Liability and responsibilities of the management board and of the supervisory board

Any members of the management board and of the supervisory board violating their duties in the course of the company’s formation will be liable as joint and several debtors to compensate the company for the damage resulting therefrom; in particular, they are responsible for ensuring that an entity determined as the entity that is to accept payments towards the capital stock (section 54 (3)) is suited for this purpose and that the amounts paid in are available to be disposed over by the management board at its discretion. Sections 93 and 116, to the exception of section 93 (4) sentences 3 and 4 and (6), apply in all other cases as regards the duty to exercise skill and care as well as the liability and responsibilities at formation of the members of the management board and of the supervisory board.