Shares

(1) The shares of an investment stock corporation with variable capital consist of founder shares and investment shares; an investment stock corporation established as a special investment stock corporation with variable capital may dispense with the issue of investment shares. The shares of the investment stock corporation with variable capital have no par value. They must be issued as no-par-value shares and must participate in the assets of the investment stock corporation with variable capital (share capital) to an equal extent, unless the investment stock corporation's articles of association also permit participation in fractional amounts.
(2) The persons who establish the investment stock corporation with variable capital by making the required contributions must subscribe for the founder shares. After establishment, further persons may participate by making contributions and subscribing for founder shares. The founder shares must be made out to a named holder. Founder shareholders are entitled to attend the general meeting of the investment stock corporation with variable capital and have a voting right. A transfer of founder shares is permissible only where the acquirer assumes all rights and obligations arising from these shares. The founder shareholders, and any change in their identity, must be notified to the Federal Institute, unless the investment stock corporation is a special investment stock corporation with variable capital.
(3) Investment shares may be issued only after the investment stock corporation with variable capital has been entered in the commercial register. They do not entitle the holder to attend the general meeting of the investment stock corporation and confer no voting right, unless the investment stock corporation's articles of association expressly provide otherwise. Section 139(2) of the Stock Corporation Act does not apply to investment shares.
(4) Shares may be issued only against payment in full of the issue price.
(5) Contributions in kind are impermissible for retail investment stock corporations with variable capital.