Caducation

Expul­sion of members of a company in case of delay in payment of their capi­tal share (addi­tio­nal contri­bu­ti­ons, if any). The defaul­ting members shall be declared to have lost their share: a) In the case of the limi­ted liabi­lity company, after the fruit­less expiry of the grace period set by regis­tered letter of min. one month (Section 21 GmbHG), b) in the case of an AG, after three unsuc­cessful requests; the grace period shall be one month from the last announce­ment or request (Section 64 AktG).