Act On The Conversion Of The German Settlement And Country Pension Bank Into A Corporation

Original Language Title: Act on the conversion of the German settlement and country Rentenbank into a corporation

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Read the untranslated law here: http://www.gesetze-im-internet.de/dslbumwg/BJNR244100999.html

Act on the conversion of the German settlement and country pension Bank into a corporation (DSL Bank transformation Act - DSLBUmwG) DSLBUmwG copy date: 16.12.1999 full quote: "DSL Bank transformation Act of 16 December 1999 (Federal Law Gazette I p 2441st), the last has been amended by article 176 of the Ordinance of 31 October 2006 (Federal Law Gazette 2407.)" Stand... last amended by article 176 V V 31.10.2006 I 2407 for details on the status information you can find in the menu under instructions footnote (+ ++ text detection from: 23.12.1999 +++) section 1 establishment by transformation (1) the German municipal and state pension Bank, German institution incorporated under public law, converted into a public limited company at the end of 31 December 1999. The provisions of the transformation Act shall not apply. (2) the share of the company is "DSL Bank Aktiengesellschaft". The company may be changed by amendment. (3) the Board shall promptly to notify the corporation and its branch offices for registration in the commercial register. The notification shall indicate what powers of representation have the board members. The application shall be accompanied by the statutes and the documents governing the appointment of members in certified copy. The board members have to draw their names signature with the court. (4) the corporation is with reference to this law entered into the commercial register. section 39 of the companies act shall apply. Section 2 effects of conversion to shareholders of shareholders of the German settlement and country pension Bank take over the share capital of the corporation in the amount of 113 750 000 German marks, which is divided into 56,875,000 shares. Shareholders of entitled to the following number of shares: 1. Federal Republic of Germany: 56,340,575 2 State of Berlin: 356 283 3. State of Bavaria: 178 of 141. further, the Federal Republic of Germany and the Free State of Bavaria is entitled to a share fraction community each half. Article 3 statutes the statutes of the corporation is established in the annex to this Act. They may be amended in structures with the companies act. § 4 Board (1) the board members of the German settlement and country Rentenbank valid until the expiration of the term for which they are of well-appointed, as ordered in repealed with section 84 of the German Stock Corporation Act. Your dismissal according § 84 para. 3 of the German Stock Corporation Act is allowed. (2) in the commercial register apply to registration for the board members, the recent evidence of the power of representation. § 5 Supervisory Board (1) members of the first Supervisory Board of joint stock company are the members of the Board of the German settlement and country Rentenbank. Their term of office ends with the election of the Supervisory Board by the annual general meeting convened in structures with § 6 (2) §§ 95-104 with the exception of § 103 para. 3 sentence 1, 2 and 4 of the German Stock Corporation Act and section 76 of the works Constitution Act 1952 shall not apply to the first Supervisory Board. § 6 first annual general meeting the Board of Directors shall convene the first general meeting at the latest one to 31 March 2000th this General Assembly elects ten members of the Supervisory Board. Ten other supervisory board members are elected according to the provisions of the co determination Act by the employees. § 7 issue covered bonds (1) the corporation may issue covered bonds up to fifteen times the liable capital in structures with each of the following paragraphs. (2) the total amount of issued by the corporation and outstanding covered bonds must be covered in the amount of the nominal value and the interest Council at any time. As coverage are allowed ordinary cover assets after the mortgage Act, loan receivables for which there are reliable liens and mortgage Pfandbriefe and public mortgage bonds after the Pfandbrief Act. (3) the requirement in paragraph 2 ordinary cover may be replaced by balances at the Deutsche Bundesbank and suitable credit institution (substitute cover). The substitute cover may not exceed ten per cent of the total outstanding covered bonds of the corporation. (4) appropriations intended to cover the debt assets, including substitute cover shall be entered individually by the corporation in a register. § 5 para. 1 and 2 of the Pfandbrief Act shall apply mutatis mutandis. (5) the federal supervisory Office for the credit system ordered by 31 March 2000, a trustee and a deputy. The trustee must ensure that the issue, administration and coverage Castle of the bonds to the legal and statutory provisions and the bond terms. § 7 para. 3 and 4 and articles 8 to 11 of the Pfandbrief Act shall apply mutatis mutandis. The trustee of the German settlement and country Rentenbank takes to hold office until the new trustee whose true task. section 22 of the articles of Association of the German settlement and country Rentenbank in force before the conversion version is so far still apply. (6) § 248 para. 2 sentence 2 of the Civil Code shall apply so when other banks grant from the proceeds of their loan information issued by the corporation of covered bonds. § 8 enforcement and bankruptcy (1) on arrest and foreclosures in the in the cover register according to § 7 para. 4 registered values shall apply section 29 of the Pfandbrief act accordingly. (2) in the case of opening of insolvency proceedings that are to be applied articles 30 to 37 of the Pfandbrief act accordingly. § 9 have plant safety, collateral of ability (1) as far as companies create by law or statute money in safe values, are ward covered bonds of the corporation, which are denominated in foreign currency, these values equal. (2) the covered bonds of corporation are eligible as cover funds, as far as company by law or statutes may form a cover assets in mortgage bonds or public sector mortgage bonds after the Pfandbrief Act. Section 10 transitional arrangements for bonds and shops of the German securities settlement and country pension Bank and its loans granted (1) the responsible by the German settlement and country pension Bank mortgage bonds, municipal bonds, participation certificates, subordinated fvtpl and other obligations apply after the conversion as of the responsible corporation. The corporation is subject to the terms entered into by the German municipal and state pension banking transactions even after the conversion applicable to public-sector of credit banking rules. (2) the German settlements and country pension Bank loans and acceptances of its warranties shall survive the conversion of a loan to a domestic institution under public law and as warranties of such institution. (3) the previous cover register of the German settlement and country Rentenbank remain after conversion as a separate cover the tab next to the register of cover according to § 7 para. 4 exist. The duties of the trustee in structures with § 7 para. 5 sentence 5 extend this register cover. (4) the registered until the change to the cover register cover assets can continue without counting towards the ceiling referred to in § 7 para. 1 will be refinanced through covered bonds. § 11 liability of the Federation for pre-existing commitments the federal government is liable for the fulfillment of liabilities of the German settlement and country Rentenbank, unless they have been justified before the registration of the stock company in the commercial register. The creditors of the corporation can take the federal government only to complete, as far as they can not be of the assets of the corporation satisfied out. § 12 regulations around occupational interest groups and other transitional arrangements (1) the tasks of the works council at the true transitional premises and parts of the corporation takes the former staff. The transitional mandate ends as soon as a works council elected and the election result is announced no later than 30 June 2000. The above Council of apply for the youth and trainee representatives and in repealed with the severely handicapped employee representative of the German settlement and country Rentenbank. (2) shall apply to the proceedings instituted before the conversion of the German settlement and country Rentenbank participation procedures until their completion, the Commission of the federal personnel representation Act shall apply mutatis mutandis. This so applies to proceedings before the arbitration committee and the administrative courts. In the cases of sentences 1 and 2 occurs in this procedure to replace the Staff Committee the competent body under the works Constitution Act employee representative. (3) in the German settlement and country pension Bank existing at the time of conversion service agreements apply in the corporation continue as company agreements. (4) prior to the conversion of the German settlement and country Rentenbank initiated enforcement actions coercive administrative procedures shall be executed under the law applicable before the conversion. (5) shall be those applicable for the German can before conversion rules on the of finance settlement and country pension bank statements and the line financial statements for the fiscal year 1999th § 13 continuation of the promotional mandates and management of the special - purpose assets (1) the corporation has, instead of the German settlement and country pension Bank in a public contract for a reasonable fee measures for structural improvement of rural areas including rural development to improve infrastructure and environmental protection as well as to the inclusion of from agriculture originating displaced persons, refugees and repatriates to promote. (2) the corporation, so has the existing at German settlements and country Rentenbank special federal funds, the basis of § 3 of the third section of the Decree of the Reich President to cover the finance, economic and social calamities on July 26, 1930 and on the basis of § 5 part four of Chapter II of the third Ordinance of the Reich President for securing economy and finance and to combat political excesses of 6 October 1931 of § 4 of the Act to promote the agricultural development of 15 May 1953, and of § 46 para. 2 of has been Federal Law constituted in structures with § 44 para. 2 of the Federal Code to manage budget purpose fund and use in repealed with the aforementioned laws and regulations. (3) the Federal Ministry of food, agriculture and consumer protection may delegate in agreement with the Federal Ministry of finance, by ordinance of Landwirtschaftliche Rentenbank tasks specified in paragraph 1 or 2, in so far as it concerns duties of the Federation. § 14 merger of joint-stock company (1) applies to the application of section 67 of the German transformation Act, the corporation in the event of the merger of the corporation as since September 14, 1989 in the registered legal entity register. (2) if the corporation in the event of the merger the acquiring entity, the provisions of paragraphs 7 to 9 on the issuance of covered bonds as well as pursuant to sections 10 and 13 on the acquiring entity shall apply mutatis mutandis. Article 15 entry into force abrogation (1) this Act shall take effect on the day after promulgation. (2)