(1) The pre-emptive right to newly issued shares of stock is exercised by a written declaration. The declaration (declaration as to the exercise of the subscription right) as a rule is to be issued in duplicate. It is to state the ownership interest according to the number of the shares of stock – and, in the case of par-value shares, according to their nominal amount – and, if several classes of stock are issued, the class of stock of the shares, the specifications stipulated by section 193 (2), the specifications intended to be made in accordance with section 194 in the context of having the contributions in kind made, as well as the date on which the resolution as to the conditional capital increase was adopted.
(2) The declaration as to the exercise of the subscription right has the same effect as does a declaration of subscription. Any declarations as to the exercise of the subscription rights will be null and void if their content does not correspond to what has been set out in subsection (1) or if they provide for any restrictions on the obligation of the party making the declaration.
(3) Where shares of a new issue are issued notwithstanding the fact that a declaration as to the exercise of the subscription right is null and void, the party making such declaration may not rely on its being null and void if they have exercised the rights of a stockholder, or if they have fulfilled obligations incumbent on a stockholder, based on the declaration as to the exercise of the subscription right.
(4) Any restriction not set out in the declaration as to the exercise of the subscription right will not be effective in relation to the company.