This cooling-off period does not, however, apply if the candidate for supervisory board is proposed for election by shareholders holding in aggregate more than 25% of the voting rights in such company. In order to avoid a broad circumvention of this rule, there can only be one member of the supervisory board who has benefited from such exemption (in other words, for whom the cooling-off period has not yet ended).
Before the end of the cooling-off period, no former member of the management board must be elected as chairman of the supervisory board.
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