Management and investment

The investment stock corporation with fixed capital may appoint an external capital management company corresponding to its object of undertaking. In addition to carrying out general management activity, this company is in particular also responsible for the investment and management of the funds of the investment stock corporation with fixed capital. The appointment of an external AIF capital management company as management company does not constitute a case under section 36, nor is it to be regarded as an enterprise agreement within the meaning of the Stock Corporation Act. Section 99 applies correspondingly, with the following provisos:
1. termination may take place only for good cause;
2. the notice period must be reasonably proportionate to the period required to liquidate the assets belonging to the investment fund; for retail investment stock corporations, however, the notice period must be at least six months. Section 100 applies correspondingly, with the proviso that the right of management and disposal over the company's assets passes to the depositary for winding-up only where
1. the investment stock corporation with fixed capital
a) does not convert into an internally managed investment stock corporation with fixed capital, or
b) does not appoint another external AIF capital management company, and
2. this
a) is in each case approved by the Federal Institute for retail investment stock corporations with fixed capital, and
b) is in each case notified to the Federal Institute for special investment stock corporations with fixed capital. Where another external AIF capital management company is appointed, section 100b(1), (3) and (4) applies correspondingly, with the proviso that, for retail investment stock corporations, the transfer becomes effective at the earliest upon the grant of the approval.