Law Concerning The Compensation For Foreign Bonds Closer

Original Language Title: Gesetz zur näheren Regelung der Entschädigungsansprüche für Auslandsbonds

Read the untranslated law here: http://www.gesetze-im-internet.de/auslwbentschg/BJNR001770960.html

Act further regulating the compensation for foreign bonds (foreign bonds compensation law) AuslWBEntschG Ausfertigung date: 10.03.1960 full quotation: "foreign bonds compensation law in the in the Federal Law Gazette Part III, outline number 4139-3, adjusted version published, most recently by article 3 paragraph 10 of the law of July 12, 2006 (BGBl. I S. 1466) is changed" stand: last amended by art. 3 paragraph 10 G v. 12.7.2006 I 1466 for details on the stand number you see in the menu see remarks footnote (+++ text detection from validity) : 1.1.1964 +++) this provision does not apply in the area referred to in article 3 of the Unification Treaty com. Encl. I Cape. IV Sachg. A section I no. 10 EinigVtr v. 31.8.1990 in conjunction with art. 1 G v. 23.9.1990 II 885, 964 the first section General section 1 definitions for this law shall apply following definitions: 1. cleanup law is the law for cleanup of German bonds denominated in foreign currency (clean-up act for German foreign bonds - AuslWBG) by August 25, 1952 (Bundesgesetzbl. I S. 553);
2. claims for compensation are the claims for compensation from assessment notices according to § 53 AuslWBG and for eradication of pieces according to § 54 AuslWBG;
3. Indemnitees are persons to whom according to §§ 53, 54 AuslWBG are entitled to compensation;
4. debt agreement is the agreement on German external debts (Bundesgesetzbl 27 February 1953. II P. 331);
5. Implementation Act to the debt agreement is the law on the execution of the agreement of 27 February 1953 on German external debts of 24 August 1953 (Bundesgesetzbl. I P. 1003);
6 offer of settlement is a the article corresponding to 3 letter g of the debt agreement offer of settlement; According to this Act a range considered offer of settlement according to annex I of the debt agreement;
7 Exchange pieces are securities which are issued in an exchange for the foreign bonds submitted to acceptance of the scheme, as well as foreign bonds, which were printed on the regulatory conditions after acceptance of Regulation (article 15 paragraph 2 letter a no. i and ii of the debt agreement).

§ 2 applicability of the clean-up act for the compensation claims apply §§ 53, 54 AuslWBG with the closer control arising from the following provisions.
Second section is compensation claims determination Notices section 3 contents of the claim for compensation (1) the issuer for cash benefits committed the party entitled to compensation which currency, amount, interest rate and maturity are based on the services, which would be to the Indemnitees in recognition of foreign bonds, to which his determination decision refers to the offer of settlement.
(2) the offer of settlement foresees the issue of exchangeable pieces, paragraph 1 with the proviso that compensation is payable according to the terms applicable for the exchange of pieces shall apply; The Indemnitee may not require Exchange pieces. Each year bring the issuer to repurchase or the draw of exchangeable pieces instead of services, has, enter payments, which the exhibitor has to make the Indemnitees annually to the partial repayment of the claim for compensation; Height and maturity of these payments are determined according to the terms that apply to the exchange of pieces. The exhibitor is entitled to cancel the Exchange pieces, this authority applies to the compensation claims.
(3) the offer of settlement looks like a choice of legitimate a bar replacement or the issue of exchangeable pieces before, so the conditions applicable to the replacement of the bar shall apply for the compensation.
(4) the issuer has issued no offer of settlement so he is obliged to the cash benefits arising from the debt agreement and its annexes for commitments from foreign bonds of the kind referred to in the notice of determination. As long as the holders of recognized foreign bonds of the kind referred to in the notice of determination are not entitled to make their claims, section 4, paragraph 2, of the execution law to the debt agreement be asserted in the Exhibitor services on the right to reparation is not required.

§ 4 claims arising from coupons (1) includes the compensation claim in accordance with article 3 the claims arising from coupons, which have become due after March 14, 1945. This does not apply for coupons, which according to § 1 of the twelfth implementing regulation to the cleanup Act of 11 August 1956 (Bundesgesetzbl. I p. 742) have been independently recognized or the Indemnitee has already received the equivalent. The legitimate buyers (§ 38 AuslWBG) one can ask for matured interest licence 14 March 1945 that the Indemnitee publishes the acquired pursuant to sentence 1 him in accordance with the provisions of the civil code on the unjust enrichment.
(2) the compensation claim also includes the claims of the interest coupons that had become due prior to March 15, 1945, in which the Indemnitee by analogy with application of cleanup law applicable to the granting of statement assessments can claim a determination notice in accordance with article 3.
(3) if the Exhibitor denies the existence of the conditions referred to in paragraph 2, the compensation claim from the coupons that had become due before 15 March 1945 can be claimed only, after the Chamber value paper cleansing has extended the assessment decision by final decision on the coupons. The cleanup law governing the issue of finding modest apply for the extension accordingly; for the run of the application deadlines (§ 37 para 2 in conjunction with § 21 para 1 AuslWBG) the beginning of the obligation (§ 5) takes the place of the date.
(4) paragraphs 1 to 3 shall apply mutatis mutandis if, according to the conditions which apply, interest for presentation to foreign bonds of the kind referred to in the notice of determination and had to pay cancellation of the root certificate.

§ 5 start of the obligation (1) the obligation of the Exhibitor starts two months after the entry into force of this law, but not before two months after making the scheme offer.
(2) services, which were to the holders of recognized foreign bonds of the kind referred to in the notice of determination after the offer of settlement at an earlier date, shall become due at the beginning of the obligation. An interest rate on these services in the meantime cannot be claimed.
(3) insofar as it arrives after an offer of settlement, which envisages bar replacement, for the duration of the interest rate on the date of recognition, the beginning of the obligation occurs at the point of this time.
(4) float applications or legal proceedings in which foreign bonds of the issuer or coupons of such foreign bonds be claimed, at the beginning of the obligation so the Exhibitor may retain temporarily its services, as far as he could claim a reduction of the compensation claim AuslWBG, taking into account the alleged foreign bonds or coupons according to § 53 para 2. The services retained pursuant to sentence 1 are immediately to catch up if is no longer to be expected with a reduction of the compensation claim; Paragraph 2 sentence 2 shall apply mutatis mutandis.
(5) a registration floats at the beginning of the obligation according to § 51 AuslWBG to the subsequent recognition of foreign bonds, to which refers the determination decision, paragraph 4 shall apply mutatis mutandis.

§ 6 the right of the issuer to demand a reduction of the compensation claim AuslWBG, according to § 53 para 2 exclusion of subsequent cuts (1) after the beginning of the duty of performance is excluded, unless the exhibitor has retained his services according to § 5 ABS. 4.
(2) the Indemnitee shall pay a one-time replacement amount of two per cent of the principal amount of the claim for compensation including the interest proposed to the offer of settlement to the capital the exhibitors for the exclusion of subsequent cuts. The redemption amount is payable at the beginning of the obligation; the exhibitor can keep him when payments that he is on the right to reparation.
(3) as far as replacement amounts, paragraph 2 related to the exhibitors after, one excluded reduction law are insufficient to compensate by paragraph 1 the exhibitor of the other exhibitors from foreign bonds can compensation until the amount of the repayment amounts to demand them. The obligation of an issuer on compensation claim is calculated according to the ratio of the rightful replacement amounts to the total of repayment amounts available to all exhibitors; Repayment amounts that have been taken to compensate for a reduction in right closed pursuant to paragraph 1, are not to be considered.
(4) the Federal Government can regulate the compensation procedure among the exhibitors closer by legal Ordinance which shall not require the consent of the Federal Council, as far as this consist to facilitate determining the amount of compensation, it is necessary; She can commit the Exhibitor for this purpose for obtaining information on the repayment amounts due to them.

§ 7 subsequent recognition of foreign bonds
After the beginning of the obligation one is excluded by recognizing the compensation claim AuslWBG of subsequently logged on foreign bonds, for which a notice of determination is granted, according to § 51 of the determination notice. This does not apply insofar as the exhibitor has retained his services according to § 5 paragraph 5.

§ 8 payments to the conversion Fund (1) the exhibitor is obliged to services on the compensation claim regardless of the payments under the conditions laid down in section I of annex V of the debt agreement, he has done on international bonds of the kind referred to in the notice of the determination to the conversion fund for German foreign debt (conversion fund).
(2) in so far as the obligations of the Exhibitor for services based on the compensation claim, that payments to the conversion fund disregarded pursuant to paragraph 1, the Exhibitor against the Federal Government is entitled to reimbursement of the payments it makes to the fulfilment of these obligations.
(3) the reimbursement is referred to in paragraph 2, once the debtor each, made an interest rate or repayment performance but not prior to the date at which the exhibitor is obliged under this Act for the performance. § Apply accordingly § 34, 36 para 2, § 37 para 2, sections 38, 40 to 47 of the execution law to the debt agreement.
(4) where pursuant to paragraph 1, the conversion of cash payments remain unconsidered, the claims arising from the payments and the limitation based credits the conversion fund on the Federal go over with the entry into force of this Act.

§ 9 securitisation of compensation claims (1) the issuer of the types referred to in the attached directory of foreign bonds have immediately the Indemnitees about after the beginning of the obligation to grant the benefits due to them bonds on the holder. This does not apply to services which are payable according to § 5 para 2 at the beginning of the obligation. The in the adjacent directory number 1 to 11 referred to types of foreign bonds is set 1 not for services, also the the entitled to compensation according to § 4 para 2, 3 for claims arising from coupons before 15 March 1945 due become entitled to. Insofar as the Exhibitor to the granting of debt securities is obliged, his obligation to cash benefits shall not apply pursuant to § 3 (2) the debt securities referred to in paragraph 1 must be suitable for trading on the German stock exchanges. The presentation period (§ 801 subsection 1 of the Civil Code) can be shortened to 10 years.
(3) the notes are referred to in paragraph 1 by analogy with application of the conditions that apply to the exchange of pieces, buy-back or draw to erase; the Exhibitor shall exercise the responsibilities of the trustee and paying agents for the redemption service. Draws are to be published in the Federal Gazette.

Are to grant registration of compensation claims in the debt books (1) claims for compensation, directed against the Federal Government, are to enter as book-entry securities in the federal debt register, if the control offer includes the issue of exchangeable pieces and no bonds § 10 article 9, paragraph 1. Bonds against deletion of receivables are not sufficient. In addition, the federal debt beings Act applies.
(2) by the law of the land, it can be determined that claims for compensation, directed against a country, under the in paragraph 1 1 requirements are set as to enter debt register claims in the State debt register.
Third section compensation claims for repayment pieces § 11 content of the claim for compensation (1) the provisions of this Act concerning compensation claims from assessment notices with the exception of § 4 para 3, § 5 para 1 and § § are 6, 8, 9 compensation for pieces of eradication of by analogy to apply, if the Indemnitee agrees this regulation five years after the entry into force of the Act or regulation offer. The consent must be declared in writing to the Exhibitor; It is not possible under a condition or time determination. The obligation of the Exhibitor starts two months after the consent of the person entitled to compensation, but not before two months after making the scheme offer.
(2) the Indemnitee does not agree to the regulation referred to in paragraph 1 sentence 1, he may require the money services by the Exhibitor, which would be to him in recognition of foreign bonds, the compensation claim stems from the, without acceptance of the scheme. The provisions of this Act with the exception of § 18 para 2 and 4 do not apply; in this case on the right to reparation § 54 para 1, 2 AuslWBG shall remain unaffected. Before the time in which all obligations arising from the debt agreement and its annexes are done, the Exhibitor must not result payments on the right to reparation; § 12 para. 2 and 4 of the Act of execution to the debt agreement shall apply mutatis mutandis.
(3) third parties who directly liable as debtor for foreign bonds, the issuer regulations of in paragraph 2 apply mutatis mutandis.

§ 12 payment of compensation claims is committed to the bar replacement the Exhibitor in his offer of settlement, so he can postpone the final maturity of the claims for compensation by written declaration to the person entitled to compensation within two months after the entry into force of this law or regulation offer, as far as this is allowed after the debt agreement and its annexes for the kind of foreign bonds include the pieces of eradication of; a later maturity as of the 31 December 1967 may be determined for species of foreign bonds, which fall under the annex II of the debt agreement. Makes use of the exhibitors of this power, so he is obliged to the cash benefits, resulting from the debt agreement and its annexes for commitments from the kind of foreign bonds, to the pieces of eradication of.

Article 13 reduction law of the issuer after the exhibitor can be cut right (§ 54 paragraph 2 sentence 1 in conjunction with § 53 para 2 AuslWBG) also assert, if he has already done on the compensation claims for repayment pieces the recipient of the performance shall be liable in accordance with of article 820 of the civil code. Is before asserting the right of reduction has the right to reparation and compensation to the new authorized person made was, shall also be liable AuslWBG Besides this in section 54 designated Indemnitees for the amounts to be repaid the receiver of performance 1 is obliged to set.

§ 14 securitization of compensation claims (1) the exhibitor has the Indemnitees for pieces of eradication of at the request of the benefits due to them to issue bonds on the holder; He can make it subject to the securitisation of it that the indemnitee in case of cuts providing security him.
(2) the bonds shall bear no subject to cuts referred to in paragraph 1. Their output requires any permission according to § 795 of the civil code, your purchase is not the value paper tax. The presentation period (§ 801 subsection 1 of the Civil Code) can be shortened to 10 years. § 9 para 3 shall apply mutatis mutandis for the redemption of the bonds.
(3) the Indemnitee has the costs incurred by the Exhibitor through the exhibition and the sovereign debt, to wear and to advance.

§ 15 place of jurisdiction (1) for claims of compensation for pieces of eradication of is exclusively responsible the Landgericht Berlin without regard to the value of the subject-matter of the dispute.
(2) paragraph 1 shall apply mutatis mutandis to actions for declaration of the existence or non-existence of compensation claims for repayment pieces.
Fourth section miscellaneous provisions § 16 liability on third parties third parties who are liable directly liable for the claims from foreign bonds, and on persons who have committed themselves in an offer of settlement to services on foreign bonds, apply the provisions of this Act applicable to exhibitors accordingly.

§ 17 replacement certificates and other compensation (1) the issuer is not obliged to services on the right to reparation, if the person entitled to compensation has received a replacement certificate or an other compensation at the expense of the Exhibitor for his foreign bond. This does not apply if the Indemnitee granted back the performance obtained as a replacement for its foreign bond the exhibitor.
(2) the Exhibitor may demand that the indemnitee in writing undertakes to assert claims for replacement certificates or other compensation for its foreign bond only against refund of the compensation payments.

§ 18 tax and accounting rules (1), (2) when the main finding the unit values of commercial establishments on June 21, 1948 - in Berlin (West) on April 1, 1949 - apply the compensation claims with no higher value than foreign bonds to use would be, from which the claims for compensation stemming. The same applies when value updates and post findings on January 1, 1950, January 1, 1951 and January 1, 1952.
(3) 99 of the execution law to the debt agreement considered currency obligations within the meaning of § obligations arising from compensation claims. While the 30 December of the year following the promulgation of this law enters paragraph 1 sentence 1 of this regulation in place of the 30 December 1955.
(4) in the conversion Bill by financial institutions and in the old bank account Berlin old banks, the compensation obligations are treated as liabilities the foreign bonds to handle would stem from which the compensation claims.

§ § 52 apply by analogy to 19 compensation claims AuslWBG to in article 52 AuslWBG referred to compensation for foreign bonds that have become powerless are §§ 8, 16, 18; the 30 December of the year in which the Board value paper cleansing has counterclaims the prerequisites for the compensation claim AuslWBG according to § 52 para 2 of 30 December of the year following the promulgation of this law replaces it in article 18, paragraph 3, sentence 2.

§ 20 rules for the in the Netherlands issued foreign bonds (1) AuslWBG will be designated deadline for applications to the foreign representative in article 21, paragraph 1, sentence 2 for the types of foreign bonds, as the issuing country in the directory of foreign bonds (AuslWBG, annex to article 1, paragraph 1 supplemented by article 1 of the first implementing regulation to the cleanup Act of February 21, 1953 - Bundesgesetzbl. I p. 31 - and by article 1 of ninth implementing regulation to the cleanup Act of August 16, 1954 - Bundesgesetzbl. I p. 267) the Netherlands indicated, extended until the expiration of one month after the entry into force of this Act.
(2) the extension of the time limit referred to in paragraph 1 also applies to applications to the testing laboratory, if the recognition of a foreign bonds is claimed (article 37, paragraph 1 No. 1 AuslWBG), but not if a determination letter is claimed (article 37, paragraph 1 No. 2 AuslWBG).
(3) is the recognition of a foreign bond of the kind referred to in paragraph 1 prior to entry into force of this Act by a no longer challengeable decision because of time been rejected, the application may until the end of period 1, 2 are repeated in the paragraphs.
(4) (5) the obligation of the Exhibitor against Indemnitees begins two months after the end of the registration period.
Fifth section final provisions article 21 Land Berlin 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. Regulations, which are adopted on the basis of this Act, apply in the Federal State of Berlin according to § 14 of the third of transfer Act.

Article 22 entry into force this law enters into force on the first day of the second month following its promulgation.

System (§ 9 para 1) directory pursuant to § 9 para 1 (reference: BGBl. part III 4139-3, p. 148) item No. No. foreign bond type currency listed in the directory *) of foreign bonds in 1 Belgian Edition of the Dawes loan pound part A item No. No. 1a) 2 Dutch edition of the Dawes loan pound part A item No. No. 1 b) 3 French edition of the Dawes loan pound part A item No. No. 1 c) 4 Swiss edition of the Dawes loan pound part A item No. No. 1f) sfrs 5 Swiss edition of the Dawes bonds.
Part A running No. 1 g) 6 British edition of the Dawes loan pound part A item No. No. 1 h) 7 American issue of the Dawes loan $ indicated part A No. 1i) hfl 8 Dutch edition of the young bond.
Part A running No. 3 b) 9 German edition of the young bond RM part A item No. No. 3f) 10 Swiss edition of the young bond sfrs.
Part A running No 3 g) 11 American edition of the young bond $ indicated part A No. 3i) 12 6 1/2%ige Prussian external loan $ indicated part A No. 4 13 6% Prussian external loan $ indicated part A No. 5 14 4% bonds of conversion checkout of the 1.7.1935 - series I A sfrs.
Part B running No. 4a) 15 4% bonds of conversion checkout of the 1.7.1935 - series I B sfrs.
Part B running No. 4 b) 16 3% debentures of conversion checkout of the 1.7.1936-Alte issue $ indicated part B No. 11 17 3% debentures of conversion checkout of the 1.6.1937 new edition $ indicated part B No. 12 18 6% bonds the Baden state electricity supply Corporation from 1928 sfrs.
Part C II indicated No. 3 19 6% bonds the Baden state electricity supply Corporation from 1930 sfrs.
Part C II indicated No. 4 sfrs 20 6% bonds of electricity produced Aktiengesellschaft from 1929.
Part C II indicated No. 25 21 7% Sterling bonds of German potash syndicate GmbH from 1925 pound part C III item No. No. 8 22 7% Sterling bonds of German potash syndicate GmbH from 1926 pound part C III item No. No. 9 23 6 1/2%ige serial gold bonds of the free State of Bavaria from 1925 series $20 part IV C meters No. 5 24 6 1/2%ige gold bonds of the free State of Bavaria from $1925 part IV C meters No. 6 25 7% gold bonds of the German of savings bank and Giro Association from $1926 part IV C meters No. 24 26 6% Gold bonds of the German of savings bank and Giro Association of $1928 part IV C meters No. 25 27 7% gold bonds of the Rheinisch Westfälisches Elektrizitätswerk Aktiengesellschaft from $1925 part IV C meters No. 65 28 6% Gold bonds of the Rheinisch Westfälisches Elektrizitätswerk Aktiengesellschaft from $1927 part IV C meters No. 66 29 6% Gold bonds of the Rheinisch Westfälisches Elektrizitätswerk Aktiengesellschaft from $1928 part IV C meters No. 67 30 6% Gold bonds of the Rheinisch Westfälisches Elektrizitätswerk Aktiengesellschaft $1930 part IV C meters No. 68