Law on the opening balance sheet in the German mark and the capital re-determination (D-market balance law-DMBilG)

Unofficial table of contents

DMBilG

Date of completion: 23.09.1990

Full quote:

" D-market balance law in the version of the notice of 28 July 1994 (BGBl. I p. 1842), most recently by Article 2 (31) of the Law of 1 April 2015 (BGBl. I p. 434).

Status:	New by Bek. v. 28.7.1994 I 1842;
	last amended by Art. 2 para. 31 G v. 1.4.2015 I 434

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 3.10.1990 + + +) 
(+ + + For application cf.  § 60 + + +) 

  

The law of the former in the accession area. German Democratic Republic gem. Appendix II. III Sachg. D Sect. 1-amended by Art. 5 No. 7 EinigVtrVbg v. 18.9.1990 II 1245-in accordance with d. Art. 9 EinigVtr v. 31.8.1990 iVm Art 1 G v. 23.9.1990 II 885, 1169 mWv 3.10.1990. Unofficial table of contents

Content Summary

Section 1
Inventory. Opening balance. Annex
Subsection 1
Inventory. Opening balance
§ 1	Obligation to draw up
§ 2	inventory
§ 3	Inventory
§ 3a	Inventory collection
§ 4	Establishment of the opening balance sheet
§ 5	Rules to be applied
Subsection 2
Accounting approach and assessment rules
§ 6	General requirements
§ 7	Reassessment
§ 8	Intangible assets
§ 9	Ground and ground
§ 10	Buildings and other facilities
§ 11	Financial Assets
§ 12	Stocks
§ 13	Requirements
§ 14	Cash balances, cheques, credit at financial institutions
§ 15	Clearance of accounts
§ 16	Liabilities
§ 17	Provisions
§ 18	Currency translation
Subsection 3
Annex. Comparative Representation
§ 19	Annex
§ 20	Comparative Representation
Section 2
Group opening balance. Total Open Balance
Section 21	Obligation to draw up
Section 22	Group Attachment
Section 23	Presentation and disclosure requirements
Section 3
Capital endowment
Subsection 4
Balance of wealth and capital adequacy of previously fully-owned enterprises
§ 24	Compensation requirements
Section 25	Compensatory liabilities
Section 26	Capital adequacy
Subsection 5
Refixing of the capital ratios of private enterprises
§ 27	Recommit
§ 28	Preliminary redetermination
§ 29	Company law relations
§ 30	Resolution of capital devaluation accounts
Subsection 6
Provisional Profit Reserve
Section 31	Provisional Profit Reserve
Section 4
Determination and adjustment of benefits in German marks
Section 32	Determination and adjustment of benefits in German marks
Section 5
Procedure
Subsection 7
Audit
§ 33	Audit
Section 34	Conduct of the audit
Subsection 8
Determination and correction
§ 35	Determination
§ 36	Rectification of value sentences
Subsection 9
Disclosure
Section 37	Disclosure
Section 6
Business-two-laws
Subsection 10a
Rules applicable to financial institutions and to foreign trade
§ 38	Scope
§ 39	Opening balance
§ 40	Compensation requirements
Section 41	Compensatory liabilities
§ 42	Comparative Representation
Section 43	Audit
Subsection 10b
Obligation to pay for financial institutions and foreign trade companies
§ 43a	Obligation to discharge value rectified receivments
Section 43b	Obligation to discharge value-adjusted debt
§ 43c	Maturity
§ 43d	Examination of the removal
§ 43e	Foreign Trade
Subsection 11
Rules for insurance undertakings
Section 44	Scope
§ 45	Opening balance
Section 46	Check. Submission
Section 7
Criminal and penal rules. Periodic penalty payments
§ 47	Criminal provisions
§ 48	Fines
§ 49	Determination of penalty payments
Section 8
Control. Fees
§ 50	Tax opening balance and follow-up effects
Section 51	Change-related asset changes
Section 52	Tax base values in other cases
Section 53	Economic years 1990 and final tax balance
§ 54	Pension provisions
§ 55	Deposits
§ 56	Fees
Section 9
The method of redetermination of capital. Other provisions
Section 56a	Simple majority
§ 56b	Contents of the application. Examination by the Court
Section 56c	Exchange and aggregation of shares
Section 56d	Overindebtedness or loss of half-subscribed capital
Section 56e	Loans to trust companies
Section 57	Resolution
Section 58	Fiscal year
Section 10
Final provisions
§ 59	Empowerment
§ 60	Application

Section 1
Inventory. Opening balance. Annex

Subsection 1
Inventory. Opening balance

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§ 1 obligation to draw up

(1) Companies with principal place of business (registered office) in the German Democratic Republic on 1 July 1990, which are obliged as merchants under section 238 of the Commercial Code to carry books, have an inventory and an opening balance sheet in German Mark for 1 July 1990 and an annex in accordance with § 19, which forms a unit with the opening balance sheet. Undertakings which do not have to disclose their opening balance in accordance with Article 37 need not draw up an Annex. (2) As undertakings which are obliged to manage books in accordance with paragraph 1, undertakings shall also apply.

1.

fully-owned enterprises, enterprises, independent bodies and business management bodies, intermediate institutions and other economic units registered in the register of the national economy, as well as fully-owned goods,

2.

Limited liability companies, companies with limited liability in the construction,

3.

Co-operatives of any kind, including cooperative institutions,

4.

undertakings with or without their own legal personality of the State, of the countries, counties, towns and municipalities which operate a trading business within the meaning of Section 1 of the Commercial Code;

5.

Institutions, foundations and associations which operate a trading business within the meaning of Section 1 of the Commercial Code,

6.

the Deutsche Post,

7.

the Deutsche Reichsbahn,

8.

Branches and premises of undertakings referred to in paragraph 1, with principal place of business outside the German Democratic Republic.

(3) Paragraph 1 shall also apply to the Treuhandanstalt and to undertakings referred to in paragraphs 1 and 2 which are in liquidate or over whose assets the overall enforcement procedure has been initiated. (4) In the case of an undertaking as defined in paragraphs 1 to 3 of this Article, the undertaking of an undertaking as defined in paragraphs 1 to 3, in its own name or in a foreign name, shall also comply with its obligations under this Act; the The provisions of this Act shall apply accordingly. (5) To be taken into account Undertakings which arise until 30 June 1991 by the establishment, transformation, merger, division or unbundling may be considered for the purposes of this Act as of 1 July 1990; undertakings made up of agricultural undertakings Since 31 December 1991, production cooperatives have been created, and by 31 December 1991 and by municipal housing undertakings, land used for the purpose of housing and other housing assets of the former. Housing companies or municipalities have been transferred until 31 December 1997 , If measures in accordance with sentence 1 result in a company no longer being present, that law does not need to be applied to the undertaking which has been undersigned. Sentence 2 shall also apply where the undertaking which has a legal form within the meaning of paragraph 2 (1) or (3) shall be dissolved by 30 June 1991 and the continuation of the dissolved undertaking shall be excluded. The period laid down in the first sentence shall be maintained if the new undertaking or the new legal form is duly notified to the competent register by the end of the period for registration. If the application is not accompanied by all the necessary documents, the application shall be deemed to have been duly completed if such documents are submitted without delay to the court responsible for the application. Unofficial table of contents

§ 2 Inventory

Section 240 of the Commercial Code shall be applied accordingly to the inventory as of 1 July 1990. The inventory shall also include those assets which, after 30 June 1990, are transferred free of charge to the enterprise for the opening balance of the former wholly owned property within the time limit for the setting up of Article 4 (1), first sentence, of the first sentence of Article 4 (1) of the . Unofficial table of contents

§ 3 Inventur

(1) In order to draw up the inventory, an inventory of the volume of assets and liabilities is not to be carried out if the assets and liabilities are complete at the inventory as at 30 June 1990. and the principles set out in paragraphs 2 to 6 have been complied with. The assets and liabilities acquired only after 30 June 1990, which are to be included in the inventory pursuant to § 2 sentence 2 or § 4 para. 3, shall be included in the inventory or included separately. If the auditor was not present in the case of a company under investigation (Section 33 (1)), a new inventory can only be waived if the examiner acknowledges the regularity of the inventory as of 30 June 1990. (2) The In principle, assets must be recorded physically. Section 241 of the Commercial Code may be applied, paragraph 3 (1), with the proviso that the inventory may be drawn up during the first four months of the financial year. The physical inventory may be subject to the assets of the fixed assets if they are recorded in a manner appropriate to the principles of regular accounting and, in the last twelve months, a physical exercise of the assets of the assets of the fixed assets. (3) In the case of land and buildings, all legal or contractual restrictions relating to their use, availability or exploitation shall be recorded; moreover, all known facts shall be considered as such. from which financial obligations may arise. (4) Exposures and liabilities shall be recorded in special lists and shall be demonstrated in a manner appropriate to the principles of regular accounting. Claims and liabilities to the State, the Treuhandanstalt, shareholders and subsidiaries (§ 21 para. 1 sentence 1) must be recorded separately; the legal reason shall be stated in each case. In the case of liabilities to financial institutions and foreign trading companies, the reason for the granting of credit is to be disclosed. (5) In special lists, all matters relating to a provision in accordance with § 249 (1) sentence 1 of the (6) In special lists, all of the provisions of the Commercial Code may lead to indefinite liabilities or to imminent losses arising from floating transactions or to provisions pursuant to Section 249 (1) sentence 2 of the Commercial Code. (6) Liability conditions to be noted in accordance with § 251 of the Commercial Code and all other financial To cover obligations which are to be reported in accordance with Article 19 (3) (6) of the Annex, in so far as they are not taken into account in accordance with paragraphs 2 to 5. Unofficial table of contents

§ 3a Recollection of the inventory

(1) If the inventory prescribed in accordance with § 3 has not been carried out or has not been carried out properly, an inventory sufficient to meet the requirements of § 3 (2) to (6) shall be on a date within the period of notice pursuant to section 35 (1) sentence 3 , The auditor must be present at the inventor's inventory in the case of companies subject to audit. The inventory and the opening balance sheet for 1 July 1990 shall be corrected or supplemented if, on the basis of the new inventory, quantities are taken into account, taking into account the trading books referred to since 1 July 1990 in accordance with Article 238 (1) of the Commercial Code, or value-by-value deviations. The amendments and additions shall be indicated in the Annex and shall be explained. (2) In the case of undertakings subject to audit obligations, the opinion shall be endorsed in the case referred to in paragraph 1 without the indication of the regularity of the inventory and the inventory. , and, in so far as it is not to be restricted or refused for other reasons, as follows:
" The accounting, the opening balance sheet and the appendix are in accordance with my/our statutory audit of the legal regulations. The opening balance sheet and the appendix give a true and fair view of the assets of the undertaking in accordance with the principles of proper accounting. The inventory had to be collected according to § 3a of the D-Markbalances Act. Their regularity is confirmed. " Unofficial table of contents

Section 4 Establiting the opening balance sheet

(1) The opening balance sheet and the Annex shall be drawn up in the first four months of the financial year. Companies which, in the opening balance sheet, have a balance sheet total of not more than three million nine hundred thousand German marks after deduction of a shortfall in accordance with Article 268 (3) of the Commercial Code, or which shall not exceed 50% on 1 July 1990. (2) The opening balance sheet and the appendix shall have the opening balance sheet and the appendix in the first six months of the financial year. (2) The opening balance sheet and the Annex shall be considered in compliance with the Principles of orderly accounting a true and fair view To impart an image of the financial situation within the meaning of Section 264 (2) sentence 1 of the Commercial Code. If special circumstances lead to the opening balance sheet not giving a true and fair view, additional information shall be provided in the Annex, provided that such an image is to be drawn up. (3) Transfer of undertakings for the purpose of: the restructuring or privatisation until 30 June 1991 of assets or liabilities to other undertakings, the resulting changes in the opening balance sheets and inventories of the undertakings concerned may, however, be limited to: shall be taken into account; if the transferring undertaking is a Agricultural production cooperative, shall replace 30 June 1991 at 31 December 1991. Sentence 1 shall also apply where all assets and liabilities of an undertaking, including the special items provided for under this Act, are transferred. The remaining undertaking does not need to be applied in the event of a lack of assets; if it is registered in a register, it shall be deleted from its own account. The transfer of assets in accordance with the first sentence of 1 to 31 December 1995 shall always be taken into account in the opening balance sheet and in the inventory if the Treuhandanstalt has requested the change in property from a company whose shares are , and an appropriate fee is not granted. If the transfer of the asset is made to another company whose shares are owned by the Treuhandanstalt at the time of the transfer, the change in property shall also be in the opening balance sheet and in the inventory of the transferor. to take into account the company. The opening balance sheet shall be deemed to have been amended as soon as the change in the balance sheet has been taken into account in the following annual accounts. Unofficial table of contents

Section 5 Applicable Provisions

(1) § § 243 to 261 of the Commercial Code, with the exception of section 243 (3), section 247 (3), § 252, 253 (1) sentence 1, para. 4, § 255 (3), § 256 sentence 1, insofar as they relate to the balance sheet, are to be applied accordingly to the opening balance sheet and This law does not contain any deviating rules; information on affiliated companies does not need to be made. Companies that are not individual businessmen or persons trading companies also have § 265 (3) to (8), § § 266, 268 (3) to (7), § § 270 to 272, Cooperatives to apply § § 336, 337 of the Commercial Code to the extent that this law deviates from the law. (2) In the opening balance sheet, the size characteristics of Section 267 (1) or (2) of the Commercial Code regarding the balance sheet total, or the balance sheet total, shall be considered as having the following: the number of employees must not exceed the number of employees, small enterprises may The facilitation of § 266 (1) sentence 3 of the Commercial Code and medium-sized enterprises the facilitation of Section 327 (1) of the Commercial Code already in the drawing up of the opening balance sheet.

Subsection 2
Accounting approach and assessment rules

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§ 6 General requirements

(1) In the assessment of assets and liabilities recorded in the opening balance sheet, the following shall apply in particular:

1.

The evaluation shall be based on the continuation of the business activity, provided that there are no real or legal circumstances.

2.

The assets and liabilities shall be individually assessed at the closing date of the opening balance sheet.

3.

It shall be prudent to assess, in particular, all foreseeable risks and losses incurred up to the date of the opening balance sheet, even if these are only between the date and the date of the drawing up of the balance sheet. Opening balance sheet has become known; profits are to be taken into account only if they are realised on the cut-off date.

(2) The approach and valuation methods applied to the assets and liabilities shown in the opening balance sheet shall be binding for the following balance sheets, unless it has to be deviated or a derogation pursuant to section 252 (2) of the In the case of the first deviation in a subsequent conclusion of an electoral law exercised in the opening balance sheet, a duly substantiated exception shall not be required. Sentence 1 shall also apply if the admissibility of the method is only obtained from this law. However, the values set out in the opening balance sheet must not be exceeded in the follow-up. Unofficial table of contents

§ 7 Revaluation

(1) Assets and liabilities shall be reassessed. Assets shall be subject to their replacement or recovery costs (new value); however, they may not exceed the value to be attached to them (time value). Significant increases in value, which occur within four months after the balance sheet date, must be taken into account. The previous use of the assets and their remaining behind the technical progress shall be taken into account in determining the time value by a value reduction. The value added in the opening balance sheet shall be deemed to be the cost of the acquisition or production as long as corrections pursuant to § 36 are not to be carried out. (2) The determination of the replacement costs is § 255 (1) of the Trade Code to be applied in accordance with the cost of acquisition. In this case, the price ratios in the entire currency area of the Deutsche Mark are to be assumed. (3) To determine the recovery costs, Section 255 (2) of the Commercial Code is to be applied in accordance with the cost of the production costs, that the charges set out in the third sentence of this paragraph shall be included; interest on debt shall not be applied. The calculation of the expenses for the consumption of goods and for related services are their replacement costs in accordance with paragraph 2 and the calculation of expenses for own benefits are the wage and salary conditions in the German Democratic Republic. Increases in personnel costs within the first four months after the closing date of the opening balance sheet may be taken into account. (4) In the case of abuseable assets, the loss of value is for the previous use in the appropriate application of the § § § 253 (2) (1) and (2) of the Commercial Code. For the purposes of determining the useful life of abuseable assets, the period of time to be used for the determination of the tax profit shall be that of 1 July 1990. In the case of abuseable assets, the actual use of which is likely to exceed the period of use as set out in the second sentence, after a reasonable commercial assessment, the value may be set taking into account the longer useful life, at most, however, with the period of use allowed before 1 July 1990. (5) Assets which are no longer used in the undertaking shall be charged with the proceeds to be expected after deduction of the costs still incurred. (alienation value). Assets which are still used but which have already been completely written off before 1 July 1990 may not be used at most with their disposal value. (6) Claims and liabilities in accordance with the Property Law shall be in to include the opening balance sheet with the value of the undertaking subject to the provisions of § 11 or the assets to be returned in accordance with sections 8 to 18 of this Directive. In the amount of the activated amount, a special reserve shall be formed within the retained earnings, which may be used only to compensate for losses until the claim is fulfilled, provided that it does not require the formation of the subscribed capital. . Unofficial table of contents

§ 8 Intangible Assets

(1) The non-accounting prohibition of Article 248 (2) of the Commercial Code of self-created intangible assets of fixed assets shall also apply if the assets have been acquired by way of conversion before 1 July 1990. An unpaid goodwill or goodwill shall not be applied; § 31 (1) (1) remains unaffected. (2) Intangible assets of the fixed assets, which are acquired in the form of remuneration, which are technically or economically outdated, shall not be subject to any undue delay. may be applied at most with their divestment value. (3) Instead of the sum of the amounts resulting from the individual valuation of the intangible assets acquired, the amount which a buyer has to pay shall be determined at the time of the Continuation of the company in the context of the total purchase price for the the acquired intangible assets as a whole would be willing to pay. The amount is to be written off in the appropriate application of Section 255 (4) of the Commercial Code, in so far as it is a case of abuseable assets. Unofficial table of contents

§ 9 Reason and ground

(1) Ground floor and ground shall be used with its traffic value. The price developments in the entire currency area of the German mark may be taken into account until the opening balance sheet has been established. Up to the formation of independent and independent expert committees for the determination of land values and for other valuations, the indicative values recommended by the Ministry of Economic Affairs may be used to determine the value of the transport value. (2) Restrictions on use, availability or exploitation, which significantly impair the value of the traffic value in accordance with a general approach to traffic, must be taken into account in such a way that they are impaired. This also applies to future recultivation and disposal obligations, insofar as they concern the owner. Expenses in accordance with the second sentence may not be taken into account if a provision is made in accordance with Section 17 (2a) or § 249 (2) of the Commercial Code. (3) A free-of-charge for at least ten years is inexorable The same right may be applied to the cash value of the usual compensation for use, if the land used for that purpose is used, such as fixed assets. The amount attached shall be indicated separately in the balance sheet or in the Annex. Unofficial table of contents

§ 10 buildings and other installations

(1) Buildings and other buildings, technical and other equipment, machinery, operating and business equipment shall be subject to their recovery costs (Section 7 (3)) or to their replacement costs (Section 7 (2)), taking into account the value of the value-added tax for interim use (Section 7 (4)), but at most with its time value (§ 7 para. 1 sentence 2). The maintenance and repair of major repairs to be maintained shall be taken into account in the determination of the value of the time value, in so far as a provision is not made in accordance with Article 249 (2) of the Commercial Code. (2) As the time value of the provisions of paragraph 1 , it is also possible to set a higher traffic value. Under the heading of the traffic value, the maintenance and repair of the property shall not be taken into account in a value-reducing manner, provided that a provision is made in accordance with Article 249 (1), second sentence, No. 1 or sentence 3 or paragraph 2 of the Trade Code is formed. Unofficial table of contents

Section 11 Financial assets

(1) participations in another company in accordance with § 1 shall be set in the opening balance sheet with the amount corresponding to the reported pro-rata capital (§ 26 para. 1) in the opening balance sheet of this company. Where the other undertaking is required to pay a compensation or a claim for the payment of equity against the undertaking concerned, those undertakings shall be disclosed separately under the liabilities owed to the undertakings concerned. Other participations are to be used with their traffic value. Sentence 3 may also be applied to holdings in accordance with the first sentence. (2) Shares and other securities which are admitted to official trading or to the regulated market on a stock exchange or which are included in the free movement are subject to their price value on the cut-off date. (3) Lending which was justified before 1 July 1990 must be converted into Deutsche Mark with the effect that a Deutsche Mark is to be used for two marks of the German Democratic Republic. Unofficial table of contents

§ 12 inventories

(1) Roh, auxiliary and operating materials shall be used with their replacement or recovery costs. (2) Unfinished products and services as well as finished products shall be used with their recovery costs. In the case of finished products, where this is used for a simplified calculation of the costs of recovery, the amount shall be set if the sales costs and the profit to be expected are offset by the revenue to be expected. . This procedure may also be applied to unfinished products and services if the additional costs incurred up to the completion, which are also to be deducted, can be calculated reliably. (3) Goods which have not been completed without being or are not being paid. Processing for resale is to be applied to the replacement costs. The second sentence of paragraph 2 may be applied accordingly. (4) However, inventories referred to in paragraphs 1 to 3 shall not exceed their time value (Section 7 (1) sentence 1). Section 7 (5) sentence 1 shall remain unaffected. Unofficial table of contents

Section 13 Claims

(1) Claims denominated in Mark of the German Democratic Republic, which were justified before 1 July 1990, shall, in so far as the provisions of paragraph 2 are not otherwise determined, be converted with the effect on the German mark that for two marks of the German (2) By way of derogation from paragraph 1, rents and pachts as well as other regular recurring payments due after 30 June 1990 shall be converted into Deutsche Mark with effect from the date of the date of the German mark. that a mark of the German Democratic Republic is to be used by a German mark. (3) The The principle of individual evaluation must be observed. Non-interest-bearing or non-interest-bearing claims, as well as dubious claims, shall be set at the lower fair value, and shall be taken into account in the case of collateral. Flat-rate adjustments due to the general credit risk are to be deducted from the total amount of receivables. (4) receivables which correspond to liabilities in accordance with § 16 (3) and (4) may not be applied. (5) Pending deposits are, also if they are not required to assess claims, but not to charge them. Unofficial table of contents

§ 14 Cash desk, cheques, credit at financial institutions

(1) Payment means in Mark of the German Democratic Republic shall only be used if they continue to be legal tender. (2) cheques are to be treated as receivings. (3) Credits at financial institutions in Mark of the German Democratic Republic The Republic of Germany shall be subject to the amount which the financial institution in the German mark has to pay. Unofficial table of contents

Section 15 InAccounting posts

Active and passive accounting items in accordance with Section 250 of the German Commercial Code are to be converted into a German mark in the ratio of two marks of the German Democratic Republic, unless a different conversion ratio is required. Unofficial table of contents

§ 16 Liabilities

(1) liabilities denominated in Mark of the German Democratic Republic, which were justified before 1 July 1990, shall, in so far as the provisions of paragraph 2 are not otherwise determined, be converted with the effect on Deutsche Mark, that for two marks of the German (2) By way of derogation from paragraph 1, the following liabilities denominated in Mark of the German Democratic Republic shall be converted, with effect on the Deutsche Mark, that for a Mark of the German Democratic Republic of the Republic of Germany is to be a German mark:

1.

Wages and salaries at the level of the collective agreements applicable after 1 May 1990 and grants which are due after 30 June 1990;

2.

Pensions due after 30 June 1990 to the extent that Article 20 of the Treaty on the establishment of a monetary, economic and social union between the Federal Republic of Germany and the German Democratic Republic does not apply otherwise: ;

3.

Rent and lease as well as other regularly recurring payments due after 30 June 1990, with the exception of recurrent payments from and in life insurance and private pension insurance.

(3) Liabilities shall not be included in the opening balance sheet if a written declaration by the creditor is made that he/she is

1.

Payment shall be required only if the performance from the annual surplus is possible, and

2.

in the event of dissolution, insolvency or over-indebtedness of the undertaking, the undertaking shall resign after all the creditors who have not made such a declaration.

The total amount of such liabilities shall be indicated separately in the notes to the other financial commitments, unless they are identified as subordinated capital on the basis of an agreement with the enterprise. (4) Liabilities that are issued until the statement of the opening balance sheet or are taken over by a third party free of charge are not to be accounted for. Unofficial table of contents

Section 17 Repositions

(1) Incertain liabilities, which were established before 1 July 1990 in Mark of the German Democratic Republic, are to be converted into Deutsche Mark as liabilities and to be shown as provisions. (2) Repositions for looming losses from floating transactions in accordance with Section 249 (1) sentence 1 of the Commercial Code shall be re-created in the opening balance sheet. They shall, in particular, be adjusted if it is to be expected that a sales or procurement transaction will result in an expense exceeding the consideration or result in a write-off on the item delivered. (2a) Provision should be made for measures to prevent risks to man and the environment arising from environmental damage and to remove environmental damage, provided that there is a legal or contractual obligation and that: the nature and extent of the necessary and appropriate measures, or from the competent administrative authority. The provision shall also be made in so far as the implementation of the measures leads to the acquisition or production costs of property which, in accordance with Section 253 (2) sentence 3 or paragraph 3 of the Commercial Code, at the time of the acquisition or Production is to be fully written off. The provision shall be dislocated if the measures have not been initiated by 31 December 1997 and, after that date, neither an administrative act of the competent authority nor an agreement with the competent authority is available, nor the undertaking concerned by the competent authority (3) provisions which are not to be converted under paragraph 1 shall be applied in the amount of the amount in the German mark, which shall be calculated on the basis of a reasonable commercial assessment. is necessary in order to fulfil the obligation. (4) If provisions are to be made for the the first application of the first sentence of Article 249 (1) of the Commercial Code, in the opening balance sheet, shall be equal to the amount of these provisions, unless it is compensated for by a compensation claim in accordance with Section 24 (1) sentence 1 or § 40, a special loss account shall be issued separately on the assets side from the formation of a restitution; this shall not apply to provisions for non-certain return obligations pursuant to § 7 para. 6. In the following years, the activated amount shall be deducted in each case in the amount of the expenses incurred to fulfil the obligations under the restated obligations. In the case of the special loss account, a special reserve must be created within the retained earnings, which may only be used to compensate for losses; in the event of the use or liquidation of the reserve, in a subsequent annual financial statement, the reserve shall be freely available at the level of the respectively dissolved amount, provided that it is not required to compensate for any loss in the amount of the amount. The activated amount is not liable to eliminate a shortfall not covered by equity capital or to replace outstanding deposits for the formation of the subscribed capital or the capital recovery account in accordance with § 26 (4), § 28 (1). (4a) If a reset is resolved without it being used, the special loss account is also written off at the level of the resolved amount. In so far as a provision is not made, because an exemption, in particular in accordance with Article 1 (4) (3) of the Environmental Framework Act, has been effected or the obligation is otherwise economically carried by a third party, it shall, if: the provision has led to a compensation claim in accordance with § 24, to offset the resolved amount with the compensation claim if it can no longer be amended in accordance with Section 36 (4). If the compensatory claim has already been redeemed by the debtor or has been resigned or pledged by the creditor to a third party, the amount which could have been charged under the second sentence shall be the same as the amount which has been disbanded from the creditor to the to repay the original debtor. Sentence 3 shall also apply in so far as a compensatory claim as claimed by the company is eliminated by the fact that the debtor has taken over old loans from the company in a debt-free manner. (4b) Are a compensation or a special loss account in the If the provisions of paragraph 4 or 4a are not clearly attributable to provisions, it should be assumed that provisions in accordance with paragraph 2a have led to a compensation claim. (5) Section 249 (1), second sentence, of the Commercial Code does not need to be shall be applied. § 249 of the Commercial Code remains unaffected by the rest. In place of an impairment loss pursuant to § 9 para. 2 sentence 2 or § 10 para. 1 sentence 2 or 2 sentence 2, a provision may be made pursuant to section 249 (1) sentence 2 no. 1 or sentence 3 or paragraph 2 of the Commercial Code, if the conditions for this are fulfilled. § 16 (3) and (4) shall apply accordingly. Unofficial table of contents

Section 18 Currency conversion

Assets, liabilities and balance sheet items denominated in foreign currency, as well as cash transactions that are not unwound on the balance sheet date, are to be converted into Deutsche Mark by the Kassa course at the balance sheet date. Unprocessed forward transactions are to be converted at the end of the balance sheet date. Claims and delivery claims are to be converted with the exchange rate, liabilities and delivery obligations with the letter course.

Subsection 3
Annex. Comparative Representation

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Section 19 Annex

(1) In the Annex, the accounting policies applied to the items in the opening balance sheet, in particular those applied in the re-evaluation, shall be indicated and shall be explained in such a way as to indicate that a professional third party shall assess the value of the valuation. , in particular, it is estimated that the reference scales are to be presented. In the exercise of electoral rights, significant effects on the assets are to be presented separately. In addition, the information required for the individual items in the opening balance sheet, or those listed in the Annex, is to be included, since they were not included in the opening balance sheet in the exercise of a right to vote. (2) The Annex shows the describe the measures taken or planned for the period after 30 June 1990 in order to adapt the undertaking to the changed conditions. These include, in particular, changes to the company's purpose, the task or the new inclusion of products, set-aside, the splitting up or the merger with other companies. The estimated costs of the restructuring must be indicated. (3) In the Annex, the following shall also be stated:

1.

on the liabilities recorded in the balance sheet

a)

the total amount of liabilities with a residual maturity of more than five years,

b)

the total amount of liabilities secured by pledge rights or similar rights, specifying the nature and form of the collateral;

2.

the breakdown of the information required in point 1 for each item of liabilities in accordance with the prescribed classification scheme, provided that such information does not result from the balance sheet;

3.

the ground, ground, buildings and other buildings, as shown in the opening balance sheet, shall be subject to any statutory or contractual restrictions relating to their use, availability or recovery. It is also necessary to specify all the facts from which future financial obligations may arise, in particular for major repairs, recultivation or disposal costs;

4.

the technical equipment and machinery shown in the opening balance sheet, other installations, and the operating and business equipment, shall be their condition (average wear, technical status) and their future use , the expected investment needs in the next four years shall be indicated, where predictable;

5.

claims which may arise against the undertaking because the former owners of the undertaking, the parts of the undertaking, the holdings or the assets have been expropriated;

6.

the total amount of other financial obligations which are not included in the balance sheet and which are not to be disclosed in accordance with Section 251 of the Commercial Code or other provisions of this Act, provided that such information is provided for the assessment of the financial situation; of which obligations to shareholders shall be disclosed separately;

7.

the number of employed workers;

8.

all members of the Executive Board and of a Supervisory Board, even if they are appointed on a provisional basis, with the surname and at least one written first name. The Chairman of a Supervisory Board, his deputies and any Chairman of the Executive Board shall be designated as such;

9.

The name and registered office of other undertakings, of which the undertaking or a person acting on behalf of his account has at least the fifth part of the shares and the amount of the share in the capital and the amount shown in the opening balance sheet. to declare equity or a shortfall of these companies not covered by equity; to the calculation of the shares, § 16 (2) and (4) of the German Stock Corporation Act shall be applied accordingly;

10.

Provisions which are not shown separately in the balance sheet under the heading "other provisions" shall be explained if they have a not insignificant degree. Application provisions shall always be given separately and shall be explained;

11.

the name and location of the parent undertaking and the location of the disclosure of the consolidated balance sheet drawn up by that parent undertaking.

(4) The information and explanations required in paragraphs 2 and 3 may not be provided as far as they are concerned:

1.

are of secondary importance for the presentation of the assets of the Company pursuant to Section 264 (2) of the Commercial Code; or

2.

in the cases referred to in paragraphs 2 and 3 (4) and (9), after a reasonable commercial assessment, it is appropriate to add a significant disadvantage to the undertaking.

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§ 20 Comparative Representation

Undertakings which are financial institutions or foreign trade undertakings shall attach a comparative presentation to the Annex as an annex showing the extent to which the items of the final balance sheet as at 30 June 1990 compared with the items of the D-Markeropening balance has changed on 1 July 1990. The differences resulting from the revaluation of assets and liabilities in relation to the final balance sheet are contained in a separate statement under the heading of revaluation differences, broken down by the items in the balance sheet. D-Markeropening balance sheet. The revaluation differences must be documented by means of individual certificates.

Section 2
Group opening balance. Total Open Balance

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Section 21 obligation to draw up

(1) In order to establish an opening balance sheet, undertakings which have the majority of shares in another undertaking (subsidiary) (parent undertakings) shall have no later than two months after the expiry of the A period of notice for small enterprises pursuant to section 35 (1) sentence 3 for 1 July 1990, a group opening balance sheet in German mark as well as an annex according to § 22, which forms a unit with the group's opening balance sheet. A parent undertaking shall be exempted from the obligation to draw up the consolidated balance sheet and the Annex if, on the reporting date, the balance-sheet totals in the opening balance sheets of the parent undertaking and the subsidiaries to be included, after deduction of in the opening balance sheets on the assets side, a total of fifty million German marks are not exceeded or the Group companies do not employ more than five hundred employees. (2) The The consolidated balance sheet and the appendix are clearly and clearly set up. In accordance with the principles of regular accounting, they have to provide a true and fair view of the assets of the Group within the meaning of Section 297 (2) sentence 2 of the Commercial Code. If special circumstances lead to the Group's opening balance sheet not giving a true and fair view in the sense of the sentence 2, additional information must be provided in the notes. (3) The consolidated balance sheet shall be included in the consolidated statement of the opening of the Group. to include the parent undertaking and all subsidiaries without regard for the headquarters of the subsidiaries, provided that the inclusion does not remain in accordance with § § 295, 296 of the Commercial Code. If the composition of the Group changes within the period of application, these changes shall be treated as if they had already occurred on 1 July 1990. This also applies to companies that are established within the order period after July 1, 1990. (4) The Group's opening balance sheet is § § 5 to 19 of this Act as well as § § 296 to 298, 300, 301, 303, 304, 307, 308, 310 to 312 of the Trade Code and the rules applicable to the legal form and branch of the companies included in the consolidated balance sheet with the exception of section 296 (1) (3) of the German Commercial Code to the extent to which they are based on the balance sheet of large corporations , and the consolidated balance sheet is not subject to any deviations due to its own nature. In the application of Section 308 of the Commercial Code, it can be stated that the opening balance sheets of subsidiaries and parent companies based in the scope of this Act are uniformly assessed. (5) The Treuhandanstalt and its members In the first two months following the expiry of the period of termination of the Group's opening balance sheet in accordance with Section 35 (1) sentence 3 instead of a group opening balance sheet, a total opening balance sheet in a simplified form shall be established in the first two months following the expiry of the period of notice for the group opening balance and instead of a group attachment, an overall hang. They sum up the total or group opening balance sheets of their subsidiaries. In the case of the capital consolidation in accordance with Section 301 of the Commercial Code, it may be stated that a difference between goodwill or goodwill on the assets side or a difference in the liabilities side of the assets side may be made. In the latter case, equity capital is not attributable to the undersigned provisions. Section 303 of the trade code on debt consolidation needs to be applied only to transactions between the parent companies and their subsidiaries. Interim results in accordance with Section 304 of the Commercial Code also need to be calculated only if they are based on deliveries and services between the performing parent companies and their respective subsidiaries. In addition, the rules applicable to the Consolidated Financial Statements and the Consolidated Financial Statements shall be applicable to the establishment, verification, determination and disclosure of the provisions of this Act. Unofficial table of contents

Section 22 Group attachment

(1) § 19 shall apply mutatily to the Group annex. From the annexes of the subsidiaries, however, only those data which are essential for the assessment of the Group are to be taken up in summary. (2) In the context of the Group's notes, moreover, they are the ones according to § 313 (2) of the German Commercial Code (Handelsgesetzbuch) required information. Section 313 (3) of the Commercial Code shall apply. Unofficial table of contents

Section 23 Template and forward-looking duties

(1) Each parent undertaking may require its subsidiaries to provide information and evidence which requires the establishment of the consolidated balance sheet and the Group's attachment. This shall also apply to information relating to other tasks entrusted to the parent undertaking by law. (2) The subsidiaries shall have their opening balance sheet, including notes to each parent undertaking, and, if at the same time, Parent companies are required to submit their consolidated balance sheet, including group notes, immediately after they have been drawn up and the audit reports, after receipt of the reports. If the documents to be submitted are subsequently amended, the amended versions shall be submitted immediately after the amendment. If the documents are submitted before they are established, the declaration shall be notified as soon as it has been made.

Section 3
Capital endowment

Subsection 4
Balance of wealth and capital adequacy of previously fully-owned enterprises

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Section 24 Countervailing requirements

(1) undertakings which have been transferred free of charge to the Treuhandanstalt or to one of its subsidiaries for the purposes of privatisation or to the State, municipalities, towns, counties, countries or other property holders, and which have hitherto been wholly owned by the Treuhandanstalt; and have been in their sole shareholding on 1 July 1990 and are not financial institutions, foreign trade undertakings or insurance undertakings, if, when the opening balance sheet is drawn up, it is not possible to do so by Equity-covered shortfall, beginning with 1 July 1990 a separate interest-bearing claim (compensatory claim) in the amount of the shortfall if the debtor does not reject the compensatory claim within three months of the date of submission of the recorded opening balance. He has to refuse them if the company is not capable of refurbishment. The refusal shall be notified to the company in writing. The compensation claim and the interest associated with it shall be cancelled with the access of the declaration of refusal. (2) The compensatory amount shall be reduced by the amount of the amount to which the amount of the shortfall shall be based on the exploitation of the right of recognition or assessment. can be balanced. § 36 shall remain unaffected. The compensation claim is to be galvanissed in such a way that a devaluation due to a reduction in interest pursuant to § 13 para. 3 sentence 2 is not necessary. (3) The compensation claim is directed against the company, which is responsible for the privatization and reorganization of the fully owned Assets have been transferred free of charge to the authorized company. If the State, the Länder, counties, towns, municipalities or other property holders have been transferred by law to the State, to the countries, counties, towns, municipalities or other property holders, the compensatory claim against these entities shall be determined. If the trust institution is transferred free of charge to subsidiaries, these debtors shall be the compensatory requirement. They may, for their part, claim compensation from the Treuhandanstalt pursuant to paragraph 1 if they are a direct subsidiary of the Treuhandanstalt. (4) The company must inform the debtor of the compensation claim, as soon as such a record is drawn up when the opening balance sheet is drawn up. The debtor shall be granted the rights pursuant to § 23 from 1 July 1990. The Treuhandanstalt shall immediately inform the Minister of Finance and the Federal Ministry of Finance of any compensatory claims directed against the Treuhandanstalt. (4a) The Company shall also have to pay the debtor of the compensatory request. as soon as a settlement of the compensation claim or a repayment obligation is obtained pursuant to § 17 (4a) sentence 2 and 3 or § 36 (4) sentence 5. Compliance with the information shall be examined by the auditor appointed for the audit of the annual financial statements in the context of the audit of the annual accounts. It shall, in accordance with section 322 of the Commercial Code, be supplemented accordingly if the information referred to in the first sentence is not received. (5) The parent undertaking which is the debtor of a compensatory requirement under paragraph 1 shall, at the level of its As a result of this compensation claim on the assets side of their opening balance sheet, an equity devaluation account, unless a shortfall not covered by equity capital is to be expleted. The activated amount shall be written off in the following years to the extent of the repayment of the compensatory amount. In the amount of the participation account, a special reserve shall be formed within the retained earnings, which may be used only to compensate for losses; the special reserve shall be based on the resolution of the participation account freely available to the extent that it is not required to compensate for any loss incurred. The activated amount is not suitable for replacing outstanding deposits with the education of the subscribed capital or the capital recovery account in accordance with § 26 (4), § 28 (1). Unofficial table of contents

Section 25 Compensation liabilities

(1) In drawing up the opening balance sheet of undertakings referred to in Article 24 (1), first sentence, it shall be established that a higher equity capital would be shown than the amount to be declared for the assets in kind, reduced by the amount for which it is to be held on 1 July. In 1990, the amount of the land to be surrendered shall be charged at the level of the overrising amount with a compensatory obligation to be drawn up separately. However, the minimum capital required by law for the legal form of the enterprise or its activity must not be undershot. § 36 shall remain unaffected. In the calculation of the compensatory liabilities, special reserves are not payable pursuant to § 17 (4) sentence 3, § 24 (5) sentence 3 and subscribed capital, which is formed by outstanding deposits or a capital devaluation account in accordance with § 26 (4), § 28 consideration. Property assets of the property, property, which are to be returned under the property law, and the liability or provision for the return obligation pursuant to § 7 para. 6 are also not in the calculation of the compensation binding. shall be considered. § 24 (2) sentence 1 shall apply accordingly. (2) The creditor of the liability shall be the person who would be the compensatory claim in the event of a compensation claim pursuant to section 24 (3) of the debtor. § 24 (2) sentence 3 shall apply mutagenly to the interest in the equalisation of the compensatory obligation. The shareholder may, as a creditor, issue the compensation in whole or in part. In the parent company's opening balance sheet, the amount made is to be attributed to the carrying amount of the holding in accordance with Article 11 (1) sentence 1. (3) The company must inform the creditor of the compensatory obligation as soon as the company is established of the opening balance sheet. The creditor shall be subject to the rights laid down in § 23 from 1 July 1990. (4) parent undertakings which are creditors of a compensatory obligation pursuant to paragraph 1 shall, on the assets side of their opening balance, make a corresponding claim at the level of that amount. . The amounts paid to the parent company for the purpose of redeeming the balance of the subsidiary undertaking shall be offset in each case. (5) Are holdings or land on a company with effect from 1 July 1990; , the Treuhandanstalt may request the issuance of the property if the insolvency or over-indebtedness of the enterprise is obtained or if the dissolution of the enterprise is decided. To the extent that creditors whose claims have been made after 1 July 1990 are penalised by the transfer, they shall be made harmless by the Treuhandanstalt up to the level of the traffic value of the assets transferred; in the case of the creditors This claim can only be asserted by the administrator. (6) The Treuhandanstalt can transfer from companies whose shares belong to it and which are not to be returned in accordance with § 6 of the Property Law. Assets shall be required. In the period from 1 July 1990 to the date of the transfer, depreciation, impairment and provisions of value shall be corrected in accordance with section 36. The second sentence of paragraph 5 shall apply accordingly. Unofficial table of contents

§ 26 Capital security

(1) For the purposes of Article 24 (1), first sentence, undertakings shall, as equity, have the amount to be paid in order to cover the total amount of assets shown on the assets side of the opening balance sheet, including those to be entered in accordance with this Act. Special items and the clearance of the accounts are higher than the total amount of debt shown on the liabilities side and the delimitation of the accounts. (2) In accordance with the law applicable to its legal form, the enterprise is subject to the formation of a as defined in the Articles of Association or in the the level of the social contract, but at least to the level of the minimum capital required by law. § 27 (2) sentence 2 to 5, para. 3 and 7 is to be applied. (3) The equity determined in accordance with paragraph 1 less the special reserves pursuant to section 17 (4) sentence 3, section 24 (5) sentence 3 and the provisional profit reserve pursuant to section 31 (1) sentence 2 on education of the subscribed capital, the amount of the shortfall shall be disclosed separately as an outstanding deposit on the assets side in front of the fixed assets. The statutory provisions governing the legal form of the company shall apply to the deposit of the capital. If the minimum deposit is not fully effected, the amount of the shortfall shall be deemed to have been requested. The claim shall not apply if the shareholder decides to dissolve the company within the deadline for the opening balance sheet, or if the opening of the entire execution is requested within that period. Section 24 (4) sentence 3 shall apply accordingly. Article 19 (4) of the Act concerning companies with limited liability shall not apply. (4) If the shareholder, after the company has been transferred to a private legal form, has made its contribution until 30 June 1990, then the shareholder shall be entitled to: In cases of paragraph 3, a shortfall shall be compensated by the fact that, on the assets side of the opening balance sheet, in place of the standing deposit, a corresponding application of section 28 (1) and (2) shall be subject to the conditions laid down in that paragraph. Capital recovery account is shown. § 30 shall apply.

Subsection 5
Refixing of the capital ratios of private enterprises

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Section 27 Redetermination

(1) This subsection shall apply to all undertakings to which § 24 pursuant to the first sentence of paragraph 1 is not applicable, even if they are deemed to have been established pursuant to Section 1 (5) as of 1 July 1990 or, pursuant to Section 4 (3), the entire property of a company to be considered as of 1 July 1990. The amount of equity referred to in Article 26 (1) is to be shown as equity capital. (2) Shares and limited liability companies have their share capital, limited liability companies, and their share capital as defined in the Articles of Association or in the Articles of Association. the level of the social contract, but at least to the level of the minimum capital required by law. The subscribed capital may be fixed at a higher level if, in the preparation of the opening balance sheet after deduction of the reserve in accordance with section 31, a higher equity capital is obtained. In the case of limited liability companies and limited liability companies, the excess amount shall be allocated to shares in the statutory reserve, in the case of companies with limited liability, of a special reserve which is only to compensate for losses or to the extent to which the shares are subject to a special reserve. Capital increase from company funds may be used. A statutory reserve or special reserve, as set out in the third sentence, may be dissolved or restructured in free capital reserves, provided that such reserve is not intended to cover the situation in the balance sheet in which the dissolution is to take place. Fixed assets are required. In all other cases, the dissolution or restructuring in the free capital reserves shall be permitted in the appropriate application of the rules governing the reduction of capital applicable to the respective legal form. (3) The shareholders may, on the basis of the No payments are received and are not exempted from the obligation to perform deposits; § 57 (1) sentence 1, § 62 of the German Stock Corporation Act, § 30 (1), § 31 of the Act on Companies with Limited Liability to apply the reserves set out in the opening balance sheet accordingly. This does not apply to measures taken by the Treuhandanstalt pursuant to § 25 (5) and (6). (4) Open trading companies and limited liability companies have the capital deposits of their shareholders, to the extent that they have been agreed in the social contract, and In addition, to redefine the liability deposits of their comeditists in the appropriate application of paragraphs 2 and 3. The right of withdrawal of the shareholders in accordance with Section 122 of the Commercial Code may not result in the equity capital shown in the opening balance sheet being lower than the sum of the amounts shown on the assets side in accordance with § 31. Personally liable partners shall reimburse the amounts which have been taken out of the company. If payments to a limited person lead to such a reduction in equity, they are deemed to be the repayment of the deposit in accordance with § 172 (4) of the Commercial Code. (5) Cooperatives have the business assets, the business shares and the sums of interest. (6) In the case of the redetermination, the shares may be adjusted to the following amounts:

1.

shares to a nominal amount of fifty Deutsche Mark or to higher nominal amounts, which are denominated in full hundred Deutsche Mark,

2.

the shares in companies with limited liability to five hundred Deutsche Mark or any higher amount of the by hundred are divisible, regardless of the number of members,

3.

the shares in cooperatives at fifty German marks or at any higher amount denominated in full fifty Deutsche Mark.

(7) In the opening balance sheet, the subscribed capital and the reserves shall be shown in the amount to be determined after the re-establishment. (8) Paragraphs 2 to 7 shall apply to a company in a legal form pursuant to Article 1 (2) (1) to (7). in accordance with the law applicable to its legal form between a subscribed capital and reserves, in each case the rule applicable to that legal form which is the closest to that of the undertaking. is coming. Unofficial table of contents

Section 28 Preliminary re-determination

(1) In place of a definitive redetermination in accordance with § 27, the redetermination may be carried out on a provisional basis by undertakings which are not financial institutions or foreign trade enterprises in such a way that the in the final balance sheet in Mark of the Germans Democratic Republic recorded subscribed capital (share capital, stock capital, deposits, capital right capital, business assets) with the same amount in German mark transferred to the opening balance sheet and the difference by which the amount of the the capital recorded in the drawing up of the opening balance sheet (2) The amount shown as a capital recovery account must not exceed nine-tenths of the subscribed capital. A capital reserve may not be maintained. A profit reserve may be retained insofar as it has been formed in accordance with § 31 and, after a reasonable commercial assessment, it can be expected that the company will be able to repay the capital recovery account from future net surpluses. The Company is obligated to balance the capital recovery account within five financial years after the closing date of the opening balance sheet. For the purpose of redemption, value increases are to be used as a result of the correction of value rates in accordance with § 36 as well as the annual surpluses. Any other use shall be prohibited as long as the capital recovery account exists. Unofficial table of contents

Section 29 Company law relations

(1) The ratio of the rights attaching to the shares shall not be affected by the redetermination. (2) Contractual relations of the enterprise to third parties, which are from the profit distribution of the enterprise, the nominal amount or the value their shares or their subscribed capital, or in any other way, depend on the existing capital or earnings ratios, shall be determined in accordance with the new capital or earnings ratios which have occurred as a result of the redetermination. Third parties need not have to apply a reduction in their rights under the first sentence, which is due to the redetermination, to the extent that it is based on the fact that in the opening balance sheet the subscribed capital is not subject to the reserves in one of the provisions of § § 27, 28 (3) If a capital increase is decided upon during the existence of a capital recovery account, each shareholder shall, at its request, be one of its shares in the to allocate to previous subscribed capital part of the new shares, it is because a third party has taken over the shares and has undertaken to offer them to the shareholders for reference. Unofficial table of contents

§ 30 Resolution of capital devaluation accounts

(1) Where a capital recovery account is not balanced within the period specified in Article 28 (2) sentence 4, the body of the undertaking responsible for capital measures shall, at the latest in the decision making on the use of the result from the Annual accounts of the fifth financial year following the closing date of the balance sheet shall decide on the measures required to cover the capital recovery account in a different way than by repayment, in particular by reduction of the subscribed capital account. (2) The measures referred to in paragraph 1 shall be immediately , Their implementation shall be deemed to be the final redetermination. On the reduction of the subscribed capital, the regulations governing the legal form of the company, the stock companies and the limited liability companies on shares are the § § 229 to 236 of the German Stock Corporation Act (AktG) on the simplified Capital reduction.

Subsection 6
Provisional Profit Reserve

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Section 31 Preliminary retained earnings

(1) Companies may, if they are not financial institutions or foreign trade undertakings, take the following measures in order to be able to form a retained earnings situation:

1.

The intangible assets of the fixed assets which are not acquired shall be calculated on the basis of the amount which an acquirer of the undertaking shall be entitled to pursue in the course of its continuation within the framework of the total purchase price for these assets. It would. A goodwill or goodwill may be taken into account.

2.

The expenses for the establishment and expansion of the business operations pursuant to § 269 sentence 1 of the Commercial Code may be activated. These include all measures taken after 1 March 1990, which are capable of producing the competitiveness of the enterprise.

3.

Grants, grants and other financial advantages granted by third parties for investments without repayment obligations may be activated, provided that the contract for the investment is made up to the end of the period for which the investment has been made. The opening balance sheet has been made mandatory.

In the amount of the amounts activated in accordance with the first sentence of 1 to 3, a profit reserve shall be formed on the liabilities side, which shall be deemed to be provisional until the activated amounts are repaid. (2) The amount set in accordance with paragraph 1, point 1, shall be as planned within the period of time corresponding to the average remaining period of use of the revalued acquired intangible assets of the company in accordance with § 7. In the absence of comparative figures or if the ratios are not comparable, the amount is to be paid out by depreciation for at least one quarter in each of the following financial years. (3) For the establishment and expansion of the business operations referred to in paragraph (4) The amounts activated in accordance with paragraph 1 (3) are to be re-booked in the following years in a non-profit-neutral way, as soon as the amounts of the amounts activated in accordance with paragraph 1 (3) are to be repaid in a non-profit-making period. Accounting capacity has occurred. If the claim referred to in paragraph 1 (3) is subsequently omitted, the amount shall be offset directly with the reserves. (5) Paragraph 1 (1) and (2) may only be used in so far as it is reasonable to have a reasonable commercial value It can be assumed that the company will be able to recover the expenses resulting from this and a profit distribution in the amount of the interest income from a compensatory claim under section 24 from the current proceeds without Impairment of the equity capital shown in the opening balance sheet. (6) Figures are Paragraph 1 (1) or (2) shall, until such time as they are repaid by depreciation, be paid for profits only if the retained earnings after the payout at any time, plus a profit and minus a profit or loss Loss account shall at least correspond to the amount applied. Losses incurred shall be offset in the amount of depreciation in accordance with paragraphs 2 and 3 with the profit reserve. § 36 remains unaffected. (7) The amounts referred to in paragraph 1 are in the calculation of compensation claims and compensatory liabilities in accordance with § § 24, 25, the outstanding deposit in accordance with § 26 para. 3 and the capital recovery account in accordance with § 26 (4), § 28 (1) (8) amounts activated in accordance with paragraph 1 and the profit reserve formed in the amount of these amounts shall be given separately under the appropriate name and shall be explained in the Annex.

Section 4
Determination and adjustment of benefits in German marks

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Section 32 Setting and adjustment of benefits in German marks

(1) If contracts which are to be fulfilled only after 30 June 1990, on prices which have so far been fixed in accordance with State price rules but are no longer subject to a fixing of prices, the price shall be the price if a price fixing up to the 30 June 1990 did not take place, from which the creditor was to be determined by making a declaration to the creditor for payment. However, the provision made is only binding on the other part if it corresponds to the equity. If it does not correspond to the equity, the provision shall be made by judgment; the same shall apply if the provision is delayed. (2) (omitted) (3) In the cases referred to in paragraphs 1 and 2, the re-determination shall be deemed to have been approved at its reasonable discretion within the The setting-up period for the opening balance sheet is to constitute a provision in accordance with section 17 (2) only if it is to be expected that the newly established fee will also lead to a loss.

Section 5
Procedure

Subsection 7
Audit

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Section 33 Examination

(1) The opening balance sheet and the appendix, but without the comparative presentation in accordance with § 20, shall be examined by an auditor. If no examination has taken place, the opening balance shall not be established. Capital companies and cooperatives whose balance sheet total in the opening balance sheet does not exceed three million nine hundred thousand Deutsche Mark after deduction of a shortfall in accordance with Section 268 (3) of the Commercial Code or which are no longer on the cut-off date. than fifty employees, the opening balance sheet and the appendix need not be examined, insofar as they do not include financial institutions or foreign trade companies or the legal successor of a company under audit pursuant to § 1 (5) or § 4 (3) (4) (1) (4) (1) (a)). 3. Individual traders and persons trading companies do not need to have the opening balance checked, provided they are not financial institutions. (2) The company was founded in the period from 1 March 1990 to 30 June 1991, or by law or by law. A decision has been converted into a private legal form, and the examination of the opening balance may also be included in the examination of the establishment or conversion. This also applies to the examination of non-cash contributions. (3) The consolidated balance sheet and the consolidated financial statements must be examined by an auditor. If no audit has taken place, the consolidated balance sheet cannot be determined. (4) If the audited documents are changed after presentation of the audit report, the auditor shall re-examine these documents as far as the change is concerned. . The result of the examination must be reported; the audit opinion shall be supplemented accordingly. (5) § 317 of the Commercial Code on the subject matter and scope of the examination shall apply with the proviso that the inventory shall also be included in the examination. shall be included. In addition, in the case of financial institutions and foreign trade undertakings, the comparative representation according to Article 20 shall be considered. (6) Without prejudice to the provisions of the third sentence of paragraph 1, cooperatives of any kind, including cooperative entities, shall be required to follow the procedure referred to in paragraph 1. they shall be dismissed at a later date if they are not converted and the balance sheet total of not more than one hundred and twenty-five million German marks in its opening balance sheet or at the balance sheet date do not employ more than five thousand workers and the non-financial institutions or to foreign trade undertakings, the opening balance shall not be examined if they have transferred the drawing up of the opening balance and the Annex to a person who, as a chartered accountant or a sworn accountant, has been Auditor's order is publicly appointed or recognized as an audit firm or appointed as a tax consultant or as a tax representative under the Tax Consultation Act or recognized as a tax consulting company or as a tax consultancy firm Association for the management of the name "Landwirtschaftliche Buchstelle" authorized or Legal authority for tax law. However, the obligation to audit shall not apply only if the person performing the examination declares in writing that:

1.

the opening balance is based on a proper inventory or the inventory has been collected in accordance with section 3a and

2.

the opening balance and the annex have been drawn up in accordance with the principles of regular accounting in such a way that these documents form a true and fair view of the financial situation within the meaning of section 264 (2) sentence 1 of the Commercial Code.

The opening balance sheet shall be accompanied by the declaration provided for in the second sentence and a statement by the management which indicates that it has submitted all the documents to the applicant and has provided all the information necessary for the preparation of the statement. were. Section 323 (2) of the Commercial Code on liability in the event of negligence shall be applied accordingly. The sentences 1 to 3 shall be applied in accordance with the examination associations referred to in Article 34 (2). Unofficial table of contents

Section 34 Implementation of the examination

(1) Reviewers may be certified and sworn auditors and recognized accounting firms in accordance with the Federal Republic of Germany's Public Accountancy Code. Limited liability companies whose balance sheet total in the opening balance sheet does not exceed fifteen million five hundred thousand Deutsche Mark after deduction of a shortfall in accordance with Article 268 (3) of the Commercial Code or which on the reporting date of the Opening balance sheet no more than two hundred and fifty employees, their opening balance sheet may also be certified by sworn accountants or recognized accountants appointed by the Federal Republic of Germany on the basis of the Federal Republic of Germany's Economic Examination Regulations. (2) If the company is a cooperative, it is carry out, under the following conditions, the examinations prescribed in accordance with § 33, instead of the persons referred to in the first sentence of paragraph 1, from an examination board to which the right to examination in accordance with Section 63 of the Act on the acquisition and purchase of Economic cooperatives have been awarded. The Examination Board is only entitled to audit, provided that more than half of the members of his Board of Management are auditors as referred to in the first sentence of paragraph 1. If the Board of Examiners has only two members of the Board of Management, one of them must be the auditor in accordance with the first sentence of paragraph 1. If the association, to which the cooperative belongs as a member, has concluded an agreement on the conduct of examinations with an examination association in the Federal Republic of Germany, the association is responsible. Article 55 (3) of the Act concerning the cooperatives and cooperatives remains unaffected. (3) If the company is a savings bank, the examinations required pursuant to § 33 may, by way of derogation from the first sentence of Article 319 (1) of the Commercial Code, be subject to the following: the examination office of a savings banks and giro association. However, the examination may only be carried out by the Examination Office if the head of the examination office fulfils the conditions laid down in Section 319 of the Commercial Code. In addition, it must be ensured that the auditor can carry out the examination independently of the instructions of the institutions of the Savings Banks and Giroverband. (4) The order of the examiner in the cases referred to in paragraph 1 is § 318 of the German Commercial Code. shall apply in such a way that the managing body of the undertaking may provisionally order the auditor, in particular in order to obtain his presence at the inventory. The confirmation of the persons appointed for the election of the examiner pursuant to § 318 of the Commercial Code shall be obtained without delay. (5) The examination shall apply in accordance with § § 317, 318, 319 (2), (3), § § 320 to 323 of the Commercial Code.

Subsection 8
Determination and correction

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Section 35 Determination

(1) The opening balance sheet and the appendix, as well as the consolidated balance sheet and the consolidated financial statements, shall be determined. The rules applicable to the preparation of these documents shall also be applied in the case of the determination. The determination shall be made by the holder, in the case of individual undertakings, by the shareholders or by the other competent institution in the form required for decision-making in accordance with the legal form of the undertaking, immediately after the presentation of the The opening balance sheet and the appendix shall be at the latest before the end of the twelfth month and by small enterprises in accordance with Article 4 (1) sentence 2 at the latest before the end of the fifteenth month after the balance sheet date, which shall: The consolidated balance sheet and the group attachment at the latest within two months of the end of the Notice period pursuant to section 21 (1) sentence 1. The total opening balance and the overall slope shall be determined within two months of the end of the period of installation pursuant to Article 21 (5). For this purpose, the management body shall, without delay, submit the documents to be determined after it has been drawn up and the audit report, following its submission to the institution appointed for the purpose of the determination. If the company has a Supervisory Board, the Supervisory Board shall examine the documents in accordance with Section 171 of the German Stock Corporation Act and report on the result of the examination in writing. (2) The first sentence of the first sentence of paragraph 1 shall be Documents cannot be determined if the audit opinion has been failed. The opening balance sheet or the consolidated balance sheet shall be void if it has not been verified or has not been determined in the prescribed form in the case of an existing audit obligation. If the documents are changed after examination, a decision on the determination shall not take effect until a confirmation of the amendments has been given in full on the basis of the re-examination. (3) The managing body shall submit a report to the decision-making body, together with the documents to be determined, in which the proposals for the realignment of the capital ratios and the essential circumstances for the evaluation shall be presented. the assets and the proposals for redetermination have been decisive, in so far as these explanations do not result from the Annex or the Group's notes. (4) The opening or consolidated balance sheet shall be determined before the end of a period of time for the taking into account of balance sheet or ad valoration rates at a later date. When the time is prescribed or allowed, an immediate change is not necessary. The resulting corrections can subsequently be taken into account in the context of the establishment of the next following conclusion pursuant to § 36. Unofficial table of contents

Section 36 Correction of value sentences

(1) In the drawing up of subsequent financial statements, assets or special items in the opening balance sheet shall not be considered unjustly or with too low a value or a debt or special item which is too low or too high. , the later balance sheet shall be the subject of the failed approach or shall correct the value of the value in the case of a substantial amount; this shall also apply if the assets or liabilities are no longer at the balance sheet date. , but only in respect of the annual accounts following the change in property. The profit shall be adjusted in a special reserve pursuant to section 27 (2) sentence 3, in the case of public limited liability companies, to the statutory reserve up to the prescribed amount, to the extent that it does not result in a loss resulting from a reduction in the special loss account In accordance with § 24 (1) or the compensation claim pursuant to section 24 (5) or the standing deposit pursuant to section 26 (3) or of the capital recovery account in accordance with section 26 (4), section 28 (1) of the German Law on the Compensation of Investment (SOS) or a loss arising from the increase in compensation liabilities pursuant to section 25 (1) (2) In drawing up subsequent financial statements, assets or special items in the opening balance sheet shall be unjustly or not valued at too high a value or a debt or special item, or with too low a value , in the subsequent balance sheet, the value of the value shall be corrected or the failed approach shall be obtained if the amount is substantial; this shall also apply if those assets or liabilities are not at the balance sheet date. more available, but only for the following asset change Annual accounts. The loss is to be offset openly with the equity capital, in advance with the annual result and the profit reserves, in so far as it is not with the profit from an increase in the special loss account from the provision of remission pursuant to § 17 para. 4 or the Compensation in accordance with Section 24 (1) or of the participation account pursuant to section 24 (5) or the standing deposit in accordance with section 26 (3) or the capital recovery account pursuant to section 26 (4), section 28 (1) or the profit from a reduction in the (3) The provisions of paragraphs 1 and 2 shall also apply if one for the The opening balance of the right to vote shall be retrospectively exercised with effect on the right to vote. The profits referred to in paragraph 1 may be offset by losses as referred to in paragraph 2 only within the equity capital. Paragraph 1 shall also apply if, at the end of the period of detention, a debt taken into account in the opening balance sheet has been adopted, taken over by a third party free of charge, or economically carried by it, or in a subordinated debt is converted according to § 16 (3) or § 17 (5) sentence 4. If the change in value or stock is based on measures taken by the Treuhandanstalt, or if it is based on administrative acts for the prevention of risks and for the elimination of impairments within the meaning of Article 17 (2a) sentence 1 or agreements with the competent authority In the cases referred to in paragraphs 1 to 3, the opening balance shall be deemed to be amended. Paragraphs 1 to 3 shall be applied last time to annual accounts for financial years ending in 1994 and, if the correction is related to environmental damage, in the year 2000; the correction shall be based on a post-31 basis. The settlement of property law in the implementation of the provisions of the Unification Treaty and of the provisions adopted for its implementation, in particular on the measures of the asset allocation, asset return or subject-matter redaction and related In the case of transfers of assets to undertakings or to measures in the implementation of the Altschuldenassisting Act, paragraphs 1 to 3 shall apply until the implementation of the measure concerned. Claims and liabilities in accordance with § § 24, 25 and 26 (3) may no longer be changed, insofar as they have been transferred to a third person at the time of the rectification or the security rights of third persons are affected thereby. or if the majority of the shares in the company are based on another person or a legal successor pursuant to section 23a (1) and (2) of the Treuhand Act outside the area of the Treuhandanstalt and the federal assets administered by it has been transferred. Claims and liabilities in accordance with § § 24, 25 and 26 (3) or § § 40, 41 may be amended at the end of the annual financial statements, which are set up at 31 December 1994. If a correction made in a subsequent balance sheet leads to the fact that a compensation claim under Section 24 or Section 40 would not have been or would not have been incurred in the indicated amount, then an amount corresponding to the correction shall be that of the person who If the debtor of this payment obligation is still creditor of the compensation claim in accordance with § 24, he or she may, irrespective of the maturity of the compensatory claim, be responsible for the compensation claim. Charge. Sentence 5 shall not apply without prejudice to section 17 (4a) if the correction is excluded in accordance with the third sentence. (5) Paragraphs 1 to 4 shall apply accordingly to the consolidated balance sheet. (6) Paragraphs 1 to 4 shall also apply to the acquired Assets, liabilities and special items, including the restrictions on disposal, and the resulting equity in the annual accounts of those undertakings which, after 1 July 1990, were established, transformed, merged, Fission or unbundling of the undertakings referred to in Article 1 (1) to (3) shall be: Continuation of the book values from their D-Markeropening balance sheet.

Subsection 9
Disclosure

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§ 37 Disclosure

(1) Companies shall disclose the opening balance sheet and the notes as well as the consolidated balance sheet and the consolidated financial statements within one month after the end of the relevant notice period if, in accordance with their legal form or because of their legal status, are required to disclose their annual accounts or if they have a balance sheet total of more than one hundred and twenty-five million Deutsche Mark in their opening balance sheet or in their consolidated balance sheet, and On the balance sheet date, more than five thousand workers are employed. § § 325, 326, 328 and 339 of the Commercial Code are to be applied accordingly; to the determination of the size characteristics, § 5 para. 2 shall apply. The comparative representation according to § 20 does not need to be disclosed. Section 4 of the Law on the Enforcement of Law of the Federal Republic of Germany in the German Democratic Republic of 21 June 1990 (GBl. No 34 p. 357) shall not apply. (2) The Register Court shall, when submitting the documents, examine whether the documents have been completed and, where required, have been published in due time. (3) Is the examination of the establishment, conversion , the Court of First Instance may submit to the examination of the opening balance sheet that the valuation of assets for assets in the opening balance sheet corresponds to the actual value of the balance sheet, if the opening balance sheet and the balance sheet are Annex, have received an unqualified opinion. (4) Undertakings which have been subject to the law applicable to the Statistical Office of the German Democratic Republic after the legislation in force until 30 June 1990 have the D-market opening balance immediately after they have been established by the to submit a two-way copy of the Treuhandanstalt.

Section 6
Business-two-laws

Subsection 10a
Rules applicable to financial institutions and to foreign trade

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Section 38 Scope

(1) The provisions of this Act shall be complied with in the case of financial institutions and foreign trade undertakings, unless otherwise specified in this subsection. They may not take advantage of the facilities permitted by this law in terms of size. Section 19 (3) (1) (a) of this Act and Article 26 of the Law on Credit Esen shall not apply to financial institutions. § 1 (5) Sentence 2 and 3, Section 4 (3) sentence 3 shall not apply to financial institutions and foreign trade enterprises. (2) Money institutions are undertakings which, before 1 July 1990, have the power to conduct banking operations in the currency area of the Mark of the German Democratic Republic in accordance with Article 1 (1) of the law on credit, the power may be based on law, regulation, administrative order or official permit. (3) Foreign trade enterprises are undertakings which are in the currency area before 1 July 1990. the Mark of the German Democratic Republic on behalf of public authorities within the framework of of the external trade and value monopoly business with companies or countries outside the currency area of the mark of the German Democratic Republic. To this end, companies which 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 liquided. (4) The opening balance sheet and the annex of the financial institutions and Foreign trade holdings shall be established at the latest before the end of the eighth month following the balance sheet date. Up to this date, measures may be taken into account in accordance with § 1 (5) sentence 1 or § 4 (3) sentence 1 and 2. Unofficial table of contents

Section 39 Opening balance

(1) By way of derogation from § 247 (1), § § 251, 265 (5) to (7), sections 266 to 268 of the Commercial Code and without prejudice to a further outline, financial institutions shall have the opening balance sheet according to the Regulation on forms for the classification of the Annual accounts of credit institutions in the version of the Notice of 14 September 1987 (BGBl. 2169),

1.

financial institutions which are a capital company, in accordance with the model 1 of this Regulation for the balance sheet,

2.

financial institutions which are registered co-operatives, in accordance with the model 2 of this Regulation for the balance sheet,

3.

Financial institutions, which are savings banks, and other financial institutions under public law, in accordance with patterns laid down by the amendment of this Regulation.

(2) In the opening balance sheet, financial institutions have flat-rate value adjustments in accordance with section 13 (3) in respect of claims arising from banking transactions in the amount of 1 of the hundred and on contingent assets of the banking business from guarantees and other warranties in the amount of from 0.5 per cent of the total amount of claims to customers, in so far as they are not directed against a local authority, a public-law body, an institution or a financial institution in the currency area of the Deutsche Mark or are guaranteed by them. (3) The retention of the flat-rate correction in future balance sheets, the general valuation principles are determined. (4) By way of derogation from Section 16 (1), the liabilities of the financial institutions, which are denominated in the German Democratic Republic Mark, are below 1. It was established in July 1990 that the effect on Deutsche Mark was to be converted into a German mark for a Mark of the German Democratic Republic:
Liabilities to natural persons resident in the German Democratic Republic,

-

who were born after 1 July 1976, up to two thousand marks,

-

born between 2 July 1931 and 1 July 1976, up to four thousand marks,

-

who were born before July 2, 1931, up to six-year-old Mark,

provided that they have submitted a request. In addition, the liabilities established after 31 December 1989 shall be converted to natural or legal persons or bodies whose residence is outside the German Democratic Republic in such a way as to ensure that three Mark of the German Democratic Republic shall be credited to a German mark, provided that such persons or bodies have made a corresponding request. Unofficial table of contents

Section 40 Compensation requirements

(1) Financial institutions and foreign trade undertakings shall, in so far as their assets are applied in accordance with the valuation rules of subsection 2 of this Act, cover those arising out of the introduction of the currency of the Deutsche Mark and the changeover in currency obligations arising out of the German Democratic Republic, including provisions not sufficient, are not sufficient, beginning with 1 July 1990, for an interest-bearing claim against the compensation fund for the changeover to the currency. Interest rate interest shall not be granted. (2) For financial institutions, the claim shall be set at the level that the assets are sufficient to cover the debt referred to in paragraph 1 and to show equity in the amount that it has at least four of the assets referred to in paragraph 1 above. In the version of the notice of 19 December 1985 (Federal Gazette No. 239 of 24 December 1985), a hundred of the balance sheet total and the utilization of the principle I adopted in accordance with § 10 of the Law on credit accounts by the Federal Supervisory Office of the Federal Banking Authority (Bundessupervisory Office for the Credit). (3) For foreign trade enterprises, the following shall be: (4) § 36 must be applied with the proviso that it does not depend on the materiality of the assets. Section 36 (4) sentence 3 shall not apply. (5) § 24 (2) sentence 1 shall apply. Unofficial table of contents

Section 41 Compensatory Liabilities

(1) In its opening balance sheet as of 1 July 1990, financial institutions and foreign trade enterprises have to adjust to the amount of liabilities to the compensation fund (compensatory liabilities) at the level in which the financial institutions are responsible for the In the case of foreign trading companies, equity capital exceeds the liabilities of the assets. (2) § 24 (2) sentence 1 and § 40 (1) sentence 2 and paragraph 4 are to be applied accordingly. Unofficial table of contents

Section 42 Comparative presentation

In the comparative presentation in accordance with § 20, the financial institutions shall also indicate:

1.

in respect of which exposures over ten thousand Deutsche Mark they have constituted, on the cut-off date of 1 July 1990, individual value adjustments or amortisation; the amounts to be deducted shall be indicated and justified;

2.

the number of accounts on which funds are held in Mark of the German Democratic Republic

a)

up to two thousand German marks in the ratio one to one,

b)

up to four thousand Deutsche Mark in proportion one to one,

c)

up to sixstausend Deutsche Mark in relation to one to one

have been credited;

3.

the total amount of credits in Mark of the German Democratic Republic, for which an application for conversion can still be made.

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Section 43 Examination

(1) By way of derogation from Article 34 (1), financial institutions and foreign trade companies in the legal form of a capital company or public law may only be audited by an auditor or a public accounting firm, insofar as they: (2) The examination shall also cover the question whether, in the case of the subsequent conversion of account balances of natural persons, the conditions laid down in Article 5 (7) of Annex I to the Treaty on the creation of a currency, Economic and Social Union between the Federal Republic of Germany and the Federal Republic of Germany German Democratic Republic for the re-establishment of the previous stand.

Subsection 10b
Obligation to pay for financial institutions and foreign trade companies

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Section 43a Abduction obligation for value-adjusted receivments

(1) A financial institution shall be obliged to apply to the compensation fund interest and repayment amounts which the debtor or a third party makes after 31 December 1994 and before 1 January 2030 to a loan granted to him before 1 July 1990. Currency conversion if the financial institution has made a value adjustment in its opening balance sheet in the D-marker opening. If the claim was only partially corrected, interest and repayment amounts are to be deducted only in so far as they are not used to serve the value-containing part of the claim. (2) The amounts of interest and redemption within the meaning of paragraph 1 shall also be deducted, which the debtor or a third party has made on loan receivings which the financial institution has not included in its D-Markeropening balance sheet on account of a leaderboard agreement in accordance with Section 13 (4) with the debtor. Unofficial table of contents

Section 43b Abduction obligation for value-added debt

Where, after 31 December 1994 and before 1 January 2030, a liability or provision taken into account in the opening of the D-mark's opening of the market has been fully or partially dissolved, either because the guilt or the use of the debt is no longer to be carried out. , the financial institution shall have to pay an amount corresponding to the correction to the compensation fund for the changeover. The amount shall be galvanissed from 1 July 1990 until the date of the removal of the compensatory fund to the compensatory fund, with the interest rate applicable to compensatory claims. Unofficial table of contents

§ 43c Due date

Incoming interest and redemption amounts in accordance with § 43a shall be paid within six weeks from the receipt of the payment to the compensation fund for the exchange of currency. Abductions in accordance with § 43b shall be made within six weeks from the date of the determination of the annual financial statements in which the correction is made. Unofficial table of contents

Section 43d Examination of the abduction

Compliance with the abduction shall be examined by the auditor appointed for the audit of the annual accounts in the context of the audit of the annual accounts. He has to deal with this in the examination report in accordance with § 321 of the German Commercial Code. Unofficial table of contents

Section 43e External trade

The provisions of this Subsection shall apply mutas to foreign trade undertakings.

Subsection 11
Rules for insurance undertakings

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Section 44 Scope

(1) Insurance undertakings have to comply with the provisions of this Act, unless otherwise provided in this subsection. They may not take advantage of the facilities permitted by this law in terms of size. § § 55, 56 (1) of the Insurance Supervision Act are not to be applied. (2) Insurance companies are companies which have the object of operating insurance transactions and are not carriers of social security. This includes companies which are not subject to insurance supervision or have no legal personality of their own. The provisions relating to insurance undertakings shall also apply to undertakings which have no authorization to operate as insurance undertakings or which are in liquiding-up. Unofficial table of contents

Section 45 Opening balance

(1) By way of derogation from Section 265 (6), (7), sections 266 to 268 of the Commercial Code, and without prejudice to a further breakdown, insurance undertakings have the opening balance sheet in accordance with the Regulation on the accounting of insurance undertakings of 11. July 1973, as last amended by Regulation of 23 December 1986 (BGBl. 2). (2) Insurance undertakings have to form the provisions in accordance with Article 56 (3) of the Insurance Supervision Act. § 56 (4) of the Insurance Supervision Act shall apply. Article 17 (4) is also applicable to technical provisions other than contributions. (3) In addition, insurance undertakings have in the Annex the provisions of Section 12 (3) of the Regulation on the accounting of insurance undertakings. of 11 July 1973. Unofficial table of contents

§ 46 Examination. Submission

(1) By way of derogation from Article 34 (1), insurance undertakings may be audited only by an auditor or an accounting firm. (2) The D-market balance sheet, the Annex and the final balance sheet as at 30 June 1990 shall be no later than before the end of the eleventh month after the balance sheet date, the consolidated balance sheet and the group attachment must be submitted before the end of the seventeenth month to the Federal Supervisory Office for the insurance industry in two-fold copies. No later than the end of the twelfth month after the balance sheet date, the report of the auditor of the examination in accordance with § 33 (1) sentence 1 shall be the report on the examination in accordance with § 33 (3) sentence 1 at the latest before the end of the nineteenth month of the The Federal Supervisory Office for the insurance sector must be submitted in two copies.

Section 7
Criminal and penal rules. Periodic penalty payments

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Section 47 Criminal law

(1) The penal provisions of Sections 331 to 333 of the Commercial Code shall be applied in accordance with the opening balance sheet, the appendix, the group's opening balance sheet, the group annex and the auditors to be ordered under this Act. Sentence 1 shall also apply to undertakings not operated in the legal form of a capital company. (2) § 331 of the Commercial Code shall also apply to the breach of duties by the Executive Director (Section 1 (2) sentence 1 of the Act). ) of a financial institution not operated in the legal form of a capital company, by the holder of a financial institution operated in the legal form of the individual businessman or by the manager within the meaning of section 53 (2) (1) of the law on credit. Unofficial table of contents

Section 48 Penal rules

(1) An administrative offence is, who as a member of the representative body or the supervisory board of a company or as a manager within the meaning of section 1 (2) sentence 1 or section 53 (2) (1) of the law on the credit or as a Proprietor of a company operated in the legal form of the individual businessman

1.

in the preparation or establishment of the opening balance or the annex to a provision

a)

§ 4 para. 2 sentence 1 or 2 or § 5 paragraph 1 sentence 1 in connection with § 243 para. 1 or 2, § § 244, 245, 246, 247 para. 1 or 2, § § 248, 249 para. 1 sentence 1 or para. 3, § 250 para. 1 sentence 1 or subsection 2 or § 251 of the trade code on form or Content,

b)

§ 5 (1) sentence 1 in conjunction with Section 253 (1) sentence 2, subsection 2 sentence 1, 2 or 3 or 3 sentence 1 or 2, § 255 para. 1 or 2 sentence 1, 2 or 6 of the Commercial Code or the § § 6 to 18 on the valuation,

c)

§ 5 (1) sentence 2 in conjunction with Section 265 (3) to (8), § § 266, 268 (3) to (7) or § 272 of the Commercial Code, or § 39 (1) or (2) or § 45 on the outline or

d)

Section 19 (1) to (3), § § 20 or 22 on the particulars to be provided in the Annex,

2.

in the preparation of the consolidated balance sheet or the group attachment of a provision

a)

Section 21 (3) on the scope of consolidation,

b)

§ 21 (4) sentence 1 in conjunction with § § 5 to 19 or § 297 para. 2 or 3 or § 298 (1) of the Commercial Code, this in connection with § 243 para. 1 or 2, § § 244, 245, 246, 247 para. 1 or 2, § § 248, 249 para. 1 sentence 1 or para. 3, § 250 1 sentence 1 or 2, or § 251 of the Commercial Code, on form or content,

c)

Section 21 (4), first sentence, in conjunction with Section 300 of the Commercial Code, on the principles of consolidation or the full-time offer,

d)

Section 21 (4), first sentence, in conjunction with Section 311 (1) sentence 1 of the Commercial Code, in conjunction with Section 312 of the Commercial Code, on the treatment of associated companies, or

e)

Section 22 on the information to be provided in the consolidated financial statements,

3.

in connection with the disclosure, publication or reproduction of a provision in Section 37 (1) sentence 1 in conjunction with Section 328 of the Commercial Code on Form or Content, or

4.

the provision of Section 37 (4) on the submission of the D-market opening balance

(2) A breach of order, including an opening balance sheet or an annex or a consolidated balance sheet or a consolidated statement of companies which are to be examined pursuant to statutory provisions, shall also be subject to an endorsement pursuant to Section 322 of the In connection with § 319a (1) sentence 1, paragraph 2 of the Commercial Code, or in conjunction with Section 319a (5) in conjunction with Section 319a (1) sentence 2, or § 319a (1) sentence 2 of the German Commercial Code, issued in conjunction with Section 319a (1), Section 2 of the Commercial Code. Paragraph 1, sentence 4 of the Commercial Code, the accounting firm or accounting firm, for (3) The administrative offence can be punished with a fine of up to fifty thousand euros. (4) The administrative authority within the meaning of Section 36 (1) (1) of the Code of Administrative Offences is in the cases of the (1) and (2) the Federal Office of Justice. Unofficial table of contents

Section 49 Setting of monetary policy

Against members of the authorized body, in the case of individual undertakings against the proprietor, § 37 of this law in conjunction with Section 325 of the Commercial Code on the obligation to disclose the opening balance sheet or the Annex or the Do not comply with the Consolidated Financial Statements or the Group Annexe, because of the non-compulsory omission of the disclosure by the Federal Office of Justice, it is to be determined in accordance with Section 335 of the German Commercial Code. Section 335 (1) sentence 2 of the Commercial Code shall be applied accordingly.

Section 8
Control. Fees

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Section 50 Tax opening balance and consequences

(1) taxable persons who are the legal entities of a company in accordance with § 1 shall also comply with the provisions of this law for the purpose of determining the profits of the tax law. A taxable person, who is a legal entity of a company which is considered to have been created as of 1 July 1990 in accordance with Article 1, Section 5, is liable to tax on income and income tax on 1 July 1990 with the company. Where the transfer of assets or liabilities in accordance with Article 4 (3) is already taken into account in the opening balance sheet of the undertakings concerned as from 1 July 1990, this shall also apply to the tax liability of the legal entities of the parties concerned. Enterprise. (2) On 1 July 1990, a tax opening balance sheet must be drawn up which, apart from the following deviations, must correspond to the trade-law opening balance sheet. An asset item formed in accordance with Section 9 (3) or (31) (1) (2) and (2) and (3) shall not be used; a period of 15 years shall be deemed to be the normal service life of an active item pursuant to section 31 (1) (1) sentence 1. The first sentence of Article 11 (1) is to be applied with the proviso that the participation book value corresponds to the reported pro-rata capital in the tax opening balance sheet of the undertaking in which the shareholding exists. § 5 (2), (3) and (5) of the Income Tax Act shall apply. Provisions pursuant to Section 5 (4) of the Income Tax Act and provisions pursuant to Section 249 (1) sentence 2 No. 1, sentence 3 and paragraph 2 of the Commercial Code may not be formed. The second sentence of Article 9 (2) and the second sentence of § 10 (1), second sentence, and second sentence of paragraph 2 shall not apply. § 54 (1) to (3) and (5) apply accordingly to the formation of pension provisions. (3) The correction of approaches in accordance with § 36 leads to a correction of the tax opening balance sheet and any subsequent picture balances. If tax assessments have already been adopted, they shall be amended to the extent that the correction of balance sheet or value-added tax leads to a change in profit or loss or has an effect on the determination of unit values. In the cases of Section 36 (4), second sentence, the period of commit shall begin at the end of the calendar year in which the correction of the tax opening balance sheet and any subsequent balance sheets shall be made. (4) amounts to be paid in order to compensate for a capital recovery account in accordance with Section 26 (4) or Section 28 (1) of the Regulation, the tax-related profit shall not be deducted. (5) Paragraph 1 to 4 shall apply to taxable persons who voluntarily lead books and make regular accounts , Unofficial table of contents

Section 51 Change in assets

(1) The number of changes in the assets of the taxable persons referred to in § 50 (1) or (5), as well as their members or members, arising from the opening balance and the re-determination pursuant to section 26 (2) to (4), § § 27, 28, 30. the taxes on income and income do not affect income. This applies in particular to the formation of reserves or to the dissolution of previous subvaluations where the returns are based on the revaluation of assets and liabilities which have been operating at the latest on 1 July 1990, or have been transferred to the undertaking with effect from 1 July 1990, or are based on the remission of debts. (2) The changes in the number of assets of the companies referred to in § 1 and their changes in the number of assets resulting from the reestablishment of the assets Shareholders and in the assets of the cooperatives and their comrades referred to in § 1 are not subject to taxes on capital movements. Unofficial table of contents

§ 52 Tax base values in other cases

(1) In the case of taxable persons who determine their profit in accordance with Article 4 (3) of the Income Tax Act, the cost of the assets which have been fixed or to which the assets have been fixed at the latest on 1 July 1990 shall be deemed to be the cost of acquisition or production of the goods. Taxable persons with effect from 1 July 1990 have been transferred, the values which result from the corresponding application of § § 7 to 11 and 18. The value of the goods referred to in the first sentence of 1 July 1990 must be entered in a special list (investment register). If, until 31 December 1994, it appears that they have not been scheduled for 1 July 1990 or that they have been unjustly not or substantially too high or too low, the list of fixed assets shall be corrected in so far as they are concerned; (2) the first sentence of paragraph 1 and the third sentence of the first sentence of paragraph 1 shall apply to taxable persons with income from non-self-employed work, capital assets, Renting and leasing or with other income according to § § 17 and 22 of the Income tax law shall apply accordingly. Retransmissions according to the asset law are not purchases. In such cases, the cost of acquisition or production shall be those resulting from the corresponding application of the first and third sentences of paragraph 1. Unofficial table of contents

§ 53 Economic years 1990 and final tax balance

In the case of taxable persons with income pursuant to § 2 (3) (1) to (3) of the Income Tax Act, the period from 1 January to 30 June and from 1 July to 31 December shall be the period of the marketing year in the calendar year 1990. In the final tax balance as at 31 December, provisions pursuant to § 5 (4) of the Income Tax Act cannot be made and pension provisions can only be formed under the conditions of § 54. Unofficial table of contents

Section 54 Pension provisions

(1) For a pension obligation, a reserve (pension provision) may only be formed if:

1.

the pensioner has a legal right to one-off or ongoing pension benefits,

2.

the pension provision does not contain a reservation that the pension scheme or pension may be lessened or withdrawn, or that such a reservation only extends to situations where the general principles of the law are a reduction or withdrawal of the pension or pension benefits is permitted, subject to the approval of the discretion of the Member State; and

3.

the pension commitment is given in writing.

(2) A repurchase of pensions may be established for the first time

1.

before the pension is admitted for the marketing year in which the pension is granted, but at the earliest for the marketing year, up to the centre of which the pensioner is entitled to 30. Year of age,

2.

after entry of the supply case, for the marketing year in which the supply case occurs.

(3) A pension provision shall not exceed the partial value of the pension obligation. The partial value of a pension obligation shall be:

1.

before the pension is terminated, the value of the cash value of the future pension benefits at the end of the marketing year, less the amount of the same annual amounts as the present value at the same time. The annual amounts shall be calculated in such a way that at the beginning of the marketing year in which the service has commenced, their cash value is equal to the present value of the pension benefits in the future; the future pension benefits shall be equal to the sum of the amount of the pension. , which results according to the conditions at the balance sheet date. It shall be based on the annual amounts which, from the beginning of the marketing year in which the service has commenced, are to be applied in the accounts up to the date of entry of the supply case, as provided for in the pension supplement. Increases or reductions in pension benefits after the end of the marketing year, which are uncertain as to the date of their effectiveness or scope, shall be used in the calculation of the present value of future pension benefits and of the annual amounts shall be taken into account only when they have occurred. In the event that the pension commitment is not granted until after the commencement of the service, the interim period for the calculation of the annual amounts shall be treated as a waiting period only to the extent that it is determined as such in the pension commitment. Has the service ratio already before the completion of the 30. The pensionable age of the pensioner shall be deemed to have commenced at the beginning of the marketing year, until the age of the pensioner is 30 years. Year of age;

2.

after termination of the service of the pensionable person, while maintaining his or her pension rights or after the retirement of the cash value of the future pension benefits at the end of the marketing year, point 1 sentence 4 shall apply: sensual.

For the purpose of calculating the value of the pension obligation, an accounting foot of six of the hundred and the recognised rules of actuarial shall be applied. (4) A pension provision shall not exceed the difference between the The partial value of the pension obligation shall be increased at the end of the marketing year (first year) ending on 31 December 1990 and the beginning of the marketing year. If, at the end of the first year, the cash value of the future pension benefits is increased by more than 25 per cent from the beginning of this marketing year, the increase in the pension provision for the first year may be increased to this marketing year. and shall be equally distributed over the following two marketing years. If the formation of a pension provision is to commence at the end of the first year, the provision may be made up to the level of the partial value of the pension obligation at the end of this marketing year. This provision may be evenly distributed over the first year and the following two marketing years. If the employment relationship of the pensionable person ends with the maintenance of his or her pension rights in the first year or if the pension is in effect in that marketing year, the pension provision shall always be allowed up to the level of the partial value of the pension Pension obligation shall be formed. The increase in the pension provision allowed for this marketing year may be evenly distributed over the first year and the following two marketing years. (5) Paragraphs 3 and 4 shall apply accordingly if the pensionable person is entitled to the pensioner is in a legal relationship other than a service. Unofficial table of contents

Section 55 deposits

If, within three years from 30 June 1990, a holding is supplied as a deposit which has been purchased or produced before 1 July 1990, the amount paid by the taxable person in an opening balance sheet shall be that of 1 July 1990. It could have been used as a cost of acquisition or production. Unofficial table of contents

§ 56 Fees

(1) Court fees and notarial assessment fees arising on the occasion of the establishment of the opening balance sheet and the reestablishment of the capital ratios under this Act shall be reduced by fifty per hundred. If the fee to be calculated in accordance with the first sentence exceeds two thousand Deutsche Mark for the assessment of the decisions of the meeting, the amount exceeding two thousand German marks shall be reduced by another twenty-five from the hundred. If the fees are paid to the notary itself, the fees shall be reduced in accordance with § 144 (1) of the Law on the Costs in Voluntary Jurisdiction (Costing) of the Federal Republic of Germany in the German Federal Law Gazans Part III, outline number 361-1, published as amended, as last amended by Article 5 of the Law of 5 April 1990 (BGBl. 701). (2) The reduction shall also apply to the fees incurred in the case of a conversion of companies, provided that the conversion is not decided later than the redetermination and, after the opening balance, the nominal capital is one hundred thousand. Deutsche Mark does not reach or the transferred equity of the Aktiengesellschaft or the Kommanditgesellschaft on shares one hundred thousand Deutsche Mark or the transferred own capital of the company with limited liability fifty thousand German mark not reached. The reduction does not extend to the fees charged on the occasion of the compensation of a capital recovery account. (3) If a decision to assess the fees referred to in paragraph 1 is not carried out at the same time as for the purpose of assessing the fees, it shall not be subject to the same conditions as for the purpose of the compensation. (1), where a uniform fee is to be levied, only the partial amount of the total fee charged for the transaction not covered by paragraph 1 shall be discounted only by the amount of the total fee, (4) The reduction does not extend to the Additional fee for assessments outside the court and for foreign language explanations; however, the fee for the certification outside the place of jurisdiction may not exceed the amount of the (discounted) fee to be collected for the store itself. (5) The provisions relating to the minimum fee shall remain unaffected.

Section 9
The method of redetermination of capital. Other provisions

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Section 56a Simple majority

(1) The simple majority of the decision of the general meeting or the shareholders 'meeting of capital companies concerning the redetermination of the subscribed capital and the confiscation of shares shall suffice for the decision of the general meeting or the shareholders' meeting of capital companies to take part in the decision-making process. capital subscribed capital without regard to the number of votes. There is no need for a special decision of the individual genera of shares. This shall apply even if the statutes or the social contract determine otherwise. In the case of an increase in the subscribed capital decided upon at the same time as the redetermination, the provisions governing the capital increase applicable to the legal form shall apply only if the capital increase does not take place from existing equity. (2) Members ' Meeting of Cooperatives, which resets the business assets, shares and subtleties, is sufficient for the simple majority of the votes cast, even if statutory provisions or the Staff Regulations do not comply with the requirements of the Statute. the other. If, at the same time, the redetermination is decided to increase the newly established shares, the provisions of the law relating to the acquisition and business cooperatives are to be applied only if the increase is not made up of Existing equity is carried out. Unofficial table of contents

§ 56b Content of the application. Examination by the Court

(1) In the case of the notification of the decision on the redetermination, the opening balance sheet and the report of the management board or the managing director shall be submitted to the commercial register of the registered office of the capital company; this shall apply in the case of: Cooperatives accordingly for registration to the register of cooperatives. In the case of the application, the Management Board or the Managing Directors shall declare that the decisions concerning the determination of the opening balance and the redetermination are not contested or that the dispute is rejected by a final decision. (2) The Directors of limited liability companies shall attach to a list of members signed by them, from the name, first name, status and place of residence of the shareholders, as well as their parent deposits and the remaining shares to be provided for (3) The register court may register the re-establishment of the new fixing (4) If the opening balance sheet has not been verified, the court may order the examination and appoint an examiner if there is evidence that: in the drawing up of the opening balance sheet, the statutory provisions have not been complied with or have been unredded. The Management Board or the Managing Directors must be heard before the orders are arranged. (5) The Management Board or the Managing Directors also have to register a preliminary realignment according to § 28 for registration in the Commercial Register or the Cooperative Register. The execution of the compensation of the capital recovery account by amortization or other measures shall also be notified for registration. The notification shall state in which way the compensation is carried out. (6) The resettlement of capital shall be effected as soon as it is entered in the commercial register or cooperative register of the registered office of the undertaking. Unofficial table of contents

Section 56c Reexchange and merger of shares

(1) Shares denominated in Mark of the German Democratic Republic are to be exchanged or stamped in shares denominated in Deutsche Mark. If shares are to be merged, then the exchange and the stamping out of § 226 of the German Stock Corporation Act shall apply accordingly. (2) Before the realignment is entered in the commercial register or in the cooperative register, the from the new shares resulting from it. If, in the event of a reduction in the number of shares in the company or cooperative, shares are not made available for use on behalf of the parties concerned, the new shares to be formed in place of the previous shares shall be replaced by the new To sell shares for the account of the parties concerned by the company or cooperative by way of public auction. The proceeds shall be paid to the parties after deduction of the costs or, if there is a right to deposit, to be deposited. Unofficial table of contents

Section 56d Overindebtedness or loss of half the subscribed capital

(1) The Management Board or the Managing Directors are not obliged by the competent institution until the decision is taken on the resettlement of the capital, owing to an overindebtedness resulting from the preparation of the opening balance sheet pursuant to § 92 (2) (2) Sentence 2 of the German Stock Corporation Act, § 64 (1) sentence 2 of the Act concerning companies with limited liability or § 99 (1) sentence 2 of the Act concerning the acquisition and economic cooperatives the opening of the overall enforcement proceedings This shall also apply to unliquidators or liquidators. During this period, the Management Board and the Managing Directors are also subject to the obligation to convene a meeting pursuant to Section 92 (1) of the German Stock Corporation Act or Section 49 (3) of the Act on Companies with Limited Liability for a Loss of the subscribed capital resulting from the drawing up of the opening balance sheet. (2) If a provisional redetermination is entered in the Commercial Register, the Management Board or the Managing Directors shall be responsible for the loss of the the subscribed capital resulting from the drawing up of the opening balance sheet for the period of time which (3) Paragraph 1 shall also apply in the event of a capital company whose shares are the subject of the following: The Treuhandanstalt is a member of the Treuhandanstalt, the overindebtedness at a later date, but before the decision is taken on the resettlement of capital or thereafter on the basis of a correction according to § 36. If the Treuhandanstalt initiates the liquidation of a capital company prior to the decision on the capital resettlement, paragraph 1 shall be applied in conjunction with the first sentence until the liquidation is completed. Unofficial table of contents

§ 56e Loans to trust companies

(1) Articles 32a and 32b of the Act concerning limited liability companies shall not apply to loans granted pursuant to Article 25 (7) of the Agreement and to loans granted by the Treuhandanstalt der Gesellschaft (Treuhandanstalt der Gesellschaft) or by the Company for the purpose of providing loans for the ordered a backup or vouch for it. This shall not apply to loans granted by the Treuhandanstalt to the Company after a resettlement of the capital ratios or for which it has appointed or vouches for a security after that date. (2) Paragraph 1 shall also apply as far as: a legal successor pursuant to Section 23a (3) of the Treuhandgesetz (Treuhandgesetz) enters into the rights and obligations of the Treuhandanstalt in respect of the loan. Unofficial table of contents

§ 57 Resolution

(1) Limited liability companies, limited liability companies and limited liability companies, which do not duly redetermine their capital ratios under this Act until 31 December 1994 in order to register them in the Registered trade registers have been resolved with the expiration of this day. Where the decision to recommit has been contested before 31 December 1994, the date of 31 December 1994 shall be 31 December 1994 of the six months following the date of the judgment of the decision. (2) Joint Stock Companies, Limited liability companies on shares and companies with limited liability whose share capital after resettlement is less than the minimum amounts allowed under the legal form and which have decided to increase the nominal capital, shall also be dissolved at the end of 31 December 1992, when the increase in nominal capital shall be applied to the the minimum nominal amount allowed until that date has not been duly notified for registration in the commercial register. (3) Stock companies, limited liability companies on shares and limited liability companies which have been registered by the Power to form a capital recovery account shall be disbanded upon expiry of 31 December 1997, if the implementation of the compensation has not been entered in the Commercial Register by that date. (4) Paragraph 1, first sentence is to be applied accordingly to the acquisition and economic cooperatives, if the necessary amendments to the Staff Regulations have not been duly notified for registration in the Register of Cooperatives by 31 December 1992. The decisions of the General Assembly shall apply to the Statute of the Cooperative Society, which shall apply on 1 July 1990, with the amendments adopted thereafter. Unofficial table of contents

§ 58 fiscal year

(1) The companies have to redefine their financial year. By way of derogation from Section 240 (2) sentence 2 of the Commercial Code, the first financial year may comprise up to eighteen months, in the case of financial institutions and insurance undertakings, up to twelve months. The decision on the extension of the financial year may only be taken until 30 June 1991. A change in the articles of association or the social contract shall not be required if the financial year is extended solely on the basis of this provision. (2) Companies which make use of paragraph 1 shall be required to enter into force on 31 December 1990. The annual accounts shall be based on the relevant provisions of the commercial law. There is no need for an annex. The annual accounts need not be examined or disclosed.

Section 10
Final provisions

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§ 59 authorizing

The Federal Ministry of Justice is authorized, in agreement with the Federal Ministry of Finance and the Federal Ministry of Economics and Technology, by means of a legal regulation with the consent of the Federal Council, to implement provisions for the execution of this Law on the form and content of the documents to be set up in accordance with § § 1, 21, 39 and 45, the capital endowment of the companies and the conduct of the examination, the determination and disclosure of these documents and of the relevant documents to be observed. to adopt procedures where these provisions are necessary in order to: To ensure the implementation of the exchange of currencies within the meaning of the Treaty establishing a monetary, economic and social union and the purpose of this Act. Unofficial table of contents

§ 60 Application

This law shall apply throughout the territory of the Federal Republic of Germany with effect from 1 July 1990, but the provisions of Section 7 shall not apply until 29 March 1991. For the territory referred to in Article 3 of the agreement, the provisions of Section 7, with the exception of section 48 (1) (4), shall apply with effect from 29 September 1990.