(1) Sections 185 to 191 governing the capital increase on the basis of contributions apply accordingly to the issuance of the new shares of stock unless the provisions set out below lead to a different conclusion. The authorisation to issue new shares of stock set out in the by-laws takes the stead of the resolution adopted as to the increase of the capital stock.
(2) The authorisation may provide that the management board is to decide on the preclusion of the pre-emptive right to newly issued shares of stock. Where an authorisation making this provision is granted by an amendment of the by-laws, section 186 (4) applies accordingly.
(3) The new shares of stock as a rule are not to be issued for as long as outstanding contributions to the current capital stock can still be obtained. In the case of insurance companies, the by-laws may stipulate otherwise. Where the scope in which contributions are outstanding is relatively insignificant, this does not impede the issuance of the new shares of stock. The first application for registration of the implementation of the capital stock increase is to state which contributions have not yet been made to the current capital stock and why they cannot be obtained.
(4) Subsection (3) sentences 1 and 4 does not apply if the shares of stock are issued to employees of the company.