(1) Where the management board takes the view that the composition of the supervisory board does not comply with the statutory provisions relevant in this regard, it is to give notice of this view, without undue delay, in the company’s publications of record and is to concurrently post such notice by displaying it in any and all of the company’s operations and the group member companies. The notice is to cite the statutory provisions that are relevant in the view taken by the management board. The notice is to indicate that the supervisory board will be constituted in accordance with these provisions unless parties entitled to file a petition pursuant to section 98 (2) refer the matter to the court having jurisdiction pursuant to section 98 (1) within one month of the notice having been published in the Federal Gazette.
(2) Where the matter has not been referred to the court having jurisdiction pursuant to section 98 (1) within one month of the notice having been published in the Federal Gazette, the new supervisory board is to be constituted in accordance with the statutory provisions cited in the notice published by the management board. The stipulations of the by-laws regarding the composition of the supervisory board and the number of its members, as well as the stipulations concerning the election, removal from office and delegation of members of the supervisory board will cease to have effect at the closure of the first general meeting convened following expiry of the time limit for referring the matter to the court, and at the latest six months following expiry of said time limit, inasmuch as they contradict the statutory provisions that then are to be applied. At the same point in time, the office of the current members of the supervisory board will expire. A general meeting taking place within the six-month time limit may adopt, by a simple majority of the votes cast, new stipulations for the by-laws that are to take the stead of the ineffective stipulations of the by-laws.
(3) For as long as court proceedings pursuant to sections 98, 99 are pending, no notice may be published regarding the composition of the supervisory board.