Artikel 11

A. This Part shall apply to property situated within the jurisdiction of a Party and owned by an enterprise organised under the laws of another Party in which enterprise there was a direct or indirect German enemy interest on the material date. The Party within whose jurisdiction the property is situated shall be referred to as the „secondary country” with respect to that property. The enterprise owning the property shall be referred to as the „primary company” with respect to that property. The Party under whose laws the enterprise is organised shall be referred to as the „primary country” with respect to that property. The terms „enterprise” and „company” shall include any firm or body of persons, whether corporate or unincorporate. Property of an enterprise organised in the form of a trust, and property of a banking or financial institution other than the foreign currency cover accounts governed by Article 5 of this Annex, shall be dealt with under this Part. However, this exception with respect to cover accounts shall not be construed to imply that any cover accounts are or are not the property of the institution.
B. An enterprise shall be deemed to be German controlled if at the material date German enemies held directly or indirectly:
(i) 50 percent or more of the voting rights, outstanding capital stock or other proprietorship interests, or
(ii) participating rights in a voting trust arrangement which rights represented 50 percent or more of such voting rights, outstanding capital stock or other proprietorship interests;
or if at the material date German enemies directly or indirectly controlled the policy, management, voting power or operations of the enterprise. The property in the secondary country shall be deemed to be German controlled if at the material date German enemies directly or indirectly controlled the policy, management, use, or operation of the property.