(1) The members of the management board may not carry on a trade without the consent of the supervisory board, nor may they pursue any business in the company’s line of business, regardless of whether this is for their own account or that of others. Unless they have obtained such consent, they also may not be members of the management board of some other trading company, or managing directors or general partners thereof. The consent of the supervisory board may be granted only for specific trading activities or trading companies or for specific types of transactions.
(2) Where a member of the management board violates this prohibition, the company may demand compensation of its damages. It may instead demand of the management board member that they allow the transactions they have entered into for their own account to be considered transactions entered into for the account of the company, and that they surrender the remuneration obtained for the transactions entered into for the account of some other party, or that they assign their claim to the remuneration.
(3) The company’s claims will become statute-barred following the expiry of three months from the point in time at which the other members of the management board and the members of the supervisory board become aware of the measure resulting in the obligation to provide compensation for damages, or have reason, barring gross negligence, to become aware of same. Such claims will become statute-barred, irrespective of this awareness, or grossly negligent lack of awareness, following the expiry of five years from the date on which they have arisen.