Satisfaction by transfer of co-ownership of the collective holding

(1) The commission agent may discharge its obligation to procure for the principal ownership of particular certificates by procuring for it co-ownership of the securities belonging to the collective holding of a central securities depository; it may discharge itself by procuring co-ownership of securities belonging to the collective holding of another custodian only where the principal expressly consents in text form in the individual case.
(2) With the entry of the transfer note in the commission agent's custody register, co-ownership passes to the principal, insofar as the commission agent is entitled to dispose of it, where it has not already passed to the principal earlier under the provisions of the civil law. The commission agent must inform the principal without delay of the procurement of co-ownership.
(3) Credit institutions, investment firms and capital management companies need, by way of derogation from paragraph 2, second sentence and from sections 675 and 666 of the German Civil Code and section 384(2) of the Commercial Code, inform customers of the procurement of co-ownership of a securities collective holding and of the execution of the business only within thirteen months, provided that co-ownership is in each case acquired on the basis of a contractually agreed constant monthly, two-monthly or quarterly payment, and these payments do not annually exceed three times the highest amount up to which asset-forming benefits may be promoted under the Fifth Act on Capital Formation, as amended from time to time.