(1) Shares of stock may only be issued in return for contributions in kind if this has been provided for by the authorisation.
(2) Unless they have been specified in the authorisation, the management board is to specify and include in the certificate of subscription the object of the contribution in kind, the person from whom the company is purchasing the object, and the nominal amount – in the case of no-par-value shares the number – of shares of stock to be allotted in the context of the contribution in kind. The management board as a rule is to take the decision solely upon having obtained the consent of the supervisory board.
(3) Section 27 (3) and (4) applies accordingly.
(4) Subsections (2) and (3) do not apply to the contribution of monetary claims to which employees of the company are entitled based on a share in the profits the company has granted them.
(5) Where the shares of stock are issued in return for contributions in kind, an audit is to be performed by one or several auditors; section 33 (3) to (5), sections 34 and 35 apply accordingly. Section 183a is to be applied accordingly. Instead of giving notice, in the company’s publications of record, of the date on which the resolution as to the capital increase was adopted, the management board is to publish in same its decision regarding the issuance of new shares of stock in return for contributions in kind as well as the particulars set out in section 37a (1) and (2).
(6) Inasmuch as no audit is performed of the contribution in kind, section 184 (1) sentence 3 and (2) also applies accordingly to the application for entry in the Commercial Register of the fact that the capital increase has been implemented (section 203 (1) sentence 1 and section 188).
(7) The court may refuse to make the entry applied for if the value of the contribution in kind is lower, to a greater than negligible degree, than the minimum issue price of the shares of stock to be allotted therefor. Section 38 (3) applies accordingly if an audit of the contribution in kind is forgone pursuant to section 183a (1).