Moratorium, suspension of banking and stock exchange dealings

(1) Where economic difficulties at credit institutions are to be feared that give rise to the expectation of serious dangers for the economy as a whole, in particular for the orderly conduct of general payment transactions, the Federal Government may, by statutory instrument,
1. grant a credit institution a deferral for the fulfilment of its liabilities, and order that, for the duration of the deferral, compulsory enforcement, attachment, and interim injunctions against the credit institution, and insolvency proceedings over the credit institution's assets, are not permissible;
2. order that credit institutions remain temporarily closed to dealings with their customers and may neither make nor accept payments and transfers in dealings with customers; it may restrict this order to types or groups of credit institutions and to particular banking business;
3. order that the exchanges within the meaning of the Exchange Act remain temporarily closed.
(2) Before the measures under subsection (1), the Federal Government must hear the Deutsche Bundesbank.
(3) Where the Federal Government takes measures under subsection (1), it must determine, by statutory instrument, the legal consequences that result from this for time limits and deadlines in the areas of civil law, commercial law, company law, bills of exchange law, cheque law, and procedural law.