Profit transfer. The Subsidiary Company undertakes to pay all of its profits to the Parent Company for the term of this agreement. The scope of profit transfer shall be governed, in addition to and with precedence over § 3 of this agreement, by § 301 of the German Stock Corporation Act in its from time to time applicable version.
Profit transfer. 1. The Subsidiary is obliged to transfer its entire profit for the term of this agreement to the Parent Company pursuant to sec. 301 German Stock Corporation Act (Aktiengesetz
Profit transfer. 1. IDS undertakes for the term of this agreement to transfer its entire profits to AZ-AG. Subject to the formation or dissolution of reserves pursuant to para. 2, the amount to be transferred is the annual net income as determined without any profit transfer, less a loss carry-forward from the previous year, if any.
2. With the consent of AZ-AG, IDS may allocate amounts out of the annual net income to other retained earnings insofar as this is permissible under applicable German accounting rules and is economically justified based on sound business judgment. Upon request by AZ-AG, any free reserves (other retained earnings pursuant to Section 272 (3) German Commercial Code [HGB] and capital reserves from additional payments pursuant to Section 272 (2) no. 4 German Commercial Code [HGB]) accumulated during the term of this agreement must be dissolved and applied to balancing any annual deficit or be transferred as profit. The transfer of amounts generated from the dissolution of free reserves pursuant to sentence 2, which were accumulated prior to the effectiveness of this agreement, shall be excluded.
Profit transfer. In accordance with § 2 of the Agreement, as amended by the Amendment Agreement, BBS agrees to transfer its entire profit to BAYER. Subject to the creation or release of reserves, net income for the year before transfer of profit, reduced by any loss carried forward from the pre- vious year and by the amount subject to a restriction on distribution in accordance with section 268(8) of the HGB, must be transferred. BBS may transfer amounts from net income for the year to other retained earnings with BAYER’s consent to the extent that this is permissible under commercial law and is economically justified, based on prudent business judgment. Other retained earnings created during the course of the Agreement must be released if required by BAYER and must be used to offset the net loss for any year or transferred as profit. These provisions correspond to the restrictions on transferring profit set out in section 301 of the AktG that apply in this case, with the necessary modifications. Section 301 of the AktG, as amended, also applies, with the necessary modifications. In this respect, there are no material changes from the corresponding provision of the original version of the Agreement. The amendments essentially relate solely to the provisions of section 301 of the AktG, whose application with the necessary modifications had already been prescribed in the original Agreement. There is also a dynamic reference to section 301 of the AktG (“as amended”).
Profit transfer. (1) The controlled company agrees to transfer its total profits to Porsche SE for the term of this Agreement in accordance with § 291 para. (1) sentence 1 German Stock Corporation Act (AktG). The net income for the year is to be transferred, such net income being calculated as if no profit and loss transfer agreement were in place, allowing for the creation or reversal of reserves pursuant to para. (2) and less any loss carryforward from the prior year and the amount barred for distribution pursuant to § 268 para.
(8) German Commercial Code (HGB). The profit transferred may not exceed the amount specified in § 301 AktG as amended from time to time.
(2) The controlled company may, with the consent of Porsche SE, transfer part of the net income for the year to other revenue reserves (§ 272 para.
(3) HGB) to the extent that this is admissible under commercial law and economically justified if applying prudent business judgment. Other revenue reserves set up during the term of this Agreement shall be released at the request of Porsche SE and be transferred as profit.
Profit transfer. The Controlled Entity undertakes to trans fer its entire profit to the Controlling Entity. The provisions of § 301 of the German Stock Corporation Act (AktG) shall apply in full in their respective valid version. The Controlled Entity undertakes to trans fer its entire profit arising during the term of the agreement to the Controlling Entity. The provisions of § 301 of the German Stock Corporation Act (AktG), as amended, shall apply to the transfer of profits; if, in the event of future amendments to § 301 of the AktG, the wording of the agreement should conflict with the statutory provision, the latter shall prevail.
Profit transfer. (1) The Subsidiary undertakes to transfer its entire profits to the Parent Company in accordance with all provisions of section 301 Aktiengesetz (AktG – German Stock Corporation Act) as amended.
(2) Other revenue reserves recognized during the term of this agreement must be reversed by the Subsidiary at the behest of the Parent Company and transferred as profit.
(3) With the approval of the parent company, the Subsidiary can transfer sums from the net income for the year to other revenue reserves (section 272 (3) Handelsgesetzbuch (HGB - German Commercial Code)) to the extent permitted by commercial law and economically justifiable in line with prudent business judgment.
(4) The entitlement to profit transfer arises as of the end of the financial year of the Subsidiary. It becomes due at the value date at this time.
Profit transfer. (1) The Controlled Company undertakes to transfer its entire profits to Porsche SE. Subject to any establishment or reversal of reserves in accordance with paragraph (2), the maximum profit transfer amount permitted in analogous application of Sec. 301 of the German Stock Corporation Act (Aktiengesetz, “AktG”) (as amended from time to time) is to be transferred.
(2) The Controlled Company may, with the consent of Porsche SE, allocate part of the net income for the year to other revenue reserves (Sec. 272 (3) of the German Commercial Code (Handelsgesetzbuch, “HGB”)) to the extent that this is permissible under commercial law and economically justified based on reasonable commercial reasons. Other revenue reserves set up during the term of this Agreement are to be reversed and transferred as profit at the request of Porsche SE.
(3) The transfer of income resulting from the reversal of other reserves – also to the extent that they have been established during the term of this Agreement – or the use of such reserves to balance out any net loss for the year is excluded; the same applies to any profit carryforward existing at the beginning of the term of this Agreement.
(4) The obligation to transfer profits applies for the first time to the entire fiscal year of the Controlled Company in which this Agreement comes into force.
Profit transfer. 1. The Subsidiary Company agrees to transfer its entire profit to the Controlling Entity for the first time from the beginning of the financial year in progress at the time of entry of this Contract into the commercial register, subject to the formation or release of reserves in accordance with Section 1 para. 2 of the Contract, during the term of the Contract, taking into account the valid version of Section 301 of the German Stock Corporation Act (AktG).
Profit transfer. (1) The Company undertakes to transfer its entire profit to Xxxx XX in accordance with the provisions of Section 301 of the German Stock Corporation Act (“AktG”) in its current version from time to time.
(2) The Company may, with the consent of Xxxx XX, transfer amounts from its profit for the year to other revenue reserves (Section 272 (3) of the German Commercial Code (“HGB”) to the extent that this is permissible under commercial law and eco- nomically justified in terms of a reasonable commercial assessment.
