Exclusion proceedings

(1) The Act on Proceedings in Family Matters and in Matters of Non-Contentious Jurisdiction applies to the proceedings for exclusion under section 39a, insofar as nothing else is determined in the following subsections.
(2) The Regional Court must make the application for exclusion under section 39a known in the company gazettes.
(3) The Regional Court decides by a reasoned order. The order may not be made earlier than one month after the making known of the application in the Federal Gazette, and only once the offeror has made credible that it holds shares amounting to at least the proportion of the voting or of the total share capital of the target company required for exclusion. An appeal lies against the decision of the Regional Court; it has suspensive effect.
(4) The Regional Court must serve its decision on the applicant and the target company, and on the remaining shareholders of the company, insofar as they were heard in the proceedings on the resolution. It must further make the decision known, without the grounds, in the company gazettes. The appeal is available to the applicant and to the remaining shareholders of the target company. The period for appeal begins with the making known in the Federal Gazette, and, for the applicant and for the remaining shareholders on whom the decision was served, not before service of the decision.
(5) The decision takes effect only on becoming final. It operates for and against all shareholders. On the decision becoming final, all shares of the remaining shareholders pass to the shareholder entitled to the exclusion. Where share certificates have been issued for those shares, they embody, until handed over, only the claim to adequate compensation. The management board of the target company must file the final decision with the commercial register without delay.
(6) The court orders that the costs of the respondents necessary for the appropriate handling of the matter be reimbursed, in whole or in part, by the applicant, where this is equitable. Court costs for the proceedings of the first instance may not be imposed on the respondent.