Law on the privatization and reorganization of the assets of the people

Original Language Title: Gesetz zur Privatisierung und Reorganisation des volkseigenen Vermögens

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Law on the privatization and reorganization of the assets of the people (Treuhandgesetz)

Unofficial table of contents

TreuhG

Date of completion: 17.06.1990

Full quote:

" Treuhand Act of 17 June 1990 (GBl. GDR 1990 I p. 300), most recently by Article 19 (8) of the Law of 12 December 2007 (BGBl. I p. 2840).

Status:

Last amended by Art. 19 Abs. 8 G v. 12.12.2007 I 2840

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof applicable: 3.10.1990 + + +) 
(+ + + measures due to EinigVtr cf.  TreuhG Appendix EV + + +)

The continuing right of the former. German Democratic Republic gem. Art. 25 and in accordance with d. Art. 9 EinigVtr v. 31.8.1990 iVm Art. 1 G v. 23.9.1990 II 885, 889 mWv 3.10.1990. Unofficial table of contents

Input formula

Carried on by the intention,

-: the entrepreneurial activity of the State as a result of privatisation as soon as possible and as far as possible;
-: to create the competitiveness of as many companies as possible and thus to secure jobs and create new ones,
-: to provide ground and ground for economic purposes,

the following law shall be adopted: Unofficial table of contents

§ 1 Transfer of assets

(1) The wholly-owned property is to be privatised. The property may also be transferred to municipalities, towns, counties and countries as well as to the public authorities as property, in cases determined by law. National property, which serves municipal tasks and municipal services, is to be transferred through law to municipalities and cities. (2) The Council of Ministers contributes to the privatization and reorganization of the most popular assets. Responsibility and is accountable to the Volkskammer. (3) The Council of Ministers instructs the Treuhandanstalt to implement the relevant measures. (4) The Treuhandanstalt will become the owner of the shares of the Capitalsocieties, which are transformed into the register of the national economy (5) Registrants registered in the United States of the European Union (hereinafter referred to as "economic units") have been established or have already been established before the entry into force of this Act. (5) The provisions of this paragraph shall not apply to the assets of the right-holders, to the extent that the legal entity

-: the State,
-: the Deutsche Post with its DGs, the Deutsche Reichsbahn, the administration of waterways, the administration of the public road network and other state-owned enterprises,
-: Municipalities, towns, counties and countries of enterprises or institutions,
-: an economic unit for which a liquidation notice has been entered in the register of the national economy until the date of entry into force of this Act;

(6) For the privatisation and reorganisation of the assets in agriculture and forestry, the trusteeship must be designed in such a way that the economic, environmental, structural and ownership characteristics of this property are Area is taken into account. Unofficial table of contents

§ 2 Position and duties of the Treuhandanstalt

(1) The Treuhandanstalt is a legally competent Federal Institute of Public Law. It is used to privatise and exploit fully-owned assets in accordance with the principles of the social market economy. Participations of the Treuhandanstalt are indirect shareholdings of the Federal Government. (2) The subject and legal supervision is the responsibility of the Federal Ministry of Finance, which is the subject of supervision in agreement with the Federal Ministry for Economic Affairs and Technology and the Federal Ministry of Economics and Technology. (3) (3) (omitted) (4) (4) The Federal Ministry of Finance shall adopt the Rules of Procedure of the Anstalt after hearing of the other winemaker (s). (5) The Treuhandanstalt (Treuhandanstalt) is § 65 (1) (2) to (4), para. 2 up to 4, § 68 (1) and § § 69 and 109 in accordance with and § 111 of the Federal budget regulation directly applicable. Companies in the legal form of a legal person under private law, in which the Treuhandanstalt is directly or indirectly involved with a majority, are subject to § § 53 and 54 of the Law on Budgetary Control and § § 65 to 69 of the German Budget Act. Federal budget regulation accordingly. The Federal Ministry of Finance may, by means of a regulation, declare other provisions of the Federal Budget Regulations applicable to the Treuhandanstalt as far as this is due to the acceptance of the business duties of the Treuhandanstalt. (6) The Treuhandanstalt has to promote the structural adjustment of the economy to the needs of the market by influencing, in particular, the development of viable enterprises and the privatisation of enterprises which are capable of being competitive . It looks at the fact that, through appropriate unbundling of business structures, marketable enterprises are formed and an efficient economic structure is created. (7) The countries referred to in Article 1 of the Unification Treaty shall act within the framework of the the Federal Government's financial responsibility for the performance of the duties of the Treuhandanstalt. The details will be set out in an administrative agreement. (8) The headquarters of the Treuhandanstalt is Berlin. Unofficial table of contents

Section 2a Economic plan

(1) Before the beginning of each calendar year, the institution or the unwinder of the institution shall set up an economic plan. To the extent that the Treuhandanstalt cannot finance its expenses from its own resources, it receives grants from the federal budget on the basis of its economic plan according to § § 23, 44 and 44a of the federal budget. (2) Details of the The preparation and execution of the economic plan as well as the accounting and auditing shall be governed by a financial statute issued by the Federal Ministry of Finance after hearing of the other unwinder, in agreement with the Federal Court of Auditors. (3) The Treuhandanstalt can guarantee guarantees, guarantees or other warranties Only in agreement with the Federal Ministry of Finance and the Federal Ministry for Economic Affairs and Technology, and only within the framework of the overall amount set out in the economic plan. Unofficial table of contents

§ 3 Abwickler of the Anstalt

The remaining assets of the institution are handled by the Federal Ministry of Finance or by one or more other liquiders to be ordered by the Federal Ministry of Finance. The Abwinder or the Abwickler represent the Anstalt im Rechtsverkehr. Unofficial table of contents

§ 7 Treuhand-Stock Companies

(1) The Treuhandanstalt can carry out its tasks in a decentralised organisational structure via trustee stock companies which, according to number and purpose, with the tasks of the Treuhandanstalt, the privatization and exploitation of the volk Secure assets according to business principles. (2) The shares of the Treuhand stock companies are not transferable. The records of the Treuhand stock companies are to be confirmed by the Board of Directors of the Treuhandanstalt. (3) The Board of Directors of the Treuhandanstalt shall assign the individual trustees to the individual trustees in accordance with the desirability aspects. of their holdings to be held. Unofficial table of contents

§ 8 Tasks of the Treuhand-Stock Companies

(1) Trust-share companies have to ensure, in the field of business consulting and sales companies as well as banks and other appropriate companies, that the following tasks are carried out in the business and business sectors: have been resolved in a decentralised way:

-: Privatization by divestment of business shares or property shares,
-: ensuring the efficiency and competitiveness of businesses,
-: Decommissioning and exploiting the assets of non-refurbishing companies or parts of businesses.

(2) The Treuhand-share companies have to report to the Treuhandanstalt on the progress of the privatization. Unofficial table of contents

§ 9

(1) In order to ensure efficiency and competitiveness, the trust-share companies in the companies in their area have to create such structures that meet the conditions of the market and the objectives of the social market economy (2) The trust-share companies have to ensure that the companies in their area are enabled as quickly as possible to finance themselves through the money and capital markets themselves. (3) In order to improve the earnings situation of Companies, as well as for remediation programmes, are external consultants in appropriate cases (4) The Treuhand stock companies may, in order to strengthen the companies in their area, make use of all market opportunities, in particular in connection with remediation measures, e.g. Take credit or grant guarantees. Unofficial table of contents

§ 10 Institutions of the Treuhand-Stock Companies

(1) The members of the Supervisory Board who represent the Treuhandanstalt in the Treuhand-Aktiengesellschaft shall be appointed by the Board of Trustees of the Treuhandanstalt. The provisions of the Act on the participation of employees in the supervisory boards of the Treuhand-share companies shall be subject to the provisions of the Act on the participation of employees in the supervisory boards of the Treuhand-share-companies. Effect of the legislation of the Federal Republic of Germany in the German Democratic Republic on the electoral procedure for the employees ' representatives suspended until 31 March 1991. The trade unions represented in the capitalcompanies in which the Treuhand stock companies hold the shares are jointly responsible for the right of the employees ' representatives to take advantage of the right of proposal. They may also be represented by authorized agents. (3) The Board of Trustees of the Treuhand-share companies shall have experience in the management of companies, in particular in the remediation and sale of business shares. .

-
Conversion of economic units into capital companies

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§ 11

(1) The economic units referred to in Article 1 (4), which are not yet converted into capital companies until 1 July 1990, shall be converted into capital companies in accordance with the following provisions. Common-side combinations are held in joint stock companies, combined companies and other economic units in corporations, preferably in companies with limited liability (in the case of companies with limited liability) (2) From 1 July 1990, the economic units referred to in paragraph 1 shall be limited liability companies or companies with limited liability. The conversion shall at the same time bring about the transfer of assets from the fund habit of the previous economic unit and of the ground and land in the legal entity into the ownership of the capital company. (3) The conversion shall be effected in accordance with Paragraph 1 shall not be submitted

-: economic units for which a liquidation notice has been entered in the register of the national economy until the date of entry into force of this Act;
-: the Deutsche Post with its DGs, the Deutsche Reichsbahn, the administration of waterways, the administration of the public road network and other state-owned enterprises,
-: Municipalities, towns, counties and countries of enterprises or institutions,
-: Foreign trade undertakings in liquidate which, in accordance with Annex 1, Article 8 (4) (1) of the Treaty establishing a Monetary, Economic and Social Union, between the German Democratic Republic and the Federal Republic of Germany, receivingreceivingand to settle liabilities in Western currencies,
-: fully-owned estates and state forestry enterprises.

Unofficial table of contents

§ 12

(1) The joint stock companies resulting from the combined companies shall hold the shares of the shares of the companies with limited liability which were subject to the combination before 1 July 1990. (2) A public limited liability company within the meaning of paragraph 1 shall offer its shares in a limited liability company of the Treuhandanstalt against an equitable remuneration if the management of the company with limited liability so requires. Unofficial table of contents

§ 13

The conversion of an economic unit into a capital company shall be entered in the register in which this economic unit has so far been registered, with reference to that law. Unofficial table of contents

§ 14

The company of the capital company created pursuant to Article 11 (2) must contain the name "Aktiengesellschaft im Aufbau" or "Gesellschaft mit beschränkter Haftung im Aufbau" ("Company with limited liability in the construction"). Unofficial table of contents

§ 15

(1) The capital company shall be entered in the Commercial Register by its own motion with reference to this Act. (2) For the registration in the Commercial Register, the capital company shall be subject to the register court by 16 July 1990 at the latest. information:

1.: the name of the previous economic unit;
2.: Company and registered office of the company;
3.: the object of the undertaking;
4.: Name of each member of the provisional Executive Board or the provisional Managing Director.

(3) The Treuhandanstalt (Treuhandanstalt) and the responsible Treuhand-Aktiengesellschaft (Treuhand-Aktiengesellschaft) are to be informed at the same time of the information Until 31 July 1990, they shall also be required to submit a statement of the assets of the capital company at the time of the conversion, as well as a preliminary conception for the business activity. In the case of asset items, the quantities of which are subject to short-term changes, a physical stocktaking shall be made on 1 July 1990. (4) Up to the determination of the share capital or capital stock in the social contract or in the The capital stock of a company with limited liability is 50,000 Deutsche Mark, the capital stock of a public limited liability company 100,000 Deutsche Mark. Unofficial table of contents

§ 16

(1) By 31 July 1990, the Treuhandanstalt shall appoint persons as provisional members of the Management Board or provisional Managing Directors. Until they have been appointed, the tasks of the Management Board or of the Management Board are to be carried out by the Managing Directors-General or Directors-General. (2) The provisions of the German Stock Corporation Act or of the Law on the Companies with limited liability over the position and responsibility of the members of the Executive Board or the managing directors shall apply to the persons referred to in paragraph 1 above. The Treuhandanstalt is liable for damages resulting from the breach of duty of these persons. Claims of the Treuhandanstalt against these persons on the basis of other legal provisions remain unaffected. Unofficial table of contents

§ 17

(1) Until the final determination of the articles of association of a public limited company pursuant to section 11 (2), their shares shall be denominated in the holder. The nominal amount of the shares is fifty German marks. (2) Until the final conclusion of the social contract of a company with limited liability according to § 11 para. 2, the stock inlay is one thousand German marks. Unofficial table of contents

§ 18

The financial year of the capital companies created pursuant to section 11 (2) is the calendar year. Unofficial table of contents

§ 19

Immediately after the registration of the public limited company in the construction or the company with limited liability in the structure of the commercial register, its preliminary governing body shall have the responsibility for the formation of a public limited company or a company , with limited liability, to initiate legally necessary measures for the establishment. Unofficial table of contents

§ 20

(1) The capital companies have the Treuhandanstalt up to the 31. October 1990:

1.: a draft of a social contract or a statute in accordance with statutory provisions, stating the share capital or share capital, and any capital increase which may be intended or required;
2.: Final balance sheet of the economic unit and opening balance sheet on the date of the conversion and a statement of all rights and obligations, claims and liabilities, the agreements reached with the banks and the intended establishment of the agreement Other companies have a legal system of succession. The balance sheets shall be examined by the Court of Auditors, or by auditors or audit firms;
3.: The founding report and the management report, which also show the business performance and the position of the economic unit for the last financial year;
4.: Information on floor areas of the capital companies.

(2) The requirements set out in paragraph 1 shall be deemed to have been fulfilled for economic units which have submitted an application for conversion and the documents necessary for it to the Treuhandanstalt before the entry into force of this Act. (3) After the 31. October 1990 may be the conclusion of the social contract or the declaration of the statutes by the Treuhandanstalt with the participation of the capitalist companies. After the end of this term, the Treuhandanstalt may commission auditors or auditing companies to produce the Founding Report and the Management Report as well as the opening balance sheet at the expense of the capital company. Unofficial table of contents

Section 21

(1) The provisional management body shall notify the implementation of the measures in accordance with § 19 in the commercial register. The application shall be accompanied by:

1.: the social contract or the statutes;
2.: the opening balance;
3.: the Founding Report;
4.: the audit report.

(2) In the case of Section 20 (3), the Treuhandanstalt shall initiate the application. (3) If the legal requirements for the registration of the corporations are fulfilled, the register court shall delete the addition "in the construction" in the previous company of the Capital company. Unofficial table of contents

Section 22

Capital companies which have arisen pursuant to section 11 (2) are dissolved at the end of June 30, 1991, if the measures required pursuant to § § 19 and 21 have not been carried out until this date. Unofficial table of contents

Section 23

Section 11 (2) and section 15 (3) also apply to conversions which, pursuant to the regulation of 1 March 1990, are used for the conversion of fully-owned combined entities, businesses and institutions to capital companies (GBl. 107); § 12 (2) shall also apply to limited liability companies which have been created by means of a conversion within the meaning of this Regulation. Unofficial table of contents

Section 23a Transfer of assets, resolution

(1) The institution may, by means of the total or partial succession, each as a whole be entitled to its assets under the exact name and division of the assets of the active and passive assets to the Federal Government, federal institutions or bodies. Capital companies whose shares or shares are majority-owned directly or indirectly in the hands of the federal government. The transfer agreement to be concluded between the institution and the successor to the legal successor requires the written form; § 311b (3) and § 415 of the Civil Code do not apply. With the transfer, the legal successor enters into all the rights and obligations of the institution in relation to the assets. The Federal Government and the legal successor shall be held liable by the Federal Government and the legal successor in respect of liabilities transferred in accordance with the first sentence to institutions of the Federal Government or capital companies. (2) The Federal Ministry of the Finances dissolve the institution after completion or transfer of its assets. The resolution is to be announced in the Federal Gazette. Unofficial table of contents

§ 23c (omitted)

- Unofficial table of contents

Section 24 Transial and final provisions

(1) The provisions of this Law do not affect any claims for restitution or compensation for unlawful expropriation or the same interference. (2) This Act shall enter into force on 1 July 1990. (3) (4) The Federal Government shall Authorizes, with the consent of the Federal Council, to amend or repeal the implementing regulations adopted pursuant to this Act by 17 August 1994 with the consent of the Federal Council, in so far as they are responsible for the further fulfilment of the provisions laid down in these implementing regulations of the The tasks assigned to the Treuhandanstalt are required. Unofficial table of contents

Final formula

The above law, which has been adopted by the People's Chamber of the German Democratic Republic on the seventeenth of June, is hereby proclaimed. Unofficial table of contents

Annex EV-measures in respect of the territory which has been enclosed (Art. 3 Unification)-

In accordance with Article 25 of the agreement of 31 August 1990 iVm Article 1 of the Law of 23.9.1990 II 885, 889, the law on the privatization and reorganization of the Wholly Owned Wealth Trust Act-dated 17 June 1990 (GBl) applies. 300), with the effect of accession on the following conditions: (1) The Treuhandanstalt is also in the future entrusted with the task of structuring and structuring the former fully-owned enterprises in a competitive manner, in accordance with the provisions of the Treuhandgesetz (Treuhandgesetz). privatization. It shall be a federal institution of public law which is legally competent. The Federal Minister of Finance is responsible for the subject and legal supervision of the Federal Minister of Economics and the Federal Minister of Economics and the Federal Minister for Economic Affairs and the Federal Minister for Economic Affairs and the Federal Minister of Economics and the Federal Minister of Economics Holdings of the Treuhandanstalt are indirect participations of the federal government. Amendments to the Articles of Association shall require the approval of the Federal Government. (2) The number of members of the Board of Directors of the Treuhandanstalt will be increased from 16 to 20, for the first Board of Directors to 23. In place of the two representatives elected from the centre of the Volkskammer, the countries referred to in Article 1 shall each be given a seat on the Board of Directors of the Treuhandanstalt. By way of derogation from Section 4 (2) of the Treuhand Act, the Chairman and the other members of the Board of Directors are appointed by the Federal Government. (3) The Contracting Parties confirm that the wholly owned property shall be exclusively and exclusively for the benefit of of measures in the territory referred to in Article 3 shall be used independently of the budgetary support. Accordingly, proceeds from the Treuhandanstalt shall be used in accordance with Article 26 (4) and Article 27 (3) of the Treaty of 18 May 1990. In the context of the structural adjustment of agriculture, proceeds from the Treuhandanstalt can also be used in individual cases for debt relief measures for the benefit of agricultural enterprises. Previously, their own assets should be used. No account shall be taken of the debt to be allocated to the operating parts to be broken down. Aid for debt relief may also be granted on the basis that the undertakings reimburse, in whole or in part, the benefits granted under their economic possibilities. (4) The Treuhandanstalt referred to in Article 27 (1) of the The contract of 18 May 1990 granted authorisations to take credit is increased from a total of up to 17 billion Deutsche Mark to up to 25 billion Deutsche Mark. The above-mentioned loans are generally to be repatriated until 31 December 1995. The Federal Minister of Finance may allow an extension of the running times and, in the case of fundamentally changed conditions, an overshoot of the credit limits. (5) The Treuhandanstalt is authorized, in agreement with the Federal Minister of Finance, to the (6) In accordance with the provisions of Article 10 (6) of the Treaty of 18 May 1990, provision should be made for savings to be made to the savers at a later stage in respect of the conversion of the conversion rate to 2: (7) Until the DM opening balance has been established, the interest and redemption benefits are to be suspended on loans which were received before 30 June 1990. The accrued interest payments are to be reimbursed by Deutsche Kreditbank AG and the other banks by the Treuhandanstalt.