§ Sec­tion 65 AktG Invi­ta­ti­on of share­hol­ders

Auc­tion § 65 para. 3 AktG

Accor­ding to Sec­tion 65 (3) of the Ger­man Stock Cor­po­ra­ti­on Act (AktG), the com­pa­ny must sell the shares of share­hol­ders excluded due to non-pay­ment of the con­tri­bu­ti­on. In accordance with Sec­tion 214 AktG, the com­pa­ny must sell the new shares issued from share­hol­der funds after the capi­tal increase that have not been coll­ec­ted by the share­hol­ders after one year. In the event of a capi­tal reduc­tion through a con­so­li­da­ti­on of shares, the stock cor­po­ra­ti­on must sell the new shares issued in place of the shares declared null and void (226 para. 3 AktG).

In all cases, the shares must be sold at the offi­ci­al stock exch­an­ge pri­ce through a bro­ker. If the­re is no stock exch­an­ge pri­ce, the shares must be sold by public auc­tion. (Com­pul­so­ry exclu­si­on of share­hol­ders of a GmbH or AG)