 The treaty also declared the intention for East Germany to join the Federal Republic by way of the Basic Law's Article 23 and indeed laid much of the ground for this by providing for the swift and wholesale implementation of West German laws and institutions in East Germany.In mid July most state property - covering a large majority of the East German economy - was transferred to the "Treuhand", which was given the responsibility of overseeing the transformation of East German state-owned business into market-oriented privatised companies.On July 22 a law was passed recreating the five original federal states of East Germany, to take effect on October 14; and on August 31 the Unification Treaty set an accession date of October 3 (modifying the State Creation Law to come into effect on that date).