Regulation on the confirmation of the conversion bill and the procedure for the allocation and acquisition of compensation claims (BUZAV)

Unofficial table of contents

BUZAV

Date of completion: 29.10.1990

Full quote:

" Regulation on the confirmation of the conversion calculation and the procedure for the allocation and acquisition of compensation claims in the version of the notice of 7 December 1994 (BGBl. 3738), as defined by Article 1 of the Regulation of 26 September 1995 (BGBl). I p. 1194).

Status:	Recast by Bek. v. 7.12.1994 I 3738;
	Amended by Art. 1 V v. 26.9.1995 I 1194

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 4.11.1990 + + +) 

  

Unofficial table of contents

§ 1 Definitions

For the purposes of this Regulation:

1.

Financial institutions undertakings which, before 1 July 1990, in the currency area of the Mark of the German Democratic Republic, have the power to enter into banking transactions in accordance with Article 1 (1) of the Law on Credit in the Version of the Notice of 11 July 1985 (BGBl. 1472); the power may be based on the law, regulation, administrative order or official permit,

2.

Foreign trade enterprises undertaking, before 1 July 1990, in the currency area of the mark of the German Democratic Republic, on behalf of public authorities within the framework of the external trade and valutamonopol, business with undertakings or countries outside the Currency area of the mark of the German Democratic Republic operated. To this end, companies that have taken over the business operations of foreign trade companies in whole or in part for the purpose of settlement are also expecting the assets to be liquidate.

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§ 2 Submission of documents

(1) The Federal Supervisory Office (Bundessupervisory Office) and the Deutsche Bundesbank (Bundesbank) have until March 15, 1991, the Federal Supervisory Authority (Bundessupervisory Office) and the German Federal Bank (Bundesbank).

1.

the audited and confirmed final balance sheet and profit and loss account, as set out in the order on the conclusion of the accounts in Mark of the German Democratic Republic as at 30 June 1990 of 27 June 1990 (GBl. of the GDR, Part I, No 40, p. 593); and Loss account as of 30 June 1990 in Mark of the German Democratic Republic,

2.

According to the D-Market Balance Act of 23 September 1990 (BGBl. 885, 1169), verified, identified and confirmed opening balance sheet in the German mark for 1 July 1990, together with an appendix and a comparative presentation,

3.

an assurance by the directors that they have submitted to the auditor all the documents relating to or may be related to the changeover, and have informed him of any business operations involving any of the transactions which may be made available to him or her. the reorganisation of business activities since 1 March 1990, and

4.

the report on the examination of the opening balance sheet

. Financial institutions must also submit the Deutsche Bundesbank form 10410/07.90, which was completed on 1 July 1990 (calculation of the principles of the principles according to § § 10 and 11 of the Law on the Banking Act I-) (annex). (2) If, in accordance with § § 21, 22 of the D-market balance law, foreign trade companies or financial institutions have a consolidated balance sheet and a group annex, these documents and the report on the audit of the consolidated balance sheet and the consolidated financial statements are Group attachment until March 15, 1991 the Federal Supervisory Office and the German Bundesbank to submit. Unofficial table of contents

§ 3 Confirmation of the conversion invoice

The Federal Supervisory Office shall examine, on the basis of the documents referred to in § 2, whether the assets and liabilities in Mark of the German Democratic Republic have been converted in accordance with the D-market balance sheet and confirms the conversion bill. It is not bound to the audit opinion of the auditor. Unofficial table of contents

§ 4 Allocation of compensation claims of financial institutions and foreign trade companies

(1) The Federal Supervisory Office shall notify financial institutions of claims against the compensation fund, as compensation claims, in such a way as to ensure that the assets are sufficient to meet the requirements of the introduction of the currency of the German mark and the Currency conversion in the German Democratic Republic to cover outstanding liabilities, including provisions, and also to show equity in the amount that it is at least 4 of the total balance sheet total and the Utilization of the Federal Supervisory Office pursuant to § 10 of the Law on the Credit Esen Principle I in the version of the notice of 19 December 1985 (BAnz. 15302). (2) The Federal Supervisory Authority shall notify foreign trade companies of claims against the compensation fund, as compensation claims, in such a way as to ensure that the assets are sufficient to meet the requirements of the introduction of the the currency of the German mark and the currency conversion in the German Democratic Republic, including the provisions of the reserve. (3) The assets and liabilities of the financial institutions and Foreign trade holdings shall be the result of their audited and established Opening balances on 1 July 1990. (4) The compensation claims are rounded off to a full one hundred German marks. Unofficial table of contents

§ 5 Allocation of claims of the compensation fund Currency change

(1) The Federal Supervisory Office shall notify the compensation fund for the changeover to claims against financial institutions, insofar as their assets are the result of the introduction of the currency of the German mark and the changeover in the German Democratic Republic (2) The Federal Supervisory Office shall notify the compensation fund for the exchange of receivables against foreign trade undertakings, to the extent that: the assets of which are derived from the introduction of the currency of the Deutsche Mark and the currency conversion in the German Democratic Republic exceeds liabilities, including provisions. (3) The Federal Supervisory Authority has a claim against a financial institution to the compensation fund for the exchange of currency or a foreign trade establishment, it shall inform the undertaking concerned that it has a corresponding compensatory obligation with respect to the compensation fund. (4) The Federal Supervisory Office shall notify the compensation fund Currency conversion the amount of the anti- Compensatory claims in accordance with Article 4 (1) and (2) as well as of the claims referred to in paragraphs 1 and 2. In so far as the countervailing claims against him pursuant to § 4 (1) and (2) are generally higher than his claims under paragraphs 1 and 2, the Federal Supervisory Office shall notify the compensation fund for the changeover to the special assets of the exchange fund. Federal Government "Credit settlement fund". The continuing balance of the compensatory claims in accordance with Article 4 (1) and (2) and the claims referred to in paragraphs 1 and 2 shall be confirmed once a month to the compensation fund for the exchange of currency. The confirmation shall be deemed to be allotted. (5) § 4 (3) and (4) shall apply accordingly. Unofficial table of contents

§ 6 Rate of return and repayment

(1) The compensation claims in accordance with § 4 (1) and (2) and the claims of the compensation fund for the exchange of currency in accordance with § 5 (1), (2) and (4) shall be retrospected on a quarterly basis, starting from 1 July 1990, without prejudice to the timing of their allocation. Interest. In the case of the initial allocation of a claim or part of a claim, interest shall be paid at the time of dispatch already elapsed within six weeks of the date of dispatch of the allocation modest. Interest shall be paid on the part of the capital amount which has not yet been repaid. The interest rate corresponds to the offer rate for deposits in German Mark under banks for a period corresponding to the period in Frankfurt am Main (3-month-FIBOR). Up to and including June 30, 1991, the 3-month FIBOR rate is decisive for the respective period of interest from the second business day before the beginning of the period of the period (in accordance with Section 2 (3) of the Conditions for the Federal Republic of Germany's borrowing period of 1990- Document identification number 113 478-without the cover provided for it). With effect from 1 July 1991, the rate of interest on the second business day before the beginning of the period of interest in Frankfurt am Main by Telerate in FIBOR-Fixing shall apply and published on the Telerate screen page 22.000. In the case of force majeure, which excludes an entry and identification via Telerate, the quotes are reported to the Deutsche Bundesbank, which provides for a correspondingly timely publication. (2) The compensation claims pursuant to § 4 (1) and (2) and the claims of the compensation fund for the exchange of currency in accordance with Article 5 (1), (2) and (4) shall be subsequently repaid, beginning with 1 July 1995, at a later date of 2.5 per cent of the nominal value, for the first time on 1 July 1996; the debtor shall be at the end of a may, in any calendar year, be entitled to further partial or full repayment, in so far as it has indicated in writing its repayment intention and the amount of the amount to be paid to the balance-of-compensation fund, six weeks before the exchange rate. Unofficial table of contents

§ 7 Preliminary frequency of allocation

(1) All compensation claims pursuant to § 4 (1) and (2) and claims pursuant to § 5 (1), (2) and (4) shall be provisionally allocated until the end of the financial year, which ends before 1995. Provisional allocations under the first sentence shall be changed before the final allocation, unless the correction of value rates would result in a change in the allocation by an amount of less than ten thousand German marks. (2) and foreign trade companies are obliged to inform the Federal Supervisory Office of any correction of a value replacement according to § 36 of the D-Marks Balance Act. To this end, you have to submit an excerpt from the examination report concerned with the audit opinion of the auditor, even if the Federal Supervisory Office receives the complete audit report under other legislation. (3) Where a financial institution or an external trade undertaking transfers all of its assets and liabilities on the basis of the opening balance sheet to another undertaking, the financial institution or the external trade establishment shall immediately notify the Federal Supervisory Authority. The acquiring company must separately record and continue the transferred assets and liabilities until the annual financial statements for the financial year ending in 1994 are established in its books. Paragraph 2 shall apply to the acquiring company. (4) In the final allocation, the amount of compensatory claims granted on a provisional basis pursuant to Article 4 (1) and (2) and the claims pursuant to Article 5 (1), (2) and (4) shall be granted on the basis of the correction of Value rates and a change in the opening balances were too high or too low, and interest paid too much to repay unpaid interest rates, in each case within six weeks of the final allocation. The first sentence shall apply in the case of a change in the preliminary allocation referred to in the second sentence of paragraph 1. Unofficial table of contents

§ 7a Pre-allocation

(1) The Federal Supervisory Office may, in accordance with the documents referred to in § 2, preliminary financial institutions in accordance with § 4 (1) up to the amount of 80 of the hundred and foreign trading companies pursuant to § 4 (2) at the request of the shareholders up to the amount of 50 from the hundred of the compensatory claims resulting from the DM opening balance sheets audited and established on 1 July 1990. In the case of financial institutions, the pre-allocation may be up to 90 per cent of the compensatory amount receivedin the DM opening balance, as amended at 31 December 1993 in accordance with Article 36 of the Trade Marks balance sheet Act, and in the case of foreign trade undertakings at the request of the Shareholders shall be increased to up to 90 from the hundred of the compensatory amounts shown in the DM opening balance sheet as amended at 31 December 1991. The pre-allocations shall be subject to the final allocation after confirmation of the conversion invoice. § 7 (4) and § 8 (2) sentence 2, subsection 3 are to be applied accordingly. (2) The Federal Supervisory Office may preliminary preliminary claims against financial institutions pursuant to section 5 (1) and against foreign trade companies pursuant to § 5 (2) of the German Federal Supervisory Office (Bundessupervisory Office). in accordance with the existence of the documents referred to in Article 2, up to 80% of the compensatory liabilities resulting from the verified and established DM opening balances of 1 July 1990, at the request of the partners of the Also to allocate up to 100 of the hundreds of foreign trade companies. The second sentence of paragraph 1 and section 7 (4) shall apply accordingly. Unofficial table of contents

§ 8 assignment, pledge and conversion of compensatory claims in bearer bonds

(1) In accordance with § 4 (1) and (2), the compensation claims may be assigned, borrowed and pledged. (2) At the request of the creditor, definitively allocated compensation claims pursuant to § 4 (1) and (2) of the compensation fund are currency-conversion in Convert bearer bonds. Compensatory claims provisionally granted pursuant to § 4 (1) and (2) may be converted into bearer bonds up to the amount of the amount fixed by the Federal Supervisory Authority, but not more than 75 per cent. The compensation fund for the exchange of currency has the sum of the nominal amounts of the converted compensation claims in a global certificate, which will be deposited with the German cash register for the benefit of the beneficiaries. The issue of individual certificates is excluded. The compensation fund for the exchange of currencies makes the conditions for the bearer bonds in the Bundesanzeiger (Bundesanzeiger) known. (3) For the time being, compensatory claims have been converted into bearer bonds and the result is: the adjustment of value rates and a change in the opening balance sheet to the extent that they were too high, shall not be converted into compensatory amounts, or bearer bonds, shall be converted into the compensatory fund for the exchange of time. to the appropriate extent. To the extent that a transfer is not possible, the amount by which the compensation claims were too high to be reimbursed shall be paid in cash. Unofficial table of contents

§ 9 Examination and powers of intervention of the Federal Supervisory Office

(1) The Federal Supervisory Office may provide information on all business matters relating to the changeover to currency and the allocation of compensation claims, as well as the presentation of the books and writings, including those relating to transactions before 1 July 1990, and require the submission of an expert opinion on the valuation of certain assets and liabilities. In particular, it may examine whether claims against previous shareholders are fully covered. It may serve other persons and entities in carrying out its duties. (2) The documents referred to in § 2 shall not be filed on time, the examination statement referred to in § 7 (2) shall not be filed without delay or arrangements shall be made in accordance with Paragraph 1 shall not be complied with without delay, the Federal Supervisory Office may enforce its provisions with compulsory funds in accordance with the provisions of the Administrative Enforcement Act. (3) The Federal Supervisory Office decides on the allocation of a Compensation in accordance with § 4 (1) and (2) as well as a claim pursuant to § 5 (1), (2) and (4) also without Application. Unofficial table of contents

§ 10

(Entry into force) Unofficial table of contents

Annex (to § 2 para. 1)
Calculation of the identification numbers of the principles according to § § 10 and 11 of the law on credit
-Notice No 1/69 of the Federal Banking Supervisory Authority, as last amended by the Notice of 23 September 1988,

(Content: Non-representable form,
Fundstelle: BGBl. I 1994, 3742)