OPINION OF THE EUROPEAN CENTRAL BANK
of 26 October 2000
at the request of the Austrian Ministry of Justice pursuant to the second indent of Article 105(4)
of the Treaty establishing the European Community  and the second indent of  Article 4(a) of the
Statute of the European System of Central Banks  and of the European Central Bank on a draft
federal law containing ancillary measures for the introduction of the euro to be inserted in the
legislation on cooperatives a nd amending the Act on Commerci al and Industrial Cooperatives
and the 1997 Cooperatives Audit Act (Law on the introduction of  the euro in connection with
cooperatives - Euro-GenBeG)
CON/00/25
1. On 5 October 2000 the European Central Bank (ECB) received a request from the Austrian
Ministry of Justice for an ECB opinion on a draft federal law containing ancillary measures for
the introduction of the euro to be inserted in the legislation on cooperatives and amending the
Act on Commercial and Industrial Cooperatives a nd the 1997 Cooperatives Audit Act (the draft
law).
2. The ECB’s competence to deliver an opinion is based on the first indent of Article 2(1) of
Council Decision 98/415/EC of 29 June 1998 on the consultation of the ECBank by national
authorities regarding draft legislative provisions1, as the legislative proposal contains
provisions concerning currency matters. The Governing Council of the ECB has adopted this
opinion in accordance with the first sentence of Article 17.5 of the ECB’s Rules of Procedure.
3. The purpose of the draft law is to pattern fo r cooperatives the ancillary measures for the
introduction of the euro which have been intr oduced by the 1.Euro-Jus tiz-Begleitgesetz (BGBl.
I Nr. 125/1998)2 for joint stock companies. The draft law aims at making the euro available for
cooperatives as soon as possible. In this contex t, the draft law contains  provisions concerning
the conversion of shareholdings,  decisions thereon, accounting of conversion gains, as well as
special provisions relating to legislation on c ooperatives. The straight conversion of amounts in
                                                          
1 OJ L 189, 3.7.1998, pp. 42-43.
2 On the 1.Euro-Justiz-Begleitgesetz the European Monetary Institute was consulted and has delivered an
opinion on 13 February 1998 (CON/98/01).
2schillings would result in amounts in euro that  are not whole numbers. To facilitate the of
adjustment of shares that are not whole numbers, the draft law provides for simplified
procedures. These are, however, only to apply if  amounts of shares are only to be increased or
reduced to the extent necessary to reach the nearest whole number of euro. In case of upwardadjustment in this context, cash contributi ons are the normal procedure, but for ease of
processing, the required amounts can also be covere d from free reserves or net profit. In case of
downward adjustment to the near est whole number of euro, the draft law suggests two possible
ways of appropriating the amounts. The amounts can  (i) be allocated to an appropriated capital
reserve; or (ii) be immediately paid out to the members of the cooperative. Furthermore, the
draft law addresses the replacement of schilling amounts with euro amounts.
4. The ECB welcomes the draft law which not only pr ovides for technical adaptations such as the
replacement of schilling amounts with euro amounts,  but also aims at complying with Council
Regulation (EC) No 1103/97 of 17 June 1997 on certa in provisions relating to the introduction
of the euro3 and Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the
euro4. In this context, the draft Law addresses in its explanatory memorandum issues such as
the continuity of contracts, the replacement of  the Austrian schilling by the euro, rounding as
well as the principle of “ no prohibition no compulsion”.
5. The ECB notes that the draft la w does not contain speci fic rounding provisions but makes, in its
explanatory memorandum, reference to Artic les 4 and 5 of Council Regulation (EC) No
1103/97.
6. The ECB confirms that it has no objections to  this ECB opinion being made public by the
competent national authorities.
Done at Frankfurt am Main on 26 October 2000.
The President of the ECB
[signed]
Willem F. DUISENBERG
                                                          
3 OJ L 162, 19.6.1997, pp. 1-3.
4 OJ L 139, 11.5.1998, pp. 1-5.