Law implementing Council Regulation (EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE) (SCE-Implementing Act-SCEAG)

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SCEAG

Date of completion: 14.08.2006

Full quote:

" SCE-Execution Act of 14 August 2006 (BGBl. I p. 1911), which is provided by Article 18 of the Law of 24 April 2015 (BGBl. 642).

Status:	Last amended by Art. 7 G v. 30.7.2009 I 2479
Note:	Amendment by Art. 18 G v. 24.4.2015 I 642 (No 17) in the form of a text, documentary evidence not yet concludedly processed

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 18.08.2006 + + +) 
(+ + + Official note from the norm-provider on EC law: 
 Implementation of the 
 ERL 43/2006 (CELEX Nr: 32006L0043)  G v. 25.  5.2009 I 1102 
 Implementation of the 
 EGV 1435/2003 (CELEX Nr: 32003R1435) + + +) 

  

The G was decided by the Bundestag as Article 1 of the G v. 14.8.2006 I 1911. It's gem. Article 21 of this Act entered into force on 18 August 2006. Unofficial table of contents

Content Summary

Section 1
General provisions
§ 1	Scope
§ 2	Control of the establishment
§ 3	Registration
§ 4	Authorisation of investing members
Section 2
Creation of a European Cooperative by merger
§ 5	Notice
§ 6	Merger Auditor
§ 7	Improvement of the exchange ratio
§ 8	Embezzles by individual members
§ 9	Creditor protection in case of merger
Section 3
Seat and seat laying
§ 10	Falling apart from the State of the sitting and the main administration
§ 11	Creditor protection in the case of sedentary selaying;
Section 4
Establishment of the European Cooperative
	Subsection 1
	Dualistic system
§ 12	Appointment of the members of the management board
§ 13	Management of the management by members of the supervisory body
§ 14	Number of members of the management board
§ 15	Number of members and composition of the Board of Supervisors
§ 16	Request for information of individual members of the supervisory body
	Subsection 2
	Monist system
§ 17	Registration and registration
§ 18	Tasks and rights of the Management Board
§ 19	Number of members and composition of the Management Board
§ 20	Convening of the members of the Management Board
Section 21	Duty of care and responsibility of the members of the Management Board
Section 22	Managing Directors
Section 23	Representation
§ 24	(dropped)
Section 25	Information on business letters
Section 26	Login changes
§ 27	Establishment, examination and determination of the annual accounts
	Subsection 3
	General Assembly
§ 28	Convening by examination board
§ 29	Multi-voting rights
§ 30	Voting rights of investing members
Section 31	Sector and Section Meetings
Section 5
Annual accounts and management report
Section 32	Preparation of annual accounts and annual reports
§ 33	Disclosure
Section 34	Audit
Section 6
Rules of responsibility, penal and fines
§ 35	Responsibilities
§ 36	Criminal and penal rules
Section 7
Final provisions
Section 37	Transitional provision on the Accounting Law Modernisation Act
§ 38	Transitional provision on the law implementing the Shareholders ' Rights Directive

Section 1
General provisions

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§ 1 Scope

This law applies to European cooperatives domiced in Germany and, moreover, Council Regulation (EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE) (OJ L 327, 30.4.2003, p. EU No L 207 p. 1). Unofficial table of contents

§ 2 Control of the establishment

§ § 32 to 35 of the German Stock Corporation Act apply accordingly for the control of the foundation of the European Cooperative Society. If, according to § 33 (2) of the German Stock Corporation Act, an audit is required by a founding auditor, this is by way of derogation from Section 33 (3) and (4) of the German Stock Corporation Act (AktG) by the Examining Association under Section 54 of the Cooperative Act, which is the European Cooperative Society referred to in Article 71 of Regulation (EC) No 1435/2003 (Association of Examiners) must be required to carry out the procedure. Unofficial table of contents

§ 3 Registration

The European Cooperative Society shall be registered in the Register of Cooperatives in accordance with the rules applicable to public limited liability companies. The registration for registration must also be accompanied by the certificate of the examination association, that the European Cooperative is admitted to accession. Unofficial table of contents

Section 4 Admission of investing members

The Statute of the European Cooperative Society may stipulate that persons who are not eligible for the use or production of the goods and the use or provision of the services of the European Cooperative shall be deemed to be investing members may be approved.

Section 2
Creation of a European Cooperative by merger

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§ 5 Notice

The information to be disclosed in accordance with Article 24 of Regulation (EC) No 1435/2003 shall be notified to the Register of Cooperatives when the draft terms of the merger are submitted. The Court of First Instance shall disclose this information together with the notice required pursuant to Article 61, second sentence, of the Law on Conversion, which shall refer to the filing of the Register of Cooperatives. Unofficial table of contents

§ 6 merger auditor

The examination of the draft terms of merger and the preparation of the written report referred to in Article 26 of Regulation (EC) No 1435/2003 shall be carried out in the case of a domestic cooperative by the audit association to which the cooperative is a member. Unofficial table of contents

§ 7 Improvement of the exchange ratio

(1) Under the conditions laid down in the first sentence of Article 29 (3) of Regulation (EC) No 1435/2003, an action against the merger decision of a transferring cooperative may not be based on the fact that the exchange ratio of the shares does not apply: (2) When a European Cooperative Society is established by a merger in accordance with the procedure laid down in Regulation (EC) No 1435/2003, a member of the European Cooperative Society shall have a lower business balance than that in the transferable Cooperative, any member of a transferable cooperative, whose right to bring an action against the effectiveness of the merger decision is excluded in accordance with paragraph 1 of this Article, the European Cooperative Society requires a compensation to be paid by the European Cooperative. (3) The cash surcharge shall be payable at the end of the day, which has been notified of the merger in the State of the European Cooperative State in accordance with the provisions in force there, and which has been notified of the merger with 5 percentage points per year above the basic interest rate in accordance with Section 247 of the Civil Code Galvansen. The assertion of further damage is not excluded. (4) Power a member of a transferring cooperative under the conditions of the first sentence of Article 29 (3) of Regulation (EC) No 1435/2003 asserts that his business assets are In the case of the European Cooperative Society, which is lower than its business assets in the transferring cooperative, the Court of First Instance has to determine, at its request, an appropriate cash payment in accordance with the Spruch Procedure Act. The first sentence shall also apply to members of a transferring cooperative having its head office in another Member State of the European Union or in another State Party to the Agreement on the European Economic Area if, in accordance with the law, This State is subject to a procedure for controlling and amending the exchange ratio of the shares and that German courts have international jurisdiction to carry out such proceedings. Unofficial table of contents

§ 8 Disappointment by individual members

(1) Where a European Cooperative, which is to have its head office abroad, is established by a merger in accordance with the procedure laid down in Regulation (EC) No 1435/2003, the shares and memberships based on the merger effect shall apply to: European Cooperative as not acquired if they are knocked out. (2) The right to be embezzled has any member of a transferring cooperative with its registered office in Germany, if it is in the General Assembly, which according to § 13 para. 1 of the Transform Act on consent to the merger agreement,

1.

and contrary to the terms of the Protocol to the Merger Decision, or

2.

, unless it has been wrongly admitted to the Assembly or if the Assembly has not been duly convened or the subject-matter of the decision-making has not been properly disclosed.

If a meeting of representatives has decided the merger, each member shall be entitled to discharge; for the representatives, the first sentence shall apply. (3) The embezzling shall be submitted to the European Cooperative in writing within two months of the date of the date of the date of the date of the merger. where the merger in the host Member State of the European Cooperative Society has been registered and made known in accordance with the provisions in force there. The embezzles cannot be explained under a condition or a time specification. It shall take effect from the date on which the declaration of the European Cooperative's Declarations of Ity is awarded. (4) The European Cooperative Society shall have an earlier member whose participation in the European Cooperative Society as referred to in paragraph 1 shall be deemed to be effective. shall be deemed not to have been acquired on the basis of the final balance sheet of the transferring cooperative. § 93 (2) and (3) of the Transformation Act shall be applied accordingly to the dispute. (5) Claims for payment of the business credit pursuant to the second sentence of paragraph 4 in conjunction with Section 93 (2) of the Transformation Act have been in force within six months of the embezzling. However, the disbursement may not be made before the creditors have been granted security pursuant to § 9 sentence 1 in conjunction with Section 11 (1) and (2) security and before the expiry of two months from the date on which the merger in the host Member State of the European Union The cooperative has been registered and made known in accordance with the rules in force there. Unofficial table of contents

§ 9 creditor protection in the case of merger

If the future seat of the European Cooperative is located abroad, Section 11 (1) and (2) shall apply accordingly. The competent court shall issue the certificate referred to in Article 29 (2) of Regulation (EC) No 1435/2003 only if the members of the Management Board of the Transferring Cooperative ensure that all creditors who are entitled to a claim to security performance, adequate security has been provided.

Section 3
Seat and seat laying

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Section 10 Falling apart of the State of the sitting and the main administration

(1) A European cooperative society no longer fulfils the obligation laid down in Article 6, first sentence, of Regulation (EC) No 1435/2003, this is considered to be an essential deficiency of the Articles of Association in the sense of Section 94 of the Cooperative Act in conjunction with § 397 sentence 2 of the Law on the Procedure in Family Matters and in the Matters of Voluntary Jurisdiction. The register court asks the European Cooperative to terminate within a specified period the irregular state, either by re-establishing its head office in the host State or by its registered office in accordance with the procedure laid down in the Article 7 of Regulation (EC) No 1435/2003. (2) The Court of First Instance shall, within the time limit laid down in the second sentence of paragraph 1, not comply with the request, shall have the European Cooperative under Section 395 in conjunction with Section 393 (3) and (4) of the Law on the procedure in family matters and in the affairs of voluntary Jurisdiction to be deleted as void. Unofficial table of contents

§ 11 Protection of creditors in the case of selaying of seats;

Where a European Cooperative Society is established in accordance with Article 7 of Regulation (EC) No 1435/2003, the creditors of the European Cooperative Society shall, in so far as they are unable to claim satisfaction, be provided with the creditors of the European Cooperative Society within two years. Months after the date on which the lay-off plan has been disclosed, declare their entitlement by reason and amount in writing and make it credible that the meeting jeopardises the performance of their claims. The creditors shall be informed of this right in the settlement plan. (2) The right to guarantee the security referred to in paragraph 1 shall be subject to the creditors only in respect of such claims, which shall be made before or up to 15 days after the publication of the settlement plan (3) The competent court shall only issue the certificate provided for in Article 7 (8) of Regulation (EC) No 1435/2003 if:

1.

in the case of a European cooperative with a dual system, the members of the management body and, in the case of a European cooperative with a monistitic system, the managing directors shall ensure that all creditors subject to the provisions of paragraph 1 and 2 are entitled to security, have been provided with adequate security, and

2.

the representative bodies of the European Cooperative Society declare that an action against the effectiveness of the decision is not, or has not been brought before the deadline, or that such an action has been brought to a final conclusion or has been withdrawn.

Section 4
Establishment of the European Cooperative

Subsection 1
Dualistic system

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§ 12 Order of the members of the management board

The Statute of the European Cooperative Society may stipulate that the members of the Board of Management shall be elected and dismissed by the General Assembly. Unofficial table of contents

§ 13 Perception of management by members of the supervisory body

The assignment of a member of the Board of Supervisors for the performance of the duties of a member of the governing body referred to in the second sentence of Article 37 (3) of Regulation (EC) No 1435/2003 shall be admissible only for a period of time limited in advance. Unofficial table of contents

Section 14 Number of members of the governing body

The managing body must consist of at least two persons. The statutes may provide for a higher number. Unofficial table of contents

Section 15 Number of members and composition of the Board of Supervisors

(1) The Board of Supervisors shall consist of at least three persons. The statutes may provide for a higher number. The participation of employees in accordance with the SCE Participation Act remains unaffected. (2) The composition of the Supervisory Board shall be subject to § 96 (4) and Articles 97 to 99 and 104 of the German Stock Corporation Act, whereby the SCE works council also (3) § 51 of the Cooperative Act is to be applied with the proviso that the unlawfulness of the election proposals for the employees ' representatives in the Board of Supervisors shall be subject only to the provisions of the Member States of the European Union on the occupation of the seats allocated to them can be. § 37 (2) of the SCE Participation Act applies to the employees ' representatives from Germany. Unofficial table of contents

Section 16 Information request of individual members of the supervisory board

Any member of the Board of Supervisors may require the managing body to provide any information pursuant to the first sentence of Article 40 (3) of Regulation (EC) No 1435/2003, but only to the Board of Supervisors.

Subsection 2
Monist system

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Section 17 Registration and registration

(1) A European Cooperative Society which, in accordance with Article 36 (b) of Regulation (EC) No 1435/2003, has adopted in its Statute the monistic system with an administrative body (administrative board), shall, in the case of a court of all founders, be members of the (2) In the notification, the Managing Directors shall ensure that there are no circumstances in which they are placed under the Regulation. (EC) No 1435/2003, and that they should be informed of their unrestricted The obligation to provide information to the court has been awarded. The notification shall indicate the nature and extent of the power of representation of the managing directors. The application must be accompanied by a copy of the documents relating to the appointment of the Board of Directors and the Managing Directors. (3) In the case of the registration, the managing directors and their power of representation must be disclosed. (4) (dropped) Unofficial table of contents

Section 18 Tasks and rights of the Board of Directors

(1) The Management Board shall direct the European Cooperative, shall determine the principles of its activities and supervise its implementation. (2) The Board of Directors shall convene a General Assembly if this is in the interest of the European Cooperative (3) The Management Board shall ensure that the necessary trading books are kept. He may, at any time or through individual members of the Board of Directors to be determined, consult the books and writings of the European Cooperative Society and the holdings of the Cooperative Fund and the stocks of securities and goods, and (4) In the case of lineup of the annual balance sheet or an interim balance sheet, or if it is reasonable to assume that there is a loss which is not covered by half of the total amount of the business assets and the reserves, the Board of Directors shall immediately convene the General Assembly and its to indicate this. In the event of insolvency or over-indebtedness of the European Cooperative, the Board of Directors must submit the insolvency application in accordance with Section 15a (1) of the Insolvency Code; in addition, § 99 of the Cooperative Act applies accordingly. (5) Legislation outside of this Act, which assign rights or obligations to the Executive Board or the Supervisory Board of a cooperative, shall apply mutatily to the Board of Directors, insofar as not in this Act for the Board of Directors and for Executive Directors specific rules are included. Unofficial table of contents

Section 19 Number of members and composition of the Management Board

(1) The Administrative Board shall consist of at least five persons, of at least three persons in the case of a European Cooperative Society, which has no more than 20 members. The involvement of employees in accordance with the SCE Participation Act remains unaffected. In the case of a European cooperative which is capital-market-oriented in the sense of § 264d of the Commercial Code, at least one independent member of the Board of Directors must have expertise in accounting or auditing. (2) To the The composition of the Board of Directors is to be applied in accordance with Section 96 (4) and Articles 97 to 99 and 104 of the German Stock Corporation Act, whereby

1.

the rights and obligations assigned to the Board of Management are to be exercised by the Chairman of the Board;

2.

The SCE works council is also entitled to apply according to § 98 (2) and § 104 (1) of the German Stock Corporation Act (AktG).

(3) In order to challenge the election of members of the Board of Directors, Section 51 of the Cooperative Act applies accordingly, whereby the illegal addition of nominations for the employees ' representatives on the Administrative Board shall only be subject to the provisions of the Member States of the European Union shall be able to assert the seats allocated to them. § 37 (2) of the SCE Participation Act applies to the employees ' representatives from the national territory. (4) The Board of Directors may appoint an audit committee to monitor the accounting process and the effectiveness of the internal audit. control systems, the risk management system and the internal audit system. It must be staffed by a majority of non-executive members. If the Board of Directors of a European Cooperative Society, which is capital-market-oriented in the sense of Section 264d of the Commercial Code, sets up a Audit Committee, it must belong to at least one member, which shall be subject to the conditions laid down in § 19 The second sentence of paragraph 1 is met, and the chairman of the Audit Committee shall not be a managing director. Unofficial table of contents

Section 20 Abconvening of the members of the Board of Directors

Members of the Board of Directors who have been elected by the General Assembly without being bound by an election proposal may be dismissed from it before the end of the term of office. The decision shall require a majority of at least three-quarters of the votes cast. Unofficial table of contents

§ 21 Due diligence and responsibility of the members of the Board of Directors

§ 34 of the Cooperative Act applies accordingly to the duty of care and responsibility of the members of the Management Board. Unofficial table of contents

Section 22 Executive Directors

(1) The Board of Directors shall appoint one or more Managing Directors. Members of the Board of Directors may be appointed to Executive Directors, provided that the majority of the Board of Directors continues to consist of non-executive members. The order must be entered for registration in the Register of Cooperatives. The Articles of Association may make arrangements for the appointment of one or more managing directors. Section 38 (2) of the SCE Participation Act remains unaffected. (2) The Managing Directors conduct the business of the European Cooperative Society. If a number of Managing Directors are appointed, they are only authorised to take part in the management of the Management Board; the Articles of Association or a Rules of Procedure adopted by the Management Board may determine deviating factors. Tasks assigned by law to the Board of Directors cannot be transferred to the Executive Directors. To the extent that notifications and the filing of documents relating to the register of cooperatives are to be made in accordance with the legislation of the Management Board in force for cooperatives, the Executive Directors are replaced by the Executive Directors. (3) if the annual balance sheet or an interim balance sheet is drawn up, or if it is reasonable to assume that there is a loss which is not covered by half of the total amount of the business assets and the reserves, the managing directors without delay to the Chairman of the Management Board to report on it. The same shall apply if the European Cooperative becomes insolvent or if an over-indebtedness of the European Cooperative is obtained in the sense of Section 98 of the Cooperative Act. (4) Executive Directors may at any time by decision of the The Administrative Board shall be convened by a simple majority, provided that the Articles of Association do not regulate otherwise. The general rules apply to the claims arising from the employment contract. (5) Managing Directors shall report to the Administrative Board at any time at the request of the Board of Directors on the affairs of the European Cooperative Society. (6) For the The duty of care and responsibility of the Managing Directors is governed by Section 34 of the Cooperative Act. (7) The provisions relating to the Managing Directors shall also apply to their alternates. Unofficial table of contents

§ 23 Representation

(1) The Managing Directors shall represent the European Cooperative of Justice and Extra-Judicial. If a European cooperative does not have executive directors (leadership), the European Cooperative Society shall be provided by the Management Board in the event that it is delivered to the Cooperative State in relation to declarations of intent or to be served in documents. (2) Several managing directors are authorized only jointly to represent the European Cooperative Society if the Articles of Association do not determine otherwise. If a declaration of intent is to be submitted to the European Cooperative, the levy shall be sufficient to a managing director or, in the case of the second sentence of paragraph 1, to a member of the Board of Directors. (3) The Statute may also: determine that individual Managing Directors are authorised to represent the European Cooperative alone or in the Community with a Procurator. The second sentence of paragraph 2 shall apply in these cases. (4) Managing Directors empowered to represent them may authorize individual directors to take certain transactions or certain types of transactions. This shall apply if a single managing director in the Community is authorised to represent the European Cooperative with a Procurator. (5) The Management Board shall represent the Directors of the Executive Directors of the Executive Directors. European Cooperative of Judicial and Extra-judicial. Unofficial table of contents

§ 24 (omitted)

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Section 25 Information on business letters

(1) In all business letters of whatever form addressed to a particular recipient, the legal form and registered office of the European Cooperative Society, the Register Court of the registered office of the European Cooperative Society and the number, under which the European Cooperative Society is registered in the Cooperative Register, as well as all managing directors and the Chairman of the Board of Directors, with the surname and at least one given first name. (2) § 25a (2) and (3) of the Cooperative Act shall apply accordingly. Unofficial table of contents

Section 26 Registration of amendments

The Managing Directors shall notify any amendment to the Board of Directors concerning them, as well as the appointment, convocation and amendment of the power of representation of Executive Directors, for entry in the Register of Cooperatives. Section 17 (2) shall apply accordingly. Unofficial table of contents

Section 27 The drawing up, examination and determination of the annual accounts

(1) The Managing Directors shall draw up the annual accounts and annual report and shall immediately submit them to the Management Board for consideration. The Chairman of the Board of Directors shall immediately submit the annual financial statements and the management report to the General Assembly for the purpose of establishing them. (2) Each member of the Board of Directors shall have the right to take note of the originals and audit reports. The templates and examination reports are to be handed out to each member of the Board of Directors.

Subsection 3
General Assembly

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§ 28 Convocation by Examination Association

Under the conditions of § 60 of the Cooperative Act, the Association of Examiners is also entitled to convene an Extraordinary General Assembly of the European Cooperative Society. Unofficial table of contents

Section 29 Multivoting rights

Pursuant to Article 59 (2) of Regulation (EC) No 1435/2003, the Statute of the European Cooperative Society may grant members voting rights in accordance with § 43 (3) sentence 3 of the Cooperative Act. Unofficial table of contents

§ 30 Voting Rights of Investing Members

(1) Each of the investing members shall have one vote, subject to the second sentence of Article 59 (3) of Regulation (EC) No 1435 /2003. (2) The Statute of the European Cooperative shall ensure, by means of appropriate arrangements, that investing members the other Members may not in any case overrule and that decisions of the General Assembly, for which a majority of at least three-quarters of the votes cast is required by law or by statute, by investing members cannot be prevented. Unofficial table of contents

Section 31 Sector and Section Meetings

The Statute of the European Cooperative Society may, within the framework of Article 63 of Regulation (EC) No 1435/2003, provide for a sector or section meeting. Section 43a (7) of the Cooperative Act is to be applied accordingly, unless otherwise provided for in Article 55 of Regulation (EC) No 1435/2003.

Section 5
Annual accounts and management report

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Section 32 List of annual accounts and annual reports

(1) § § 336 to 338 of the Commercial Code shall apply mutamatters to the preparation of the annual financial statements and the annual report. (2) If the European cooperative is a credit institution, the § § 340 to 340j of the German Commercial Code shall apply. Trade Code accordingly. Unofficial table of contents

§ 33 Disclosure

(1) For the disclosure, § 339 of the Commercial Code applies accordingly. (2) If the European Cooperative is a credit institution, the § § 340l and 340o of the Commercial Code shall apply accordingly. Unofficial table of contents

Section 34 Examination

(1) § § 53 to 64c of the Cooperative Act are applicable to the examination of the European Cooperative Society. (2) If the European Cooperative is a credit institution, § 340k (1) and (2) of the Commercial Code shall apply. accordingly.

Section 6
Rules of responsibility, penal and fines

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Section 35 responsibilities

For the registration of the European Cooperative Society and for the tasks referred to in Article 7 (8) and Article 29 (2), and Articles 30 and 73 (1) and (5) of Regulation (EC) No 1435/2003, this is in accordance with § 10 of the Cooperative Act and § § 10 of the Cooperative Code of Cooperative and Cooperative Society 3 of the Law of the Court of Justice in conjunction with Section 376 of the Law on the Procedure in Family Matters and in the Matters of Voluntary Jurisdiction of the Court of Justice of the Court of First Instance. The competent court, pursuant to Article 54 (2) of Regulation (EC) No 1435/2003, is determined in accordance with Article 23a (1) and (2) (4) of the Law on the Law of Justice in conjunction with Section 376 of the Law on the Procedure in Family Matters and in the Matters of voluntary jurisdiction. The competent authority of the competent authority within the meaning of Article 73 (1) of Regulation (EC) No 1435/2003 is the competent supreme state authority in accordance with Section 63 of the Cooperative Act, in the district of which the European Cooperative Society is situated. Unofficial table of contents

Section 36 Criminal and penal rules

(1) The criminal provisions of § § 147 to 151 of the Cooperative Act, Section 15a (4) and (5) of the Insolvency Code, § 340m in conjunction with § § 331 to 333 of the Commercial Code and § § 313 to 315 of the Transformation Act and the The provisions of Section 152 of the Cooperative Code of Cooperative and Section 340n of the Commercial Code also apply to the European Cooperative Society within the meaning of Article 8 (1) (c) (ii) of Regulation (EC) No 1435/2003. As far as

1.

Members of the Executive Board,

2.

Members of the Supervisory Board, or

3.

Members of the representative body

of a cooperative, they shall apply to the European Cooperative Society with a dual system in the cases referred to in points 1 and 3 for the members of the management body and, in the cases referred to in point 2, to the members of the supervisory body. In the case of the European Cooperative with a monistic system, they shall apply to the Executive Directors of the Directors and in the cases of the second sentence of sentence 2 (2) to the members of the Board of Directors, in the cases set out in the second and third sentences of sentence 2. three years or with a fine shall be punished, who

1.

as a member of the Executive Board, contrary to Section 9,

2.

as a member of the governing body of a European cooperative with a dual system or as managing director of a European cooperative with a monistic system, contrary to Article 11 (3) (1) or

3.

as the managing director of a European cooperative with a monistitic system, contrary to § 17 (2) sentence 1, also in conjunction with § 26 sentence 2,

does not give out insurance properly.

Section 7
Final provisions

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Section 37 Transitional provision on the Accounting Law Modernisation Act

§ 19 (1) sentence 3 and (4) sentence 2 and 3 in the version of the Accounting Law Modernisation Act of 25 May 2009 (BGBl. 1102) shall not apply as long as all members of the Management Board and the Audit Committee have been appointed before 29 May 2009. Unofficial table of contents

Section 38 Transitional provision on the Act for the Implementation of the Shareholders ' Rights Directive

In the case of the first sentence of Article 7 (3), it shall remain in the case of the interest rate applicable up to that date for the period before 1 September 2009.