Law on the more detailed regulation of compensation claims for foreign bonds (International bonds-compensation law)

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AuslWBdefG

Date of completion: 10.03.1960

Full quote:

" Foreign Bonds Compensation Act in the revised version published in the Federal Law Gazette Part III, outline number 4139-3, the latest by Article 3 (10) of the Law of 12 July 2006 (BGBl. I p. 1466).

Status:

Last amended by Art. 3 sec. 10 G v. 12.7.2006 I 1466

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof applicable: 1.1.1964 + + +) 

  

This provision shall not apply in accordance with the territory referred to in Article 3 of the Agreement. L. I chap. IV Sachg. A Sect. I No 10 EinigVtr v. 31.8.1990 iVm Art. 1 G v. 23.9.1990 II 885, 964

First section
General

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§ 1 Definitions

The following definitions shall apply to this Act:

1.

The eviction law is the law to clean up German debt securities denominated in foreign currency (eviction law for German foreign bonds-AuslWBG) dated August 25, 1952 (Federal Law Gazette). 553);

2.

Claims for compensation are the compensation claims arising from the provisions of § 53 AuslWBG and for redeeming items in accordance with § 54 AuslWBG;

3.

Persons entitled to compensation are persons to whom compensation claims pursuant to § § 53, 54 of the AuslWBG (AuslWBG) are granted;

4.

Debt agreement is the agreement of 27 February 1953 on German foreign debt (Bundesgesetzbl. 331);

5.

The law on the implementation of the agreement of 27 February 1953 on German foreign debt of 24 August 1953 (Federal Law Gazette) is the law implementing the debt agreement. 1003);

6.

A regulatory offer is a regulatory offer according to the provisions of Article 3 (g) of the Debt Agreement; as a rule for the purposes of this Act, an offer pursuant to Annex I to the debt agreement shall also apply;

7.

Exchange items shall be securities issued in exchange for foreign bonds submitted at the time of acceptance of the regulatory bid, as well as foreign bonds to which the regulatory conditions have been imprinted after the adoption of the regulation offer (Article 15 (2) (a) (i) and (ii) of the Debt Agreement).

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§ 2 Validate of the Cleanup Act

§ § 53, 54 of the AuslWBG (AuslWBG) apply for the compensation claims with the more detailed rules resulting from the following provisions.

Second section
Claims for compensation from fixed-order modestals

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§ 3 Content of the compensation claim

(1) The issuer is obligated to the compensation entitled to cash benefits whose currency, amount, interest rate and maturity are based on the benefits to be paid to the person entitled to compensation in the event of recognition of the foreign bond to which his/her foreign exchange is based. (2) If the range of rules provides for the issue of exchange pieces, paragraph 1 shall apply with the proviso that the compensation shall be granted in accordance with the conditions applicable to the exchange pieces. ; exchange items shall not be eligible for compensation; require. In the case of the services which the exhibitor has to pay annually for the repurchase or draw-out of exchange pieces, repayment payments shall be paid by the exhibitor to the person entitled to compensation annually for the partial repayment of the The amount and maturity of these redemption payments shall be calculated on the basis of the conditions applicable to the exchange rate. If the exhibitor is entitled to cancel the exchange pieces, that power shall also apply to the compensation claims. (3) If the rule offer, at the choice of the person entitled, provides for a cash settlement or the issuances of exchange pieces, then the (4) If the issuer has not made any provision, it shall be obliged to pay the cash benefits arising from the debt agreement and its obligations under the terms of the agreement. Foreign bonds of the type referred to in the notice of determination. As long as the holders of recognised foreign bonds are not entitled to make their claims under the terms of Section 4 (2) of the Implementing Act to the debt agreement in court, the exhibitor is entitled to benefits to the claim for compensation. Unofficial table of contents

§ 4 Claims from interest rates

(1) The claim for compensation shall comprise, in accordance with § 3, the claims arising from interest rates which have become due after 14 March 1945. This does not apply to interest-rate coupons which, according to § 1 of the Twelfth Implementing Regulation, on the eviction act of 11 August 1956 (Federal Law Gazette). 742), have already been recognised or have already received the equivalent of the persons entitled to compensation. The lawful acquirer (§ 38 AuslWBG) of an interest bill due after 14 March 1945 may require that the person entitled to compensation be paid by the person in accordance with the provisions of the Civil Code in accordance with the provisions of the Civil Code in accordance with the provisions of the Civil Code. (2) The claim for compensation includes, in accordance with § 3, the claims arising from the interest rate due before 15 March 1945, for which the person entitled to compensation in the case of a reasonable application of the interest rate for the benefit of the person who is responsible for the payment of the compensation for the payment of the interest for the benefit of the person responsible for the payment the provision of the provisions of the (3) If the exhibitor denies the existence of the conditions set out in paragraph 2, the claim for compensation may be due from the date of payment due before 15 March 1945. Interest rates shall only be claimed after the Board of Securities Resettlement has extended the notice of determination by a final decision on the interest rate certificates. For the extension, the provisions of the eviction law applicable to the granting of the notice of arrest are valid; for the course of the registration deadlines (§ 37 para. 2 in conjunction with § 21 para. 1 AuslWBG), the position of the (4) The provisions of paragraphs 1 to 3 shall apply in accordance with the conditions applicable to foreign bonds of the kind referred to in the notice of determination, interest against presentation and stamped-out of the original certificate. have been paid. Unofficial table of contents

§ 5 Start of service obligation

(1) The exhibitor's obligation to provide services shall begin two months after the entry into force of this Act, but not earlier than two months after the date of delivery of the rule. (2) Services which are recognized by the holders of recognised foreign bonds issued in the notice of arrest. shall be due at the beginning of the obligation to provide services, as specified in the rules offer. A return on these services for the interim period cannot be claimed. (3) If, according to a rule offering, the cash settlement provides for the duration of the rate of interest on the date of recognition, it shall be replaced by the Time of commencement of service obligation. (4) Schweben at the beginning of the service obligation registrations or court proceedings in which foreign bonds of the issuer or interest notes are asserted by such foreign bonds, so can the Exhibitors withhold their services provisionally as far as they are taking into account the foreign bonds or interest-rate certificates asserted could require a reduction in the claim for compensation in accordance with § 53 (2) of the AuslWBG (AuslWBG). The benefits retained in accordance with the first sentence shall be recovered immediately if a reduction in the entitlement to compensation is no longer to be expected; the second sentence of paragraph 2 shall apply mutatiously. (5) Schwebt at the beginning of the service obligation shall be notified in accordance with § 51 LWBG for the purpose of subsequent recognition of the foreign bond to which the notice of determination relates, paragraph 4 shall apply in a reasonable manner. Unofficial table of contents

§ 6 Exclusion of subsequent cuts

(1) At the beginning of the service obligation, the exhibitor's right to demand a reduction of the compensation claim in accordance with § 53 (2) AuslWBG shall be excluded, unless the exhibitor has withheld his services pursuant to § 5 (4). (2) In order to exclude subsequent reductions, the person entitled to compensation shall have a one-off redemption amount equal to two of the hundred of the capital amount of the claim for compensation, including the one in accordance with the rules applicable to the compensation. Capital to pay interest rates. The amount of the redemption shall be due at the beginning of the service obligation; the exhibitor may withhold it in the case of payments he makes to the compensation claim. (3) Insofar as the amount of the disburial amounts to be paid to the exhibitor in accordance with paragraph 2, in order to compensate for the loss of a , the exhibitor may request compensation from the other exhibitors of foreign bonds up to the amount of the redemption amounts which are due to them. The obligation of an exhibitor to be compensated shall be determined on the basis of the ratio of the redemption amounts to which it is entitled to the total amount of the redemption amounts due to all exhibitors, in the case of redemption amounts which shall be the sum of the total amount of the total amount of the exhibitors. (4) The Federal Government may, by means of a regulation which does not require the consent of the Federal Council, be entitled to the compensation procedure under rules to the exhibitors, to the extent that this is intended to facilitate the determination, in which the amount of compensation claims is necessary; to this end, it may require the exhibitors to provide information on the amounts of the redemption which are due to them. Unofficial table of contents

§ 7 Admission of recognition of foreign bonds

After the commencement of the service obligation, the recognition of a foreign bond, which is subsequently notified in accordance with § 51 AuslWBG, for which a notice of determination has been issued, becomes the assertion of the compensation claim from the Notice of determination not excluded. This shall not apply in so far as the exhibitor has retained his services in accordance with Section 5 (5). Unofficial table of contents

§ 8 Payments to the Conversion Fund

(1) The exhibitor is obliged, under the conditions set out in Section I of Annex V of the debt agreement, to benefit from the compensation claim without regard for the payments made by him on foreign bonds issued in the notice of arrest. (2) In so far as the issuer's obligations to benefit from the compensation claim are based on the fact that payments to the conversion fund are made in accordance with the requirements of the The exhibitor shall not be taken into account in paragraph 1. (3) The refund referred to in paragraph 2 shall take place as soon as the debtor has in each case delivered an interest or repayment service, but not before the date on which the person concerned has been given a refund. An exhibitor under this law is obliged to perform. § § 34, 36 para. 2, § 37 para. 2, § § 38, 40 to 47 of the Implementing Act to the debt agreement apply analogously. (4) Insofar as payments to the conversion fund are not taken into consideration in accordance with paragraph 1, the claims shall be taken with the entry into force of this law from the payments and the credits based on this on the conversion fund to the federal government. Unofficial table of contents

Section 9 securitisation of compensation claims

(1) The exhibitors of the types of foreign bonds listed in the adjacent register shall immediately after the beginning of the service obligation to grant the compensation entitled to the holders of the benefits accruing to them. This does not apply to services that are due in accordance with § 5 paragraph 2 at the beginning of the service obligation. Furthermore, in the case of the types of foreign bonds referred to in the adjacent list under paragraphs 1 to 11, the first sentence shall not apply to benefits which are payable by the persons entitled to compensation in accordance with Article 4 (2), (3) in respect of claims made before 15 March 1945. Interest seems to stand. To the extent that the issuer is obliged to issue debt securities, its obligation to cash benefits in accordance with § 3. (2) The debt securities referred to in paragraph 1 shall be suitable for trading on the German stock exchanges. The limitation period (§ 801 (1) of the Civil Code) may be reduced to ten years. (3) The debt securities referred to in paragraph 1 shall be subject to the appropriate application of the conditions applicable to the exchange items by means of repurchase or The issuer itself shall perform the tasks of the trustees and payment agents on the redemption service. Draw-outs are published in the Federal Gazette (Bundesanzeiger). Unofficial table of contents

Section 10 Registration of compensation claims in the school books

(1) Claims for compensation directed against the Federal Government shall be entered in the Bundesschuldbuch in the form of debtors ' claims if the regulatory offer provides for the issuing of exchange pieces and if no debt securities are to be issued in accordance with Article 9 (1) of this Regulation. . Debentures against cancellation of the receivings are not handed out. In addition, the Bundesschuldenabsengesetz (Bundesschuldenabsengesetz) applies. (2) It may be determined by national law that claims for compensation directed against a country under the conditions set out in the first sentence of paragraph 1 as debtor accounts receivables in the Country school book to be entered.

Third Section
Compensation claims for tilts

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Section 11 Content of the compensation claim

(1) The provisions of this law relating to compensation claims arising from notice of arrest, with the exception of § 4 (3), § 5 (1) and § § 6, 8, 9, shall apply mutagenously to compensation claims for redemption items if the The right to compensation shall be approved within five years from the date of entry into force of the law or after the discharge of the rule of law. The consent must be declared to the exhibitor in writing; it cannot be carried out under a condition or a time determination. The exhibitor's obligation to pay begins two months after the consent of the person entitled to compensation, but not at the earliest two months after the provision of the rule. (2) The person entitled to compensation does not agree with the provisions of the first sentence of paragraph 1. , he may require the issuer to receive the cash benefits which would be granted to him without the adoption of the rules on the recognition of the foreign bond from which the compensation claim is based. The provisions of this law, with the exception of section 18 (2) and (4), do not apply to the claim for compensation in this case; § 54 para. 1, 2 AuslWBG remains unaffected. Before the date on which all obligations arising out of the debt agreement and its annexes are completed, the issuer must not effect payments on the compensation claim; § 12 para. 2 and 4 of the Implementing Act to the debt agreement shall apply (3) The provisions of paragraph 2 applicable to the exhibitor shall apply mutadenly to third parties who are directly liable as debtors for foreign bonds. Unofficial table of contents

§ 12 Due date of the compensation claims

If the exhibitor has committed himself to the cash settlement in his/her regulatory offer, he may, within two months of the entry into force of this law or after delivery of the provision, the final maturity of the compensation claims by: postpone written declaration to the person entitled to compensation, in so far as this is permitted under the debt agreement and its annexes for the type of foreign bond to which the redeeming items belong; for types of foreign bonds issued under the terms of Annex II of the debt agreement shall be subject to a later final maturity as the 31 December 1967 shall not be determined. If the issuer makes use of this power, it shall be obliged to pay the cash benefits arising from the debt agreement and its investments for obligations arising from the type of foreign bond to which the redemption items belong. Unofficial table of contents

Section 13 Exhibitors ' right to reduce by performance

The exhibitor may also assert his right of reduction (§ 54 sec. 2 sentence 1 in conjunction with § 53 paragraph 2 AuslWBG) if he has already made the compensation claims for redemption items; the recipient of the performance shall be liable in accordance with § § § 53 (2) of the German Act on Remuneration. 820 of the Civil Code. If, prior to the assertion of the right of reduction, the compensation claim has been granted and the compensation has been made to the new authorized person, the compensation entitled to the amounts, referred to in § 54 AuslWBG, shall be liable in addition to this compensation. to the repayment of which the recipient of the benefit under the first sentence is obliged to pay. Unofficial table of contents

Section 14 securitisation of compensation claims

(1) The issuer must give the right to compensation for redeeming items on request through the services to which they are entitled; he may make the securitisation subject to the fact that he or she shall be entitled to the right to (2) The debt securities referred to in paragraph 1 shall not be subject to any reduction in the amount of the debt. Your issue is not subject to a permit pursuant to Section 795 of the Civil Code, and its acquisition is not subject to the securities tax. The period of publication (Section 801 (1) of the Civil Code) can be reduced to ten years. § 9 (3) shall apply in respect of the redemption of the bonds. (3) The costs incurred by the issuer through the issuing and issuing of the debt securities shall be entitled to bear and to pre-shoot the compensation entitled to compensation. Unofficial table of contents

§ 15 Court of jurisdiction

(1) The Landgericht Berlin (Landgericht Berlin) shall be responsible for claims arising from claims for compensation for redeeming items without regard to the value of the object of the dispute. (2) Paragraph 1 shall apply mutationally to actions for the determination of existence or non-existence. of compensation claims for tilts.

Fourth Section
Miscellaneous provisions

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§ 16 Liability of third parties

Third parties directly liable as debtors for the claims arising from foreign bonds and persons who have committed themselves in a regulatory offer to services on foreign bonds shall find the provisions of this Directive applicable to exhibitors Law applicable in accordance with the law. Unofficial table of contents

Section 17 ErsatzurClients and other replacement services

(1) The exhibitor is not obligated to perform the compensation claim if the person entitled to compensation for his foreign bond has received a certificate of replacement or another substitute performance at the expense of the exhibitor. This shall not apply if the person entitled to compensation rebates the benefit received as a substitute for his foreign bond to the exhibitor. (2) The exhibitor may require that the person entitled to compensation be obliged in writing to make claims to To assert replacement customers or other replacement services for his or her foreign bond only against the return of the compensation benefits. Unofficial table of contents

Section 18 Tax and accounting rules

(1) (2) At the main determination of the unit values of industrial enterprises to 21 June 1948-in Berlin (West) to 1 April 1949-the claims for compensation should not be higher than the foreign bonds would have to be applied, that stem from the compensation claims. The same shall apply in the case of depreciation and subsequent findings to 1 January 1950, 1 January 1951 and 1 January 1952. (3) obligations arising out of claims for compensation shall be regarded as obligations under the terms of Section 99 of the Implementing Act. Debt agreements. In the first sentence of paragraph 1 of this provision, this provision shall replace the date of 30 December 1955 of 30 December of the year following the announcement of this law. (4) In the conversion account of financial institutions and in the old-bank account of Berlin Old banks are to treat the obligations arising out of compensation claims in the way that liabilities from the foreign bonds would be treated, from which the compensation claims stem from. Unofficial table of contents

§ 19 Compensation claims in accordance with § 52 AuslWBG

§ § 8, 16, 18 shall apply mutatis mutually to the claims for compensation referred to in § 52 AuslWBG for power-free foreign bonds; in the second sentence of section 18 (3), the following shall be replaced by the post of 30 December of the following law Year of 30 December of the year in which the Chamber of Securities Reunification has legally established the conditions for the right of compensation pursuant to Section 52 (2) of the AuslWBG (German Securities Act). Unofficial table of contents

Section 20 Rules relating to foreign bonds issued in the Netherlands

(1) The time-limit for applications to be authorized by the foreign agent in accordance with § 21 (1) sentence 2 of the German Federal Foreign Minister (AuslWBG) shall be for the types of foreign bonds, as their country of order in the list of foreign bonds (Annex to Section 1 (1) of the German Federal Foreign Law), supplemented by § 1 of the First implementing regulation on the eviction law of 21 February 1953-Federal law. 31-and by § 1 of the Ninth Implementing Regulation on the Cleanup Act of 16 August 1954-Bundesgesetzbl. 267), the Netherlands has been extended until the end of one month after the entry into force of this Act. (2) The extension of the time limit referred to in paragraph 1 shall also apply to applications filed with the Examination Office if the recognition of a foreign bond (Section 37 (1) No. 1), but not if a notice of determination is claimed (Section 37 (1) no. 2 of the AuslWBG). (3) Is the recognition of a foreign bond of the type referred to in paragraph 1 before the entry into force of this law by: a non-contestable decision has been rejected for the failure to meet the deadline, the (4) (5) The exhibitor's obligation to provide compensation to persons entitled to compensation shall begin at the earliest two months after the date of expiry of the registration period.

Fifth Section
Final provisions

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§ 21 Land Berlin

This law applies in accordance with Section 13 (1) of the Third Transfer Act of 4 January 1952 (Bundesgesetzbl. I p. 1) also in the Land of Berlin. Legal orders issued pursuant to this Act shall apply in the Land of Berlin pursuant to Section 14 of the Third Transfer Act. Unofficial table of contents

Section 22 Entry into force

This Act shall enter into force on the first day of the second month following the date of its announcement. Unofficial table of contents

Annex (Section 9 (1))
List according to § 9 (1)

(Fundstelle: BGBl. Part III 4139-3, p. 148)

Lfd. Nr.o. foreign bondart currency listed in the directory *) of the foreign bonds under

1	Belgian edition of the Dawes bond	Pound	Part A	lfd. No. 1a)
2	Dutch edition of the Dawes bond	Pound	Part A	lfd. 1 (b)
3	French edition of the Dawes bond	Pound	Part A	lfd. (c)
4	Swiss issue of the Dawes bond	Pound	Part A	lfd. No. 1f)
5	Swiss issue of the Dawes bond	sfrs.	Part A	lfd. No. 1g)
6	British edition of the Dawes bond	Pound	Part A	lfd. No. 1h)
7	American edition of the Dawes bond	$	Part A	lfd. No. 1i)
8	Dutch edition of the Young-Anleihe	hfl.	Part A	lfd. (No 3b)
9	German edition of the Young-Anleihe	RM	Part A	lfd. No. 3f)
10	Swiss edition of the Young-Bond	sfrs.	Part A	lfd. No. 3g)
11	American edition of the Young Bond	$	Part A	lfd. No. 3i)
12	6 1/2% Prussian Outer Bond	$	Part A	lfd. No. 4
13	6% Prussian exterior bond	$	Part A	lfd. No. 5
14	4% debt securities of the conversion fund of 1.7.1935-Series I A	sfrs.	Part B	lfd. (4a)
15	4% debt securities of the conversion fund of the 1st of July 1935-Series I B	sfrs.	Part B	lfd. (4b)
16	3% debt securities of the conversion fund of 1.7.1936 -Old edition	$	Part B	lfd. No. 11
17	3% debt securities of the conversion fund of 1.6.1937-New edition	$	Part B	lfd. No. 12
18	6% partial debt securities of the Badische Landeselektrizity-versorgung Aktiengesellschaft from 1928	sfrs.	Part C II	lfd. No. 3
19	6% partial debt securities of the Badische Landeselektrizity-versorgung Aktiengesellschaft from 1930	sfrs.	Part C II	lfd. No. 4
20	6% bonds of Schluchseewerk Aktiengesellschaft from 1929	sfrs.	Part C II	lfd. No. 25
21	7% Sterling Bonds of the German Kalisyndikat GmbH from 1925	Pound	Part C III	lfd. No. 8
22	7% Sterling Bonds of the German Kalisyndikat GmbH from 1926	Pound	Part C III	lfd. No. 9
23	6 1/2% Serial Gold Bonds of the Free State of Bavaria from 1925 -Series 20	$	Part C IV	lfd. No. 5
24	6 1/2% Gold Bonds of the Free State of Bavaria from 1925	$	Part C IV	lfd. No. 6
25	7% Gold Bonds of the German Savings Banks and Giroverband of 1926	$	Part C IV	lfd. N ° 24
26	6% Gold Bonds of the German Sparkassen-und Giroverband of 1928	$	Part C IV	lfd. No. 25
27	7% Gold Bonds of the Rheinisch-Westfälisches Elektrizitätswerk Aktiengesellschaft of 1925	$	Part C IV	lfd. No. 65
28	6% Gold Bonds of the Rheinisch-Westfälisches Elektrizitätswerk Aktiengesellschaft of 1927	$	Part C IV	lfd. No. 66
29	6% Gold Bonds of the Rheinisch-Westfälisches Elektrizitätswerk Aktiengesellschaft of 1928	$	Part C IV	lfd. No. 67
30	6% Gold Bonds of the Rheinisch-Westfälisches Elektrizitätswerk Aktiengesellschaft of 1930	$	Part C IV	lfd. No. 68