English Translation

37 - 3 - As a result of the tax envisaged in the event of a conversion or combination, I refer to the Law of 28.12.19ll on Tax= and Tax Benefits for Non-profit Building= Associations (R.G.Bl. No. 243/ l ) , to the decree of the Ministry of Finance in agreement with the Ministry for Public Works of lo.2.19l2 on the implementation of the statutory provisions of the Law of 28.12.191l on tax= and charges for non-profit associations of flats ( R.G.Bl. No. 31 / 19l2 ) , as well as the Government Decree of 3 March 1969 , concerning tax relief in connection with the unification of certain domestic undertakings or the conversion of their legal form ( Coll.d.G. & V. No. lo4 / 39 ) : If the conversion or the merging of the existing German building societies into a company with limited liability cannot be made possible, I see, in order to have efficient German housing companies at hand, no other regulation than to initiate the establishment of self-employed persons, as shareholders in such cases would first be considered the German municipalities themselves, the local real credit institutes, as= as members of the German construction trade. The latter may not, however, possess the majority of the share capital. The Ministry of Social and Health Administration in Prague is responsible for the recognition of the public utility of newly founded housing companies. There, applications must be made and copies of the application and the social contract submitted to me. I will stand up for the immediate recognition of non-profit , unless - 4