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
(8) The provisions laid down in sections 82-85 of the Public Companies Act on the audit shall,
subject to the necessary changes, apply to financial undertakings and financial holding
companies which are not limited companies.
(9) The board of directors may not permit that the chief and deputy chief internal auditors
perform audit tasks in undertakings outside the group, cf. section 80(1). Neither may the
board of directors permit that the chief and deputy chief internal auditors perform work other
than audit tasks in undertakings within the group or in undertakings within the same joint
administrative organisation. In special cases, the Danish FSA may grant exemptions from the
1st clause.
(10) The board of directors may not permit the chief and deputy chief internal auditors to
assume duties that mean that they come into conflict with provisions on legal capacity
corresponding to those that apply to external auditors in the ”lov om statsautoriserede og
registrerede revisorer” (state-authorised public accountants and registered public accountants
act).
(11) The Danish FSA shall lay down provisions on audit proceedings in financial undertakings,
financial holding companies and in the subsidiary undertakings of such undertakings or
companies. The Danish FSA may lay down provisions on internal audit and on the performance
of systems audits at shared computer bureaus.
200. An external auditor and a chief internal auditor shall immediately notify the Danish FSA
of matters which are of material importance to the continued operation of the undertaking,
including matters which may be observed by the auditors while performing their audit in
undertakings with which the undertaking is closely linked.
Special regulations regarding appropriation of the profit for the year by banks
201. A bank shall make all the provisions necessary according to its financial position. The
articles of association may include a duty to make provisions.
202.-(1) The annual result of a savings bank shall be added to the own funds except for
amounts due to the employees of the savings bank under agreements on profit sharing.
(2) The shareholder committee may, however, resolve that amounts shall be applied for the
public good or for charitable purposes. Such amounts may be transferred to a special fund for
payment later.
(3) In the event that the solvency ratio, cf. section 124, amounts to less than 15 per cent,
such amounts for the public good or for charitable purposes may total no more than 10 per
cent of the profit.
(4) Transfers to the guarantee capital from the other own funds of the savings bank are not
permitted.
EXCLUDING MINOR AMENDMENTS
203.-(1) Decisions regarding distribution of the profit available to a cooperative savings bank
according to the annual financial statements shall be made by the general meeting. The
general meeting may not resolve distribution of a dividend more than that proposed or
approved by the board of directors. If a cooperative savings bank is a member of an affiliation