Financial Business Act.pdf

While this translation was carried out by a professional translation agency, the text
is to be regarded as an unofficial translation based on the latest official Consolidated
Act no. 286 of 4 April 2006. Only the Danish document has legal validity.
October 2006, GlobalDenmark Translations
(6) If a shareholder or guarantor in insurance companies covered by subsection (1) does not
make a payment payable by him when due, said shareholder or guarantor shall, unless
otherwise provided by the articles of association, pay annual interest, from the due date, on
the amount due and payable at a rate as defined by section 5(1) and (2) of the ”lov om renter
ved forsinket betaling m.v.” (act on interest on late payment, etc.).
(7) If payment in accordance with subsection (7) is not made within the proper time, the
company shall, without undue delay, seek to obtain payment of the amount due either by legal
action or, where possible, after four weeks' notice to the shareholder or guarantor, by seeking
to sell the share or guarantee interest for the account of the shareholder or guarantor with an
obligation on the part of the transferee to pay up the amounts outstanding together with
accrued interest. The sale shall be made through a stockbroking company, a credit institution
with a special license, a bank or by public auction. If the sale involves the issue of a new share
certificate or interim certificate, said share certificate or interim certificate shall, in addition to
stating its purpose, reproduce the contents of the old share certificate or interim certificate,
and shall be signed by the board of directors. Interim certificates may, however, be signed by
a person authorised by the board of directors.
(8) If it proves impossible to collect the amount due in any of the ways indicated, the share or
guarantee interest shall be annulled, and the capital shall then be deemed to be reduced by an
amount equal to the nominal value of the share or guarantee interest. The amount paid up
shall be transferred to a fund that may not be reduced without the consent of the Danish FSA.
(9) Notice of the capital reduction shall be sent to the Danish Commerce and Companies
Agency. Moreover, proof that the conditions for annulment of the share or guarantee interest
have been fulfilled shall be submitted to the Danish FSA.
401.-(1) Exposures and collateralisations entered into legally before 1 January 1998 between
the elected external auditors, a chief internal auditor or deputy chief internal auditor,
employees of Arbejdsmarkedets Tillægspension or LD Pensions on the one hand, and the
insurance company, bank, mortgage-credit institution, securities dealer, investment company
or Arbejdsmarkedets Tillægspension where the relevant person is employed on the other hand,
may continue until the originally agreed expiry date.
(2) Chief internal auditors or deputy chief internal auditors may, notwithstanding the ban in
section 77(10), maintain and utilise financial interests owned by said chief internal auditors or
deputy chief internal auditors at the entry into force of this Act.
402.-(1) Section 97 shall apply correspondingly to advances and deposits received from
customers before the entry into force of this Act.
(2) The provisions of the Bankruptcy Act regarding reversal shall apply correspondingly to
advances and deposits transferred to a special account in a bank in pursuance of subsection
(1).
403.-(1) Banks and mortgage-credit institutions that, at the entry into force of this Act, carry
out activities or normally expect to carry out activities requiring a license in pursuance of
section 9(1), cf. section 7(2), and section 8(2) may continue said activities if they report them
to the Danish FSA before 1 July 2004. The Danish FSA shall be responsible for granting a
license in pursuance of section 9(1) for said reported activities.
EXCLUDING MINOR AMENDMENTS