(1) The by-laws may provide for registered shares of stock having multiple voting rights. At a maximum, the multiple voting rights may amount to 10 times the voting right defined in section 134 (1) sentence 1. A resolution adopted by the general meeting to allot multiple voting rights to shares of stock or to issue multiple-vote shares requires the consent of all stockholders affected.
(2) In the case of listed companies, and also in the case of companies whose shares of stock are included for trading on the regulated unofficial market in accordance with section 48 of the Stock Exchange Act (Börsengesetz), the multiple voting rights will expire in the event of the share of stock being transferred. They will expire no later than 10 years after the company has been listed on the stock exchange or after the shares of stock are included for trading on the regulated unofficial market unless the by-laws stipulate a shorter period of time. The time limit provided for in sentence 2 may be extended in the by-laws by a certain time limit of up to 10 years. The resolution on the extension may be adopted at the earliest one year prior to expiry of the time limit defined in sentence 2 and requires a majority comprising, at a minimum, three quarters of the capital stock represented at the time such resolution is adopted. The by-laws may stipulate a greater majority ratio of capital. Where several classes of stock exist of shares with voting rights, the resolution adopted by the general meeting requires the consent of the stockholders of each class of stock in order to enter into force. The stockholders of each class of stock are to adopt a separate resolution regarding such consent. Sentences 4 und 5 apply to such separate resolution.
(3) The by-laws may impose further requirements.
(4) In the case of resolutions on matters defined in section 119 (1) no. 5 and in section 142 (1), multiple-vote shares entitle to one vote only.