1 BEI 1 E L A R G I S S E M E N T 2.48 D A N E M A R K 3Bc R E U S S I T E N E G O C I A T I O N S t FONDS BEI SERIES 1 ELARGISSEMENT COTE 2.48 DOSSIERS : DANEMARK SOUS-DOSSIERS : 3Bc REUSSITE NEGOCIATIONS DATES EXTREMES :
2 'c EUROPEAN INVESTMENT BANK 19 October 1973 Note verbale Subject : Investment of Funds of Minors«On 31 October 1972 Mr, van den Houten, Manager of the legal department of the European Investment Bank had discussions with Mrs Marie Louise Andreasen and Mr. Steen Hansen in the presence of Mr. Erik Thomas Lauritsen conceming the investment of funds of minors in secvirities issued by the EIB. Mr. van den Houten undertook to inform Mrs Andreasen of the situation in other member states of the enlarged community. The following notes εα β the result of a study made by the legal department of the Bank. Belgium " Although there is some doubt as to whether tnistees may invest funds of minors in EIB securities, the better view seems to be that they can do so without special authority. "France The trustee of funds of a minor can invest thera.in securities issued by the EIB without restriction. Gennany The Government of Germany is considering a general revision of the law governing the investment of funds of a minor and has indicated that EIB securities will be among the authorised investments. Ireland The Government of Ireland is in the course of replacingthe
3 2. generell legislation governing trustee's powers of investment and has indicated that it proposes that EIB securities will be among the authorised investments of trustees. Italy EIB securities may be authorised for investment of trust funds with the consent of the Court. Luxembourg There is no restriction on the investment of trust funds. Therefore trustees may acquire EIB securities. Netherlands The trustee requires approval of the judge to make any investment other than a deposit with certain banks at not more than one month call. The judge has discretion to authorise any investment including EIB securities. The United Kingdom EIB stocks are treated in precisely the same manner as stocks issued or guaranteed by Her Majesty's Government. They are authorised investments for trustees subject to the advice of a stockbroker or similarly qualified adviser.
4 BANQUE EUROPEENNE D'INVESTISSEMENT Direction : Le Relevé quotidien i fimm «iullllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Ξ Réservé au 1 Comité de Direction Qlllllllllllllllllllllllllllllllllllllllillllllllllllllllllllllllllll! Λ. ^.., * ^mi mm k ^ l, ^...,..: i.# 1* m»*- Ì iff #119 «M mm mmmmm = 1 :s i = n KWMP ff -' it âd «ef I
6 ÎH#Sv-'v Copenhagen, December lé»1972 0KONOIVII- OG BUDGETMINISTERIET BUDGETDEPARTEMENTET à O'lSs,^.ö^k-^ ff&^xs^ / 7. May I first of all thank you for your kind cooperation during the visit of the EIB-delegation to Copenhagen. You may remember that we in private touched upon the possibility of an appointment for me en the Bank. You were kind enough to offer me the chance of writing to you after having reflected on the matter. I have thought it over, and all things considered, I wish to express a positive interest in getting a job with the European Investment Bank. As you know I have worked with the relations between the EIB and Denmark during the accession negotiations and have got acquainted, I think, with the activities of the Bank. These activities are closely connected with international economic and financial questions which hare been my sphere of work during the last ten years and I feel a genuine interest in the work of the EIB seen in this perspective. In the period since the negotiations opened between Denmark and the European eonmiunities my principal field of activity has been the economic and finan;cial questions involved in Denmarks membership. I am somewhat hesitant as to which of the jobs offered in the Bank's advertisement I may be qualified for - if at all - and should apply for. As far as I can judge category 3 or 5 are within my sphere of interest, but I would be grateful for advice, and information on whether they are still vacant. The purpose of this letter is to indicate my interest and to give you a possibility of evaluating my qualifications. To this end I enclose a cuiriculam vitae. As you yourself mentioned, it is a delicate matter, and I have not yet informed my
7 >' 2 - colleagues in the Ministry about my intentions, as I would prefer to have a reaction from the Bank before taking any further steps. I excuse for bothering you with my personal affairs, and hope it will not give you too much trouble. Thanking you in advance, and wishing you a happy Christmas, I remain <ä^^^===e^ <f <^<32=*=^ Thomas Lauritsen
8 Λ Curriculum vitae Erik Thomas Lauritsen. Bom 27th February 1934 in Copenhagen. Danish nationality Father bom 1899 in Pr8est0 (Denmark). Director in Privatbanken i Kjobenhavn A/S until I969. Mother born 1896 in Hellebeek (Denmark). Education: School leaving certificate (Student), Lyngby Statsskole (corresponding to General Certificate of. Education A-level in UK). Mathematical studies, University of Copenhagen Studies in economics and statistics. University of Copenhagen. Graduate in economics and statistics, (cand.polit.) First class degree, University of Copenhagen. Participant in Salzburg Seminar in American Studies. Subject: International Economics. Employment: Ministry of Finance, Secretariat of the National Debt. Teacher in economics; the Copenhagen School of Commercial Science. Attaché responsible for economic and financial questions. Permanent Delegation of Denmark to the the OECD, Paris. Representative of Denmark in various economic and financial committees of OECD, i.a. The Economic'and Development Review Committee, Payments Committee, Budget Committee, Consortium for Turkey. Head of Section in Ministry of Finance (from 1971 Ministry of Economic and Budget Affairs)^ Secretariat for the National Debt. Fields of activity: Mainly international economic questions and Danish public borrowing abroad. Denmarks relations v;ith the IBRD and IMF'. Head of the Danish delegation in the negotiations in on the 3rd replenisliraent of the resources of IDA.
9 f From 197ο participant in the negotiations on Denmarks' adhesion to the European Communities. Head of the delegation negotiating on Denmarks membership of the European Investment Bank. Secretary of the Committee on Denmarks relations with the European Investment Bank. Representative of the Ministry of Economic and Budget Affairs in various committees on Denmarks relations with the European Communities, i.a. the Committee on Regional Policy. Frequently participated in the meetings of the Nordic Financial Committee as representative of the Ministry of Economic and Budget Affairs in the Danish delega- / dealç tion. (The Committee/chiefly with international monetary questions). Alternate for the representative of the Ministry of Economic and Budget Affair's in the Danish Export Credit Guarantee Council. Alternate for the representative of the Ministry of Economic and Budget./affairs in the expert group of the Danish Capital Market Council. Alternate for the representative of the Ministry of Economic and Budget Affairs in "Dansk Naturgas A/S" (State-owned company established with the purpose of transmitting natural gas in Denmark). Drafting knov/ledge of Saglish. Good knowledge of French. Knowledge of German. Publications: An article on the theory of the public debt in "Nationalokonomisk Tidskrift" (the Danish Economic Journal) Based on unpublished thesis prepared during studies at the University. Unmarried (divorsedi no children).
10 ν Copenhagen, December IG,1972 0KONOMI- OG BUDGETMINISTERIET BUDGETDEPARTEMENTET ΐ t O-e^-^ /f-^, Ua^ Λο«-ν f f c ^ ^ ^./. May I first of all thank you for your kind cooperation during the visit of the EIB-delegation to Copenhagen. You may remember that we in private touched upon the possibility of an appointment for me en the Bank. You were kind enough to offer me the chance of writing to you after having reflected on the matter. I have thought it over, and all things considered, I wish to express a positive interest in getting a job with the European Investment Bank. As you know I have worked with the relations between thé EIB and Denmark during the accession negotiations and have got acquainted, I think, with the activities of the Bank. These activities are closely connected with international economic and financial questions which hav^ebeen my sphere of work during the last ten years and I feel a genuine interest in the work of the EIB seen in this perspective. In the period since the negotiations opened between Denmark and the European Communities my principal field of activity has been the economic and finan;cial questions involved in Denmarks dembership. I am somewhat hesitant as to which of the jobs offered in the Bank's advertisement I may be qualified for - if at all - and should apply for. As far as I can judge category 3 or 5 are within my sphere of interest, but I would be grateful for advice, and information on whether they are still vacant. The purpose of this letter is to indicate my interest and to give you a possibility of evaluating my qualifications. To this end I enclose a cuiriculam vitae. As you yourself mentioned, it is a delicate matter, and I have not yet informed my F129-7
11 1-2 - colleagues in the Ministry about my intentions, as I would prefer to have a reaction from the Bank before taking any further steps.' I excuse for bothering you with my personal affairs, and hope it will not give you too much trouble. Thanking you in advance, and wishing you a happy Christmas, I remain Thomas Lauritsen
12 Curriculum vitae Erik Thomas Lauritsen. Bom 27th February 1934 in Copenhagen. Danish nationality Father born 1899 innprœsto (Denmark). Director in Privatbänken i Kj0behhavn A/S until Mother born 1896 in Hellebsek (Denmark), Education: Employment! School leaving certificate (Student), Lyngby Statssköle (corresponding to General Certificate of Education A-level in UK). Mathematical studies. University of Copenhagen Studies in economics and statistics, University of Copenhagen. ; Graduate in economics and statistics, (cand,polit.) First class degree, University of Copenhagen. Participant in Salzburg Seminar in American Studies. Subject: International Economics. Ministry of Finance, Secretariat of the National Debt, Teacher in,economics; the Copenhagen School of Commercial Science. Attaché responsible for economic and financial questions. Permanent Delegation of Denmark to tire the OECD, Paris. Repre.'sentative of Denmark in various economic and financial committees of OECD, i.a. The Economic and Development Review Committee, Payments Committee, Budget Committee, Consortium for Turkey. Head of Section in Ministry of Finance (from 1971 Ministry of'economic and Budget Affairs)_, Secretariat for the National Debt. Fields of activity: Mainly international economic questions and Danish public borrov/ing abroad, Denmarks relations v;ith the IBRD and IMF. Head of the Danish delegation in the negotiations in on the 3rd replenislirnent of the resources of IDA.
13 - 2 - From 197ο participant in the negotiations on Denmarks' adhesion to the European Communities. Head of the delegation negotiating on Denmarks membership of the European Investment Bank. Secretary of the Committee on Denmarks relations with the European Investment Bank. Representative of the Ministry of Economic and Budget Affairs in various committees on Denmarks relations v/ith the European Communities, i.a. the Committee on Regional Policy. Frequently participated in the meetings of the Nordic Financial Committee as representative of the Ministry of Economic and Budget Affairs in the Danish delegadealç tion. (The Committee/chiefly v/ith international mone-'. tary questions). Alternate for the representative of the Ministry of Economic and Budget Affairs in the Danish Export Credit Guarantee Council. Alternate for the representative of the Ministry of Economic and Budget.Affairs in the expert group of the Danish Capital Market Council. Alternate for the representative of the Ministry of Economic and Budget Affairs in "Dansk Naturgas A/S" (State-ov-Tied company established v/ith the purpose of transmitting natural gas in Denmark), Drafting knov/ledge of Eaglish. Good knov/ledge of French. Knowledge of German. Publications: An article on the theory of the public debt in "Nationalokonomisk Tidskrift" (the Danish Economic Journal) Based on unpublished thesis prepared during studies at'the University. Unmarried (divorsed; no children).
14 ' - J" BE:STYRELSEN FOR KOBENHAVNS FONDSBORS COPENHAGEN STOCK EXCHANGE TRANSLATION Order No. 487, November 16th, 1972, issued by the Ministry of Commerce COPENHAGEN STOCK EXCHANGE ORDER Regulations laid down under section ; twenty-four of the Copenhagen Stock Exchange Act, No. 220, June 7th, =====' PART I - Committee of Management of the Stock Exchange l.-(l) Recommendation of representatives of members of the Stock Exchange to a seat on the Committee of Management and their substitutes shall be made at an election meeting to which the Chairman of the Committee of Management of the Stock Exchange, subject to eight days' notice by registered letter, shall summon all the members of the Stock Exchange. The election shall be presided over by the Chairman, and in the first instance the three members of the Committee of Management shall be elected, and thereupon the three substitutes. (2) Any Member of the Stock Exchange shall be eligible for election. > (3) The election shall be by polling. In the event that a member of the Stock Exchange is prevented from attending, a member to whom he has granted a proxy in writing may vote on his behalf. A'voting paper shall be null and void if it contains more than three names. (4) The three candidates who have obtained the highest number of votes shall be deemed to be elected in the order indicated by the number of votes. In the event of an equality of votes lots shall be drawn. The result of the polling shall be declared at the end of the polling. 2.-(l) The Committee of Management shall hold meeting when the Chairman deems it necessary, or on a written requisition by three other members of the Committee of Management. In order to adopt a valid resolution, at least seven members shall attend. In the event of an equality of votes, the vote cast by the Chairman shall be decisive. (2) Minutes of the proceedings of the Committee of Management shall be entered in a book, in which book shall be entered resolutions adopted with indication of the number of votes, and, at the request of any one member, with the indication of the names. The minute book shall be signed by the Chairman. (3) In the event that a member is personally interested in the outcome of a subject debated, the Chairman shall decide whether such a member should vacate his seat. Provided always that the decision shall be made by a vote in the event a request is made to that effect. If any one member so desires, a secret ballot shall be taken. (4) The Committee of Management shall set up an Executive Committee of at least three members, and shall, moreover, lay down its own procedure. The Committeo of Management ;jhall employ thti office staff required,
15 (l) In respect of each accounting year, the Committee of Management shall prepare a budget of the income and expenses of the Stock Exchange. (2) The charges referred to in section eight of the Act shall be determined by the Committee of Management, so that the budgeted income from (a) limited liability companies, from (b) bondissuing institutions, and from (c) members of the Stock Exchange shall amount to forty-five per cent., forty-five per cent., and ten per cent., respectively, of the total budgeted income. (3) In the case of foreign securities which are admitted for quotation, charges shall be calculated in accordance with rules to be laid down by the Minister of Commerce. 5. The charges referred to in section four of these regulations shall be paid at the latest one month following demand. PART II - Members of the Stock Exchange 6. An application for being appointed member of the Stock Exchange shall be submitted to the Committee of Management of the Stock Exchange, which, on the forwarding of the application to the Minister of Commerce, shall state whether the appointment applied for - with due regard to the turnover and the interest of the public, and to the qualifications of the applicant and other matters - shall be granted. 7.-(l) The fidelity guaranty insurance policy referred to under item 7 of subsection (2) of section ten of the Act shall be written to cover a total loss of kroner 100,000, (2) The own capital referred to under item 6 of subsection (2) of section ten of the Act shall be kroner 250,000. Any capital made available to a member of the stock Exchange in such a manner that the lender makes a declaration of postponement to the benefit of the other creditors of the member of the Stock Exchange may be placed on par with own capital. 8. Any member of the Stock Exchange shall have a place of business in the Municipality of Copenhagen within a short distance of the Stock Exchange suitable for doing business. 9. Members of the Stock Exchange shall not do business on the Stock Exchange on behalf of employees of other members of the Stock Exchange or on behalf of persons employed by the Committee of Management of the Stock Exchange or by the Inspector. 10. A member of the Stock Exchange shall not be permanently engaged by banks, other companies or firms who engage in effecting commission business in shares and bonds and the like securities. 11. Members of the Stock Exchange shall keep a list of the business done on the Stock Exchange, indicating the name and the address of the principal as well as the prices at which business has been done. 12. At the request of a member of the Stock Exchange, the Committee of Management of the Stock Exchange may authorize one or more clerks to participate in the quotation on his behalf and on his responsibility. PART III - The Official List 13.-(1) Companies whose shares are quoted or in respect of which a request for quotation has been lodged shall fulfil the following conditions: 1 The share capital shall be paid up in full. 2 It shall be possible to register a share in the name of the holder, and to register transfers of shares, in Copenhagen 3 The general meeting of the company shall be open to the Press 4, Notices convening general meetings and other notices to shareholders shall - 3 -
16 - 3 - be given by advertisement in the Danish Gazette, and in a Copenhagen daily newspaper, and in the case of companies having their registered offices Outside Copenhagen, also in at least one local daily newspaper. 5 The articles of association and the annual accounts of the company, compare section fourteen of this Order, and if the company is a parent company of a concern, also the consolidated accounts of the company, shall be open to inspection by the public, and shall, on request, be obtainable at the office of the company or at the place of registration. 6 Any resolution adopted by the company in general meeting on dividend shall be published in a Copenhagen daily newspaper, and in the case of companies having their registered offices outside Copenhagen, also in at least one local daily newspaper. It shall be possible to collect dividend in Copenhagen. 7 Failing any special resolution to the contrary adopted by the company in general meeting, or in case any increase in the share capital is effected by means of bonus shares, or in the fonn of payment for taking over in whole or in part any existing business, an increase in the share capital shall be made by invitation to the public to subscribe for shares, and so that new shares shall be offered in the first instance to the shareholders of the company. An invitation to subscribe for new shares shall state the reason why the share capital is to be increased, and give an account of the ope- ' ration of the company since the closing and publication of the latest accountsui (2) The consolidated accounts referred to in item 5 of subsection (1) '«hereof shall contain a siommary of the balance sheets of the parent company and the subsidiary companies made up as dictated by proper and prudent custom of accountants. Where a limited liability company holds so great a part of the shares of another limited liability company that they represent the majority of votes, the former company shall be deemed to be parent company and the latter shall be deemed to be a subsidiary company. Where a subsidiary company or a parent company jointly with one or more subsidiary companies, or several subsidiary companies jointly hold so many shares in another company as referred to under the second period of this subsection, the latter company shall likewise be deemed to be a subsidiary company of the parent company. Where, otherwise, a limited liability company on account of holding of shares or under an agreement holds a controlling interest in another limited liability company and a substantial share in its operational profit, the former company shall likewise be deemed to be the parent company, and the latter the subsidiary company. (3) The board of directors of a company shall forthwith give notice to the Committee of Management of the Stock Exchange, to be passed on to the public,, when the board of directors has resolved which dividend it will recommend the company in general meeting to declare, together with particulars of the profit of the accounting year and its application. In the same manner, the board of directors of a company shall, when it has made its final decision, and publication may be made without detriment to the interest of the company, give notice of other resolutions of major importance to the company, for example, of increases in or reduction of the share capital and the conditions hereof, of amendments of the articles of association, alienation of essential fixed plant, or of the taking over of other enterprises. Semi-annual reports, if any, to shareholders on operations during the past period shall be submitted to the Committee of Management of the Stock Exchange. (4) Subject to the consent of the Inspector, the Committee of Management of the Stock Exchange may grant exemption from the provision of subsection (1) and subsection (3) hereof. (5) VThere the board of directors of a limited liability company whose shares are admitted for quotation, requests that it be struck off the official list, such a request shall be complied with unless the Committee of Management of the Stock Exchange has reason to believe that it will be to the detriment of the shareholders or is calculated to secure certain shareholders or others undue gains at the cost of other shareholders or the company. 14.-(1) The following special details shall be attached to the balance sheet - 4 -
17 and the statement of results of companies whose shares are quoted on the Stock Exchange, which details may be given in notes to the items of the accounts to which they relate, 1 Shares in other companies shall be specified with an indication of the name of each company, the nominal value of the shares, and the value at which they have been entered in the balance sheet. Provided always that such a specification as aforesaid may be omitted in the event that the nominal value as well as the balance-sheet value of the shares held by the company in a company that is not a subsidiary company, amounts to less than five per cent, of the equity capital of the company holding such shares. In addition, such specification as aforesaid may be omitted to the extent to which it would be detrimental to the company. Parts in other companies shall be put on a par with shares. 2 In the case of ships, aircraft, and real property there shall be stated in the case of each group separately the costs of procurement according to the balance sheet of the past accounting year, including any writing up made earlier, the net amount by which the costs of procurement have been increased or reduced in the course of the accounting year, writingsup made, and to the extent to which it is possible, the aggregate amount by which such assets as referred to in the foregoing have been written off or written down. 3 In the event that the pension liabilities of a company are not entered at their full amount in the balance sheet, the full amount shall be stated. 4 In the event that a company has raised a loan against issuing convertible debentures, there shall, in respect of each such loan, be stated the outstanding amount, the price of conversion, and the time limit laid down for conversion into shares. In the event that any loan has been raised on the security of bonds or debentures entitling the holders thereof to interest the rate of which entirely or to some extent will depend upon the dividend returned by the shares of the company or on the profit of the year, there.shall be stated in respect of each such loan the outstanding amount of the loan, and the rate of interest agreed upon. 5 Where the share capital consists of several classes of shares such classes shall be specified. 6 Any change in the amount of the equity capital and its distribution as compared with the balance sheet of the preceding accounting year, shall be specified. 7 In the case of real property, its rateable value according to the latest public land tax assessment shall be stated, 8 Whether current assets have been booked above the value of procurement, and, if so, by which amount, 9 How, in the case of writing up of fixed assets, the amount by which they have been written up has been applied. 10 Whether in the income statement or in the balance sheet such changes have been made, and, if so, which items of the accounts, as to an essential degree affects the possibility of comparison between accounting years. 11 Whether in relation to evaluation of current assets, writings off on fixed assets or otherwise such changes have been made in comparison with the balance sheet or the income statement of the preceding accounting year as to an essential degree affects the result of the year or otherwise is of appreciable importance. 12 Whether at the evaluation of work in progress for the account of third party, a share of the expected profit has been included, and, if so, a statement of the evaluation. 13 In the event that realization of the assets of the company at the value shown in the balance sheet will attract taxation, and the burden of taxation corresponding thereto has not been stated as a special item of debt, this shall be indicated. 14 The total amount of taxes paid in the course of the accounting year.
18 - 5 - (2) With the consent of the Inspector, the Committee of Management of the Stock Exchange may permit deviation from the provisions of subsection (1) hereof. 15.-(1) The following provisions shall apply to admission of securities to quotation: A. Shares Shares may be quoted on the Main Exchange provided that the share capital of the company amounts to at least five million kroner, while they may be quoted on the After Exchange if the share capital is at least one million kroner. In the case of companies having more than one class of shares, the said minimum amounts shall apply to each class of shares On application for admission to quotation, such a description of the company as is acceptable in the opinion of the Committee of Management of the Stock Exchange shall be available and shall be open to inspection ny the public, and it shall state the history of the company, and its present scope of activities, and the working profits, and shall have attached balance sheets covering a three-year period, or, if the company has not carried on business for three years, at least one set of audited accounts adopted by the company in general meeting. Moreover the Committee of Management of the Stock Exchange may request to have submitted such additional particulars as are deemed necessary. Shares of companies which are not already quoted on the Exchange shall generally be admitted to the list of securities dealt in on the After Exchange. After at least three months such companies may, on application, be transferred to the Main Exchange, provided that the shares have continuously been dealt in during the past period. In the event that it is deemed necessary for obtaining such spreading of holdings of shares as is required to fulfil the demand for public interest, the Committee of Management of the Stock Exchange may demand that shares of a suitable amount be put up for public sale or in some other manner approved by the Committee of Management of the Stock Exchange. Β. Bonds Bonds issued by credit institutions subject to public supervision shall be admitted to the Main Exchange. In open series, the amount in circulation at the time of the admission shall amount to at least five hundred thousand kroner. Under rules to be laid down by the Committee of Management of the Stock Exchange, closed series may be transferred to the After Exchange. In addition, bonds which have not been issued by the credit institutions referred to above may be admitted to the Main Exchange if they have been offered to the public in accordance with a prospectus. In the event that the issuing party is a limited liability company the shares of which are not quoted on the Stock Exchange, the prospectus shall give particulars of the company; compare eibove under item. A. C. Other Securities The provisions referred to in this section shall, subject to the necessary adaptation, apply to other securities, such as bonds carrying the right to be converted into shares, share certificates or mortgage certificates issued by investment associations and the like, (2) Subject to the consent of the Inspector, the Committee of Management of the Stock Exchange may grant exemption from the regulations laid down under items A-C
19 The Committee of Management of the Stock Exchange may lay down rules relating to the presentation, text, printing, watermarks, indication of series, and coupons, etc. of such securities as are granted quotation. 17. At the granting of quotation, the issuer of the security concerned shall bind itself, against such payment as is determined by the Committee of Management of the Stock Exchange, to replace such instruments as on account of multilation, cutting or in some other manner, in the opinion of the committee of Management of the Stock Exchange, have become unsuitable for delivery at dealings on the Stock Exchange. 18. In the event that a limited liability company writes down its share capital or, through merging, is taken over by another limited liability company, the Committee of Management of the Stock Exchange shall decide whether the shares of such a company may still be granted quotation. 19. In the event that a limited liability company or an institution the securities of which have been granted quotation, suspends payment, or its estate is administered in bankruptcy or it is being wound up, such securities shall be struck off the official list. 20. When it is deemed to be advisable, the Committee of Management of the Stock Exchange may suspend quotation of a secvurity entered in the official list. 21. Dividend coupons shall not be quoted at the Stock Exchange. PART IV - Quotation 22.-(1) The quotation at the Main Exchange shall be directed by a Quotation Leader appointed by the Committee of Management of the Stock Exchange, which Quotation Leader shall in a predetermined order call out the name of each security. The quotation shall be made on the basis of bids and offers made. (2) The quotation at the After Exchange shall be made on the basis of free dealings between the members of the Stock Exchange. (3) Dealings, closing prices, and the turnover shall be marked for each security. The marking shall be published by means of posters in the exchange room, and shall be filed at the office of the Committee of Management of the Stock Exchange. 23. The entire quotation at the Main Exchange as well as at the After Exchange shall be attended by a Representative of the Committee of Management of the Stock Exchange who, at the quotation at the Main Exchange, shall sit next to the Quotation Leader. He shall procure that regulations laid down be complied with, and shall have powers to decide any question of doubt arising during the quotation. Moreover, the members of the Stock Exchange shall comply with his directions and decisions. 24. The bargains made during the quotation shall be binding, and shall not be cancelled except with the consent of the Representative of the Committee of Management of the Stock Exchange referred to in section twenty-three of this Order. PART V - Settlement of Bargains 25. The purchaser shall collect securities bought at the place of business of the seller. 2(i.-(l) Baigains made on the Stock Exchange shall be settliîd on or before one a'riuck In th<? ciflcrnoon of the second business day after the making of the bargain. (2) In the event that the seller is prevented from effecting delivery in due Lime, the time for delivery may, subject to the consent of the buyer, be postponed against the seller delivering a so-called credit-settlement bond in respect of the securities sold. The credit-settlement bond shall be redeemed at or before - 7 -
20 - 7 - one o'clock in the afternoon of the second business day after it has been issued. 27, In the case of purchase and sale of shares, any dividend which on the day of sale has not yet fallen due for payment shall be deemed to be included in the purchase price except when, prior to the sale, it has been stated at the quotation that the call out applies to shares ex dividend. 28.-(1) In the case of purchase and sale of bonds, the purchaser shall pay, apart from the purchase price, such interest as has accrued till the day of settlement, but not yet fallen due for payment. (2) In respect of bonds having attached interest coupons payable as on the second day of January, interest shall be calculated as from the first day of January. 29.-(1) The securities sold shall be delivered completely in order, and old endorsements of transfer shall have been duly registered. Expenses incident to the transfer to the principal of the purchaser shall be irrelevant to the seller. (2) Where the purchaser refuses to take delivery, the issue shall, as far as possible on the same day, be brought before the Committee of Management of the Stock Exchange for decision, 3o,-(l) Any security which has been drawn for payment or the amount of which has been called for payment shall be deemed not to be in a proper state for delivery. (2) Any security shall be deemed to be drawn for payment or called for payment from the beginning of the day on which the drawing or the call is published. (3) Where a paper which has been drawn for payment or called for payment, has been received by the purchaser, the purchaser and the seller shall mutually be entitled and liable, on or before the third weekday after demand, to exchange the paper in question for a corresponding paper which has not been drawn or called for payment. The time limit for enforcing this mutual right of exchange shall expire one month after the commencement of the interest settling period next following the date of sale. Any loss of interest from the date of sale to the exchange of papers shall be borne by the purchaser and the seller each with one half, whereas any additional loss of interest shall be borne by the seller. PART VI - Inspection of the Business of Members of the Stock Exchange 31.-(1) The Inspector shall draw up regulations relating to rendering of accounts by, and audit of the accounts of, the members of the Stock Exchange with a view to ensuring a basis of evaluation of the financial status of members of the Stock Exchange, (2) The Inspector shall make a careful examination of accounts submitted, and shall satisfy himself of the existence of the capital provided for in subsection (2) of section seven of this Order. He shall also supervise the safety schemes prescribed in respect of members of the Stock Exchange. If he finds that the own capital of any member does not fulfil the demands laid down, and matters complained of in relation to the existence of the necessary capital are not remedied within a time limit fixed, the Inspector shall recommend to the Minister of Commerce that the licence be withdrawn from the member of the Stock Exchange concerned. The same rule shall apply in the event that a member of the Stock Exchange does not comply with the other safety demands provided for under section ten of the Act. (3) The Inspector may at any time pay a visit of inspection to the place of business of any member of the Stock Exchange. (4) In addition to inspection of the financial standing of members of the Stock Excliange, the Inspector shall inspect the Stock Exchange in general. He shall ensure that the Stock Exchange be administered in accordance with the provisions laid down in the Act and in this Order, including that the Committee of Management of the Stock Exchange lays down and ensures compliance with such regulations relating to the business of the Stock Exchange as the Act directs the Committee of Management to lay down or as otherwise are deemed to be expedient. i - 8 -
BILAG 8.1.B TIL VEDTÆGTER FOR ZEALAND PHARMA A/S EXHIBIT 8.1.B TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHARMA A/S INDHOLDSFORTEGNELSE/TABLE OF CONTENTS 1 FORMÅL... 3 1 PURPOSE... 3 2 TILDELING AF WARRANTS...
BILAG 8.1.F TIL VEDTÆGTER FOR ZEALAND PHARMA A/S EXHIBIT 8.1.F TO THE ARTICLES OF ASSOCIATION FOR ZEALAND PHARMA A/S INDHOLDSFORTEGNELSE/TABLE OF CONTENTS 1 FORMÅL... 3 1 PURPOSE... 3 2 TILDELING AF WARRANTS...
Afbestillingsforsikring Sygdomsafbestillingsforsikring ved akut sygdom, ulykke. Da afbestilling på grund af akut sygdom, ulykke m.m. ikke fritager deltagerne for betaling, kan det anbefales, at der tegnes
Afbestillingsforsikring Sygdomsafbestillingsforsikring ved akut sygdom, ulykke. Da afbestilling på grund af akut sygdom, ulykke m.m. ikke fritager deltagerne for betaling, kan det anbefales, at der tegnes
Bornholms Regionskommune Rapportering Materialet er udarbejdet til Bornholms Regionskommune og bedes behandlet fortroligt Rapporten er udarbejdet den 12. august 2014. Dealer Pernille Linnerup Kristensen
Trolling Master Bornholm 2013 (English version further down) Tilmeldingen åbner om to uger Mandag den 3. december kl. 8.00 åbner tilmeldingen til Trolling Master Bornholm 2013. Vi har flere tilmeldinger
Userguide NN Markedsdata for Microsoft Dynamics CRM 2011 v. 1.0 NN Markedsdata www. Introduction Navne & Numre Web Services for Microsoft Dynamics CRM hereafter termed NN-DynCRM enable integration to Microsoft
ITSO SERVICE OFFICE Weeks for Sale 31/05/2015 m: +34 636 277 307 w: clublasanta-timeshare.com e: email@example.com See colour key sheet news: rogercls.blogspot.com Subject to terms and conditions THURSDAY
Bornholms Regionskommune Rapportering Rapport udarbejdet den 9. januar 2014 Dealer Pernille Linnerup Kristensen Indhold Ordforklaring side 3 Kommentarer til risiko side 4 Nøgletal til risikostyring side
NATIONAL CARGO SHIP SAFETY CERTIFICATE Nationalt sikkerhedscertifikat for lastskibe This certificate shall be supplemented by a Record of Equipment (Form N) Dette certifikat skal suppleres med en udrustningsfortegnelse
CLAIMFORM ILLNESS/CONDITION HEALTH INSURANCE - PSYCHOLOGIST Danica Pension Parallelvej 17 DK-2800 Kgs. Lyngby Denmark Telephone +45 70 11 25 25 Policy Name CPR. Address Tel. Mobile To be filled in by the
Bornholms Regionskommune Rapportering Materialet er udarbejdet til Bornholms Regionskommune og bedes behandlet fortroligt Rapporten er udarbejdet d. 3 marts 2015. Lars Kruse Brixler Indhold Ordforklaring
Medlemsbetingelser Bestemmelser for medlemsskab VOSA. Nævnte regler og betingelser i disse bestemmelser er gældende, da en er oprettet som medlem hos VOSA som nævnt nedenforstående. Medlemmer i VOSA har
Europaudvalget 2013-14 EUU Alm.del Bilag 575 Offentligt Kære folketingsmedlem, medlem af Europaudvalget Hver gang vi har haft EU parlamentsvalg har det lydt: nu skal vi have borgerne til at interessere
Nyhedsmail, april 2014 (scroll down for English version) Kære Omdeler Forår og påske står for døren, og helligdagene i forbindelse med påsken betyder ændringer i omdelingen. Derudover kan du blandt andet
VEDTÆGTER/ARTICLES OF ASSOCIATION SERENDEX PHARMACEUTICALS A/S Side 1 Vedtægter for Serendex Pharmaceuticals A/S Articles of Association for Serendex Pharmaceuticals A/S 1 Navn, hjemsted og formål 1 Name,
Bookingmuligheder for professionelle brugere i Dansehallerne 2015-16 Modtager man økonomisk støtte til et danseprojekt, har en premieredato og er professionel bruger af Dansehallerne har man mulighed for
Masters Thesis - registration form Kandidatafhandling registreringsformular Godkendelse af emne for hovedopgave af vejleder og undervisningskoordinator. Læs venligst retningslinjerne sidst i dette dokument
Nyhedsmail, marts 2014 (scroll down for English version) Kære Omdeler Forårssolen skinner i Nordjylland og dagene er mærkbart lysere til stor glæde for vores omdelere. Valg til arbejdsmiljøorganisationen,
24.4.2015 EN Official Journal of the European Union L 106/79 COMMISSION IMPLEMENTING DECISION (EU) 2015/646 of 23 April 2015 pursuant to Article 3(3) of Regulation (EU) No 528/2012 of the European Parliament
Læs venligst Beboer information om projekt vandskade - sikring i 2015/2016 Vi er nødsaget til at få adgang til din lejlighed!! Hvis Kridahl (VVS firma) har bedt om adgang til din/jeres lejlighed og nøgler,
First Horse Nytorv 3 1450 København K Skadeanmeldelse Claims form Hesteforsikring Equine Insurance Accident/Illness Det er vigtigt, at De udfylder anmeldelse så udførligt som muligt. Er anmeldelsen udfyldt
Application form - au pair (please use block capial letters when filling in the form) Au Pairs International Sixtusvej 15, DK-2300 Copenhagen S Tel: +45 3284 1002, Fax: +45 3284 3102 www.aupairsinternational.com,
4. Oktober 2011 EWIS EWIS 1.Hvad betyder EWIS 2.Historien bag bestemmelserne 3.Implementering i Part M / 145 4.Konklusion Hvad er EWIS Electrical Wiring Interconnection System Men i denne sammenhæng: Særlig
Microsoft Development Center Copenhagen, January 2009 Løn Microsoft Dynamics C52008 SP1 Overfør fritvalgskonto til pension Contents Ønsker man at overføre fritvalgskonto til Pension... 3 Brug af lønart
J.nr. 95170-001 TRANSLATION V E D T Æ G T E R for LYSKILDEBRANCHENS WEEE FORENING ARTICLES OF ASSOCIATION OF LYSKILDEBRANCHENS WEEE FORENING vedtaget på den ekstraordinære generalforsamling den 5. december
Department meeting, 31 October 2012 Introduction and presentation of programme (by CT) Presentation and discussion of budget/fc 3 2012 and budget 2013 (by Martha Berdiin, Head of Finance, BSS) Presentation
1. Introduction Web: www.citygods.dk City Gods Certificeret E-mail: firstname.lastname@example.org 2. The City Goods ordinance - main target City Goods ordinance: Vans and lorries over 2.500kg totalweigt must be 60%
Trolling Master Bornholm 2013 (English version further down) Tilmeldingerne til 2013 I dag nåede vi op på 77 tilmeldte både. Det er lidt lavere end samme tidspunkt sidste år. Til gengæld er det glædeligt,
LANDSCAPE SPRAWL Marie Markman, billedkunstner, cand.hort.arch., ph.d. LANDSKABSSPREDNING Marie Markman, billedkunstner, cand.hort.arch., ph.d. I Center for Strategisk Byforskning har vi de sidste 10 år
MULIGHEDER FOR ØKONOMISK RÅDGIVNING I ODENSE - Your ways to financial advice in Odense INDHOLD INDEX ØKONOMISK RÅDGIVNING Odense Kommune Borgerservice 3 Øvrige kommunale tilbud 4 Andre tilbud Forbrugerrådets
Blomsten er rød (af Harry Chapin, oversat af Niels Hausgaard) På den allerførste skoledag fik de farver og papir. Den lille dreng farved arket fuldt. Han ku bare ik la vær. Og lærerinden sagde: Hvad er
Coalitions and policy coordination This page intentionally left blank Mikkel Mailand Coalitions and policy coordination Revision and impact of the European Employment Strategy DJØF Publishing Copenhagen
Cookie-reglerne set fra myndighedsside Dansk Forum for IT-ret 5. november 2012 Af Kontorchef Brian Wessel Program Status på gennemførelsen af reglerne i DK Udfordringerne og svar herpå Erhvervsstyrelsens
Udlejnings software Vores udvikling er ikke stoppet!! by Soft-Solutions RentCalC, som er danmarks ubetinget bedste udlejnings software, kan hjælpe dig med på en hurtigt og simple måde, at holde styr på
Tilladelse til vævscenter til håndtering af humane væv og celler Authorisation of tissue establishment for the handling of human tissues and cells Sundhedsstyrelsen godkender hermed, at: The Danish Health
Virk.dk A one-stop-shop for businesses Peter Bay Kirkegaard, email@example.com Special Advisor Danish Commerce and Companies Agency Agenda Background Status Future 16-10-2007 2 Virk.dk 16-10-2007 3 Vision Political
ÅRSREGNSKAB 2009 Pressemøde 4. februar 2010 Peter Straarup Ordførende direktør Tonny Thierry Andersen Koncernøkonomidirektør Årets resultat 2009: Overskud trods den største realøkonomiske tilbagegang i
DIRF IR strategi og implementering 15 Marts 2011, Michael von Bulow, IR, Danmark Agenda Vores værdier IR og organisationen Planning wheel IR politik Aktiviteter & Output & KPI Udfordringer 2 Our five values
Trolling Master Bornholm 2013 (English version further down) Tilmeldingerne til 2013 I dag nåede vi op på 85 tilmeldte både. Det er stadig lidt lavere end samme tidspunkt sidste år. Tilmeldingen er åben
Company Announcement No. 04/2011 24 February 2011 Warrant Programme - New Articles of Association Following company announcement no. 03/2011, it is hereby announced that the final number of warrants issued
Medlemsmøde om 22. Juni 2015 Realitet I (Extract) bewildering amount of firm news lower barriers to global investment increasingly competitive environment the value created by effectively communicating
Navn: Emil Kirkegaard Årskortnr. 20103300 Hold nr. 10 Det stillede spørgsmål 1. Redegør for forholdet mellem det vellykkede liv (eudaimonia) og menneskelig dyd eller livsduelighed (areté) i bog 1 og bog
Carsten Strøby Jensen INDUSTRIAL relations indenmark - from conflict-based consensus to consensus-based conflict DJØF Publishing Industrial Relations in Denmark From conflict-based consensus to consensus-based
Låneaftale Loan note Låntager [Navn, adresse og CVR-nr. på låntager] Borrower [Name, Adress and CVR-no. on the Borrower] Långiver Accelerace Management A/S Fruebjergvej 3 2100 København Ø Lender Accelerace
1 how to save excel as pdf This guide will show you how to save your Excel workbook as PDF files. Before you do so, you may want to copy several sheets from several documents into one document. To do so,
VEDTÆGTER ARTICLES OF ASSOCIATION FOR OF FCM Holding A/S CVR.nr. 83 56 74 14 FCM Holding A/S Company registration number 83 56 74 14 The English text in this document is an unofficial translation of the
PRESSEKONFERENCE Regnskab for 1. halvår 2013 Eivind Kolding CEO & Chairman of the Executive Board Henrik Ramlau-Hansen CFO & Member of the Executive Board 1. august 2013 Hele pressemødet webcastes og kan
Dansk Standard DS/EN ISO 3262-15 1. udgave Godkendt:2000-07-10 Fyldstoffer til malinger Specifikationer og prøvningsmetoder Del 15: Keramisk siliciumdioxid Extenders for paints - Specifications and methods
Microsoft Development Center Copenhagen, July 2010 OIOXML / OIOUBL Microsoft Dynamics C5 Transformering af OIOXML til OIOUBL og OIOUBL til OIOXML Indledning Indledning... 3 Anvendelse af værktøjet... 3
Tilladelse til fremstilling og indførsel af lægemidler og mellemprodukter Manufacturing and Importation Authorisation Sundhedsstyrelsen godkender hermed, at The Danish Health and Medicines Authority hereby
Hvor er mine runde hjørner? Ofte møder vi fortvivlelse blandt kunder, når de ser deres nye flotte site i deres browser og indser, at det ser anderledes ud, i forhold til det design, de godkendte i starten
Arbejdskraftundersøgelsen Indholdsfortegnelse Hvad er Arbejdskraftundersøgelsen (AKU)?... 1 Resultaterne... 2 Hvilke ad-hoc moduler er der i AKU?... 2 Serviceopgaver og tillægsundersøgelser... 3 Deltager
Overblik Program 17. nov Oplæg, diskussion og sketchnoting af artikler Pencils before pixels, Drawing as... og Learning as reflective conversation... Intro til markers Øvelser: Formundersøgelser & idegenerering
DS-information DS/CEN Guide 15 1. udgave 2012-03-22 Vejledning i udvikling af standarder om tjenesteydelser Guidance document for the development of service standards DS/CEN Guide 15 København DS projekt:
www.pwc.dk Nyt fra 's IPO Watch v/ Jens Otto Damgaard, partner, Revision. Skat. Rådgivning. Om s IPO Watch IPO Watch Europe undersøger hvert kvartal alle nye børsnoteringer på Europas vigtigste børsmarkeder
Finanskrisen og Hovedstadsregionen 17. december 2008 Frank Øland Hansen firstname.lastname@example.org Agenda Hvad for en krise? Hovedstadsregionen - Nu stiger ledigheden - Finanssektoren er vigtig - Tillidskrise
Oversat udgave af Referat fra Årlig Generalforsamling i Afro.docx Referat fra Årlig Generalforsamling i Afro-Asia Educare torsdag den 26. Minutes from Annual General Meeting of Afro-Asia Educare - Thursday,
LEGO og C-TPAT CUSTOMS-TRADE PARTNERSHIP AGAINST TERRORISM LEGO og C-TPAT Baggrunden 11. september 2001 Homeland Security US Customs & Border Protection C-TPAT Hvordan vi har gjort i LEGO Gruppen Baggrunden
PRESSEKONFERENCE Regnskab for 2012 Eivind Kolding Ordførende direktør Henrik Ramlau-Hansen Økonomidirektør Tonny Thierry Andersen Bankdirektør Personal Banking 7. februar 2013 Hele pressemødet webcastes
CVR-nr. / Reg no. 33 59 95 28 Årsrapport for regnskabsåret 15.04.11-30.06.12 Annual Report for 15.04.11-30.06.12 Årsrapporten er godkendt på den ordinære generalforsamling, d. This annual report has been
nr. 27 Undervisningstaxameter sat ned efter omberegning i Undervisningsministeriet Lilleskolerne undersøger, hvad der er gået galt. Opdateret tilskudsberegner på hjemmesiden. Finanslov vedtaget 17. december.
Dansk standard DS/EN ISO 15612 2. udgave 2005-12-22 Specifikation og kvalificering af svejseprocedurer for metalliske materialer Kvalificering ved godkendelse af en standardsvejseprocedure Specification
Bestyrelser og revisors rolle Julie Galbo Vicedirektør, Finanstilsynet Antallet af pengeinstitutter før og efter krisen 160 140 120 100 80 60 40 20 Øvrige ophørte institutter Ophørt efter FT kapitalkrav
1. E-MAGASINER (Herning) Hvem kan deltage: Studerende i Herning Kriterie for at bestå: Deltagelse i undervisningstiden, udarbejdelse af e-magasin, deltagelse i fælles fremlægning. På kurset lærer du at
ICT and assessment in Denmark Steen Lassen, Danish Ministry of Education email@example.com Fig. 1: Student in the classroom Fig. 2: Student at exam Upper secondary education Age 16-19, preparation for
Microsoft Dynamics C5 2012 Service pack 1 Hotfix 5 & 2010 Service pack 2 Hotfix 3 Ferie 2014 Marts 2014 Contents Overførsel af ferieoplysninger pr. 01/05-2014 3 Overførsel af feriepenge på fratrådte funktionærer
Backup Applikation Microsoft Dynamics C5 Version 2008 Sikkerhedskopiering Indhold Sikkerhedskopiering... 3 Hvad bliver sikkerhedskopieret... 3 Microsoft Dynamics C5 Native database... 3 Microsoft SQL Server
Lukkede døre (Det forbydes ved offentlig gengivelse af kendelsen at gengive navn, stilling eller bopæl eller på anden måde offentliggøre pågældendes identitet) HØJESTERETS KENDELSE afsagt mandag den 20.
Introduktion Hvilke typer koder findes der? Responsmekanismer og benchmark ifht. sms. Øg din ROI på din medieinvestering Hvad er det der bygger bro efter din kunde har scannet kode Payment / Salg Promotion
User guide - For testing SFTP and HTTP/S data communication with Nets Danmark A/S P. 1-9 Index General information... 3 Introduction... 3 Rights... 3 Limitations... 3 Prerequisites... 3 Preparations...