Law on building societies

Unofficial table of contents

BauSparkG

Date of completion: 16.11.1972

Full quote:

" Law on building societies in the version of the Notice of 15 February 1991 (BGBl. 454), as last amended by Article 6 (14) of the Law of 28 August 2013 (BGBl). 3395). "

Status:	New by Bek. V. 15. 2.1991 I 454;
	Last amended by Art. 6 para. 14 G v. 28.8.2013 I 3395

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof applicable: 1.4.1983 + + +) 

  

Unofficial table of contents

§ 1 Definitions

(1) Building savings banks are credit institutions whose business operations are aimed at accepting deposits of construction savers (building savings deposits) and from the accumulated amounts the building savers for housing economic measures monetary loans (construction loans) to be granted (construction business). The building savings business can only be operated by building societies. (2) Construction saver is, who closes a contract with a building savings bank, by which he acquires a legal right to grant a building savings loan after the performance of the building savings deposits A building-saving contract can also be used as an old-age pension agreement within the meaning of the old-age pension-certification act of 26 June 2001 (BGBl. I p. 1310, 1322), as last amended by Article 2 of the Law of 29 July 2008 (BGBl. 1509), as amended in each case. (3) Housing measures within the meaning of this Act are

1.

the establishment, procurement, maintenance and improvement of buildings and apartments, mainly intended for residential purposes, including homes and condominiums, as well as the acquisition of rights for the permanent use of housing,

2.

the establishment, procurement, maintenance and improvement of other buildings where they are used for residential purposes;

3.

the acquisition of building land and inheritance rights for the construction of buildings mainly intended for residential purposes;

4.

the acquisition of building land and inheritance rights for the construction of other buildings in proportion to the proportion of the part of the building to be built on the land for the purpose of the residential area, to the total building,

5.

Measures for the development and promotion of residential areas,

6.

the redemption of liabilities received for the implementation of measures referred to in points 1 to 5,

7.

the redemption of liabilities that rest on a plot of land predominantly used for residential purposes.

The settlement of liabilities entered into for the performance of savings deposits as well as commercial construction projects, if carried out in connection with the construction of dwellings or in areas, shall be deemed to be housing measures. (4) The right of the Länder to carry out special tasks for the construction of housing or other public tasks for the public-sector building societies. shall remain unaffected. Unofficial table of contents

§ 2 Legal Form

(1) Private building societies may only be operated in the legal form of the public limited liability company. (2) The legal form of public building societies shall be determined by the Länder. Unofficial table of contents

§ 3 Supervision

(1) The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) (Bundesanstalt für Finanzdienstleistungsaufsicht) exercises the supervision of building societies in accordance with the provisions of this law, of the Banking Act and of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on the prudential requirements of credit institutions and investment firms and amending Regulation (EU) No 646/2012 (OJ L 136, 31.7.2012, p. OJ L 176, 27.6.2013, p. 1). It is entitled, under the supervision of supervision, to take all the necessary arrangements to ensure the business operation of a building savings bank in accordance with the General Business Principles and the General Terms and Conditions of Construction Contracts. (2) To the extent that building societies are subject to other state supervision, these remain in addition to the supervision of the Federal Institute. (3) In cases of doubt, the Bundesanstalt decides whether an enterprise is subject to the provisions of this law. Their decisions are binding on the administrative authorities. Unofficial table of contents

§ 4 Permitted Business

(1) Building savings banks may only operate the following operations in addition to the building savings business:

1.

Grant monetary loans for the pre-financing or the intermediate financing of the building savings bank's services on the construction savings contracts of its construction savers;

2.

other financial loans granted under the conditions laid down in paragraph 2 shall be granted for the purposes of housing operations;

3.

Manage, communicate and approve third party cash loans for third parties and for the account of third parties, if the loans are used to finance housing measures;

4.

assume, in accordance with the provisions of paragraph 2, the warranties of third party financial loans, which the Bausparkasse itself would be empowered to give and which are secured in the manner prescribed in Section 7;

5.

for the granting of savings loans and loans pursuant to points 1 and 2, for the fulfilment of obligations under the second sentence of Article 1 (2) of the Treaty and for the acquisition of the necessary funds for the operation of the business

a)

include foreign funds from credit institutions and other capital collection agencies;

b)

receive foreign funds from other creditors,

c)

Issue debt securities;

6.

participate in undertakings where the holdings are intended to promote the operations pursuant to § 1 and the liability of the building savings bank from the holdings is limited by the legal form of the undertaking, with the proviso that the individual participation in total may not exceed the third part of the capital (nominal capital, sum of the capital shares) of the enterprise. A higher level of participation is permitted provided that the business purpose of the company is legally or in terms of its statutory interest essentially on those transactions which the Bausparkasse itself may operate; the total amount of these participations may not exceed 20 per cent of the capital stock of the Bausparkasse;

7.

Grant cash loans to companies in which the Bausparkasse is involved;

8.

demonstrate the opportunity to conclude contracts relating to the acquisition, sale or use of land and premises;

9.

Valuations and location analyses as well as financing advice are also carried out independently of the granting of own loans.

(2) The total amount of loans referred to in paragraph 1 (2) and of the warranties referred to in paragraph 1 (4) shall not exceed 75% of the total amount of the construction loans and the loans referred to in paragraph 1 (1). (3) the building societies are allowed to invest in

1.

Credit for appropriate credit institutions and name bonds issued by such credit institutions,

2.

Non-interest-bearing Treasury notes and treasury bills of the Federal Republic of Germany, its special assets and the Länder, comparable documents of the European Communities and their Member States or other States Parties to the Agreement on the European an economic area and certificates of deposit of appropriate credit institutions, provided that such documents have a remaining term of 12 months or less,

3.

Debt securities and debtor claims of the Federal Republic of Germany, its special assets, the Länder, the European Communities and their Member States or other States Parties to the Agreement on the European Economic Area,

4.

debt securities, for whose interest and repayment, one of the entities referred to in paragraph 3 has taken over the guarantee,

5.

other debt securities admitted to an organised market pursuant to Section 2 (5) of the Securities Trading Act;

6.

Claims arising from cash loans which are part of a total loan granted by a third party and which are issued with a debt certificate, provided that such claims can be resigned at least twice after the purchase by the Bausparkasse and the loan was granted

a)

one of the bodies referred to in paragraph 3, another national authority or a regional government or local authority of another Member State of the European Communities or of another Contracting State of the Agreement on the European Economic Area, for which the weighting of zero has been notified in accordance with Article 7 of the Council Directive of 18 December 1989 on a solvency ratio for credit institutions,

b)

, other bodies or institutions of public law in the territory of the Member States or in another Member State of the European Communities or in another State Party to the Agreement on the European Economic Area

c)

undertakings which have issued securities admitted to trading in an organised market in accordance with Article 2 (5) of the Securities Trading Act; or

d)

against the assumption of the guarantee of interest and repayment by one of the bodies referred to in paragraph 3 above;

the total amount of these claims made by the Bausparkasse may not exceed its inherent equity capital,

7.

shares in an investment fund, applied in accordance with the principle of risk reduction, by a capital management company with a permit pursuant to § 7 or § 97 (1) of the investment law in the version valid until 21 July 2013, which for the period provided for in § 345 (2) sentence 1, paragraph 3, second sentence, in conjunction with the first sentence of the first sentence of paragraph 2, or the first sentence of paragraph 4 of the capital investment code, or with a permit pursuant to § § 20, 21 or § § 20, 22 of the Capital investment code, an EU management company, or a foreign AIF management company, which is subject to special public supervision for the protection of the unit-holders, if, in accordance with the terms of the investment conditions or the statutes of the management company, the assets are issued only in the debt securities of the Numbers 1 to 6 and in bank deposits may be applied.

(4) Building savings banks are the acquisition of land, inheritance rights, rights in the form of home ownership, partial property rights, housing inheritance law and partial building law only for the prevention of failures in receivments and for the procurement of business premises as well as of living rooms for their employees. (5) Building savings banks cannot undertake to pay the building savings at a certain point in time prior to the allocation of a building savings contract. Unofficial table of contents

§ 5 General business principles, general terms and conditions for building savings contracts

(1) Building savings banks have to base their business operations on general business principles and general conditions for building savings contracts. (2) The General Business Principles must contain provisions on

1.

the calculations for the settlement of the construction-saving contracts, indicating the individual savings-cash-performance ratios (§ 8 (1) (1)) and highlighting the longest, medium and shortest waiting time;

2.

the composition of the dispatching mass, the dispatch dates and the conditions and the determination of the order for allocation (allocation procedure);

2a.

the calculation of the allocation funds which cannot be allocated temporarily pursuant to Article 6 (1), second sentence, and the additional income arising from the installation of these funds, as well as the use of the special post formed therefrom " Fund for structural saving technical protection ";

3.

the calculation of the insulting value of the land to be loaded;

4.

the financing of measures for the development and promotion of residential areas;

5.

the financing of buildings which are mainly or exclusively for commercial purposes, to the extent permitted by § 1;

6.

the procedure for the repayment of deposits of announced building savings contracts;

7.

a simplified settlement of the building-saving contracts in the event of a cessation of the business operations of the Bausparkasse or the withdrawal of the permission to operate a building savings bank by the Federal Institute in the event of a simplified settlement of the construction savings contracts.

(3) The general conditions for building savings contracts shall contain provisions on:

1.

the amount and maturity of the services provided by the construction saver and the building savings bank, as well as the legal consequences that occur in the event of a default of performance;

2.

the interest rate of the savings deposits and of the building savings loans;

3.

the amount of the costs and fees charged to the construction savers;

4.

the conditions and the determination of the order for the allocation and the conditions for the payment of the building savings;

5.

the safeguarding of the claims from building savings loans;

6.

the conditions under which a building-saving contract may be divided or merged with another construction-saving contract, or the construction-saving sum may be increased or reduced;

7.

the conditions under which claims arising from the construction savings contract may be assigned or pledged, or a contract of construction savings may be terminated, as well as the legal consequences arising from the termination of the construction savings contract or from a simplified contract the execution of the construction savings contracts;

8.

the competent court or an arbitral contract;

9.

the conclusion of life assurance on the death, the amount of the insurance sum and the insurance premiums to be paid by the construction saver, as well as the possibility of taking into account existing life insurance policies, if the construction saver is to be The conclusion of such insurance is required.

Unofficial table of contents

Section 6 Purpose of building savings

(1) Subject to Section 4 (3), allotment funds, in particular building savings deposits and repayment services on building savings loans, may only be used for the construction business and for the repayment of foreign funds that have been supplied to the dispatching mass, as well as after In accordance with § 10 of the Regulation on the granting of loans pursuant to § 4 (1) no. 1, they are used; they are to be used with the aim of uniform, as short a waiting period as possible. Income from an installation of the allotment funds which cannot be allocated temporarily, because building savings contracts do not meet the conditions of allocation, must be equal to the difference between the interest income received from the intermediate plant of the Allocation and interest income which would have resulted from the installation of the allotment funds in building savings loans will be sent to a special item entitled "Fonds zur Bauspartechnische safeguard", which is intended to safeguard the interests of the construction savers. At the end of a financial year, the Bausparkasse may dissolve this special item, insofar as it exceeds three from the hundred of the building savings deposits at that time. (2) Claims from construction savings loans and the basic rights of property and the rights of the building savings bank. other collateral may only be sold, borrowed or pledged for the construction business and the transactions referred to in § 4 (1) No. 1. The same shall apply to claims arising out of loans within the meaning of Section 4 (1) (1) and the basic rights of property and other securities serving to secure them. Unofficial table of contents

§ 6a avoidance of currency risks

The Bausparkasse has to take the necessary measures with the care of a prudent businessman in order to avoid currency risks arising from their business operations. It must, in particular, form separate allocation masses for building savings contracts which are to be fulfilled in foreign currencies or in units of account, and shall be used for the currency congruent use of the allotment funds and the funds available. . In an individual case, the Federal Institute may exempt from the obligation to form separate dispatching masses, if this does not significantly affect the interests of the construction savers. Unofficial table of contents

Section 7 Securing claims on loans

(1) Claims from construction savings loans and loans pursuant to § 4 (1) no. 2 as well as claims on loans pursuant to § 4 (1) no. 1, insofar as these are not secured by assignment of rights from building savings contracts, are by order of mortgages or to secure basic debt on a domestic deposit. The order of a basic debt is equal to the claim of a building savings bank against a credit institution on assignment or partial assignment of a basic debt, which is managed by the credit institution fiduciary in favour of the Bausparkasse. The order may not exceed the first four fifths of the mortgage value of the deposit property without sufficient additional security. (2) Claims within the meaning of the first sentence of paragraph 1 may also be made by ordering basic rights on a A deposit object in another Member State of the European Communities or another State Party to the Agreement on the European Economic Area or in Switzerland shall be secured if the basic law of financial institutions in the European Economic Area or in Switzerland is secured in this Member State or State Party normally to secure claims (2a) Claims within the meaning of the first sentence of paragraph 1 may also be secured by ordering basic rights in a deposit subject in other European States covered by paragraph 2, provided that:

1.

the State is a full member of the Organization for Economic Cooperation and Development,

2.

the basic right of maintenance in that State ensures the repayment and interest rate of the claims; and

3.

the total amount of these loans does not exceed the inherent capital of the Bausparkasse.

(3) Apart from a security by fundamental rights, it is possible to provide sufficient other collateral (replacement collateral). (4) It is possible to save from a security by fundamental rights or by means of replacement collateral, if:

1.

the borrower undertakes with respect to the Bausparkasse, a possible securing by fundamental rights not by pledging the object considered as a deposit object for another liability or by his/her to prevent divestment; or

2.

in the case of a building loan or a loan in accordance with § 4 (1) no. 1, a security is not required due to the low amount of the loan amount.

(5) Apart from a guarantee, the granting of loans shall be subject to:

1.

domestic public bodies and institutions of public law,

2.

the European Communities, their Member States, other States Parties to the Agreement on the European Economic Area and the European Investment Bank,

3.

Regional governments and local authorities of the other Member States of the European Communities or of the other States Parties to the Agreement on the European Economic Area, for which the Council Directive of the European Communities 18 December 1989 on a solvency ratio for credit institutions, the weighting of zero has been announced,

4.

other borrowers, where the loan has taken over the guarantee referred to in points 1 to 3 for the loans.

(6) The Bundesanstalt may allow deposit objects situated outside the States covered by paragraphs 2 and 2a to be charged if the land deposit or additional collateral to be ordered appears to be an exception (7) The value of the deposit (mortgage value) adopted at the time of the exposure shall not exceed the value of the transport value. In determining the mortgage value, only the permanent properties of the deposit object and the yield must be taken into account, which the deposit object, in the case of an orderly economy, can be granted to each owner in a sustainable way. Unofficial table of contents

§ 8 Say and withdrawal of permission

(1) The permission to operate a building savings bank may be refused in addition to the reasons mentioned in Section 33 (1) of the Banking Act, even if the General Business Principles or the General Terms and Conditions for Building savings contracts

1.

the performance of the construction-saving contracts cannot be guaranteed on a permanent basis, in particular because the individual building-saving contracts, with reference to their entire duration, do not have an adequate relationship between the performances of the construction savers and those of the Building savings bank (individual savings-savings-benefit ratio) or

2.

Provision of savings and repayment services or other obligations which defer undue delay in the allocation of the construction savings contracts, lead to unreasonably long contract periods or do not adequately protect other interests of the construction savers.

(2) The Bundesanstalt may withdraw the authorization, except in the case of the reasons specified in Section 35 (2) of the Banking Act, if it is aware of the facts which would justify the failure of the authorization referred to in paragraph 1 and the interests of the Federal Institute for the Protection of the Rights of the State the construction savers cannot be sufficiently protected by other measures under this law or the law on credit law. Unofficial table of contents

§ 9 Amendment of the General Business Principles and General Terms and Conditions for Building Saving Contracts

(1) Changes and additions to the General Business Principles and the General Terms and Conditions for Building Saving Contracts, which relate to the provisions listed in § 5 (2) and 3 (1), (2), (4) to (9), and to the General Business Principles and The general conditions for building savings contracts, which are to be used as the basis for new building savings rates, require the approval of the Federal Institute; § 37 (4) of the Administrative Procedure Act is to be applied. The authorisation may also be granted with effect for existing contracts, provided that the changes and additions to the requirements of the construction savers are deemed necessary. § 8 (1) shall apply mutas to the approval of the authorisation. Other changes and additions are to be reported to the Federal Institute for at least three months before its entry into force. (2) The fulfilment of the obligations assumed by the building savings bank in the building savings contracts does not seem to be guaranteed any longer. The Federal Institute may require that the Bausparkasse change the General Business Principles and the General Terms and Conditions for Building Savings Contracts. Under the same conditions, the Bundesanstalt, without prejudice to its powers under Section 46 (1) of the Banking Act, may prohibit the building savings bank from concluding new contracts. Unofficial table of contents

§ 10 Decree of legal orders

In the interest of fulfilling the obligations of the building societies vis-à-vis their creditors, in particular in order to secure the assets entrusted to them and a sufficient willingness to pay for the allocation of the construction savings and to the The Federal Minister of Finance, after hearing the German Bundesbank and the leading associations of building societies, can enact provisions on a permanent basis for the permanent maintenance of an allocation sequence which is as uniform as possible, by means of a regulation on

1.

the temporary installation of the amounts collected for the allocation and the amounts already allocated but not yet being used by the construction savers;

2.

the permissible share of building savings contracts which exceed an amount to be determined in the legal regulation (large-scale construction savings contracts) in the total non-allocated contract sum of the building savings contracts of a building savings bank and the permissible share of large-scale construction contracts, which are concluded within a calendar year, to the total contract sum of the construction savings contracts concluded this year by the Bausparkasse; the contracts concluded within twelve months shall be valid in this case. of a construction saver as a contract; to the permissible shares of Large-scale construction contracts are to be applied to the building savings contracts, to which the construction saver has paid the minimum saving amount required by the general business principles for an allocation within the first year following the conclusion of the contract;

3.

the conditions for the granting of loans for the financing of construction projects of a commercial character and the authorized share of such loans in the total amount of loans from a building savings bank; the share may be shall not be fixed at most to three of the hundred;

4.

Percentages of the liable capital of the building societies, up to which loans pursuant to § 4 (1) No. 7 as a whole and to a company may be granted;

5.

the authorized share of loans for which the equivalent collateral is to be provided in the aggregate of loans from a building savings bank;

6.

the amount up to which a building savings bank may grant loans on a case-by-case basis against the submission of a declaration of commitment or without such an obligation pursuant to section 7 (4), as well as the permissible share of such loans in the total stock of receivings loans from a building savings bank;

7.

the minimum conditions for allocation in order to guarantee an appropriate individual savings/savings ratio, in particular the minimum savings and the assessment of a minimum number of assessments;

8.

the details of the determination of the additional income pursuant to section 6 (1) and its supply to the special item "Fund for the protection of the building-saving technical sector";

9.

the conditions under which such special item may be dissolved in respect of the additional income supplied pursuant to section 6 (1) and shall be disbanded at the latest;

10.

a transitional transitional arrangement up to 31 December 1995 for the simplified determination of the minimum conditions for allocation in order to guarantee an appropriate individual savings-to-savings ratio for which on 1 January 1991 on offered construction savings rates.

The Federal Minister of Finance can transfer this authorisation to the Federal Institute by means of a legal regulation. Unofficial table of contents

Section 11 Abconvening of business managers

The Federal Institute may request the appointment of the manager of a building savings bank, except in the grounds specified in § 36 of the Banking Act, even if he or she is deliberately or recklessly against the provisions of this law, which are to be Regulations issued in accordance with its implementation, against orders issued by the Federal Institute or against the provisions of the General Business Principles or the General Conditions of Building Saving Contracts referred to in § 5 (2) and (3), and in spite of Warning by the Federal Institute of this conduct continues. Unofficial table of contents

§ 12 Confidence

(1) The Federal Institute shall appoint a trust in each building savings bank. Prior to placing the order, the Bausparkasse and, if there is a different state supervision pursuant to § 3 (2), is also to be heard by the authority responsible for this supervision. The order can be revoked at any time. (2) The confidence man must ensure that the provisions of the general conditions for building savings contracts are complied with via the allocation procedure. (3) The confidence man is authorized to To see the books and writings of the Bausparkasse as far as they relate to the allocation process. In the event of a dispute between the Bausparkasse and the confidence-man of his or her duties, the Bundesanstalt decides. (4) The confidence man shall inform the Federal Institute of his findings and observations. He is not bound by instructions from the Federal Institute. (5) The trust man receives an appropriate remuneration from the Federal Institute; this is to be separately reimbursed by the Bausparkasse in a reasonable application of § 51 (3) of the Banking Act. Unofficial table of contents

§ 13 Special duties of the examiner

In the examination of the annual accounts of a building savings bank, the auditor shall also determine whether:

1.

the general conditions for building savings have been allocated in accordance with the general conditions for building savings;

2.

the Bausparkasse has complied with the provision of the General Business Principles referred to in Article 5 (2) (2) and the provision of the General Terms and Conditions for Construction Savings, referred to in Section 5 (3) (5), and

3.

the provisions of a regulation adopted pursuant to Section 10 of this Regulation have been complied with.

The result shall be included in the audit report. Unofficial table of contents

§ 14 Inventory transfer

(1) A contract to transfer the stock of a building savings bank to building savings contracts with the associated assets and liabilities to another building savings bank or to several other building societies, in whole or in part, requires the approval of the contract. the Federal Institute. The approval shall be published by the Bundesanstalt in the Federal Gazette; it shall be deemed to have been published by the German Federal Gazette (Bundesanzeiger). The rights and obligations of the transferring building savings bank from the building savings contracts are also based on the approval in relation to the construction savers on the acquiring building savings bank; § 415 of the Civil Code is not applicable. The approval may only be denied if the transfer of the interests of the construction savers of the transferring or the accepting building savings bank is endangered. (2) The contract shall require the written form. Unofficial table of contents

§ 15 prohibition of payment, consent to simplified settlement

If there is a risk to the fulfilment of the obligations of a building savings bank and the avoidance of insolvency proceedings appears under consideration of the interests of the construction savers and the other creditors, the Bundesanstalt may be able to make all types of payments in some cases. Under the same conditions, the Federal Institute may also agree to a simplified settlement (§ 5 para. 2 no. 7). The provisions of the insolvency regime for the protection of payment and securities settlement systems, as well as of the collateral security of the central banks and of financial collateral arrangements, shall be applied mutas to the provisions of the insolvency order. Unofficial table of contents

Section 16-designation "Bausparkasse"

(1) The name "Bausparkasse" or a name in which the word "Bausparkasse" or the word "Bauspar" is included may only be used in the company, as an addition to the company, for the name of the business purpose or for advertising purposes only companies (2) Paragraph 1 shall not apply to undertakings which have the word "Bausparkasse" or a name in which the word "Bausparkasse" or the word "Bauspar" is contained in , a link that excludes the appearance of building savings (3) The provisions of § § 42 and 43 of the Banking Act shall apply accordingly. Unofficial table of contents

Section 17 Exceptions

§ § 14 and 15 sentence 1 are not applied to building societies which are subject to special state supervision. Unofficial table of contents

§ 18 Provisions for existing and for new legally independent building societies

(1) For credit institutions which were allowed to operate the construction business on the date of entry into force of this Act, the permit required under Section 32 of the Banking Act shall be deemed to have been granted for the operation of the banking transactions permitted for building societies. The period referred to in Article 35 (1) of the Banking Act shall begin with the entry into force of this Act. (2) Building societies which were allowed to operate in the legal form of limited liability company upon the entry into force of this Act, may continue to be operated in this legal form. (3) Credit institutions which were allowed to operate the building savings business by legally independent facilities when this Act enters into force shall be considered as building societies. They have to manage the assets of the Bausparkasse separately from their other assets, to draw up a separate annual financial statement for the Bausparkasse and to report a special annual report. The rules on the audit of accounts, annual accounts and the annual report of credit institutions shall apply mutatily. The share of the capital of the credit institution, which is accounted for in the separate annual accounts, which is accounted for by the building savings bank, is considered to be the risk capital of the Bausparkasse. (4) On building societies which until the entry into force of this law Other than those permitted in accordance with § 4, other than that permitted under Articles 4, 6 and 7 as well as in accordance with the laws of law pursuant to § 10, these provisions shall not be applied, to the extent that: concluded contracts. The Bundesanstalt may set a reasonable time limit for the settlement of such transactions. (5) Paragraph 3 shall apply accordingly also to such credit institutions which, after the entry into force of this Act, shall be subject to the construction savings business by means of legally independent financial institutions. Operate facilities. Unofficial table of contents

Section 19 General provisions

(1) The existing legislation in the field of building savings and the provisions adopted pursuant to previous legislation shall be maintained in so far as they do not contain provisions of this Act, of the Banking Act or of the Law on Credit Services. of Regulation (EU) No 575/2013. Legislation which places more stringent requirements for the business activities of certain types of building societies than this law shall remain unaffected. (2) (omitted) (3) The jurisdiction of the countries for the confirmation of the Conversion accounts of building societies subject to their special state supervision remain unaffected. (4) Multi-income claims within the meaning of § 6 (1), which are incurred before 1 January 2001, must be at least sixty of the hundred in the special post "Fund for the protection of the building economy" shall be discontinued. For the purposes of Article 6 (1), multiple yields do not need to be entered in the special item "funds for structural saving protection", provided that the allocation funds which cannot be allocated temporarily are derived from building savings contracts which have been submitted to (5) By way of derogation from the first sentence of Article 4 (1), the Bausparkasse may hold participations in a company beyond the third part of the nominal amount of all the shares of that undertaking if it is to be Acquired or acquired participations prior to 31 May 1990. Unofficial table of contents

Section 20 (amendment and repeal of legislation)

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Section 21 (Entry into force)

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