§ 58a Simplified capital reduction

(1) Any reduction in the share capital which serves to compensate for depreciations in value or to cover other losses may be effected as a simplified capital reduction.

(2) Simplified capital reduction shall be permissible only after that part of the capital reserves and retained earnings which together exceeds ten per cent of the share capital remaining after the reduction has already been released. It shall not be permissible whilst there is any profit carryforward.

(3) The resolution on simplified capital reduction shall adapt the nominal values of the shares to the reduced share capital. The shares must be issued in a full euro amount.

(4) The share capital may be reduced below the minimum nominal value referred to in section 5 (1) if that amount is achieved again by means of a capital increase on which a decision is taken at the same time as the decision on the capital reduction and for which no contributions in kind are determined. The resolutions shall be null and void if they have not been entered in the Commercial Register within three months of being passed. This period shall be suspended whilst an action for avoidance or annulment is pending. The resolutions shall only be jointly entered in the Commercial Register.

(5) Sections 58b to 58f shall apply in addition to sections 53 and 54 concerning amendments to the articles of association.