German term (edited): die Aktien für deren Rechnung

My somewhat belated take on the matter. It's a pity no one else has posted an answer: BTW, it's appointment rather than establishment of a beneficiary, though it could well be Andres-L's impressive: 'creation of a beneficial interest'.

7. (No need to prefix with Article in UK Arts of Assoc. vs. AmE of Incorp.) headed Übertragung - Transfer ? - or Veräußerung - disposal ? (they aren't synonyms for UK tax purposes (and based on well-known revenue law cases), as the Accountants in the Discussion Entries ought to know perfectly well. There can, notably, be a 'deemed disposal' by throwing away goods / tearing up bearer share cets. or raiding stock / the company's treasury).

Der Verwaltungsrat kann das Gesuch um Zustimmung ablehnen, wenn er im Namen der Gesellschaft dem Veräusserer der Aktien anbietet, die Aktien für deren Rechnung, für Rechnung anderer Aktionäre oder für Rechnung Dritter zum wirklichen Wert im Zeitpunkt des Gesuches zu übernehmen oder wenn der Erwerber nicht ausdrücklich erklärt, dass er die Aktien im eigenen Namen und auf eigene Rechnung erworben hat.

The Board of Directors (vs. Aufsichtsrat = Supervisory Board) may withhold consent (assent) to the application if it - in the name of the *Company* - offers / invites the *transferor* of the shares ( vs. seller - no payment need change hands) to subscribe for / take up / buy out the shares of stock on the latter's (Company's) behalf, on behalf of other shareholders or on behalf of third parties - at the true value at the time of the application or unless the *transferee* (vs. buyer or purchaser) gives explicit notice that s/he has acquired the shares in his or her own name and on his or her own behalf.

... for the account of is - as suggested - ambiguous. The Board of Directors might well buy back or redeem shares on the Company's behalf, rather than 'for the latter's account' - could mean 'at the latter's expense'.

PS the weblink is quoted only as a questionable example of a single translation for what IMO are two different ideas of 'on behalf of' and 'at the expense of' : 'für / auf Rechnung von = on account of..'

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Note added at 2 days 2 hrs (2023-01-24 17:41:39 GMT) Post-grading
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> replies to asker:

1. Headers of a UK Memorandum & Articles of Assoc. - like other contractual docs. - are usually numbered straight through without being prefaced with 'Article', so 1,2,3 etc., but referred to in the text - like the first Memorandum of Assoc. part - as *Clause* 2 etc. and in the subsequent Articles of Association part with no def. art. as *Article* 2 etc.

2. Verwaltungsrat acting, indeed, for the Co. rather than the Aufsichtsrat with employee representation: 'The Board offers to buy... ' IMO is ambiguous.

3. I agree with 'if not..'. as a stylistic point, but 'unless' a GER/ENG legal translation convention ('trick') for 'falls nicht ...'. 'Falls nicht ausdrücklich anders bestellt, wird die Kupplung konserviert ausgeliefert und kann bis zu 3 Monate an einem trockenen,
[...] ktr.com Unless explicitly ordered differently, the coupling is supplied with preservation and may be stored in a dry place with roof cover up to 3 months.https://www.linguee.de/deutsch-englisch/uebersetzung/falls n...

4. I had been expecting someone to challenge my transferor/ee translation for parties to a 'disposal'. Well, in my day, both disponer-disponee (in UK capital gains tax) and disposer-disposee (development land tax & stamp duty) had been (albeit sparingly) used.

5. invest in a German keyboard if accessible and available around the Norfolk Broads!