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V. Connections to the Free and
Hanseatic City of Hamburg

 

Article 29   Special Rights of the Free and Hanseatic City of Hamburg

(1)  The Free and Hanseatic City of Hamburg shall claim the rights arising from Section 53 of the German Budgetary Procedures Act (HGrG). The Audit Office of the Free and Hanseatic City shall be entitled to use the rights arising from Section 54 of the HGrG.

(2)  The company may acquire an interest of more than 25 % of the nominal or share capital in another company only if the rights specified in Paragraph 1 are stipulated in the articles of association or company agreement of this company, and it is specified that the annual financial statements and management report must be prepared and audited in accordance with the regulations for large corporations contained in the Third Book of the German Commercial Code. In the event of a majority interest,a resolution in accordance with Sentence 1 of this paragraph should also be adopted.