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EIFFAGE

A French public limited company


with share capital of EUR 392,329,060

Registered office: 3-7 place de lEurope, 78140 VELIZY-VILLACOUBLAY

Versailles Trade and Companies Registry No. 709 802 094

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ARTICLES OF ASSOCIATION

Updated on 13 May 2016.


SECT I O N I : OBJ EC T S - COM PA N Y N A M E - REGI S T ERED OFFI C E - LI FE
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A RT I CLE 1

A Fre nch public limit e d compa ny has bee n f orme d bet w e en t he holde rs of t he share s
issued here in a nd any share s t hat may subse quent ly be issue d. T he Company is gov erne d
by t he st at ut ory a nd regula t ory prov isions in f orce and by t he se art ic le s of a ssoc iat ion.

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A RT I CLE 2

T he Compa ny s name is: Eif f a ge

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A RT I CLE 3

T he Compa ny s object s are as f ollow s, bot h dire ct ly and indirect ly , in France a nd a broa d:

- t o perf orm a ny a nd all public w ork s, priv a t e w orks or c onst ruct ion opera t ions or
busine ss;
- t o ac quire, ex ploit a nd sell a ny a nd all proce sse s, pat e nt s or lice nce s;
- t o st udy , cre at e, purc ha se, se ll a nd operat e a ny and all f ac t orie s or quarries;
- t o ma nuf ac t ure, use a nd se ll a ny a nd all goods re quire d f or f ulf ilme nt of t he
Compa ny s objec t s;
- t o perf orm any and all indust rial, c omme rcia l or f ina nc ial t ra nsac t ions or t ransac t ions
pert aining t o mov ea ble or immov e able propert y dire ct ly or indirec t ly c onn ect ed t o t he
Compa ny s objec t s or a ny similar or relat e d objec t s;
- t o ac quire e quit y int ere st s in a ny and all Fre nch or f ore ign busine sse s, ec onomic
int ere st groupings or c ompa nies, now or here af t er f orme d, direc t ly or indirec t ly
connect ed t o t he Compa ny s object s or any similar or relat ed obje ct s, in part ic ular in
busine sse s, groupings or c ompa nies w hose obje ct s ma y cont ribut e t ow ards t he
f ulf ilment of t he C ompa ny s objec t s, by a ny me ans, namely by ca pit al cont ribut ion s,
subscript ion or purchasing of share s or ow ne rship int ere st s, including f ounde rs
share s, merger s, joint v e nt ure s, groupings, a lliance s or limit e d lia bilit y pa rt nerships.

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A RT I CLE 4

T he Compa ny s re gist ered of f ice is locat e d a t 3 - 7 Place de l Europe , 7 8 1 4 0 V ELI Z Y -


V I LLA COU BLA Y ( Fra nce) .

I t ma y be t ransf erre d t o any ot her loc at ion in t he sa me a dminist rat iv e area ( d part e me nt )
or in a ne ighbouring administ rat iv e area by a resolut ion a dopt e d by t he Board of
D irec t ors, prov ide d t ha t t he said re solut ion is rat if ie d by share holders at t he ne x t
Ordinary Ge ne ral M e et ing.

I t ma y be t ra nsf erre d t o a ny ot he r locat ion pursua nt t o a resolut ion a dopt e d at a n


Ex t ra ordinary Ge neral M eet ing of shareholde rs.
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A RT I CLE 5

I t w a s originally prov ide d t hat t he C ompany w ould cea se t o ex ist ninet y - nine y ears af t er
t he da t e on w hic h it w as ef f ect iv e ly inc orpora t ed. Pursuant t o a resolut ion a dopt e d by
share holders at a n Ex t ra ordinary Ge nera l M ee t ing he ld on 1 6 J uly 1 9 9 6 , t his pe riod w a s
ex t e nde d, a nd t he C ompany w ill now cea se t o ex ist on 3 1 D ece mber 2 0 9 0 , sav e in t he
ev e nt of ea rly dissolut ion or ex t e nsion a s prov ided f or in t he se art ic le s of associa t ion.

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SECTION II: COMPANY FUNDS - SHARES - PAYMENTS


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ARTICLE 6

T he Compa ny s sha re capit a l is f ix e d at EU R 392,329,060 div ide d int o


9 8 , 0 8 2 , 2 6 5 share s. Eac h share ha s a v alue of EU R 4 a nd is f ully pa id- up.

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ARTICLE 7

T he Compa ny s share c apit al may be increa se d, on one or more occa sions, eit her by a
ne w share issue or by increasing t he pa r v alue of issue d share s.

N ew shares sha ll be issue d t o re f lec t ca pit al c ont ribut ions ma de in ca sh or in kind or a


set - of f a gainst liquid pay a ble de bt s ow e d by t he Compa ny , by c onv ert ing bonds or by
capit alising prof it , re serv es or share pre miums.

I ncrea se s of share ca pit al t o be carrie d out by incre asing t he pa r v a lue of share s re quire
una nimous shareholde r c onse nt , unle ss carrie d out by c apit a lising reserv es, prof it or share
pre miums.

Share holders v ot ing at a n Ex t ra ordinary Ge neral M eet ing ha v e t he sole pow er t o dec ide t o
increase share ca pit a l, on t he rec omme ndat ion of t he Board of D irect ors.

I n t he ev e nt t ha t t he share ca pit al is t o be increased by ca pit alising reserv e s, prof it or


share pre miums, t he Ge neral M ee t ing sha ll dec ide under t he quorum a nd majorit y
requirement s a pplica ble at Ordinary Ge nera l M ee t ings.

Share holders a t a Ge neral M ee t ing ma y gra nt t he Board of D irect ors t he pow e rs re quire d
t o c arry out one or more increa se s of share c apit al, t o f ix t he t e rms and rec ord t he
complet ion t hereof and t o mak e t he corresponding a me ndme nt s t o t he art icle s of
assoc iat ion.

I n t he e v e nt t ha t t he sha re capit a l is increa se d t hrough a n issue of ca sh share s a nd unless


ot herw ise resolv e d by t he share holders a t a n Ex t raordina ry Ge nera l M ee t ing in c omplia nc e
w it h t he legal re quire ment s, holde rs of f ully paid- up share s issue d prior t o t he said
increase sha ll hav e a pref ere nt ial subscript ion right f or t he ne w sha res in proport ion t o
t he par v alue of t heir shares.

T his right ma y be t ra ded on t he same t erms as c ondit ions a s a pply t o t he t ra ding of


share s during t he subsc ript ion period. T he Board of D ire ct ors shall se t t he proce dure s,
dea dlines and condit ions t o be c omplie d w it h w hen ex ercising t his right . S hare holders
w ho do not hold t he number of se curit ies re quired t o obt ain a share may group t oget her
t o e x erc ise t heir right s but no joint ow nership of share s ma y re sult t he ref rom.

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A RT I CLE 8

Reduct ions of share ca pit al are a ut horise d by a resolut ion a dopt e d by share holders at a n
Ex t ra ordinary General M eet ing. S hare holders ma y also re solv e , at a n Ex t raordina ry Ge nera l
M eet ing, t o gra nt t he Board of D irec t ors f ull pow ers t o do so.

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A RT I CLE 9

Fully pa id- up share s may be regist ere d sha res or be arer shares, a t t he sha reholder s
discre t ion.

Share s w ill be re gist ere d in an ac count in ac corda nce w it h t he t erms a nd condit ions a nd
proce dure s se t out in t he applica ble st a t ut ory a nd re gula t ory prov isions.

T he C ompa ny has t he right t o re quest , at a ny t ime a nd in acc orda nce w it h t he t erms a nd


condit ions a nd proce dures set out in t he a pplic able st at ut ory a nd regulat ory prov isions ,
inf orma t ion on t he ide nt it y of holde rs of sec urit ies gra nt ing t he right t o v ot e , eit her now
or in t he f ut ure, at it s ow n share holder mee t ings.

A ny nat ura l or le gal person, act ing alone or in c oncert , ac quiring a holding of 1 % or more
of t he C ompa ny s share capit al or v ot ing right s, or any mult iple of t his f igure, must
inf orm t he Compa ny t he reof by le t t er se nt by regist ere d post w it h ack now le dgement of
receipt specif y ing t he numbe r of share s he ld w it hin f if t ee n day s of t he dat e on w hic h
each of t hese t hre sholds is ex cee de d.

I n t he e v e nt t hat t he said holdings are not disclose d in acc orda nc e w it h t he prov isions of
t he f ourt h para gra ph of t his art icle, t he holde r sha ll be de priv e d of t he v ot ing right s
at t ac he d t o t he share s ex ce eding t he perce nt age t hat should ha v e bee n disc lose d at
Ge neral M e et ings of sha reholders, if , at a Ge neral M e et ing, t he non- disc losure is f ormally
not e d a nd one or more share holders t oge t her holding a t least 5 % of t he share ca pit al so
reque st a t t he said Ge nera l M ee t ing. T his de priv at ion of v ot ing right s a pplies at a ll
Ge neral M eet ings of shareholde rs a nd shal l ce ase t o apply t w o y ears af t er t he dat e on
w hic h t he share s are v a lidly disclosed.

A ny pe rson w hose int ere st in t he Compa ny s ca pit al f alls below a ny one of t he t hresholds
ref erre d t o in t he f ourt h paragra ph of t his art icle must inf orm t he Company t here of in
complia nc e w it h t he procedure s a nd de adline s se t in t he sa id paragra ph.

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A RT I CLE 1 0

T it le t o a share e nt it le s t he holder t o a share in t he ow nership of t he Compa ny s asset s


and t he dist ribut ion of prof it in proport ion t o t he f ra ct ion of t he share capit al t ha t t he
share re pre se nt s.

A ll share s, now or here af t er issue d, of t he sa me t y pe a nd w it h t he sa me par v a lue, t hat


hav e be en paid- up f or t he same a mount , sha ll be t reat ed in a ll re spect s in t he same w a y
prov ided t hat t hey ha v e t he sa me div ide nd e nt it leme nt . A cc ordingly , t he y shall be e nt it le d
t o t he sa me ne t a mount at t he t ime of any prof it dist ribut ions or t ot al or part ial
repa y me nt of t he ir par v alue . A ll t a x e s a nd dut ies t ha t may be pay abl e t hereon shall be
borne e qually by eac h share.

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A RT I CLE 1 1

Share s sha ll be t ransf erred by a t ra nsf er f rom one account t o anot her.

Right s a nd obligat ions at t ac he d t o share s shall aut omat ically pa ss t o any ne w holders.
A ny person holding a share is a ut oma t ica lly deeme d t o ha v e a pprov e d t he C ompa ny s
art ic les of a ssoc iat ion and a ny a nd all amendment s t ha t may be ma de t he ret o a nd
resolut ions a dopt e d by share holders at Ge nera l M eet ings.

H eirs a nd credit ors of share hold ers are not a ut horise d, on a ny ground w hat soev er, t o
apply f or seals t o be pla ced on Compa ny asse t s or inst rume nt s. Equally , t hey may not in
any w a y bec ome inv olv e d in t he C ompa ny s manage me nt . I n order t o e x e rcise t heir right s,
t he y should re f er t o t he Compa ny s st a t e me nt of a sset s a nd lia bilit ie s a nd resolut i ons
adopt e d by share holders at Ge nera l M ee t ings.

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A RT I CLE 1 2

Share s are indiv isible v is- - v is t he C ompa ny . T he Compa ny only rec ognises one holder f or
each share. A c cordingly , joint holders of share s are re quire d t o be re pre se nt e d by one
single person in a ll dealings w it h t he Compa ny .

Be nef icia l ow ners of shares v alidly re pre se nt t he le gal ow ners in all dea lings w it h t he
Compa ny . H ow ev e r, v ot ing right s are ex ercised by t he be ne f ic ial ow ner a t Ordinary
Ge neral M eet ings a nd by t he legal ow ner at Ex t ra ordinary Ge neral M ee t ings.

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A RT I CLE 1 3

I n t he e v e nt of a n inc re ase of share ca pit al, shares must eit her be pa id up in f ull a t t he
t ime of subscript ion or at lea st one quart e r of t he ir pa r v alue must be paid up at t hat
t ime. I n t he la t t e r ca se , t he balance ma y be c alle d in one or more inst a lment s, as a nd
w hen re quired by t he C ompa ny , on t he da t e s and f or t he a mount s set by t he Board of
D irec t ors in c omplia nce w it h t he st at ut ory re quireme nt s.

H olders, int erme diary holders a nd subscribe rs are joint ly and se v era lly liable f or a ny
amount s t hat hav e not been paid on a share.

I n t he ev e nt t ha t a subscriber or sha reholder t ransf e rs a sha re, t he said subscriber or


share holder shall ce ase t o be lia ble f or t he pa y me nt of a ny f ut ure calls on share s t w o
y ears af t er t he dat e on w hic h t he share w as t ra nsf erred.

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A RT I CLE 1 4

I n t he e v e nt t ha t a sha reholder f ails t o pa y a ny out st anding sums on share s issue d t o


ref le ct a n incre ase of share ca pit al , by t he dat e st ipula t e d by t he Board of D irec t ors, la t e
pay me nt int ere st sha ll accrue, f or eac h day lat e , a t a ra t e of 6 % per y ea r, w it h no
requirement f or a n a pplicat ion t o t he c ourt s.
N o sooner t ha n one mont h a f t er specif ic a nd personal f ormal not ice sent t o ea ch
def ault ing shareholder by regist ere d post w it h a cknow le dge me nt of rece ipt , t he C ompany
shall arra nge t o se ll t he relev ant shares.

T o t his e nd, t he C ompa ny shall publish t he number of shares put up f or sale in a journal
of lega l not ice s published in t he a dminist ra t iv e area of t he Compa ny s regist e re d of f ice .
T he C ompa ny shall inf orm t he debt or t hat t he share s ha v e be en put up f or sale by
regist ere d le t t er, specif y ing t he dat e a nd issue numbe r of t he journal in w hic h t he
inf orma t ion w as publishe d.

Fif t ee n da y s a f t er t he regist ere d let t er w a s sent , t he Board of D ire ct ors, ha v ing f ull
pow e rs in t his respec t , ha s t he right , w it h no re quirement t o giv e f orma l not ic e or
complet e a ny ot he r f ormalit y , t o sell t he share s as if t he out st a nding sums ha v e bee n paid
in f ull, as a w hole or se para t ely , including on se para t e occa sions, on be half of and at t he
risk of t he def a ult ing shareholde rs, e it her t hrough t he st ock e x c ha nge using a st ock broke r
or by public a uc t ion conduct e d by a N ot ary , in w hic h case t here is no low er lim it f or t he
reserv e pric e .

W here t he share s w ere regist ere d in a n ac count he ld by t he issue r, t he def a ult ing
share holder s re gist rat ion in t he acc ount w ill be aut omat ically ca nc elle d. T he purchase r
w ill be re gist ere d a nd ne w cert if icat es spe cif y ing t ha t t he out st anding sums on t he share s
hav e been pa id w ill be issued a nd marke d duplic at e .

T he Compa ny shall receiv e t he net sale proc ee ds and t his w ill f irst be used t o pay of f t he
princ ipal a mount a nd int erest ow e d by t he de f a ult ing share holde r a nd t he n t o reimburse
t he c ost s inc urre d by t he Company in se lling t he sha res.

T he def a ult ing shareholder shall be e nt it le d t o t he remaining bala nce, if any , or shall be
lia ble t o make up a ny short f all.

T he C ompa ny may also bring a pe rsonal claim under ordinary la w against t he share holde r
and t he share holder s guara nt ors, eit her bef ore or af t er t he sa le of t he share s, or a t t he
sa me t ime.

T hirt y da y s af t e r t he f ormal not ice se nt t o def a ult ing share holders, all share s f or w hic h
sums st ill re main out st a nding shall cea se t o be t ra da ble a nd t he holders w ill cea se t o be
ent it le d t o a t t e nd and v ot e a t Ge nera l M eet ings of share holders. T he said shares w ill be
de duct e d f or t he purposes of calculat ing quorum s.

D iv ide nd right s a nd pref erent ia l subscript ion right s a pplica ble t o increa se s of sha re ca pit a l
at t ac he d t o t he sa id sha res sha ll be suspe nded.

A f t er pay me nt of t he sums ow e d, bot h t he princ ipa l amount a nd i nt e rest , t he share holder


may ask t he C ompa ny t o pay any div ide nds t ha t are st ill a v aila ble. T he share holder ma y
not bring a claim based on pre f ere nt ial subscript ion right s applica ble t o incre ase s of share
capit al once t he pe riod st ipulat ed f or t he ex ercise of t he sa id right has e x pire d.

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A RT I CLE 1 5

T he lia bilit y of sha re holders is limit e d t o t he pa r v a lue of t heir share s. T he C ompany ma y


not issue a ny calls f or f unds in ex cess of t his a mount .

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SECT I O N I I I : OBLI GA T I O N S
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A RT I CLE 1 6 ( N ot a pplicable )

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SECT I O N I V : M A N A GEM EN T OF T H E COM PA N Y


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A RT I CLE 1 7

A Board c ompose d of no f ew e r t ha n t hree a nd no more t ha n f if t e en me mbers sha ll ma na ge


t he C ompa ny .

A n a ddit iona l dire ct or shall also sit on t he Board of D irec t ors, a ppoint e d f rom a mong
employ ees ( e mploy ee s of t he C ompa ny or a n a f f ilia t ed c ompa ny w it hin t he meaning of
A rt icle L 2 2 5 - 1 8 0 of t he Fre nc h Commercial C ode ( Code de Commerce ) ) w ho a re members
of a S uperv isory Board f or a n Employ ee I nv est me nt Fund holding shares in t he C ompa ny
or me mbers of a Board of a D irec t ors f or an Employ ee S hare holding Fund ( SI CA V ) holding
share s in t he C ompa ny , w hose a ppoint me nt t o t his posit ion is proposed by t he said
Boards. T he said direct or is a ppoint ed by t he share holders at a Ge neral M ee t ing. I n t he
ev e nt t hat more t han one ca ndidat e is proposed, t he ca ndidat e obt aining t he most v ot e s
at t he Ge neral M eet ing shall be a ppoint e d a s a direct or. I n t he e v e nt t ha t t he direc t or
appoint e d under t hese prov isions c eases t o be a n e mploy ee or a member of a S uperv isory
Board f or an Employ ee I nv e st me nt Fund or a Board of D irect ors f or a n Employ ee
Share holding Fund f or a ny rea son w ha t soe v er, t he said direct or sha ll be dee me d t o hav e
aut oma t ica lly resigne d.

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A RT I CLE 1 8

D irec t ors are a ppoint e d f or a t hree - y e ar t erm, subje ct t o t he e x ce pt ion prov ided f or in t he
f ollow ing para graph.

For direc t ors in of f ice in 2 0 0 4 , w ho w e re a ppoint ed or re - elect e d f or a six - y ear t erm,


t he ir t erm of of f ice sha ll come t o a n e nd af t er a period of t hree y ea rs. I n order t o re pla ce
some of t he me mbers of t he Board of D ire ct ors ev ery y ear, t he Board w ill propose at t he
Ge neral M ee t ing re v ie w ing t he acc ount s f or t he f ina ncial y ear ending on 3 1 D ece mbe r
2 0 0 4 , t o appoint it s me mbers f or e it her a one - y e ar, t w o- y ear or t hree - y e ar t erm,
de pe nding on t he membe r . For t his purpose, t he Board shall draw lot s t o det e rmine w hic h
me mbers are t o be appoint e d f or a t erm of less t ha n t hree y ea rs. T hereaf t er, all me mbers
of t he Board of D irect ors subse quent ly a ppoint e d shall be a ppoint e d f or a t hree - y ear t erm
of of f ice.

D irec t ors shall ce ase t o perf orm t heir dut ie s a t t he close of t he Ordinary Ge nera l M eet ing
rev ie w ing t he ac count s of t he pre v ious f ina ncia l y ear held in t he y e ar in w hich t he said
dire ct or s t erm of of f ice ex pire s.

T he number of direct ors age d 7 0 or ov e r ma y not ex cee d one t hird of t he membe rs of t he


Board of D irec t ors. W he re t he number of direc t ors age d 7 0 or ov er ex c ee ds t his le v el, t he
Board of D irect ors sha ll dec ide a t t he ne x t Board meet ing w hich me mbe r or me mbers age d
7 0 or ov er are t o re ma in in of f ice.

D irec t ors are a lw ay s eligible f or re - elec t ion but may be re mov e d f rom of f ice a t any t ime
by t he share holders at a n Ordinary Ge nera l M ee t ing.

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A RT I CLE 1 9

Bot h na t ural a nd le gal persons may be appoint ed as direct ors. W here a lega l pe rson is
appoint e d, it must na me a perma ne nt re pre se nt a t iv e at t he t ime of it s a ppoint me nt . T he
perma ne nt re pre se nt at iv e is subjec t t o t he same t erms a nd c ondit ions a nd obliga t ions a nd
ha s t he sa me civ il and criminal lia bilit y as if he/ sh e w a s a dire ct or in his/ her ow n right ,
w it hout prejudice t o t he joint a nd sev e ral liabilit y of t he legal pe rson t hat he/ she
repre se nt s.

D irec t ors are re quired t o hold one share in t he Compa ny t hroughout t he ir t erm of of f ice.
T he share in que st ion must b e in re gist ered f orm.

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A RT I CLE 2 0

I n t he e v e nt of one or more v aca ncies on t he Board f ollow ing t he deat h or re signat ion of a
dire ct or, t he Board of D irec t ors ma y t e mporarily a ppoint ot her dire ct ors bet w ee n t w o
Ge neral M ee t ings. D irec t ors a ppoint e d t o replace ot her direc t ors shall only hold of f ice f or
t he remainder of t heir predec essor s t erm of of f ice.

A t t he nex t Ge ne ral M eet ing, t emporary a ppoint me nt s ma de by t he Board sha ll be


submit t e d f or share holde r rat if ica t ion.

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A RT I CLE 2 0 bis

T he Board of D irec t ors may a ppoint one or more adv isory me mbe rs of t he Board
( cense urs) , w ho ma y be indiv idua ls or legal e nt it ies, and w ho ma y but ne ed not be
share holders. A ny le gal ent it y a ppoint e d a s a n adv isory Board me mbe r must a ppoint a
perma ne nt re prese nt at iv e.

N o more t ha n t hree a dv isory Board me mbers may hold of f ice at a ny t ime.


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T hey shall ea ch be a ppoint e d f or a f our - y ear t erm of of f ice. A n a dv isory Board me mber' s
of f ice shall ex pire at t he close of t he ge neral me et ing t ha t v ot ed on t he f ina ncial
st a t e me nt s f or t he pre v ious f ina ncia l y ea r, he ld in t he y ear in w hic h t he t erm of of f ice is
due t o ex pire.

A dv isory Board me mbers ma y be rea ppoint e d a ny number of t ime s, and ma y be re mov e d


f rom of f ice a t a ny t ime by t he Board of D irec t ors, w it hout pa y me nt of c ompe nsa t ion.

A dv isory Board me mbers shall be inv it e d t o at t e nd all Board meet ings a nd shall part icipat e
in meet ings in a n adv isory ca pa cit y . T hey shall hav e t he same right s t o inf ormat ion a nd
doc ume nt s a s t he dire ct ors. T hey shall be bound by t he same conf ide nt ialit y obligat ions
as t he dire ct ors.

T he Board of D irec t ors may de cide t o remune rat e t he m, using part of t he Board f ee s
allocat ed t o t he direc t ors.

A dv isory Board members are responsible f or monit oring c omplia nc e w it h t he M e mora ndum
and A rt icles of A ssoc ia t ion, la w s and re gula t ions, a nd shall issue a ny opinions t he y
consider a ppropriat e. T hey ma y at t e nd Board c ommit t ee meet ings.

A dv isory Board me mbers sha ll not int erf ere in t he ma na ge ment of t he c ompany under a ny
circ umst ances or, m ore ge nera lly , replace a ny of t he c ompa ny ' s st at ut ory bodie s.

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A RT I CLE 2 1

A ny a nd all a gree me nt s ent ere d int o be t w ee n t he C ompany a nd one of it s direc t ors or


Chie f Ex ec ut iv e Of f icer s, eit her dire ct ly or indirect ly or t hrough a t hird part y , must be
submit t e d t o t he Board of D irec t ors f or it s prior approv a l, under t he prov isions of A rt icle
L 2 2 5 - 3 8 et seq. of t he ne w Fre nc h C omme rcia l Code.

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A RT I CLE 2 2

Eit her t he C ha irma n of t he Board of D irec t ors or anot her nat ura l person appoint e d by t he
Board of D irec t ors a s C hie f Ex ec ut iv e O f f ic er ma na ge s t he Compa ny , under his/ her ow n
responsibilit y .

T he Board of D irec t ors shall de cide w he t her t o e nt rust ge neral ma nage me nt t o t he


Chairma n or t o a C hie f Ex ec ut iv e O f f icer a nd shall inf orm t he share holders a nd t hird
part ie s of it s decision a s prov ide d f or in t he re gulat ory prov isions in f orc e.

T he Board of D irec t ors dec ision in t his re spec t sha ll be a dopt e d by a majorit y of t he
dire ct ors prese nt or represe nt e d.
T he Board of D irec t ors shall spec if y t he period during w hich t he sa id de c ision sha ll a pply .

W here t he C hairma n of t he Board of D irec t ors is responsible f or t he C ompa ny s ge nera l


ma na ge me nt , t he prov isions set out below on t he C hie f Ex ec ut iv e Of f icer shall apply t o
t he Cha irma n. I n suc h c ase s, t he C hairma n of t he Board of D irec t ors shall be re f erre d t o
as t he C hairma n a nd Chief Ex ec ut iv e O f f icer.

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A RT I CLE 2 3

T he Board of D ire ct ors shall mee t as of t e n as is required in t he C ompa ny s be st int ere st s.


Board mee t ings shall be conv e ne d by t he C hairman a nd be held at t he re gist e red of f ic e or
at any ot her loc at ion. T hey shall ex amine all it e ms t hat t he Cha irma n list s on t he a ge nda .

Board me et ings shall be conv e ne d by post or by any ot her me ans.

I n orde r f or it s re solut ions t o be v alid, a t le ast one half of t he Board of D irec t ors
me mbers must be prese nt at t he mee t ing.

Resolut ions are a dopt e d by a ma jorit y of it s me mbers pre se nt or repre se nt ed at t he


mee t ing.

For t he purpose s of c alc ula t ing t he quorum and majorit y , direc t ors t aking part in a Board
mee t ing v ia v ide oc onf erence or using a ny mea ns of t elec ommunicat ion or remot e
t ra nsmission, inc luding t he I nt ernet , in c ompliance w it h t he st at ut ory and re gulat ory
prov isions in f orce at t he t ime t he se mea ns are use d, are dee me d t o be present at t he
mee t ing.

I n t he e v ent of a t ie, t he Chairma n of t he mee t ing sha ll hav e t he ca st ing v ot e.

M inut es of Board me et ings sha ll be draw n up and copies of a nd ex t ra ct s f rom t he said


minut e s sha ll be issue d and cert if ie d as pre scribed by la w .

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A RT I CLE 2 4

I n addit ion t o any spec ial f ee s prov ide d f or be low , t he Board of D irec t ors shall be paid
f ix e d a nnual re munerat ion in t he f orm of at t e nda nce f ee s. Sha re holders shall f ix t he
amount of t his remunerat ion, charge d t o ov erheads, at an Ordinary Ge nera l M ee t ing a nd
t he said a mount sha ll remain in f orce unt il ot herw ise dec ided by t he share holders at a n
Ordinary Ge ne ral M e et ing.

T he Board of D irect ors shall dist ribut e t his remunerat ion to it s me mbers in suc h
proport ions a s it deems f it .

T he Board of D irect ors may gra nt special pow ers t o one or more of it s me mbers or t hird
part ie s, w he t her or not t hey are share holders, f or one or more spe cif ic purpose s, on t erms
and condit ions f ix e d by t he Board, w it h or w it hout a right t o f urt he r dele ga t e t he se
pow e rs, a nd ma y arra nge f or a ny a nd all st udies or surv ey s t o be c onduct e d. I n suc h
case s, t he Board sha ll f ix t he amount of t he remunera t ion, w hich may be f ix e d or
proport ional.
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A RT I CLE 2 5

T he Board of D ire ct ors shall de t ermine t he Company s busine ss polic ies and ov ersee t heir
imple me nt at ion. S ubjec t t o t he pow ers e x pressly gra nt e d t o sha re holders at G e nera l
M eet ings a nd w it hin t he limit s of t he C ompa ny s object s, it shall dea l w it h a ny issue s
af f ec t ing t he smoot h running of t he C ompany and se t t le, t hrough it s re solut ions, a ll
mat t ers of int e rest t o t he Company .

I n it s de alings w it h t hird part ie s, t he C ompany is bound e v e n by act s of t he Board of


D irec t ors w hic h ex cee d t he C ompany s obje ct s, unle ss it ca n prov e t hat t he t hird part y
kne w t ha t t he ac t ex ce ede d t he said objec t s or t ha t , giv e n t he circ umst ances, t he t hird
part y could not ha v e been una w are t he re of . Public at ion of t he art ic le s of a ssociat ion
alone is not suf f icie nt t o const it ut e suc h proof .

T he Board of D irec t ors shall perf orm suc h cont rols and c heck s as it deems appropria t e.
D irec t ors shall be prov ided w it h such inf orma t ion a s is nece ssa ry f or t he perf orma nce of
t he ir dut ie s a nd ma y obt ain a c opy of any a nd all docume nt s t ha t t he y de em relev a nt .

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A RT I CLE 2 6

1 . T he Board of D ire ct ors shall elec t a Chairma n f rom a mong it s me mbers, w ho must be a
nat ural person, a nd shall f ix t he remunera t ion t he reof .

T he C hairma n s t erm of of f ice ma y not e x ce ed his/ her t erm of of f ice as direct or. T he
Chairma n is eligible f or re - elect ion.

T he Board of D ire ct ors may re mov e t he C ha irman f rom of f ice at a ny t ime. A ny prov ision
t o t he cont rary shall be dee m e d null a nd v oid.

T he a ge limit f or t he posit ion of C ha irman is se t at 6 5 y ears of a ge. H ow ev e r, w he n t he


Chairma n of t he Board of D irec t ors in of f ice reaches 6 5 y ears of age, t he Board of
D irec t ors may e x t end his/ he r t erm a s Cha irma n, on one or more occ asions, by no more
t ha n t hree y e ars in t ot al.

I n t he ev e nt t ha t t he Chairma n is abse nt or moment arily una ble t o ac t , t he Board shall


appoint a C hairma n f or t he spe cif ic meet ing f rom among t he direct ors.
I n t he ev e nt t hat t he C hairman is t e mporarily unable t o ac t or die s, t he Board of D irec t ors
may a ppoint a not he r dire ct or as C hairma n.

T he said appoint me nt must a lw ay s be ma de f or a limit e d pe riod. W here t he C hairma n is


t emporarily una ble t o a ct , t he a ppoint me nt ma y be re new ed. W here t he C hairma n ha s
die d, t he said dire ct or shall act a s C hairma n unt il a ne w C hairma n has be en elect e d.

2 . T he Chairma n of t he Board of D irec t ors re pre se nt s t he Board of D irec t ors. H e/ she


orga nises a nd ma na ge s t he w ork of t he Board and re por t s bac k t o share holders at Gene ral
M eet ings on t he said w ork . T he Chairma n ov erse es t he smoot h running of t he Compa ny s
ma na ge me nt bodie s a nd ensures, in part icular, t hat t he direct ors a re a ble t o perf orm t he ir
dut ies.

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A RT I CLE 2 7

1 . T he C ompa ny sha ll be managed by a na t ural person a ppoint e d by t he Board of


D irec t ors, f or a t erm f ix ed by t he Boa rd a nd ha v ing t he t it le of Chief Ex ec ut iv e Of f icer,
under his/ her ow n responsibilit y .

Pursuant t o a proposa l ma de by t he C hief Ex ec ut iv e Of f icer , t he Board of D irect ors ma y


appoint one or more nat ural persons t o a ssist t he Chie f Ex ec ut iv e Of f ic e r , hav ing t he t it le
of D eput y C hie f Ex ec ut iv e Of f ice r . T he Board may a ppoint a ma x imum of f i v e D e put y
Chie f Ex ec ut iv e O f f icer s.

T he a ge limit f or t he posit ions of C hie f Ex ec ut iv e O f f icer a nd D e put y Chie f Ex ec ut iv e


Of f ic er is set a t 6 5 y e ars of age . H ow ev er, w he n a C hie f Ex ec ut iv e Of f ic er or D e put y
Chie f Ex e cut iv e Of f ic er in of f ice re ac hes 6 5 y ears of a ge, t he Boa rd of D ire ct ors may
ex t e nd his/ her t erm, on one or more occa sions, by no more t han t hree y ears in t ot al.

T he Board of D irec t ors may re mov e t he C hie f Ex ec ut iv e Of f icer f rom of f ice at a ny t ime.
T he Board may a lso re mov e a D e put y C hie f Ex ec ut iv e Of f ice r f rom of f ic e at a ny t ime,
pursua nt t o a proposal by t he Chief Ex e cut iv e Of f ic er . I f t here is no just ca use f or t he
remov al f rom of f ice , da ma ge s may be a w arde d unle ss t he Chief Ex ec ut iv e Of f ic er is also
t he C ha irman of t he Boa rd of D irect or s.

I n t he ev e nt t ha t t he Chief Ex ec ut iv e Of f icer cea ses or is una ble t o perf orm his/ her dut ie s
and unle ss ot herw ise decided by t he Boa rd, t he D e put y C hie f Ex ec ut iv e Of f icer s shall
ret ain t heir posit ions a nd re sponsibilit ies unt il a new Chief Ex ec ut iv e Of f icer ha s bee n
appoint e d.

T he Board of D irec t ors shall f ix t he re mune rat ion pa y a ble t o t he Chief Ex ec ut iv e Of f ic er


and t he D e put y Chief Ex ecut iv e Of f icer s.

2 . T he Chief Ex ec ut iv e Of f ic er shall ha v e t he most e x t e nsiv e pow e rs t o a ct in all


circ umst ances in t he C ompa ny s na me. H e/ she shall ex ercise t he se pow ers w it hin t he
limit s of t he Compa ny s objec t s a nd subjec t t o t he pow ers ex pre ssly gra n t e d t o
share holders at General M eet ings and t o t he Boa rd of D irect ors by la w .

T he Chief Ex ec ut iv e O f f icer re pre se nt s t he C ompany in it s dea lings w it h t hird pa rt ies. T he


Compa ny is bound ev e n by ac t s of t he C hief Ex ecut iv e O f f icer w hic h ex c ee d t he
Compa ny s objec t s, unle ss it ca n prov e t hat t he t hird part y k new t hat t he act e x cee d e d
t he said objec t s or t ha t , giv e n t he c irc umst a nc es, t he t hird part y c ould not ha v e bee n
unaw are t hereof . Public at ion of t he art icle s of associat ion alone is not suf f icie nt t o
const it ut e suc h proof .
Resolut ions adopt e d by t he Board of D irect ors rest rict ing t he Chief Ex ec ut iv e Of f icer s
pow e rs are not enf orcea ble a ga inst t hird part ies.

3 . W it h t he C hie f Ex ec ut iv e Of f icer s a gree me nt , t he Board of D irect ors shall det ermine


t he sc ope and t erm of t he pow ers gra nt e d t o t he D e put y C hie f Ex ec ut iv e Of f icers, w ho
shall ha v e t he same pow ers a s t he C hief Ex ec ut iv e Of f icer v is- - v is t hird part ie s.

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SECT I O N V : A U D I T I N G O F T H E COM PA N Y
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A RT I CLE 2 8

Share holders a t a n Ordinary Ge neral M ee t ing sha ll appoint one or more St at ut ory A udit ors
and one or more D e put y St at ut ory A udit ors meet ing t he re quire me nt s set out in t he
applica ble st a t ut ory a nd regula t ory prov isions.

A udit ors are a ppoint e d f or a t erm of six f ina ncia l y e ars. T he ir dut ies c o me t o a n end af t er
t he Ge nera l M ee t ing rev iew ing t he ac count s f or t he six t h f ina ncial y e ar.

A udit ors are a lw ay s eligible f or re - e lect ion at t he end of t heir t erm of of f ice. I n t he e v e nt
of f a ult or if t hey are una ble t o ac t , t hey ma y be disc harge d f rom t heir dut ies by c ourt
order a s prescribe d by la w .

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SECT I O N V I : GEN ERA L M EET I N GS


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A RT I CLE 2 9

Ge neral M eet ings are c onv e ne d a nd t ra nsac t busine ss as pre scribe d by la w .

M eet ings sha ll be he ld at t he re gist ered of f ice or at a not he r loca t ion specif ie d in t he
conv e ning not ice . T he Board of D irec t ors may decide, w he n t he mee t ing is c onv e ne d, t o
public ly broa dca st t he w hole of t he se mee t ings by v ide oc onf ere nce a nd/ or any mea ns of
t elec ommunicat ion or re mot e t ra nsmission. I n suc h ca se s, t he Board s dec ision shall be
specif ie d in t he mee t ing not ice a nd in t he conv e ning not ice .

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A RT I CLE 3 0
A share holder s right t o a t t e nd Ge neral M ee t ings of t he C ompa ny arise s f rom t he
regist rat ion of t he shares in t he share holder s na me or in t he na me of t he int ermediary
aut horise d t o ac t on t he sha re holder s be half ( a s presc ribe d by la w ) on t he t hird w ork in g
day pre ce ding t he Ge ne ral M ee t ing a t midnight , Paris t ime :

- f or share holders holding regist ere d share s: in re gist e red f orm in t he acc ount s he ld by
t he C ompa ny ,

- f or sha re holders holding bea rer share s: in bea rer f orm in t he ac count s held by t he
aut horise d int erme diary , in c omplia nce w it h t he prov isions of t he re gula t ions in f orce.

Share holders may be re prese nt ed a t Ge ne ral M e e t ings a s presc ribe d by la w .

Share holder s may also v ot e by post in acc ordance w it h t he st a t ut ory and re gulat ory
prov isions in f orce.

Share holders w ishing t o v ot e by post or by prox y must de posit a prox y f orm or post al
v ot e f orm or t he doc ument replac ing t he se f orms at t he re gist ered of f ic e or a t a ny ot he r
loc at ion specif ie d in t he mee t ing a nd c onv ening not ice t hree da y s bef ore t he da t e of t he
Ge neral M eet ing. H ow e v er, t he Board of D irec t ors ma y at all t imes short e n t his period if it
dee ms f it . I t ma y also a ut horise share holders t o se nd t heir prox y a nd post a l v ot e f orms t o
t he C ompa ny re mot e ly ( including elect ronic ally ) in c omplia nce w it h t he st a t ut ory a nd
regula t ory prov isions in f orce.

I n such ca se s, t he ele c t ronic signat ure may t a ke t he f orm of a proce dure mee t ing t he
requirement s se t out in t he f irst sent e nce of t he sec ond para gra ph of A rt icle 1 3 1 6 - 4 of
t he Fre nc h Civ il C ode ( Code Civ il) .

T he Board of D irect ors may also dec ide t o a ut horise share holders t o t ak e part in a nd v ot e
at all General M eet ings v ia v ide oc onf e re nce a nd/ or re mot e t ra nsmission in c omplia nc e
w it h t he re gulat ions in f orce.

V ot ing right s at t ac he d t o share s sha ll be ex erc ise d by t he be ne f ic ial ow ner at Ordinary


Ge neral M eet ings a nd by t he legal ow ner at Ex t ra ordinary Ge neral M ee t ings.

V ot ing right s at t ac he d t o share s are proport iona l t o t he f ra ct ion of t he share ca pit al t hat
t he y re pre se nt . Eac h sha re ent it le s it s holder t o o ne v ot e.

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SECT I O N V I I : A N N U A L A CCOU N T S - ST A T EM EN T OF A SSET S A N D LI A BI LI T I ES


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RES ERV E A N D CON T I N GEN C Y FU N D S - D I V I D EN D S

A RT I CLE 3 1

T he Compa ny s acc ount ing pe riod c omme nce s on 1 J a nuary and e nds on 3 1 D ece mber.

Compa ny t ra nsac t ions shall be v a lidly rec orde d in t he C ompa ny s book s, as prescribe d by
law .
A t t he e nd of eac h f inanc ial y ear, t he Board of D ire ct ors sha ll dra w up a st at e me nt
show ing t he v arious a sset s a nd liabilit ie s at t hat t ime .

I t sha ll also pre pare t he ba la nce shee t de scribing t he a sset s and lia bi lit ies a nd show ing
share holders e quit y a s a se parat e it e m, t he prof it a nd loss acc ount summarising t he
inc ome a nd e x pe ndit ure of t he f ina ncia l y ear a nd t he not e s t o t he ac count s supplement ing
and c omme nt ing on t he inf ormat ion giv e n in t he bala nce shee t and t he prof it a nd loss
account .

Ev e n w here t here is insuf f icie nt prof it or a loss has bee n rec orded, t he re quire d
de prec iat ion a nd prov isions shall be book ed. T he t ot al a mount of commit me nt s guara nt ee d
or e ndorse d by t he C ompa ny , or f or w hic h t he Compa ny has prov ide d securit y , shall be
specif ie d at t he f oot of t he bala nc e shee t .

I f t he C ompa ny has ac quire d, during t he rele v a nt f ina nc ial y ea r, a n e quit y int ere st in a
company w hose re gist e red of f ice is loca t e d in t he t e rrit ory of t he Fre nc h Re public or ha s
acquired more t ha n half of t he share c apit a l of suc h a c ompa ny , t he said t ra nsa ct ions
shall be specif ie d in t he report pre se nt ed t o shareholde rs on t he t ra nsact ions perf orme d
during t he f ina nc ial y ear and in t he St a t ut ory A udit ors re port .

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A RT I CLE 3 2

T he prof it a nd loss ac c ount , summa rising t he inc ome and e x pendit ure of t he f ina ncia l
y ear, sha ll re cord t he ne t prof it of t he f ina nc ial y ear, af t er de duct ing t he de prec iat ion a nd
prov isions decide d by t he Board.

From t he prof it of t he f ina nc ial y ear le ss, w here applica ble, a ny losses carrie d f orw ard,
t he C ompa ny shall f irst de duc t no less t ha n 5 % of t he prof it t o f orm t he reserv e f und
required by la w , unt il t he said f und reac he s one t ent h of t he C ompa ny s share ca pit al.

T he bala nc e plus, w he re a pplica ble, a ny prof it ca rrie d f orw a rd, sha ll c onst it ut e t he
dist ribut a ble prof it .

I nt erest ca lc ula t e d at a rat e of 6 % per y ear on t he amo unt s paid- up on unrede eme d share s
shall be paid t o share holders, as t he init ial div ide nd, f rom t he dist ribut a ble prof it plus,
w here a pplic able, any amount s t ha t t he share holders at a Ge neral M eet ing resolv e t o
de duct f rom opt ional re serv e f unds f or dist ribut ion. H ow e v er, in t he e v ent t hat t here is
insuf f icie nt prof it in a giv e n f ina ncial y e ar, no addit iona l de duc t i ons may be ma de f rom
t he prof it of t he f ollow ing f ina nc ial y ear( s) .

Share holders v ot ing at a n O rdinary General M eet ing may re solv e t o de duct suc h a mount s
as t hey dee m a ppropria t e f rom t he av a ila ble surplus, t o be carrie d f orw ard t o t he nex t
f ina ncia l y e ar or t o be post e d t o one or more ordinary or ex t ra ordinary opt ional re serv e
f unds, w it h or w it hout a spe cif ic allocat ion.

T he bala nce is dist ribut e d t o shareholder s a s a n addit ional div ide nd.

Share holders v ot ing at a General M ee t ing ma y grant share holders an opt ion ena bling t he m
t o c hoose bet w ee n receiv ing pay me nt of all or part of t he dist ribut ed div ide nd in t he f orm
of a ca sh div idend or a st oc k div idend . T he sa me opt ion ma y also be gra nt ed in relat ion t o
any int erim div ide nds.

Sav e in t he ev e nt of a reduc t ion of sha re c apit al, no dist ribut ion may be ma de t o
share holders w he n t he amount of share holders equit y is or , f ollow ing such dist ribut ion,
w ould bec ome low er t han t he a mount of t he share ca pit al plus a ny re serv es w hich may
not be dist ribut ed under t he la w or t he art icle s of associa t ion.
T he t erms of pay me nt of t he div ide nds shall be f ix e d by share holders a t a Ge neral
M eet ing or, f ailing t his, by t he Board of D irec t ors.

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SECT I O N V I I I : D I SSOLU T I ON - LI Q U I D A T I ON
______________________________________________________

A RT I CLE 3 3

T he Board of D irec t ors may , at a ny t ime and f or any rea son w hat soev er, make a proposal
t o t he share holders at an Ex t ra ordinary Ge nera l M eet ing f or t he ea rly dissolut ion a nd
liquidat ion of t he C ompa ny .

T he Compa ny s dissolut ion w ill not ha v e le ga l ef f ec t v is- - v is t hird pa rt ie s unt il it has


bee n publishe d w it h t he T ra de Re gist ry .

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A RT I CLE 3 4

W he n t he Compa ny s lif e e nds or in t he e v e nt of e arly dissolut ion, share holders a t a


Ge neral M ee t ing shall decide, pursua nt t o a proposa l ma de by t he Board of D ire ct ors, on
t he liquida t ion proce dure t o be use d a nd shall a ppoint one or more liquidat ors a nd
det ermine t he pow e rs t hereof .

T he re solut ion a ppoint ing t he liquidat ors must be published by t he said liquidat ors, in
complia nc e w it h t he regula t ory prov isions. T he appoint me nt of t he liquidat ors t ermina t e s
t he direct or s pow ers. H ow ev e r, t he St a t ut ory A udit ors re main in of f ice.

Share holders ma y aut horise t he C ompa ny t o be t ra nsf erre d a s a going- c oncern or a


cont ribut ion of t he C ompany s asse t s t o a not her compa ny , in part ic ular v ia a merge r,
subject t o t he quorum and ma jorit y re quirement s applica ble at Ex t raordinary Ge nera l
M eet ings.

T he sale of all t he C ompany s asse t s or t he cont ribut ion of t he Company s asse t s t o


anot her c ompany , in pa rt ic ula r v ia a merge r, must be a ut horise d under t he quorum a nd
majorit y require me nt s applica ble a t Ex t raordinary General M eet ings

D uring t he liquida t ion proce ss, t he C ompany s a sse t s ma y not be t ra nsf erred, in w hole or
in part , t o t he liquidat or or t he liquidat or s e mploy ees or t he ir spo use s, a sce ndant s or
de sce nda nt s. T he sa id a sse t s ma y not be t ra nsf erred t o a person w ho held a posit ion at
t he Compa ny a s a dire ct or, Chief Ex ec ut iv e O f f ic er or S t at ut ory A udit or w it hout t he
share holders una nimous conse nt , or, f ailing t his, an orde r of t he C omme rcial C ourt .

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SECT I O N I X : D I SPU T ES
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A RT I CLE 3 5

A ny disput e s t ha t may arise during t he lif e of t he C ompa ny or during t he liquida t ion


t he re of , bet w ee n t he share holders a nd t he Compa ny or bet w ee n t he share holders
t he mselv e s, re lat ing t o Compa ny mat t ers, shall be de cide d in acc orda nc e w it h t he law a nd
ref erre d t o t he court s w it h jurisdict ion.

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