Exemptions for social projects

(1) Section 5a, sections 6 to 11a, section 12(1), section 14(1), first sentence and (3), first sentence, sections 15a, 17, section 18(1) nos. 2 to 6, section 19(1) no. 2, sections 20, 21, section 23(2) nos. 2 and 4, section 24(5) to (8) and section 25 do not apply to asset investments within the meaning of section 1(2) nos. 3 and 4, where 1. no success-based remuneration is paid for distributing the asset investments, 2. the sale price of all asset investments of the same issuer offered does not exceed EUR 2.5 million, and 3. the agreed annual nominal interest rate does not exceed the higher of the following two values: a) 1.5 per cent, b) the market-standard issuance yield for investments in mortgage covered bonds of comparable maturity on the capital market. Section 2a(2) applies accordingly.
(2) The exemption under subsection (1) applies only to asset investments issued by issuers with a social objective laid down in their articles that have the following characteristics: 1. a balance sheet total of no more than EUR 10,000,000, and 2. sales revenue of no more than EUR 10,000,000 in the twelve months before the balance sheet date. Section 267a(1), second and third sentences of the Commercial Code applies accordingly.