How are Bundesbank shares

: Reichsbank shares

—P scholarship of the Association for the Protection of Securities Holdings has received from Prof. Dr. Duden an expert opinion on the justification of the right of the Reichsbank shareholders to exchange their shares in the ratio 1: 1 in Bundesbank shares plus 5 per cent. H. Interest collected. In the same way as Prof. Dr. Coing, but also the Ministerialrat in the Federal Ministry of Economics, Dr. Hans Henckel, tried to build a bridge between the old Reichsbank and the new central bank system, Prof. Duden tried to build a bridge no less than his predecessors to very artificial deductions which the layman does not understand and which the lawyer is unable to follow.

That is not surprising; because in reality there is no such bridge. The Reichsbank went under at the end of the war. What was left are many obligations and a number of assets. Nobody knows what the status actually looks like today, because the Reich bank trustee has not yet submitted a liquidation balance sheet. The sad fate of the Reichsbank affected not only the company but also its shareholders. This fate, however, is no more difficult than that in countless other cases in which Germans lost their fortunes at the end of the war, were driven from their homes, were taken into custody, were taken prisoner or whatever other difficult fate may have affected the individual.

With the Bank of German Lands, a woolly new central bank was created on the basis of complicated laws, whereby practically everything was started on a blank sheet of paper. The banknote privilege, which was not recognized by the central bank system, was also created by an act of legislation by the Allies, after the old banknote privilege of the Reichsbank "after the collapse of the German Reich" was deleted. This may be an injustice to the old Reichsbank shareholders, but in no way differs from the injustice that happens to many other Germans. Just like this, it is to be viewed as an individual consequence of the war. There is no claim to mitigation and mitigation that can be asserted in a German court.

Nevertheless one can very well take the view that it would be opportune to treat the Reichsbank shareholders more favorably than otherwise an injured party. But these are not considerations of legal finding, but considerations of expediency. Finding an optimal solution to the shareholder problem is therefore not the task of the courts, but that of the legislature. He will have to ensure that a solution is found that does not prejudice the Bundesbank legislation and thus emblazoned in a direction that is not in line with the needs of currency policy. Rlb.

Via the print archive

Via the print archive

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