Financial Business Act.pdf
Financial Business Act.pdf
Financial Business Act.pdf
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While this translation was carried out by a professional translation agency, the text<br />
is to be regarded as an unofficial translation based on the latest official Consolidated<br />
<strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity.<br />
October 2006, GlobalDenmark Translations<br />
clause and (4) and (6), sections 74-77, 80 and 81; section 177; and section 178(1) of the<br />
Public Companies <strong>Act</strong> shall apply to cooperative savings banks with the changes necessary and<br />
with the derogations appearing from the provisions of this <strong>Act</strong>.<br />
(2) Cancellation of guarantor certificates out of court may take place in accordance with the<br />
regulations of section 24(3) of the Public Companies <strong>Act</strong>, applying the same notice as<br />
cancellation of non-negotiable share certificates.<br />
Special regulations regarding affiliations of cooperative savings banks<br />
89.-(1) The general meeting is the ultimate authority of the affiliation of cooperative savings<br />
bank. The voting rights of the individual cooperative savings banks shall be exercised at the<br />
general meeting through representatives appointed by the general meetings of the individual<br />
cooperative savings banks.<br />
(2) Any member of a cooperative savings bank in the affiliation of cooperative savings banks<br />
shall be entitled to attend the general meeting and to take the floor at the general meeting.<br />
90.-(1) Members of the board of directors shall be elected by the general meeting or, if the<br />
articles of association of the affiliation of cooperative savings banks so provide, by the<br />
shareholder committee.<br />
(2) The board of directors of the affiliation of cooperative savings banks shall approve the<br />
articles of association of the individual cooperative savings banks and ensure that these are<br />
not contrary to this <strong>Act</strong> or to the articles of association of the affiliation of cooperative savings<br />
banks. The board of directors may, if required by the Danish FSA, change the articles of<br />
association of the members of the affiliation of cooperative savings banks.<br />
91. The articles of association of the affiliation of cooperative savings banks shall contain<br />
provisions regarding the conditions mentioned in section 87(1), nos. 1, 2 and 6-13 as well as<br />
provisions stipulating<br />
1) that the affiliation of cooperative savings banks and its members shall constitute one<br />
unit,<br />
2) that the affiliation of cooperative savings banks and its members shall be jointly and<br />
severally liable to the obligations of the affiliation of cooperative savings banks and its<br />
members,<br />
3) how any loss of the affiliation of cooperative savings banks shall be appropriated<br />
between the individual cooperative savings banks,<br />
4) the share of the individual cooperative savings banks in the share capital and in any<br />
profit of the affiliation of cooperative savings banks, and<br />
5) regulations regarding membership, withdrawal and disqualification from the affiliation<br />
of cooperative savings banks.<br />
92. Cooperative savings banks that are members of the affiliation of cooperative savings<br />
banks shall indicate such membership in their name.<br />
EXCLUDING MINOR AMENDMENTS<br />
93. The management of the affiliation of cooperative savings banks shall be entitled to issue<br />
instructions to the members in order to ensure that the affiliation of cooperative savings banks<br />
and its members may comply with the requirements of legislation and of the articles of<br />
association.
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