Law On Custody And Purchase Of Securities

Original Language Title: Gesetz über die Verwahrung und Anschaffung von Wertpapieren

Read the untranslated law here: http://www.gesetze-im-internet.de/wpapg/BJNR001710937.html

Law on custody and acquisition of securities (custody law - DepotG) DepotG Ausfertigung date: 04.02.1937 full quotation: "deposit law as amended by the notice of 11 January 1995 (BGBl. I S. 34), most recently by article 2 paragraph 38 of the law of 1 April 2015 (BGBl. I p. 434) has been changed" stand: Neugefasst by BEK. v. 11.1.1995 I 34;
 
as last amended by article 2 paragraph 38 G v. 1.4.2015 I 434 for details on the stand number you see in the menu see remarks footnote (+++ text detection from validity: 1.1.1975 +++) heading: eingef short title & letter abbreviation. by article 1 No. 1 G v. 17.7.1985 I 1507 mWv 26.7.1985 § 1 General provisions (1) securities within the meaning of this Act are shares, Kuxe, interim certificates, interest, dividend and renewal coupons, bearer bonds denominated or transferable by endorsement, as well as other securities, if they are reasonable, with the exception of banknotes and paper money. Securities are also registered bonds within the meaning of this Act, unless they were issued on the name of a securities depository.
(2) the depositary in the meaning of this Act is, in its securities business unlocked for safekeeping are entrusted to who.
(3) value paper collecting banks are credit institutions which are recognised as such by the competent of the country in whose territory the credit institutions established under State law. The recognition of the credit institution as a securities depository can, subsequently, be made subject in the interests of investor protection by the wagering requirements. The recognition and their repeal, as well as requirements are to announce publicly.
1. section custody section 2 special custody of the depositary is obliged to retain the securities under externally recognisable name of each depositor separately from its own holdings and those on third-party if there are securities which are not admitted to the collective custody through a securities depository, or if the applicant requires the separate storage. As a result, any rights and obligations of the depositary, make for the depositor provisions or administrative acts, are not affected.

§ 3 third-party custody (1) the depositary is entitled to entrust a different custodian for safekeeping the securities under his name. Branch offices of a depositary this provision considered various depositories in the sense among themselves as well as in relation to the main site.
(2) the depository of securities by an other stakeholder hold can be (intermediate depository), be liable for any fault of the third-party depositary as for the fault of his own. For the observation of the care required in the selection of third-party depositary remains even responsible if the liability for fault of the third-party depositary has been issued to him by contract, except that the papers on the express instructions of the depositor with a particular third-party custodian are kept.

§ 4 limited enforcement of lien and retention (1) the depositary the securities a third party entrusts, so is known as the third party that the securities are not the depositary. The third party may assert a lien or right of retention only because such claims to the securities, arising with respect to these securities or for these securities should adhere to the individual about it between the depository and the third made business.
(2) paragraph 1 shall not apply if the depositary the third party for the single business communicated expressly and in writing that he is owner of the securities.
(3) a depositary, which operates non-bank businesses, entrusted to securities a third party, so paragraph 1 does not apply. He is not the owner of the securities, so he has to inform the third party; in this case, paragraph shall apply 1 sentence 2.

§ May fungible securities which are admitted to the collective custody through a securities depository, entrust it to the collective custody, unless 5 collective custody (1) the custodian because the applicant has requested the separate storage of securities pursuant to § 2 sentence 1. Instead the collective custody through a securities depository, depository may undivided from its holdings of same type or such third party itself keep the securities or trust a third party to the collective custody, if the depositor expressly and in writing authorized him to do so. The authorization may not be included in the terms and conditions of the depositary or refer to other documents; She must be granted especially for every custody business.
(2) the depositary can transfer instead of taking to the delivered units in collective safe custody, the depositor a corresponding proportion of the deposits.
(3) on the collective custody with a third party, article 3 shall apply.
(4) value paper collecting banks may entrust securities to the collective custody to a foreign custodian within the framework of a mutual bank account, agreed to take of a cross-border Effektengiroverkehrs, unless subject to 1 which performs the tasks of a securities depository foreign depositories in his home State and a public oversight or other for investor protection equivalent supervision, 2. a legal status is granted the applicant with regard to the Sammelbestands of this depositary , which is equivalent to those under this Act, 3. no prohibitions of the Member State in which this depositary preclude the claim of the securities depository against the foreign custodian on delivery of securities and 4 the securities are acceptable and approved for the collective custody through the securities depository and the foreign custodian during their mutual account connection.
The liability of value paper collecting banks according to § 3 para 2 sentence 1 for any fault of the foreign custodian is not limited by agreement.

§ 6 joint ownership of the deposits, administrative powers of the depositary in the collective custody (1) are securities in collective custody taken, thus co-ownership is created with the date of receipt at the collective custodian for the previous owners fractions same type securities belonging to the deposits of the depositary. For the determination of the fraction, the principal amount of the value of paper is decisive the number of securities without nominal value.
(2) the collective custodian can extract the depositors providing the due amount or the amount due him each from the deposits, without that he needs to do this, the consent of the other parties. Otherwise, the collective custodian must not reduce the deposits. These rules are in the case of third-party custody on interim depositories apply accordingly.

In the case of collective custody require § 7 delivery claims of the applicant in collective custody (1) the applicant may, that from the deposits of securities in the amount of the nominal securities without nominal value equal to the number of securities accepted for him in custody; delivered him He can not recover the pieces delivered by him.
(2), the collective custodian may refuse extradition in so far as the amount according to § 6 due the applicant has reduced as a result of loss of the deposits. He is liable to the depositor for failure, unless the loss of the deposits is based on circumstances, which he is not responsible.

Article 8 claims of the co-owners and other in-kind justified in the collective custody of § 6 paragraph 2 sentence 1, § 7 are rules applicable to claims of the applicant to apply mutatis mutandis to claims of each co-owner or otherwise in-kind entitled.

§ 9 limited enforcement of lien and retention in the collective custody section 4 applies correspondingly for the assertion of rights of lien and retention of deposits shares.

§ 9a global note (1) the depositary has a security that guaranteed several rights that each could be represented in acceptable securities of one and the same kind (global note), to pass a securities depository for safekeeping, unless the applicant has requested the separate storage of the global note pursuant to § 2 sentence 1. The exhibitor can replace at any time and without the consent of other stakeholders 1. individual securities of a Sammelbestands of a securities depository by a global note a collection certificate approved by the securities depository in custody wholly or partially with securities in collective custody to be single or 2..
(2) a securities depository shall keep a summary document alone or in combination with individual securities that are issued through rights of the kind represented in the global note, articles 6 to 9 shall apply, as well as the other provisions of this Act on collective deposit and deposits shares if not in paragraph 3 determines something else is mutatis mutandis.
(3) on the basis of §§ 7 and 8 delivery required by individual securities, the Exhibitor shall as far as individual securities to replace the global note as this is necessary for the delivery; during the period necessary for the production of individual securities, the securities depository may refuse the extradition. The Exhibitor shall not issue individual securities to the holder of the rights in the global note, after the underlying legal relationship the extradition cannot be required by the securities depository of individual securities.
§ 10 Exchange storage (1) a declaration by the applicant authorizes the depositary in place of custody familiar to to allow them back securities securities of same kind, must be handed expressly and in writing for the individual custody business. She may not be included in the terms and conditions of the depositary or refer to other documents.
(2) same shape requires a declaration by the applicant authorizes the depositary to replace deposited securities with same kind of securities.
(3) (void) § 11 scope of authorization for the storage of exchange the custodian authorized a declaration by the applicant to return him to the custody of more familiar to securities securities of same kind in place, includes, if this is not in the Declaration is expressly excluded, the authorization to replace the securities before the repayment by the same kind of securities. Does not mean that the ownership of the securities on the depositary should pass through their acceptance and contains not the authorization to other measures.

The securities or deposits shares only on the basis of an authorization and only in connection with a loan granted for the applicant and only to a depositary bond § 12 appropriations to pledge (1) which allowed depository. The authorization must be granted for the individual custody business expressly and in writing. She may not be included in the terms and conditions of the depositary or refer to other documents.
(2) the depositary must take on the securities or deposits shares back credit only up to the total amount of loans, which he has granted to the applicant. The securities or deposits shares may be charged only to liens to secure this retention credit. The value of the pledged securities or deposits shares should reach at least the amount of credit granted for the applicant, should however not unduly exceed them.
(3) the applicant authorizes the depository only, to pledge the securities or deposits shares to the depositary for this depositor has given a (limited pledge), up to the amount of the loan so the authorization need not the form of paragraph 1 sentence of 2 paragraph 2 sentence 3 remains unaffected.
(4) the depositor authorises the depositary, the securities or deposits shares for all liabilities of the custodian and without pledge taking into account the amount of credit granted for the applicant (unlimited pledge), so must the authorisation expressed come in, that the depositary the lien unlimited, can order so for all its liabilities and without regard to the amount of credit granted for the applicant. This shall apply mutatis mutandis if the depositor freed the depositary of the agreement of individual restrictions of paragraph 2.
(5) the custodian who is entitled to the pledging of securities or deposits shares, may distribute to, as it is given to him, the empowerment.

§ 12a pledged as security for liabilities from stock exchange transactions (1) by way of derogation from § 12 may the depositary the securities or deposits shares on the basis of a written authorization as security for its own liabilities from transactions on a stock exchange that is subject to a statutory supervision, legal authority commissioned on this stock exchange, the carriers or one of her with the settlement of transactions under their supervision , whose business operations on these activities is limited, bonding, where liabilities of the applicant products consist of a document store of the depositor with the depositary. The value of the pledged securities or deposits shares should not unduly exceed the amount of the liabilities of the depositor against the depositary from this business. The authorization of the applicant pursuant to sentence 1 may be granted in advance such pledges for an unspecified number.
(2) the depositary must ensure to the mortgage creditor, that the pledged securities or deposits shares only to the extent may be listed liabilities for its in paragraph 1 invoked, as liabilities of the applicant to the depositary referred to in paragraph 1. The depositary shall be liable for a fault of the mortgage creditor such as for own fault; This liability is not limited by agreement.

§ 13 authorization to dispose of the property (1) a declaration by the depository of the authorized is, to acquire the fiduciary securities, or transfer ownership of them to a third party, and will be then only required to return the same kind of securities must be taken expressly and in writing for the individual custody business. In the Declaration must be that ownership on the bailee or a third party to go with the exercise of the authorization and therefore for the applicant only a contractual claim for delivery is created according to type and number of certain securities be reflected. The Declaration may not refer to other documents or be associated with other declarations of the applicant.
(2) the depositary appropriates the securities or he transfers ownership of them to a third party, are from this point on, the provisions of this section on a such custody business no longer apply.

§ 14 detention book (1) who is depositary must lead a trading book, in that each depositor and type, nominal amount or number, numbers or other designation features of the securities held for him to enter are. If the number or other designation characteristics arise from directories, carried in addition to the deposit book, referring to these directories is sufficient in that regard.
(2) the registration of a security can be avoided if his detention is finished, before the entry for reasons of business could be done.
(3) the regulations on the keeping of custody paper shall apply by analogy for the collective custody.
(4) depository of the entrusted securities a third party, so he has to specify the place of establishment of the third in the book of custody. The name of the third arises not from the other accounts, directories that appear next to the deposit book, or correspondence, also the name of the third in the book of the custody is so to specify. The depositary for the collective custody is authorized according to § 5 para 1 sentence 2, Exchange storage, pledge or dispose of the property he has to be evident to this in the book of custody.
(5) a depositary the third-party depositary informs that he has not owner of which securities entrusted to the third-party depositary is by him (§ 4 para 3), so to make this the third-party depositary at the entry into the custody register.

§ 15 irregular custody, security loan (1) is agreed the safekeeping of securities in the manner that the title immediately on the bailee or a third party and the depositary is obliged only to return same kind of securities, the provisions of this section on a such custody business shall not apply.
(2) an agreement of the kind referred to in paragraph 1 is only valid if the Declaration of the applicant for the individual business is made expressly and in writing. In the Declaration that the property should proceed directly to the bailee or a third party and that therefore for the applicant only a contractual claim for delivery is according to type and number of certain securities going to the expression. The Declaration may not refer to other documents or be associated with other declarations of the applicant.
(3) these regulations shall apply mutatis mutandis if securities are granted someone in his business as a loan.

Article 16 freedom from form requirements the formal requirements are § 4 para 2, § 5 para 1 sentence 2 and 3 and the pursuant to sections 10, 12, 13 and 15 para 2 and 3 not to apply, if subordinate to the depositary of a legal supervision and the filer is a merchant, the 1st in that trade or cooperative register is registered or 2. in the case of a legal person of under public law to the legal regulation governing them , not registered to be needed or 3 not is entered because he has its domicile or its principal place of business abroad.

§ 17 mortgage custody be someone in his/her business securities unlocked as collateral entrusted, as the mortgage holder has the duties and powers of a depositary.

§ 17a disposals of securities or deposits shares which are registered or recorded in an account with quite categorical effect in a register are subject to dispositions of securities the law of the State under whose authority the register is kept, in which immediately for the benefit of the available receiver rechtsbegründende is entered, or the Bank main or branch office of the depositary located, the rechtsbegründende credit given the available recipient.
2. section shopping Commission article 18 piece directory (1) a Commission agent leads (sections 383, 406 of the commercial code) an order for the purchase of securities, so he has the principal without delay, to send a list of purchased items at the latest within one week. The securities are piece directory by genre, principal amount, to call numbers or other name characteristics.
(2) the time limit for sending the piece directory starts, if the Commissionaire at the indication of the execution of the order designating a third party seller, with the acquisition of the pieces, otherwise it begins with the end of the period within which the applicant for refund the version display pieces during course of business without culpable delay related or the directory of the piece could receive from a third authority given to the custody of the pieces.
(3) with the dispatch of the piece directory the ownership of the passes, as far as the agent about it is allowed to have designated securities on the principal, if not earlier, so over under the provisions of the civil law on him.

Article 19 suspension of the sending of the units directory (1) who can Commission agent suspend sending the piece directory if he is not satisfied because of the claims that he is entitled to from the execution of the order, and has also granted no deferral. Not the setting of the purchase price in the current account is considered deferred.
(2) the applicant may only make use of the power of in paragraph 1, when he tells the principal that he will expose the sending of the piece directory and thus the transfer of ownership of the papers to the satisfaction for his claims arising out of the execution of the order. The Declaration must be, separately for the individual business, expressly and in writing and dispatched within a week after reporting the version indicator, she should not reference other documents.
(3) avails the Commission agent of the power of in paragraph 1, so the period for sending the piece directory begins with the time in which the agent is satisfied because his claims arising from the execution of the order.
(4) are the parties in the current traffic (§ 355 of the commercial code), the Commission agent because of the receivables due to him from the execution of the order shall be deemed satisfied, as soon as the sum of the credit items that the target items for the first time reaches or exceeds. This all assets are taken into account, which had to book value date on the same day. The Commission agent for the principal leads several accounts, the account book was alone decisive in the Commission business, is so.
(5) the Commission agent is partially satisfied, so he may not suspend the sending of the units directory, if the suspension would be contrary to good faith and according to the circumstances, in particular due to relative insignificance of the backward part.

Article 20 transmission of the piece directory upon request (1) if the principal a principal, with which he is in current account transactions (§ 355 of the commercial code), for the duration of the business relationship or for a limited time to says that he will carry out orders for the purchase of securities without immediate adjustment of the purchase price in a certain amount or unlimited special for him, so he can thereby reserved That directories of piece of to send only at the request of the principal.
(2) the applicant may only make use of the proviso of paragraph 1, if he the principal when the cost of the execution display communicate writing, that he will perform the sending of the piece directory and thus the transfer of ownership of the documents only at the request of the principal.
(3) the principal explained that he was demanding the sending of the units directory, the time limit for sending the piece directory begins with the time in which the statement goes to the Commissionaire. The prompt must be in writing and identify precisely the securities to be included in the directory of the piece.

§ 21 both therefore suspend the sending of the piece directory authority to suspend and power to the transmission at the request of the applicant will, because he because of his demands is not met (section 19) as well because he retains the suspension with respect to the specificity of the current movement of the principal (section 20), he shall in writing notify the principal when reporting the version display , that he at the earliest but will run the sending of the piece directory and thus the transfer of ownership of the documents only at the request of the principal, after satisfaction for his claims arising out of the execution of the order.

Section 22 piece directory in international business (1) if the securities are by Convention purchased and kept abroad, the applicant needs only to send the directory of the piece at the request of the principal. The principal may at any time request the sending, unless that foreign law precludes the transfer of ownership of the securities by submitting the piece directory or that the applicant is entitled according to § 19 para 1 to suspend the sending.
(2) the principal explained that he was demanding the sending of the units directory, the time limit for sending the piece directory begins with the time in which the statement goes to the Commissionaire. The prompt must be in writing and identify precisely the securities to be included in the directory of the piece.

Section 23 exemption by sending the piece directory that can send the piece directory be avoided, as far as within the period provided for this purpose (paragraphs 18 to 22) the securities of the companies are delivered or an order of the principal for the resale is carried out.

Fulfillment through transmission of joint ownership of the deposits (1) who can Commission agent free themselves from its obligation to provide the principal ownership of certain pieces, this section 24, that he gives him joint ownership of the securities associated with the deposits of a securities depository; by obtaining it may exempt from co-ownership of the securities associated with the deposits of other depositary is only, if the principal agrees expressly and in writing in the individual case.
(2) with the entry of the transfer note in the custody book of the applicant is, as far as the applicant is authorised, co-ownership on the principal, if not earlier, so over under the provisions of the civil law on him. The Commission agent shall inform with obtaining of ownership the principal.
(3) credit institutions and capital management companies need the obtaining of ownership to a value paper deposits and the execution of the Agency by way of derogation from paragraph 2 sentence 2 as well as the sections 675 and 666 of the civil code and article 384 communicated para 2 of the commercial code to the customer only within thirteen months, unless the co-ownership each contracted on the basis of a consistent monthly, bi-monthly or quarterly payment is acquired and annually, three times of the highest amount not exceed these payments , until to the capital-forming payments can be funded under the fifth capital formation act in amended.

Article 25 rights of the principal for not sending the units directory (1) the Commission agent, without fail, according to the articles 19 to 24 authorised to be sending the piece directory and it catching the missed on one after the deadline for sending the piece list of him issued by request of the principal within three days, the principal is entitled to reject the deal as not for his Bill completed and to claim damages for non-performance. This does not apply if the omission is based on a circumstance which the principal is not responsible.
(2) the request of the principal loses its effect when he the Commission agent within three days after the catch-up period explained that he wanted to make use of the right referred to in paragraph 1.

Section 26 piece directory in order to Exchange and to assert of a right of applicant executing an order to the exchange of securities or shares of deposits against securities or a contract to exercise of subscription rights on securities, has to send the principal a directory of the pieces, as far as the pieces he does not provide him within this period within two weeks after receiving the new pieces. The securities are piece directory by genre, principal amount, to call numbers or other name characteristics. In addition find the application of sections 18 to 24; section 25 is to apply, in so far as the principal may require just compensation for damages for non-performance.

§ 27 loss of the Commission the Commission agent, which imposed obligations not meets the him in section 26, loses the right to claim Commission (section 396, paragraph 1 of the commercial code) for the execution of the order.

§ 28. mandatory nature of the obligations of the applicant obligations arising from sections 18 to 27 of the Commissioners can be neither excluded nor limited by legal transaction, except that the principal professional conducting banking business.

§ 29 custody by the applicant the Commission agent has regarding the securities in his possession, flowed in the ownership or co-ownership of the principal duties and powers of a depositary.
Article 30 limited enforcement of lien and retention in the Commission business (1) are the principal one him placed order for the purchase of securities to a third party further, so is known as the third party that happens the purchase on behalf.
(2) section 4 shall apply mutatis mutandis.

Article 31 the sections 18 to 30 apply accordingly if someone sold in his business of securities as principal or Exchange or by way of self entry executes a contract to purchase or Exchange securities proprietary trader, self admission.
3. section priority in insolvency proceedings § 32 senior creditors (1) In the insolvency proceedings over the assets of one of the depositary referred to in §§ 1, 17 and 18, mortgage holders and Commission agents have priority under paragraphs 3 and 4: 1 principal that for opening of the insolvency proceedings not yet obtained the ownership or joint ownership of securities, but their obligations arising from the business of these securities; fulfilled the applicant compared to This also applies if at the time of the opening of the insolvency proceedings the Commission agent has yet to the securities;
2. applicant, Pledger and principal, which ownership or joint ownership of securities is violated by an illegal disposal of the depositary, Lien creditor or Commissioners or their people they face completely; fulfilled its obligations through these securities the debtor in insolvency proceedings
3. the creditors of the numbers 1 and 2, if the not fulfilled part of their designated thereon commitments for opening of the insolvency proceedings does not exceed ten per cent of the value of their paper delivery claim of value and if they have fulfilled these commitments within one week after the request of the insolvency administrator.
(2) the same applies in the insolvency proceedings over the assets of a private merchant, where someone has purchased securities or acquired, and in the insolvency proceedings over the assets of an applicant, who executed the order to purchase or Exchange securities in the ways of the self entry (§ 31).
(3) the claims priority referred to in paragraph 1 and 2 be paid before all other insolvency creditors from a custom sizes; This is made from same type securities existing in the mass and from the claims on delivery of such securities. The priority claims be settled by delivery of the existing securities insofar as these can be distributed based on the ratio of exposure amounts to all priority creditors. As far as such a distribution is not possible, the full proceeds of non-distributed securities under the priority creditors compared their claim amounts will be distributed.
(4) paragraphs 1 and 2 creditors have claimed priority in the registration of the claim according to § 174 of the Insolvency Act to specify. You can gain satisfaction from other assets of the debtor only with appropriate for the beneficiaries of the preferential rules of sections 52, 190 and 192 of the insolvency regulation. In addition, bewendet for them when the insolvency provisions on insolvency creditors.
(5) the Court has, if it is required the case to order a nurse the priority creditors for the rights due to them. For the guardianship court takes the place of the service Court. § 78 para 2 to 5 of the insurance supervision Act shall apply mutatis mutandis.

Article 33 composition proceedings for pledge (1) In the insolvency proceedings over the assets of a depositary, its secured creditors pledged securities or deposits shares wholly or partly has recovered that him pursuant to article 12 paragraph 2 to his satisfaction, among the depositors that the depositary have entrusted to the secured creditors pledged securities or deposits shares, a compensation procedure aiming at the satisfaction of even takes place.
(2) the applicant involved in the composition proceedings are satisfied from a special dimensions. In these dimensions are: 1 the securities or deposits shares that were pledged according to § 12 para 2, the mortgage holder but not; been recovered from this to his satisfaction
2. the proceeds from the securities or deposits shares, the mortgage holder has recovered, as far as he goes not to him to his satisfaction;
3. the claims against one of the composition proceedings involved him depositors from the granted credit, as well as services to avert an imminent liquidation.
(3) the special sizes is among the depositors involved in the balancing process according to the ratio of the value of them to distribute the securities entrusted to the depositary or deposits shares. The value depends on the day of the opening of the insolvency proceedings, unless the securities or deposits shares have been recovered later. In this case, the generated revenue is decisive. Remaining after satisfaction of all the compensation procedure involved depositors in the special sizes is an amount to be paid to the estate in bankruptcy.
(4) everybody involved in the compensation procedure is entitled and obliged to take over the depositary of securities entrusted to and present in the special sizes or deposits shares to the appraisal value of the day of the opening of insolvency proceedings by him. This value exceeds the amount due him from the other sizes, so he has to pay the difference to the other sizes. The securities or deposits shares shall be liable as collateral for this requirement.
(5) each applicant may assert, as far as he fell out with them at the satisfaction of the special dimensions, to the estate his demands.
(6) § 32 para 4 and 5 is to apply mutatis mutandis.
4 section penal provisions article 34 is been Depot embezzlement (1) who, apart from the cases of sections 246 and 266 of the Penal Code, own or third advantage due to 1 of a security of the type referred to in article 1, paragraph 1, which entrusted to him as a depositary or mortgage holder or he has that as a Commission agent for the companies owned by or he did in the case of article 31 for the customer owned , has illegally, 2. a deposits of such securities or the amount of such a structure reduces § 6 par. 2 contrary to or about unlawful has, is punishable by up to five years or punished with fines.
(2) (dropped out) § 35 omits untrue information about the property own or third advantage because who insult makes a statement according to § 4 paragraph 2 or release him according to § 4 para 3, if the Act not according to other regulations with heavier penalty is threatened with imprisonment up to one year or punished with fines.

Section 36 complaint is in the cases of sections 34 and 35 by the fact a member (article 11, paragraph 1 No. 1 of the Penal Code) hurt, so she pursued only at the request of.

Section 37 criminal liability in the event of default or insolvency proceedings if any provision of sections 2 and 14, or one resulting from contravenes the resulting obligation to sections 18 to 24, 26, is punishable by up to two years or punished with fines, if he has ceased his payments or his assets insolvency proceedings opened and when is thwarted by the infringement claim of the person entitled on retirement of securities or complicates the implementation of such a claim.

sections 38 to 40 (dropped out) 5 final provisions article 41 section (dropped out) § 42 apply to trustees, adopting further measures the Ministry of Justice may in agreement with the Federal Ministry of finance and the Federal Ministry of Economics and technology by legal Ordinance which shall not require the consent of the Federal Council, which require application of the provisions of this Act for cases where merchants as trustee for third securities have or acquire or participations or rights of creditors exercise or purchase or are registered in public debt books or other register.

§ 43 (entry into force, expiry of other rules, reconciliation rule)