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Part 2 · Provisions for direct insurance and reinsurance  ›  Chapter 4 · Mutual insurance associations › Section 205

Redemption of the founders' fund; distribution of assets

(1) The founders' fund may be redeemed only once the claims of all other creditors, in particular those of the members arising from insurance relationships, have been satisfied or security has been provided. No additional calls or apportionments may be levied for the redemption.
(2) The association's assets remaining after settlement of the debts are distributed among the members existing at the time of the association's dissolution. They are distributed according to the same standard by which the surplus was distributed.
(3) The articles of association may provide otherwise as to the distribution of the assets; they may delegate the determination of other persons entitled to the assets to the highest representative body.

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