Exemptions for non-profit projects and religious communities

(1) Section 5a, sections 6 to 11a, section 12(1), sections 13 to 15a, 17, section 18(1) nos. 2 to 7, section 19(1) no. 2, sections 20 to 22, 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. In addition, under the conditions named in the first sentence, nos. 1 and 3, sections 23 to 25 also do not apply where the sale price of all asset investments of the same issuer offered does not exceed EUR 250,000.
(2) The exemption under subsection (1) applies only to asset investments issued by
1. corporations recognised as non-profit under section 52(2), first sentence of the Fiscal Code, or
2. domestic churches or religious communities constituted in the legal form of a corporation under public law that, on the basis of Article 140 of the Basic Law in conjunction with Article 137(6) of the Weimar Constitution of 11 August 1919 (Reich Law Gazette, p. 1383), levy taxes or participate in the tax revenue of the tax-levying ecclesiastical corporations.