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Weed-Competitive Ability of Spring and Winter Cereals in the Northern Great Plains
- Brian L. Beres, K. Neil Harker, George W. Clayton, Eric Bremer, Robert E. Blackshaw, Robert J. Graf
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- Weed Technology / Volume 24 / Issue 2 / June 2010
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- 20 January 2017, pp. 108-116
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The inclusion of winter cereals in spring-annual rotations in the northern Great Plains may reduce weed populations and herbicide requirements. A broad range of spring and winter cereals were compared for ability to suppress weeds and maximize grain yield at Lacombe (2002 to 2005) and Lethbridge (2003 to 2005), Alberta, Canada. High seeding rates (≥ 400 seeds/m2) were used in all years to maximize crop competitive ability. Spring cereals achieved high crop-plant densities (> 250 plants/m2) at most sites, but winter cereals had lower plant densities due to winterkill, particularly at Lethbridge in 2004. All winter cereals and spring barley were highly effective at reducing weed biomass at Lacombe for the first 3 yr of the study. Weed suppression was less consistently affected by winter cereals in the last year at Lacombe and at Lethbridge, primarily due to poor winter survival. Grain yields were highest for spring triticale and least for spring wheat at Lacombe, with winter cereals intermediate. At Lethbridge, winter cereals had higher grain yields in 2003 whereas spring cereals had higher yields in 2004 and 2005. Winter cereals were generally more effective at suppressing weed growth than spring cereals if a good crop stand was established, but overlap in weed-competitive ability among cultivars was considerable. This information will be used to enhance the sustainable production of winter and spring cereals in traditional and nontraditional agro-ecological zones.
Disability in people clinically at high risk of psychosis
- Eva Velthorst, Dorien H. Nieman, Don Linszen, Hiske Becker, Lieuwe de Haan, Peter M. Dingemans, Max Birchwood, Paul Patterson, Raimo K. R. Salokangas, Markus Heinimaa, Andreas Heinz, Georg Juckel, Heinrich Graf von Reventlow, Paul French, Helen Stevens, Frauke Schultze-Lutter, Joachim Klosterkötter, Stephan Ruhrmann,
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- The British Journal of Psychiatry / Volume 197 / Issue 4 / October 2010
- Published online by Cambridge University Press:
- 02 January 2018, pp. 278-284
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- October 2010
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Background
Decline in social functioning occurs in individuals who later develop psychosis.
AimsTo investigate whether baseline differences in disability are present in those who do and those who do not make a transition to psychosis in a group clinically at high risk and whether disability is a risk factor for transition.
MethodProspective multicentre, naturalistic field study with an 18-month follow-up period on 245 help-seeking individuals clinically at high risk. Disability was assessed with the Disability Assessment Schedule of the World Health Organization (WHODAS–II).
ResultsAt baseline, the transition group displayed significantly greater difficulties in making new friends (z =−3.40, P = 0.001), maintaining a friendship (z =−3.00, P = 0.003), dealing with people they do not know (z =−2.28, P = 0.023) and joining community activities (z =−2.0, P = 0.05) compared with the non-transition group. In Cox regression, difficulties in getting along with people significantly contributed to the prediction of transition to psychosis in our sample (β = 0.569, s.e. = 0.184, Wald = 9.548, P = 0.002, hazard ratio (HR) = 1.767, 95% CI 1.238–2.550).
ConclusionsCertain domains of social disability might contribute to the prediction of psychosis in a sample clinically at high risk.
Who benefits from intervention in, as opposed to screening of, overweight and obese children?
- Christine Graf, Benjamin Koch, Birna Bjarnason-Wehrens, Narayanswami Sreeram, Konrad Brockmeier, Walter Tokarski, Sigrid Dordel, Hans-Georg Predel
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- Cardiology in the Young / Volume 16 / Issue 5 / October 2006
- Published online by Cambridge University Press:
- 20 September 2006, pp. 474-480
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Aims: StEP TWO is a school- and family-based intervention consisting of extra lessons, healthy nutrition and physical education for overweight and obese children in primary schools, aimed at reducing body mass index by maintenance or reduction of weight, and improving motor abilities. We analysed differences in changes in anthropometric, cardiovascular and obesity parameters between children who underwent intervention, non-participants in intervention, and controls. Methods: Anthropometric data and waist circumference were recorded for 1678 children; body mass index and body mass index–standard deviation score were calculated. Blood pressure was measured after 5 minutes at rest. 121 overweight and obese children enrolled at 3 schools involved in programmes of intervention were invited to take part; 40 of them completed the programme from November 2003 to July 2004. Of these overweight children, 74 were invited, but did not take part. As controls, we enrolled 155 overweight and obese children from 4 other schools. Results: After the programme, the children involved in intervention showed a lower increase in the body mass index (0.3 plus or minus 1.3 versus 0.7 plus or minus 1.2 kilograms per metre squared) and an approximately three times higher diminution of the body mass index–standard deviation score in comparison with their controls (−0.15 plus or minus 0.26 versus 0.05 plus or minus 0.27). Systolic blood pressure was significantly lowered by 9.5 plus or minus 19.6 millimetres of mercury in those involved in intervention, but increased in the control group by 0.5 plus or minus 16.5 millimetres of mercury. Among those invited but not participating, the increase of the body mass index (0.5 plus or minus 1.3 kilograms per metre squared) was less, and the reduction of the body mass index-standard deviation score (−0.09 plus or minus 0.31) and systolic blood pressure (−5.3 plus or minus 15.6 millimetres of mercury) was higher than in the control group. Overweight but not obese children seem to benefit from a screening examination alone. Conclusions: Early preventive measures in schools are necessary and effective for overweight and obese primary school children. The screening itself seems also to have a minor positive effect, especially for overweight children. Sustainability of the observed improvements over a longer period remains to be confirmed.
Case 4 - Basic insolvency situation
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, James McGill Professor of Law, McGill University Montreal, Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 285-340
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Summary
Case
Alternative 1
Tom is a real estate agent. One of the immovables he is trying to sell is an apartment belonging to Samantha. Bill is interested in buying this apartment. To show his seriousness in entering into negotiations, Bill writes a cheque for €10,000 as a deposit, which is to be refundable if the sale does not proceed. On Tom's instructions, Bill makes the cheque payable to Tom, and Tom deposits this cheque into his own bank account. The negotiations between Samantha and Bill break off with no contract, and Bill tells Tom to refund the money. Tom, who has made no withdrawal from the bank account in the intervening time, has become insolvent. Does Bill's claim to his deposit have priority over competing claims, or is he treated as a general creditor? Would it make a difference if Tom were a practising lawyer?
Alternative 2
Tom is a travel agent. He sells tickets from various airlines to his customers. The money paid for the tickets by his customers is deposited in a bank account in Tom's name. When Tom becomes insolvent, some customers already have their tickets and some do not (and those who do not have tickets have no contractual claims against the airlines). The customers who have not been issued tickets claim back their money. The airlines claim payment from the bank account for tickets that have been issued. Tom's general creditors also claim the money in the bank account.
Case 1 - Creation and termination of the management relationship; powers of the manager
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, James McGill Professor of Law, McGill University Montreal, Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 103-217
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Summary
Case
John is a professional investment manager. Sam decides to make use of John's services after learning that he is a skilful manager. In John's office, Sam signs a document granting John full investment powers over a capital value of €2,000,000. The terms of the document indicate that John's powers are to be irrevocable for the term of five years. These powers enable John, inter alia, to buy and sell any kind of asset, including immovables. The document also provides that John will credit all the income produced by the managed capital to Sam's bank account. It stipulates that John will be entitled to deduct an annual fee, calculated as a percentage of the capital value of the managed assets. Sam then writes a cheque payable to John for €2,000,000.
Alternative 1
In the second year of their relationship, Sam reads in a newspaper that John is implicated in the international trafficking of stolen works of art. He does not know whether the allegations are true but he decides to terminate their relationship. He communicates this to John. He demands restitution of the managed assets, as well as a full account of the investments that have been made. Upon John's refusal, Sam sues, asking for: (a) a judicial declaration that the relationship is terminated; (b) a remedy enjoining John from entering into any further transaction related to the assets; (c) a full audit of the previous period; (d) restitution of the managed assets; and (e) damages.
Case 8 - Pensions funds
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 431-455
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Summary
Case
A pension fund for employees of a company, that provides a specified benefit upon retirement, has been running for several years. Both the employer and the employees make contributions to the fund. The managers of the fund are of the opinion that there is a surplus of funds as a result of successful investments.
a. Can the employer suspend making contributions?
b. To whom does the surplus belong?
Discussion
AUSTRIA
An employees' pension fund that provides a specified benefit upon retirement, several years after the employer and the employee have made contributions to the fund, is not a ‘pension fund’ according to the Austrian Investment Fund Act. However, Austrian private law recognises alternative concepts that meet the requirements described in Case 8. These alternatives are based on a specific statute called the Betriebspensionsgesetz (BPG). There are basically three pension fund schemes under s. 2 BPG.
The first scheme is called Pensionskasse (s. 2 Z 1 BPG). This pension scheme is an insurance solution that allows the employer to organise the insurance entity. The insurance entity has its own legal personality based on a specific statute, the Pensionskassengesetz (PKG). Both the employer and the employee pay contributions to the insurance entity on behalf of the employee. The employees can claim benefits upon retirement, regardless of whether they still have an employment contract with the same employer.
The second pension fund scheme is a direct promise pension (direkte Leistungszusage) (s. 2 Z 2 BPG).
Case 7 - Choice of law
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 406-430
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Summary
Case
Jane manages property in the interest of her client, Monica. The property is located in your country, where both Monica and Jane live and are domiciled. In their agreement they introduce a clause stating that their relationship is a trust governed by Jersey law. Litigation arises between them. Jane claims the invalidity of the trust provision of the arrangement, and claims that local law should govern the relationship. What is the result?
Discussion
AUSTRIA
Austria has not ratified the Hague Convention on the Law Applicable to Trusts and on their Recognition. Since both of the parties live and are domiciled in Austria, and the property is located there as well, the proposed relationship does not include any foreign element; this precludes the application of the Austrian conflicts law (IPRG). Therefore, the validity of the ‘choice of law clause’ between Jane and Monica is governed by the general rules of Austrian law.
Due to the contractual autonomy of the parties, the clause is legally valid and Jersey law governs the trust or fiduciary relationship. This, however, is only true as far as the default part of Austrian law is concerned; the parties cannot ‘contract out’ of the application of mandatory provisions of Austrian law. As a result, contractual autonomy permits the applicability of Jersey law regarding the contractual part of the trust, whereas the proprietary or real aspects of the relationship follow the lex rei sitae, which is Austrian law in this case.
Case 2 - Investment duties
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 218-246
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Summary
Case
John is a professional investment manager. Sam decides to make use of John's services after learning that he is a skilful manager. In John's office, Sam signs a document granting John full investment powers over a capital value of €2,000,000. The terms of the document indicate that John's powers are to be irrevocable for the term of five years. These powers enable John, inter alia, to buy and sell any kind of asset, including immovables. The document also provides that John will credit all the income produced by the managed capital to Sam's bank account. It stipulates that John will be entitled to deduct an annual fee, calculated as a percentage of the capital value of the managed assets. Sam then writes a cheque payable to John for €2,000,000.
Alternative 1
In the second year of their relationship, Sam learns that John has made very risky investments that have done poorly. As a result, he has lost 50 per cent of the value of the capital. Does Sam have any legal recourse?
Alternative 2
In the second year of their relationship, Sam learns that John does not use his own judgement to make any of the investment decisions. Instead John relies exclusively on the recommendations in a well-known monthly financial newsletter. Does Sam have any legal recourse?
Discussion
AUSTRIA
Alternative 1
The contract between John and Sam is to be qualified as a contract of mandate in accordance with ss. 1002 ff. ABGB.
Case 10 - Multiple debenture holders
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, James McGill Professor of Law, McGill University Montreal, Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 486-504
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Summary
Case
A company, XYZ Ltd, wishes to raise money in the financial markets. It is willing and able to give real security to secure the debt. The transaction must be structured so that XYZ Ltd can issue secured debt instruments to multiple investors, in such a way that each investor holds the same kind of real security over the same assets, and so that the enforcement of the security will be practicable. How can these goals be realised?
Discussion
AUSTRIA
There exists in Austrian law an old statute which governs the transaction. This is the Gesetz vom 24. April 1874 betreffend die gemeinsame Vertretung der Rechte der Besitzer von auf Inhaber lautenden oder durch Indossament übertragbaren Teilschuldverschreibungen und die bücherliche Behandlung der für solche Teilschuldverschreibungen eingeräumten Hypothekarrechte. This statute deals with Teilschuldverschreibungen. These are bonds negotiable on the capital market, issued by the company in situations like those of Case 10.
Such bonds can be secured by a mortgage on the immovable property of the company issuing the bonds. The statute enacts special provisions for such a security. The mortgage is created by presenting a mortgage deed to the court responsible for the land register. This document deed has to be drawn up by the company issuing the bonds. The individual bondholder is not registered in the land register. Only the total amount for which the bonds are issued, the number of bonds issued and the dates at which they are to be paid are registered.
Case 9 - Collective investment schemes
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 456-485
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Summary
Case
A financial services company wishes to launch a collective investment scheme. It hopes to choose a vehicle that will allow the free transfer of the interests of investors, and which will permit the rules governing the scheme to be changed where necessary.
What options are available to it?
Discussion
AUSTRIA
Austrian private law recognises one type of collective investment scheme, namely, investment funds that fall under the Austrian Investment Fund Act (InvFG). Austrian investment funds are open-ended funds that work on the principle of risk diversification and lend themselves to an open clientele. It is also possible to create special funds that only have a limited number of investors. All types of Austrian investment funds allow for changes of terms and conditions and for changes of investors, although there is no secondary market for trading the investment fund ‘certificates’. Under the Austrian Investment Fund Act, the investors have the right of redemption.
A change of the terms and conditions of an investment fund, under s. 22(3) InvFG, does not require the consent of the investors, but it must be made in their interest, must be approved by the supervisory board and must be published. Section 22(3) InvFG deals only with the public law of the modification.
Different supervision schemes apply for Austrian investment funds. Supervision under the InvFG includes a bank supervisor, a supervisory board, an investment company (a special bank) and the depository bank. The investment company manages the fund and makes the investment decisions.
Case 5 - Insolvency of investment manager
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Book:
- Commercial Trusts in European Private Law
- Published online:
- 22 August 2009
- Print publication:
- 03 November 2005, pp 341-368
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Summary
Case
Roberto is a professional investment manager. He manages assets in the interest of different clients, namely Simon, Rebecca and Ruth. The managed assets are bought with money transferred to him by his clients. Roberto offers different forms of services: (a) individual management services, under which he is to keep separate the position of each client; (b) participation in a collective investment scheme, whereby the assets managed for his clients are pooled and each participant in the scheme will share pro rata the returns on the collective investments; and (c) shares of an investment company (DEF Ltd) which holds investments chosen by Roberto.
One year after receiving the money from his clients, Roberto becomes personally insolvent. Which of his clients is better off: Simon, who chose option a; Rebecca, who chose option b; or Ruth, who chose option c?
Discussion
AUSTRIA
Option a
Professional investment managers, who offer the individual management services enumerated in s. 1 (1) ((19)) BWG, are not allowed to take over money from their clients. The managed assets are deposited in bank accounts in their clients' names. Professional investment managers do not carry out their services on a fiduciary basis, because they are obliged to act in the name and for the account of their clients. They are direct representatives, who are mandated and authorised by the clients to carry out specific investment services.
Case 3 - Conflict of interest
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
- Published online:
- 22 August 2009
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- 03 November 2005, pp 247-284
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Summary
Case
Jacob is managing Esther's assets with full power to sell them. One of the assets he holds on her behalf is an undeveloped piece of land called Blackacre.
Alternative 1
While exploring investment possibilities for Esther, Jacob learns that the zoning rules for the area that includes Blackacre are likely to change in a way that will make land in that area more valuable. A month before the change is announced, Jacob uses his own money to buy Greenacre, an undeveloped piece of land in the same area. When the zoning change is announced, the value of both Blackacre and Greenacre increases by 100 per cent. When Esther becomes aware of what has happened, she seeks an amount corresponding to the increased value of Greenacre from Jacob. She claims that this increase is a wrongful gain from a transaction that created a conflict of interest and duty, since Jacob's duty involves using the information he acquires in managing Esther's assets for her benefit and not for his own gain. Will Esther's claim succeed?
Alternative 2
Jacob owns Greenacre, an undeveloped piece of land in the same area as Blackacre, in his personal capacity. Jacob sells Blackacre to Bill, a member of the zoning board responsible for the planning of the district including both Blackacre and Greenacre. The transaction is at market value.
Case 11 - Securitisation
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
- Published online:
- 22 August 2009
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- 03 November 2005, pp 505-532
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Summary
Case
A company, ABC Ltd, lends money on the security of mortgages/hypothecs on immovables. It now wishes to raise money in the financial markets. It wants to use its portfolio of secured loans as security for the transaction. The goals will be that ABC Ltd will not itself become liable on the transaction, and moreover that investors will not be adversely affected by any subsequent insolvency of ABC Ltd. How can the transaction be structured so as to isolate the portfolio of secured loans from the general business of ABC Ltd?
Discussion
AUSTRIA
There are only a few articles on securitisation in the Austrian literature, and no court decision at all. The following remarks therefore have only a preliminary character.
In principle, Austrian law provides all the legal instruments required to structure securitisation transactions. First, it will be necessary to set up a new company, a special purpose vehicle (SPV). In a second step, ABC Ltd shall transfer its secured loans to the SPV. In exchange for them, the SPV shall pay a certain sum to ABC Ltd. To raise the money necessary for this payment, the SPV shall issue bonds to investors. If those investors are the only creditors of the SPV, then the security of the claims assigned to the SPV will also secure the investors' claims. As there is no direct relationship between the investors and ABC Ltd, this company will not be liable for the SPV's debts towards the bondholders.
Case 6 - Tracing
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, James McGill Professor of Law, McGill University Montreal, Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
- Published online:
- 22 August 2009
- Print publication:
- 03 November 2005, pp 369-405
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Summary
Case
The facts are as in Case 5, except as detailed below. The following alternatives occur:
Alternative 1
Without authority, Roberto uses all of the money in Simon's account (€1,000) to buy a painting. When Simon learns of this, the market value of the painting has risen to €2,000. Roberto is still solvent. Simon wants to terminate the relationship and take the painting. Can he do this?
Alternative 2
The facts are the same as in Alternative 1. However, before Simon learns of the transaction the painting is destroyed. It is insured for its market value. By the time Simon learns of this, Roberto is personally insolvent. Simon wants to terminate the relationship and take the insurance claim. Can he do this?
Alternative 3
Without authority, Roberto buys a painting with all of the money in Simon's account (€1,000) and €1,000 of his own money. By the time Simon learns of this, the market value of the painting has fallen to €1,000 and Roberto is personally insolvent. Simon wants to terminate the relationship and take the painting. Can he do this?
Alternative 4
Roberto has an unsecured overdraft facility (revolving loan facility/line of credit) with his bank, in his personal capacity. He borrows €100,000 from this facility and uses it to buy a piece of land in his personal capacity. Later, without authority, he uses all of the money in Simon's account (€100,000) to pay the debt he owes to the bank.
Data from the StEP TWO programme showing the effect on blood pressure and different parameters for obesity in overweight and obese primary school children
- Christine Graf, Sylvia V. Rost, Benjamin Koch, Sandy Heinen, Gisa Falkowski, Sigrid Dordel, Birna Bjarnason-Wehrens, Narayanswami Sreeram, Konrad Brockmeier, Hildegard Christ, Hans-Georg Predel
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- Journal:
- Cardiology in the Young / Volume 15 / Issue 3 / June 2005
- Published online by Cambridge University Press:
- 03 May 2005, pp. 291-298
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Obesity in childhood, which is associated with cardiovascular risk factors such as hypertension, is on the increase. Countermeasures are necessary. In this paper, we present the baseline and final data from the StEP TWO programme, a prospective study to prevent overweight and obesity in primary schools. Methods: We recorded and calculated, from 1689 children, anthropometric data, including analyses of bioelectric impedance, waist and hip circumferences, body mass index and its standard deviation, and the ratio of waist to hip. Blood pressure was measured after 5 minutes at rest. From the three schools involved in a programme of intervention, 121 children were invited to take part, and 40 (33.1 per cent) completed the programme. The effect was compared with 155 overweight and obese children identified at the 4 control schools. Results: 830 (49.5 per cent) boys and 848 girls (50.5 per cent) took part. Their mean age was 8.2 plus or minus 1.3 years, their height was 1.31 plus or minus 0.09 metres, they weighed 30.0 plus or minus 8.2 kilograms, and their mean index of body mass was 17.1 plus or minus 2.9 kilograms per metre squared. Of the children, 7.3 per cent were obese, 10.4 per cent were overweight, 75.7 per cent had normal weights, and 6.6 per cent were underweight. Resting hypertension was observed in 2.3 per cent of the children. Increased blood pressure was associated with a higher body weight, body mass index, standard deviation score for body mass index, and waist and hip circumferences (each p < 0.001), but not with the ratio of waist to hip. Hypertension at rest was also found in 11.0 per cent of obese children, 4.4 per cent of those who were overweight, 1.2 per cent of those with normal weight, and 1.0 per cent of underweight children (p < 0.001). After the intervention, the increase of the body mass index tended to be lower in those in whom we had intervened (p = 0.069), and in these the decrease of the standard deviation score for body mass index was significantly higher (p = 0.028). Systolic blood pressure was reduced by about 10 millimetres of mercury in those in whom we had intervened (p = 0.002), while there were no changes in the control group. Diastolic blood pressure was lowered by 3 millimetres of mercury, but this was not significant. Conclusion: Obese children had the highest values for systolic and diastolic blood pressure. Increased levels of blood pressure are associated with other parameters of obesity, such as the circumference of the waist and hip. Early preventive measurements in childhood are necessary, and appropriate intervention appears to be effective.
Low Energy Plasma Enhanced Chemical Vapour Deposition - Plasma Enhanced Deposition of Epitaxial Si and Sige
- Carsten Rosenblad, Matthias Kummera, Hans-Rudolf Deller, Thomas Graf, Alex Dommann, Thomas Hackbarth, Georg Höck, Elisabeth Müller, Hans von Känel
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- Journal:
- MRS Online Proceedings Library Archive / Volume 696 / 2001
- Published online by Cambridge University Press:
- 17 March 2011, N4.7
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- 2001
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Low energy plasma enhanced chemical vapour deposition (LEPECVD) is a deposition technique developed for the epitaxy of Si and SiGe at ultra-high deposition rates. Due to a high current plasma discharge composed of low energy particles, a high plasma enhancement can be obtained without any accompanying plasma induced damage of the wafer surface. The most important application of LEPECVD so far is for compositionally graded relaxed SiGe buffer layers. Such relaxed buffer layers are demonstrated with end composition up to pure Ge and with a growth time below 1 hour. A p-type hetero-MOSFET formed in a SiGe channel compressively strained to a Si0.5Ge0.5 relaxed buffer layer, is demonstrated as one example where the high growth rates of LEPECVD allows the synthesis of devices which cannot be produced with an acceptable throughput with conventional deposition methods. The room temperature effective hole mobility of 760 cm2/Vs obtained on such devices demonstrates a high structural and electrical quality of the LEPECVD material.