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Part 2 · Formation of the company › Section 26

Special benefits. Formation expenses

(1) Any special benefit granted to an individual stockholder or to a third party must be specified in the by-laws, with the beneficiary being designated.

(2) The total cost charged to the company by way of providing indemnification or granting a reward to stockholders or other persons for the formation of the company, or for the preparations for same, is to be specified separately in the by-laws.

(3) Without this specification, the contracts as well as the legal transactions serving their implementation are not effective in relation to the company. Following the entry of the company in the Commercial Register, it will not be possible to remedy such ineffectiveness by amending the by-laws.

(4) It is possible to amend the specifications only once the company has been entered in the Commercial Register for five years.

(5) Only once the company has been entered in the Commercial Register for 30 years and at least 5 years have lapsed since the legal relationships on which the specifications are based have been wound up will it be possible to cancel, by way of amending the by-laws, the determinations made in the by-laws regarding the specifications.

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