Financial Business Act.pdf
Financial Business Act.pdf
Financial Business Act.pdf
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
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 />
continue to be deemed a corporate fund. Changes in the articles of association of the fund that<br />
are necessary under the ”lov om erhvervsdrivende fonde” (corporate funds act) shall be<br />
subject to approval by the Danish Commerce and Companies Agency which shall be the fund<br />
authority.<br />
215.-(1) Changes in the articles of association of an association that has been a mortgagecredit<br />
institution may only be made with the approval of the Minister for Economic and<br />
<strong>Business</strong> Affairs.<br />
(2) The Minister for Economic and <strong>Business</strong> Affairs shall approve the articles of association if<br />
the changes are not in conflict with sections 218 and 219 and if they are not in any other way<br />
in conflict with the interests of the members.<br />
216.-(1) A fund or association that has been a mortgage-credit institution, and a fund that<br />
was established in connection with a conversion of a mortgage-credit institution into a limited<br />
company shall be managed by a board of directors with no less than 5 members, if the fund or<br />
association owns the mortgage-credit limited company.<br />
(2) The debtors of a mortgage-credit limited company and the owners of mortgage-credit<br />
bonds and other securities issued by the mortgage-credit limited company shall each elect one<br />
or more of the members of the board of directors. These members shall together comprise<br />
more than one half of the board of directors. The members elected by the owners of<br />
mortgage-credit bonds and other securities may not comprise more than one half of the board<br />
of directors.<br />
(3) The fund or association covered by subsection (1) shall lay down in the articles of<br />
association and the regulations for elections more detailed regulations for elections and<br />
composition of the board of directors. These regulations shall be approved by the Danish FSA.<br />
217. Funds and associations covered by section 216 shall notify the Danish FSA in advance of<br />
direct or indirect acquisition of a controlling influence in an enterprise and of the disposal of<br />
such a controlling influence.<br />
218.-(1) A funds or association that has been mortgage-credit institutions, and a fund that<br />
was established in connection with conversion of a mortgage-credit institution into a limited<br />
company, shall submit the audited and approved annual report to the Danish FSA in triplicate.<br />
The annual report shall be received by the Danish FSA no later than four months after the end<br />
of the accounting year. The Danish FSA shall forward one of the copies to the Danish<br />
Commerce and Companies Agency, where the annual report shall be available to the public in<br />
accordance with the regulations laid down by the Danish Commerce and Companies Agency in<br />
this regard.<br />
(2) The Danish FSA shall lay down more detailed regulations for submission of accounts.<br />
219. In the event of the winding-up of an association that has been a mortgage-credit<br />
institution, the own funds may not be distributed to the members of the association.<br />
EXCLUDING MINOR AMENDMENTS<br />
220.-(1) Mortgage-credit institutions that have been converted into limited companies in<br />
accordance with the encapsulation model may use the non-distributable fund reserve to cover<br />
losses not covered by amounts that may be used for dividends by the limited company.
Change language