and the calculation of repayments referred to in paragraph 2.
(2) too much repayment benefits paid out are by the creditors with an annual 5 per cent of the time shall be payable on which they have been paid.
(3) to be paid to or to be refunded repayments are at the latest with the payment or reimbursement of interest on the compensation claim, to effect immediately at a discounted compensation claim.

§ 5 payments as long as a compensation requirement is not granted yet, but payments on the interest rates shall be paid, are making payments on the redemption. paragraphs 2 to 4 shall apply mutatis mutandis.

Notice is given by the debtor which can debtor terminate § 6 wholly or partially in compliance with a notice period of six months compensation; the contract may be terminated by publication in the Federal Gazette.

Section 7 reimbursement of interest and repayments (1) the Federal Government reimbursed the countries the expenses which they made after 30 June 1959 for repayment after the paragraphs 2 to 5 and will make, as well as 50 per cent of the expenses that will make them after December 31, 1966, for the remuneration of the compensation claims.
(2) expenses are the amounts to which the proven expenses for amortization and interest exceed their related revenue. The expenditure for the eradication 66 2/3 per cent of the amounts to depose that are in accordance to the reorganization of finance or related agreements by the banks, insurance companies and building societies or their previous debtors to the countries have been paid after 30 June 1959 or be paid. This does not apply to payments by banks according to § 39 of the nutritious supplement Act. Compensation granted according to the regulations for the reform of the monetary system, back the rules of the D-Mark balance laws or their related agreements will expire.
(3) If a country wipes out a compensation claim after June 30, 1959 at a higher amount than it has under this Act to wipe them off, the Federal Government reimbursed amounts, which reimburse the country as interest and amortization expenses would be a repayment under this Act until the dissolution of the purchase funds (§ 10 par. 2).
(4) § 2 of the law on the transfer of the participation of the former State of Prussia in the share capital of German mortgage institution on the Covenant of 16 December 1954 (Bundesgesetzbl. I p. 439) remain unaffected.

§ 8 of acquisition Fund (1) the existing at the Deutsche Bundesbank funds to the purchase of compensation claims (purchase Fund) is a legally dependent of the Deutsche Bundesbank.
(2) which have led to compensation claims and other resources remain in the portfolio of the Fund the purchase Fund.
(3) the Deutsche Bundesbank published a report on the status of the purchase funds at the same time with the financial statements.

Article 9 use of purchase funds (1) by means of the Fund of of purchase of compensation should are purchased, whose final taking expedient to allow due obligations to the creditors.
(2) as far as the purchase funds are not required for the purposes referred to in paragraph 1, is to buy the Deutsche Bundesbank: 1 2.
The name of central institutions of the savings bank and the cooperative sector registered composition claims connected to an amount up to sixty thousand Deutsche Mark denominated in credit institutions, which are granted on the basis of an invoice that is no longer subject to the correction and the.
(3) as far as the purchase funds are not required for the purpose referred to in paragraph 2, the German Bundesbank to satisfy all creditors of compensation in the amount of a hundred rate of compensation; Compensation, which are granted on the basis of an invoice that is no longer subject to the correction and up to sixty thousand Deutsche Mark denominated in an amount, to be carried out in full. The German Bundesbank to announce at least one month prior to the payment in the Federal Gazette satisfying. The satisfaction can be done also by deposit. As far as the Bundesbank satisfied the creditor, the compensation claim on it goes.
(4) the Deutsche Bundesbank should only use purchase funds for the purposes referred to in paragraph 2, after the Minister of Finance has approved the principles of the intended use.

§ 10 has resolution of purchase funds (1) which would have repaid a compensation claim for a higher amount of debtor, had to wipe them off as he under this Act, taking into account the premature lapse under paragraph 2, the excess of the purchase Fund is him so to submit, as soon as the purchase Fund includes all remaining compensation claims.
(2) after fulfilling the obligations arising from paragraph 1, the purchase funds is resolved. With the dissolution of the purchasing Fund, compensation claims belonging to his stock will be invalid.
(3) the still existing at the time of the resolution other purchase funds are to be paid to the Federal. Not yet due at the time of the dissolution rates on purchased compensation are not payable.

Article 11 arrangements for Berlin (1) (2) the obligations of the State of Berlin from compensation claims, that the Deutsche Bundesbank under § 15 para 2 of the second transition supplement Act of March 23, 1957 (Bundesgesetzbl. I p. 285) in conjunction with article 38 par. 2 of the law on the Deutsche Bundesbank of 26 July 1957 (Bundesgesetzbl. I p. 745) are entitled to go over with effect from January 1, 1965, on the Federal Government.

Law on the Deutsche Bundesbank where in the law on the Deutsche Bundesbank on provisions of the Act about the referenced repayment of compensation claims, contact § 12 in its place the corresponding provisions of this Act.

§ 13 Berlin clause this law applies in accordance with § 13 ABS. 1 of the third of transfer Act of January 4, 1952 (Bundesgesetzbl. I p. 1) also in the Federal State of Berlin.

§ 14 entry into force this law enters into force on the day following its promulgation.