III. Voting rights

1. Determination

¹ The voting rights of company members are determined by the nominal value of their capital contributions. Each company member has at least one vote. The articles of association may limit the number of votes allocated to the owner of several capital contributions.

² The articles of association may specify that voting rights are not dependent on nominal value with the result that each capital contribution carries one vote. In this case, the capital contributions with the lowest nominal value must be worth at least one tenth of the nominal value of the other capital contributions.

³ The determination of the voting rights according to the number of capital contributions does not apply to:

1.

the appointment of the members of the auditor;

2.

the appointment of experts to inspect management practices or indivaidual parts thereof;

3.

the resolution on raising a liability action.