(1) The shares of stock are registered in the names of their holders. They may be issued as bearer shares if
1. the company is listed, or if
2. the claim to individual certification of the ownership interest is precluded and the global certificate is deposited with any one of the following bodies:
a) a securities clearing and deposit bank within the meaning of section 1 (3) sentence 1 of the Securities Deposit Act (Depotgesetz – DepotG),
b) an accredited central securities depository or a recognised third-country central securities depository pursuant to Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No. 236/2012 (OJ L 257 of 28 August 2014, p. 1), or
c) some other foreign depository complying with the pre-requisites set out in section 5 (4) sentence 1 of the Securities Deposit Act, or if
3. the certification of the ownership interest is precluded and the share of stock is entered in a central securities register as stipulated in section 12 of the Act on Electronic Securities (Gesetz über elektronische Wertpapiere).
For as long as, in the case described in sentence 2 no. 2, the global certificate has not been deposited, section 67 is to be applied accordingly.
(2) The shares of stock must be registered in the names of their holders if they are issued prior to the issue price having been fully paid in. The share certificate is to set out the amount of the partial payments made.
(3) Temporary share certificates must be registered in the names of their holders.
(4) Temporary share certificates issued as bearer certificates are null and void. The issuers are liable as joint and several debtors to the holders for any damages resulting from the issuance.
(5) The by-laws may preclude or restrict the entitlement of a stockholder to claim individual certification of the ownership interest held.
(6) The by-laws are to preclude the certification of the ownership interest for those shares of stock that are entered as electronic shares of stock in an electronic securities register. Entry in a crypto securities register in accordance with section 16 of the Act on Electronic Securities is permissible only if this has been permitted expressly in the by-laws.