Representation and continuation of business on death

(1) Section 45 of the Trade Regulation Act does not apply to institutions.
(2) After the death of the holder of the licence, an institution may be continued for the heirs, without a licence, by two representatives for up to one year. The representatives must be appointed without delay after the death; they are deemed managers. Where a representative is not reliable or does not have the required professional qualification, the supervisory authority may prohibit the continuation of the business. It may extend the period under the first sentence for particular reasons. For financial services institutions not authorised to hold clients' money or securities in the course of providing financial services, one representative suffices.