Unit certificates; power to issue statutory instruments

(1) Units in collective investment funds are evidenced by unit certificates or issued as electronic unit certificates. The unit certificates may be made out to bearer or, insofar as they are not issued electronically, to a named holder.
(2) Where certificated unit certificates are made out to bearer, they must be evidenced in a global certificate, and the right to individual certification must be excluded. Where certificated unit certificates are made out to a named holder, sections 67 and 68 of the Stock Corporation Act apply correspondingly to them. The unit certificates may be issued for one or more units of the same collective investment fund. The unit certificates must be signed by the capital management company and by the depositary. The signature may be made by mechanical reproduction.
(3) Section 2(1), second sentence, (2) and (3), sections 3 and 4(1), point 1, (2), (4) to (6), (8) to (10), sections 6 to 8, Division 4, section 31(2), points 1 to 12, (3) and (4), and section 33, and sections 9 to 15, with the exception of section 13(1), points 2 and 3, of the Act on Electronic Securities apply correspondingly to electronic unit certificates within the meaning of subsection (1), with the proviso that
1. the electronic unit certificate takes the place of the electronic security,
2. the investment conditions take the place of the issue terms,
3. the investor takes the place of the person entitled. The first sentence does not apply insofar as the provisions of this Act provide otherwise.
(4) Where the assets belonging to the collective investment fund are jointly owned by the investors, the transferor's share in the assets belonging to the collective investment fund passes to the acquirer together with the transfer of the claims mediated by the unit certificate. The same applies to other dispositions by legal transaction, and to dispositions effected by way of compulsory enforcement or attachment. The share in the assets belonging to the collective investment fund may not be disposed of in any other manner.
(5) The Federal Ministry of Finance and the Federal Ministry of Justice and Consumer Protection may, by joint statutory instrument not requiring the consent of the Bundesrat, determine the corresponding or partially corresponding application of section 4(11), section 8(2), sections 16 to 23 with the exception of section 17(1), points 2 and 3, and sections 30 and 31(1) and (2), points 13 to 15, of the Act on Electronic Securities to electronic unit certificates within the meaning of subsection (1). Insofar as this is necessary due to the particular features of electronic unit certificates, the statutory instrument under the first sentence may also determine deviations from the aforementioned provisions, in particular for the provisions concerning the depositary.