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.
11) voluntary cessation of the undertaking.
October 2006, GlobalDenmark Translations
84.-(1) Section 49(1) and (2), 3rd and 4th clause and (3)-(5) and (7), 1st clause and (8);
sections 50-53; section 54(1), 1st-3rd clause and (2)-(4); sections 55, 55 a, 57 and 58;
section 60(1) and (2); sections 61-64, 68-69 a and 70-72; section 73(1) and (2), 4th and 5th
clause and (4) and (6); sections 74-77, 80 and 81; section 177; and section 178(1) of the
Public Companies Act shall apply to savings banks with the changes necessary and with the
derogations appearing from the provisions of this Act.
(2) Cancellation of guarantor certificates out of court may take place in accordance with the
regulations of section 24(3) of the Public Companies Act, applying the same notice as
cancellation of non-negotiable share certificates.
Special regulations regarding cooperative savings banks
85.-(1) The general meeting has the ultimate authority of the cooperative savings bank and
shall consist of the members of the cooperative savings bank.
(2) Any member of a cooperative savings bank shall be entitled to attend the general meeting
and to take the floor at the general meeting. Each member of a cooperative savings bank shall
have 1 vote.
86. Members of the board of directors shall be elected by the general meeting.
87.-(1) The articles of association of a cooperative savings bank shall contain provisions
regarding
1) the name and any secondary names of the cooperative savings bank,
2) the name of the local authority in Denmark where the cooperative savings bank has its
registered office (headquarters),
3) the size of the capital of the cooperative savings bank and the shares of the individual
members in the share capital of the cooperative savings bank,
4) conditions for membership, including the right to membership and the right to
withdraw,
5) the obligations of the members of the cooperative savings bank,
6) general meeting, board of directors, board of management and auditors,
7) convening a general meeting,
8) time and place for the annual general meeting,
9) which issues are to be dealt with at annual general meetings,
10) financial reporting and use of profits,
11) adoption of proposals at the general meeting, including changes to the articles of
association,
12) voluntary cessation of the undertaking, and
13) provisions regarding redemption of the capital of the cooperative savings bank.
(2) If a cooperative savings bank is a member of an affiliation mentioned in sections 89-96,
this shall appear from the articles of association.
EXCLUDING MINOR AMENDMENTS
88.-(1) Section 49(1) and (2), 3rd and 4th clause and (3)-(5) and (7), 1st clause and (8);
sections 50-53; section 54(1), 1st-3rd clause and (2)-(4); sections 55, 55 a, 57 and 58;
section 60(1) and (2); sections 61-64, 68-69 a and 70-72; section 73(1) and (2), 4th and 5th