Artikel III

It is understood that when establishing the “place of effective management” as meant in sub-paragraph g of paragraph 1 of Article 3, paragraph 3 of Article 4, paragraph 1 of Article 8, paragraph 3 of Article 13, and in paragraph 3 of Article 22 circumstances which may, inter alia, be taken into account are the place where a company is actually managed and controlled, the place where the decision-making at the highest level on the important policies essential for the management of a company takes place, the place that plays a leading part in the management of a company from an economic and functional point of view and the place where the most important accounting books are kept.