Constitution of the asset management vehicle

(1) A legal entity may be an asset management vehicle only where 1. its shares are held, in whole or in part, by the resolution authority or another public body, 2. it is controlled by the resolution authority on the basis of company-law, contractual, or sovereign means of influence, and 3. it was established as an asset management vehicle for the purposes of section 107(1), point 2.
(2) Section 128(2) applies correspondingly. Where section 25a of the Banking Act does not apply to the asset management vehicle, the resolution authority's consent is required, in place of the correspondingly applicable rule in section 128(2), first sentence, point 4, for the risk management, including the corresponding strategies, pursued by the asset management vehicle.
(3) The articles of association or partnership agreement must state, as the corporate purpose, that the asset management vehicle is entrusted with managing the objects of transfer with the aim of maximising the realisation proceeds through sale or orderly wind-down.
(4) Once the tool of transfer to a bridge institution has been applied, assets may be transferred from the bridge institution to an asset management vehicle by legal transaction. Section 129(1) applies correspondingly, except that no new marketing process is required where 1. the asset management vehicle participated in the marketing process, or 2. the transfer to the asset management vehicle takes place on terms that, on an evaluative assessment, correspond to those of the most economically advantageous bid submitted in the marketing process.
(5) The managers of the asset management vehicle are liable for intent and gross negligence. Section 31 of the Civil Code does not apply to the asset management vehicle.