About Intellectual Property IP Training Respect for IP IP Outreach IP for… IP and... IP in... Patent & Technology Information Trademark Information Industrial Design Information Geographical Indication Information Plant Variety Information (UPOV) IP Laws, Treaties & Judgements IP Resources IP Reports Patent Protection Trademark Protection Industrial Design Protection Geographical Indication Protection Plant Variety Protection (UPOV) IP Dispute Resolution IP Office Business Solutions Paying for IP Services Negotiation & Decision-Making Development Cooperation Innovation Support Public-Private Partnerships AI Tools & Services The Organization Working with WIPO Accountability Patents Trademarks Industrial Designs Geographical Indications Copyright Trade Secrets WIPO Academy Workshops & Seminars IP Enforcement WIPO ALERT Raising Awareness World IP Day WIPO Magazine Case Studies & Success Stories IP News WIPO Awards Business Universities Indigenous Peoples Judiciaries Genetic Resources, Traditional Knowledge and Traditional Cultural Expressions Economics Gender Equality Global Health Climate Change Competition Policy Sustainable Development Goals Frontier Technologies Mobile Applications Sports Tourism PATENTSCOPE Patent Analytics International Patent Classification ARDI – Research for Innovation ASPI – Specialized Patent Information Global Brand Database Madrid Monitor Article 6ter Express Database Nice Classification Vienna Classification Global Design Database International Designs Bulletin Hague Express Database Locarno Classification Lisbon Express Database Global Brand Database for GIs PLUTO Plant Variety Database GENIE Database WIPO-Administered Treaties WIPO Lex - IP Laws, Treaties & Judgments WIPO Standards IP Statistics WIPO Pearl (Terminology) WIPO Publications Country IP Profiles WIPO Knowledge Center WIPO Technology Trends Global Innovation Index World Intellectual Property Report PCT – The International Patent System ePCT Budapest – The International Microorganism Deposit System Madrid – The International Trademark System eMadrid Article 6ter (armorial bearings, flags, state emblems) Hague – The International Design System eHague Lisbon – The International System of Appellations of Origin and Geographical Indications eLisbon UPOV PRISMA UPOV e-PVP Administration UPOV e-PVP DUS Exchange Mediation Arbitration Expert Determination Domain Name Disputes Centralized Access to Search and Examination (CASE) Digital Access Service (DAS) WIPO Pay Current Account at WIPO WIPO Assemblies Standing Committees Calendar of Meetings WIPO Webcast WIPO Official Documents Development Agenda Technical Assistance IP Training Institutions COVID-19 Support National IP Strategies Policy & Legislative Advice Cooperation Hub Technology and Innovation Support Centers (TISC) Technology Transfer Inventor Assistance Program WIPO GREEN WIPO's Pat-INFORMED Accessible Books Consortium WIPO for Creators WIPO Translate Speech-to-Text Classification Assistant Member States Observers Director General Activities by Unit External Offices Job Vacancies Procurement Results & Budget Financial Reporting Oversight
Arabic English Spanish French Russian Chinese
Laws Treaties Judgments Browse By Jurisdiction

Cambodia

KH011

Back

Law on Commercial Enterprises


LAW ON COMMERCIAL ENTERPRISES



Chapter 1 – General Provisions



Article 1: Scope

 7KLVODZDSSOLHVWRDSDUWQHUVKLSDQGFRPSDQ\FDUU\LQJRQEXVLQHVVLQWKH.LQJGRPRI&DPE RGLD$ SDUWQHUVKLSFRPSRVHVRI DJHQHUDOSDUWQHUVKLSDQGDOLPLWHG SDUWQHUVKLS$ FRPSDQ\FRPSRVHVRID  SULYDWHOLPLWHGFRPSDQ\DQGSXEOLFOLPLWHG 

Article 2: Definitions

   "person" LQFOXGHVDQDWXUDOSHUVRQDQGDOHJDOSHUVRQ    "Registrar"PHDQVWKH5HJLVWUDUDSSRLQWHGSXUVXDQWWRWKH /DZRQ&RPPHUFLDO5XOHVDQG

5HJLVWHU    "Registrar's Office"PHDQVWKHRIILFH FUHDWHGSXUVXDQWWRWKH/DZRQ&RP PHUFLDO5XOHVDQG

5HJLVWHU    "subsidiary"PHDQVDSDUWQHUVKLSRUFRPSDQ\FRQWUROOHGE\DQRWKHUSDUWQHUVKLSRUFRPSDQ\

FDOOHGD"parent"  D  ,QWKHFDVHRIDVXEVLGLDU\SDUWQHUVKLSWKHSDUHQWSDUWQHUVKLSRZQVDWOHDVWDPDMRULW\RI

WKHLQWHUHVWRIWKHVXEVLGLDU\  E  ,QWKHFDVHRIDVXEVLGLDU\FRPSDQ\WKHSDUHQWFRPSDQ\RZQVDWOHDVWDPDMRULW\RIWKH

FRPSDQ\
VYRWLQJVKDUHV
 

Article 3: Registered agent and registered office

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

Article 4: Delivery of documents

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¶V UHFRUGV'HOLYHU\WRWKH5HJLVWUDUVKDOOEHFRQVLGHUHGGHOLYHU\WRWKHSDUWQHUVKLSRUFRPSDQ\ 

Article 5: Use of Khmer name

 $SDUWQHUVKLSRU FRPSDQ\VKDOO GLVSOD\LWVQDPH LQWKH.KP HUODQJXDJH7KH.KPHUQDPHVKDOOE H SODFHGDERYHDQGVKDOOEHODUJHUWKDQWKHQDPHLQDQRWKHUODQJXDJH7KHWUDQVODWLRQRIFRPSDQ\¶VQDPH IURPRQHODQJXDJHWRDQRWKHUODQJXDJHVKDOOEHSURKLELWHG7KH.KPHUQDPHVKDOOVRXQGSKRQHWLFDOO\WKH VDPHDVWKHQDPHLQWKHRWKHUODQJXDJH  $SDUWQHUVKLSRUFRPSDQ\VKDOOGLVSOD\WKH.KPHUQDPHRQDOO VHDOVVLJQVOHWWHUKHDGDQGIRUPVDQG GRFXPHQWVXVHGIRUSXEOLFSXUSRVHDQGRQDOOSXEOLFDGYHUWLVHPHQWVGLVSOD\HGRQODQGRQZDWHURULQWKH DLUZLWKLQWKH.LQJGRPRI&DPERGLD  $SDUWQHUVKLSRUFRPSDQ\PD\XVHDQ GEHGHVLJQDWHGE\DQD PHLQDQRWKHUODQJXDJHRXWVLGHRIWKH .LQJGRPRI&DPERGLD 

Article 6: Non-payment of fees, fines, interest and penalties

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

Article 7: Annual declaration

 (DFKSDUWQHUVKLSRUFRPSDQ\VKDOOILOHDQDQQXDOGHFODUDWLRQZLWKWKH0LQLVWU\RI&RPPHUFHFRQFHUQLQJ WKHVWDWXVRIWKHSDUWQHUVKLSRUFRPSDQ\ 

Chapter 2 – General Partnerships Part 1. General Provisions

A. The Establishment of a General Partnership



Article 8: Nature of partnership

 $JHQHUDOSDUWQHUVKLSLVDFRQWUDFWEHWZHHQWZRRUPRUHSHUVRQVWRFRPELQHWKHLUSURSHUW\NQRZOHGJHRU DFWLYLWLHVWRFDUU\RQEXVLQHVVLQFRPPRQZLWKDYLHZWRSURILW 

Article 9: Form of contract

 7KHFRQWUDFWRIJHQHUDOSDUWQHUVKLSPD\EHYHUEDOR ULQZULWLQJ,IWKHJHQH UDOSDUWQHUVKLSFRQWUDFWLVLQ ZULWLQJDOOSDUWQHUVVKDOOVLJQLW 

Article 10: Rules of determining existence of partnership

 :KHQWKHFRQWUDFWLVDPELJXRXVWKHFRXUWVKDOOFR QVLGHUWKHIROORZLQJUXOHVWRGHWHUPLQHZKHWKHUWKH SDUWLHVKDGDFRPPRQLQWHQWLRQWRIRUPDJHQHUDOSDUWQHUVKLS  D  7KHIDFWWKDWWZRRUPRUHSHUVRQVMRLQWO\RZQSURSHUW\ZKHWKHUWKHSHUVRQVVKDUHLQWKHSURILWV

PDGHE\WKHSURSHUW\RUQRWZKHWKHUDJHQHUDOSDUWQHUVKLSGRHVE\LWVHOIFUHDWHDSDUWQHUVKLSE\

WKHSURSHUW\RUQRW  E  7KHIDFWWKDWWZRRUPRUHSHUVRQVVKDUHWKHJURVVUHFHLSWVIURPFRPPHUFLDODFWLYLW\ZKHWKHURU

QRWWKHSHUVRQVKDYHMRLQWRUFRPPRQULJKWVLQDQ\SURSHUW\WKDWJHQHUDWHVWKHUHFHLSWVZKHWKHU DJH QHUDO SDUWQHUVKLSG RHVE\ LWVHOI FUHDWHD  SDUWQHUVKLSE\MRL QWRUFRPPR QUL JKWVLQ D Q\ SURSHUW\



Article 11: Date of creation

 :KHQDJHQHUDOSDUWQHUVKLSLVIRUPHGWKHSDUWLHVDUHERXQGWRWKHFRQWUDFW DWWKHWLPHWK HFRQWUDFWLV PDGHXQOHVVWKHFRQWUDFWVWDWHVRWKHUZLVH 

Article 12: Legal personality

 $JHQHUDOSDUWQHUVKLSKDVDO HJDOSHUVRQDOLW\VHSDUDWHIURPWKDWRIHD FKRILWVSD UWQHUV$JH QHUDO SDUWQHUVKLSVKDOODFTXLUHOHJDOSHUVRQDOLW\ZKHQLWUH JLVWHUVLQDFFRUGDQFHZLWKWKH/DZR Q&RPPHUFLDO 5XOHVDQG5HJLVWHUDQGVKDOOKDYHWKHIROORZLQJULJKWV  D  WRRZQPRYDEOHDQGLPPRYDEOHSURSHUW\LQLWVRZQQDPH  E  WRFDUU\RQEXVLQHVVLQLWVRZQQDPH  F  WRFRQWUDFWLQLWVRZQQDPHDQG  G  WRVXHDQGEHVXHGLQLWVRZQQDPH 

Article 13: Nationality

 $JHQHUDOSDUWQHUVKLSWKDWKDVDFTXLUHGOHJDOSHUVRQDOLW\VKDOOEHGHHPHGWREHRI.KPHUQDWLRQDOLW\RQO\ LI  D  7KHJHQHUDOSDUWQHUVKLSKDVDSODFHRIEXVLQHVVDQGDUHJLVWHUHGRIILFHORFDWHGLQWKH.LQJGRPRI

&DPERGLDDQG  E  0RUHWKDQRIWKHUHFRUGRZQHUVKLSLQWHUHVWLQVXFKJHQHUDOSDUWQHUVKLSLVKHOGE\QDWXUDORU

OHJDOSHUVRQVRI.KPHUQDWLRQDOLW\ 

Article 14: Name of partnership

 7KHQDPHRIDJHQHUDOSDUWQHUVKLSVKDOOLQFOXGHWKHQDPHRIRQHRUPRUHRIWKHSDUWQHUVDQGWKHZRUGV *HQHUDO3DUWQHUVKLSVKDOOEHSODFHGDWWKHHQGRU EHORZWKHQDPH$JHQHUDOSDUWQHUVKLSVKDOOXVHLWV QDPHZKHQFDUU\LQJRQEXVLQHVV 

Article 15: Liability for registration, filing and publication

 (DFK SDUWQHULVLQGLYLG XDOO\UHVSRQ VLEOHIRU FRPSO\LQJZLWKWK HUH JLVWUDWLRQILOLQJDQG SXEOL FDWLRQ UHTXLUHPHQWVIRUWKHJHQHUDOSDUWQHUVKLS  

B. Relations of Partners to One Another



Article 16: Nature of partner’s contribution

 (DFKSDUWQHUPD\  D  &RQWULEXWLRQVWRWKHJHQHUDOSDUWQHUVKLSLQFDVKLQNLQGLQSDVWVHUYLFHVDFWXDOO\UHQGHUHGRU

IXWXUHVHUYLFHV  E  &RQWULEXWLRQLQVHUYLFHVFRQVLVWVRIWKHJHQHUDOSDUWQHU¶VNQRZOHGJHRUDFWLYLWLHVEXWVKDOOQRW

FRQVLVWRIWKHH[HUFLVHRILQIOXHQFHREWDLQHGIURPSXEOLFRIILFLDOV

Article 17: Partner’s debt for contribution

 (DFKSDUWQHULVDGHEWRUWRWKHJHQHUDOSDUWQHUVKLSIRUHYHU\WKLQJKHSURPLVHVWRFRQWULEXWHWRLW  

Article 18: Contribution of property

 :KHQDSD UWQHUXQGHUWDNHVWRFRQWUL EXWHSURSHUW\WKHSDUWQHUVKDOOWUDQVIHUWKHULJKW VRIRZQH UVKLSRU HQMR\PHQWDQGVKDOOSODFHWKHSURSHUW\DWWKHGLVSRVDORIWKHJHQHUDOSDUWQHUVKLS 

Article 19: Monetary contribution

 :KHQDJHQHUDOSDUWQHUXQGHUWDNHVWRFRQWULEXWHDVXPRIPRQH\DQGIDLOVWRGRVRWKHJHQHUDOSDUWQHULV OLDEOHIRUL QWHUHVWIURPW KHGD\KL V FRQWULEXWLRQ VKRXOGKDYH EHHQP DGHVXEMH FWWR DQ\DGGLWLRQ DO GDPDJHVZKLFKPD\EHFODLPHGIURPKLP 

Article 20: Contribution of knowledge or activities

 :KHQDJHQHUDOSDUWQHUXQGHUWDNHVWRFRQWULEXWHNQRZOHGJHRUDFWLYLWLHVWKHJHQH UDOSDUWQHURZHVWKH REOLJDWLRQFRQWLQXRXVO\DVORQJDVKHUHPDLQVDJHQHUDOSDUWQHU  7KHZULWWHQJHQHUDOSDUWQHUVKLSFRQWUDFWWKHERRNVDQGUHFRUGVRIWKHJHQHUDOSDUWQHUVKLSVKDOOLQGLFDWH ZKHWKHUDJHQHUDOSDUWQHU¶VFRQWULEXWLRQFRQVLVWVRINQRZOHGJHVHUYLFHVRUDFWLYLWLHV 

Article 21: Capital of the partnership

 7KHFDSLWDORIWKHJHQHUDOSDUWQHUVKLSVKDOOLQFOXGHWKHFRQWULEXWLRQVLQFDVKDQGLQNLQG7KHFRQWULEXWLRQV LQNLQGVKDOOEHYDOXHGDQGDOOJHQHUDOSDUWQHUVVKDOODJUHHWRWKLVYDOXDWLRQ  7KHFRPS XWDWLRQRIWKH JHQH UDOS DUWQHUVKLS¶VFD SLWDOVK DOOQ RWLQFOX GHFRQWULEXWLR QV RINQR ZOHGJH VHUYLFHVRUDFWLYLWLHV 

Article 22: Currency of capital

 7KHFDSLWDORIDJHQHUDOSDUWQHUVKLSVKDOOEHFDOFXODWHGLQWKHQDWLRQDOFXUUHQF\ 

Article 23: Participation in profits and losses

 (DFKJHQHUDOSDUWQHUVKDUHVLQWKHSURILWVDQGORVVHVRIWKHJHQHUDOSDUWQHUVKLS  $FRQWUDFWSURYLVLRQWKDWH[FOXGHVDJHQHUDOSDUWQHUIURPVKDULQJLQWKHSURILWVLVQRWHIIHFWLYH  $FRQWUDFWSURYLVLRQWKDWH[HPSWVDJHQHUDOSDUWQHUIURPWKHREOLJDWLRQWRVKDUHLQWKHO RVVHVLVQRW HIIHFWLYHDJDLQVWWKLUGSDUWLHV 

Article 24: Allocation of partner’s interest

 7KHSURSRUWLRQRIWKHLQWHUHVWRIHD FKJHQHUDOSDUWQHULQWKHD VVHWVSURILWV DQGORVVHVLVH TXDOXQOHVV RWKHUZLVHSURYLGHGLQWKHFRQWUDFW  ,IWKHFRQWUDFWHVWDEOLVKHVDJHQHUDOSDUWQHU¶VLQWHUHVWE\UHIHUULQJRQO\WRWKHDVVHWVSURILWVRUORVVHVWKH SURSRUWLRQHVWDEOLVKHGLQWKDWFDVHLVSUHVXPHGWRDSSO\WRDOOWKUHHFDVHV 

Article 25: Partner accountable to partnership

 (DFKJHQHUDOSDUWQHUVKDOODFFRXQWWRWKHJHQ HUDOSDUWQHUVKLSIRUDOOE HQHILWVDQGSURILWVWKHJHQ HUDO SDUWQHUGH ULYHVZLWKR XWWKHXQDQL PRXVFR QVHQWRI WKHRWKHUJ HQHUDOSDUWQ HUVIURPDQ \WUDQVD FWLRQ FRQQHFWHGZLWKWKHEXVLQHVVRIWKHJHQHUDOSDUWQHUVKLSRUIURPWKHXVHRIS DUWQHUVKLSSURSHUW\7KH JHQHUDOSDUWQHUVPD\QRWZDLYHWKLVREOLJDWLRQ 

Article 26: Partner’s entitlement to wages

 1RJHQHUDOSDUWQHULVHQWLWOHGWRZDJHVIRUHPSOR\PHQWLQWKHJHQHUDOSDUWQHUVKLSEXVLQHVV 

Article 27: Liability for damage

 $JHQHUDOSDUWQHULVOLDEOHWRWKHJHQHUDOSDUWQHUVKLSIRUGDPDJHVFDXVHGWKHJHQHUDOSDUWQHU¶VIDXOW 

Article 28: Disbursement on behalf of the partnership

 $JHQHUDOSDUWQHUDFWLQJLQJRRGIDLWKKDVWKH ULJKWWRUH FRYHUWKHDP RXQWRIWKHGLVEX UVHPHQWVKH PDNHVRQEHKDOIRIWKHJH QHUDOSDUWQHUVKLSDQGWRLQGHPQLILFDWLRQIRUFRQWUDFWXDOREOLJDWLRQVKHPDNHV DQGORVVHVKHVXIIHUVLQDFWLQJIRUWKHJHQHUDOSDUWQHUVKLS 

Article 29: Receipt of amount by a partner

 7KLVDUWLFOHDSSOLHVZKHUH  D  DJHQHUDOSDUWQHURQKLVRZQEHKDOIDQGWKHJHQHUDOSDUWQHUVKLSDUHERWKFUHGLWRUVRIWKHVDPH

GHEWRU  E  ERWKGHEWVDUHSD\DEOHDQG  F  WKHGHEWRUSD\VWKHJHQHUDOSDUWQHUEXWQRWWKHJHQHUDOSDUWQHUVKLS,QWKLVFDVHWKHDPRXQWWKH

JHQHUDOSDUWQHUUHFHLYHVVKDOOEHDOORFDWHGSURSRUWLRQDWHO\WRWKHSHUVRQDOFODLPDQGWKHJHQHUDO SDUWQHUVKLS¶VFODLP 

Article 30: Partner and partnership’s property

 (DFKJHQHUDOSDUWQHUPD\XVHWKHSURSHUW\RIWKHJHQHUDOSDUWQHUVKLSSURYLGHGKHXVHVLWLQWKHLQWHUHVW RIWKHJHQHUDOSDUWQHUVKLS  (DFKJHQHUDOSDUWQHUPD\XVHWKHSURSHUW\RIWKHJHQHUDOSDUWQHUVKLSIRUKLVSHUVRQDOXVHSURYLGHGWKDW KHREWDLQVWKHXQDQLPRXVFRQVHQWRIWKHRWKHUJHQHUDOSDUWQHUV  (DFKJHQHUDOSDUWQHUVKDOOXVHWKHSURSHUW\RIWKHJHQHUDOSDUWQHUVKLSLQVXFKDZD\DVQRWWRSUHYHQWWKH RWKHUJHQHUDOSDUWQHUVIURPXVLQJLWDVWKH\DUHHQWLWOHG 

Article 31: New partner

 1RQDWXUDORUOHJDOSHUVRQPD\EHFRPHDJHQHUDOSDUWQHUZLWKRXWWKHXQDQLPRXVFRQVHQWRIDOOJHQHUDO SDUWQHUV  $JHQHUDOSDUWQHUPD\DVVLJQKLVULJKWWRUHFHLYHP RQH\VWRZKLFKKHLVHQWLWOHGZLWKRXWWKHFRQVHQWRI RWKHUJHQHUDOSDUWQHUV7KLVDVVLJQPHQWGRHVQRWPDNHWKH UHFLSLHQWDJHQHUDOSDUWQHULQWKHJHQHUDO SDUWQHUVKLS 

Article 32: Transferability of partner’s interest

 $JHQHUDOSDUWQHUPD\WUDQVIHUKLVLQWHUHVWLQWKHJH QHUDOSDUWQHUVKLSZLWKWKHXQDQLPRXVFRQVHQWRIDOO  JHQHUDOSDUWQHUV 

Article 33: Partner’s interest as guarantee

 7KHVKDUHRIDJHQHUDOSDUWQHULQWKHDVVHWVRUSURILWVRIWKHJ HQHUDOSDUWQHUVKLSPD\EHXVHGDVD JXDUDQWHHRISHUVRQDOR EOLJDWLRQVRI WKDWJHQHUDOSDUWQHU6XFKDJXD UDQWHHVKDOOE HJLYHQZLWKWKH XQDQLPRXVFRQVHQWRIWKHJHQHUDOSDUWQHUV  $Q\DJUHHPHQWWRWKHFRQWUDU\LVQRWHIIHFWLYH 

Article 34: Management of partnership – general

 7KHJHQHUDOSDUWQHUVPD\GHFLGHWKHLUUHVSHFWLYHSRZHUVLQWKHPDQDJHPHQWRIWKHDIIDLUVRIWKHJHQHUDO SDUWQHUVKLS 

Article 35: Appointment of manager

 7KHJHQHUDOSDUWQHUVPD\DSSRLQWRQHRUPRUHIHOORZJHQHUDOSDUWQHUVRUDSHUVRQZKRLVQRWDJHQHUDO SDUWQHUWRPDQDJHWKHDIIDLUVRIWKHJHQHUDOSDUWQHUVKLS  7KHPDQDJHUPD\SHUIRUPDQ\DFWZLWKL QKLVSRZHUVSURYLGHGKHGRHVQRWDFWIUDXGXOHQWO\7KHDFWRI WKHPDQDJHUELQGVWKHJHQHUDOSDUWQHUVKLS  $PDQDJHUVKDOOEHUHPRYHGE\DYRWHRIDPDMRULW\RIWKHJHQHUDOSDUWQHUVXQOHVVRWKHUZLVHSURYLGHGLQ WKHJHQHUDOSDUWQHUVKLSFRQWUDFW 

Article 36: More than one manager

 :KHQVHYHUDOSHUVRQVDUHDSSRLQWHGDVPDQDJHUVHDFKPDQDJHUPD\DFWVHSDUDWHO\XQOHVVRWKHUZLVH SURYLGHGLQWKHJHQHUDOSDUWQHUVKLSFRQWUDFW 

Article 37: Partner’s power to manage

 7KHJHQHUDOSDUWQHUVDUHGHHPHGWR KDYHFRQIHUUHGWKHSRZHUWR PDQDJHWKHDIIDLUVRIWKH JHQHUDO SDUWQHUVKLS  $Q\DFWSHUIRUPHGE\DSDUWQHULQUHVSHFWRIWKHFRPPRQDFWLYLWLHVRIWKHJHQHUDOSDUWQHUVKLSELQGVWKH RWKHUJHQHUDOSDUWQHUV 

Article 38: Decision making process of the partners

 (YHU\JHQHUDOSDUWQHUKDVWKH ULJKWWRSD UWLFLSDWHLQJHQHUDOSDUWQHUVKLSGHFLVLRQVDQGPD\QRWE H SUHYHQWHGIURPH[HUFLVLQJWKDWULJKWE\WKHJHQHUDOSDUWQHUVKLSFRQWUDFW  8QOHVVRWKHUZLVHSURYLG HGLQWKHJHQ HUDOSDUWQHUVKLSFRQWUDFWGHFLVLRQVDUHWDNHQE\WKHYRWHRID  PDMRULW\RIWKHJHQ HUDOSDUWQHUVUHJDUGOHVVRIWKHYDOXHRIWKHLULQWHUHVWL QWKHJHQ HUDOSDUWQHUVKLS +RZHYHUGHFLVLRQVWRDPHQGWKHJHQHUDOSDUWQHUVKLSFRQWUDFWDUHWDNHQE\DXQDQLPRXVYRWH 

Article 39: Right to information

 (DFKSDUWQHUKDVWKHULJKWWRREWDLQLQIRUPDWLRQDERXWWKHDIIDLUVRIWKHJHQHUDOSDUWQHUVKLSDQGWRFRQVXOW LWVERRNVDQGUHFRUGVHYHQLIKHLVH[FOXGHGIURPPDQDJHPHQW ,QH[HUFL VLQJWKLVULJKWWKHSDUWQ HUVKDOO QRWXQUHDVRQD EO\LPSHGHWKH RSHUDWLRQVRIWKHJHQHUDO  SDUWQHUVKLSRUSUHYHQWWKHRWKHUJHQHUDOSDUWQHUVIURPH[HUFLVLQJWKHVDPHULJKW


 C. Relation of General Partnership with Third Parties
Article 40:  Partner as agent

(DFKJHQHUDOSDUWQHULVDQDJHQWRIWKHJHQHUDOSDUWQHUVKLSLQUHVSHFWRIWKLUGSDUWLHVDFWLQJLQJRRGIDLWK DQGHDFKJHQHUDOSDUWQHUELQGVWKHJHQHUDOSDUWQHUVKLSIRUHYHU\DFWSHUIRUPHGLQLWVQDPHLQWKHRUGLQDU\ FRXUVHRILWVEXVLQHVV$Q\DJUHHPHQWWRWKHFRQWUDU\LVQRWHIIHFWLYH 

Article 41: Partnership bound by contracts of partner

 $QREOLJDWLRQFRQWUDFWHGE\DJHQHUDOSDUWQHULQKLVRZQQDPHELQGVWKHJHQHUDOSDUWQHUVKLSZKHQWKH REOLJDWLRQLVZLWKLQWKHVFRSHRIWKH EXVLQHVVRIWKHJHQHUDOSDUWQHUVKLSRUZKHQLWVVXEMHFWPDWWHULV SURSHUW\XVHGE\WKHJHQHUDOSDUWQHUVKLS 

Article 42: Partner’s liability

 $OOJHQHUDOSDUWQHUVDUHMRLQWO\DQGVHYHUDOO\OLDEOHIRUWKHREOLJDWLRQVRIWKHJHQHUDOSDUWQHUVKLS  $WKLUGSD UW\VKDOOVHH NHQIRUFHP HQWRIREOLJDWLRQV DJDLQVWWKHJHQH UDOSDUWQH UVKLSDQGJH QHUDO SDUWQHUVKLSDVVHWVSULRUWRVHHNLQJHQIRUFHPHQWDJDLQVWWKHJHQHUDOSDUWQHUV 

Article 43: New partner’s liability

 $SHUVRQDGPLWWHGDVDJHQHUDOSDUWQHULQWRDQH[LVWLQJJHQHUDOSDUWQHUVKLSVKDOOEHOLDEOHIRUDOOOLDELOLWLHV WKHJHQHUDOSDUWQHUVKLSLQFXUUHGEHIRUHKLVDGPLVVLRQDVLIKHKD GEHHQDSD UWQHUZKHQVXFKOLDELOLWLHV ZHUHLQFXUUHG+RZHYHUDOOOLDELOLWLHVLQFXUUHGSULRUWRKLVDGPLVVLRQDVDJHQHUDOSDUWQHUFDQEHVDWLVILHG RQO\RXW RIWKHJ HQHUDOSDUWQHUVKLSSURSHUW\DQGQRWRXWRI KLVSH UVRQDOSURSHUW\ XQOHVVKHDJUHHV RWKHUZLVHLQZULWLQJ 

Article 44: Knowledge of partnership

 1RWLFHJLYHQWRDQ\JHQHUDOSD UWQHUFRQFHUQLQJJHQHUDOSDUWQHUVKLSDIIDLUVRUWKHNQR ZOHGJHRIDQ\  JHQHUDOSDUWQHUVKDOOEHFRQVLGHUHGQRWLFHWRRUNQRZOHGJHRIWKHJHQHUDOSDUWQHUVKLSH[FHSWLQWKHFDVH RIDIUDXGFRPPLWWHGRQWKHJHQHUDOSDUWQHUVKLSZLWKWKHSDUWLFLSDWLRQRIWKDWJHQHUDOSDUWQHU 

Article 45: Misrepresentation

 $SHUVRQZKRGLUHFWO\RULQGLUHFWO\FDXVHVDQRWKHUSHUVRQWREHOLHYHWKDWKHLVDSDUWQHUDOWKRXJKKHLV QRWPD\EHKHOGOLDEOHDVDJHQHUDOSDUWQHUWRWKLUGSDUWLHVDFWLQJLQJRRGIDLWK  ,QFDVHRIIUDXGD VPHQWLRQHGDERYHWKHJHQHUDOSDUWQHUVKLSLVQRWOLDEOHW RWKLUGSDUWLHVXQOHVVWKH JHQHUDOS DUWQHUVKLS JLYHVUHD VRQVWR EHOLHYHWKDW  WKHSH UVRQ LVDJ HQHUDOSDUWQ HUD QGWKHJHQ HUDO SDUWQHUVKLSIDLOVWRWDNHPHDVXUHVWRSUHYHQWWKLUGSDUWLHVIURPEHLQJPLVWDNHQ 

Article 46: Silent partner

 $JHQHUDOSDUWQHUZKRKDVQRWEHHQGHFODUHGLVFDOOHGDVLOHQWSDUWQHUDQGLVOLDEOHWRWKLUGSDUWLHVIRUWKH VDPHREOLJDWLRQVDVGHFODUHGJHQHUDOSDUWQHUV 

Article 47: Distribution of security

 $JHQHUDOSDUWQH UVKLSP D\QRWPDNH DGLVWULEXWLR QRI VHFXULWL HVWRWKHS XEOLFR ULVVX HQHJRWLDEO H LQVWUXPHQWV  $Q\FRQWUDFWHQWHUHGLQWRDQGDQ\LVVXDQ FHRIVHFXULWLHVRULQVWUXPHQWVPDGHLQFRQWUDYHQWLRQRIWKLV DUWLFOHDUHYRLG  7KHJHQHUDOSDUWQHUVKLSVKDOOFRPSHQVDWHDWKLUGSDUW\DFWLQJLQJRRGIDLWKIRUGDPDJHVUHVXOWLQJIURPWKH YRLGFRQWUDFWVHFXULWLHVRULQVWUXPHQWV 

D. When a Person Ceases to be a General Partner



Article 48: When a person ceases to be a partner

 $SHUVRQFHDVHVWREHDJHQHUDOSDUWQHURIDJHQHUDOSDUWQHUVKLSZKHQWKHSHUVRQ   WUDQVIHUVKLVLQWHUHVW  GLHV   LVSODFHGXQGHUSURWHFWLYHVXSHUYLVLRQEDQNUXSW   H[HUFLVHVKLVULJKWWRZLWKGUDZ   LVH[SHOOHGIURPWKHJHQHUDOSDUWQHUVKLS   DMXGJPHQWDXWKRUL]HVKLVZLWKGUDZDORURUGHUVWKHVHL]XUHRIKLVLQWHUHVW 

Article 49: Effect on partnership

 8QOHVVWKHJHQHUDOSDUWQHUVKLSFRQWUDFWSURYLGHVRWKHUZLVHWKHIDFWWKDWDSHUVRQFHDVHVWREHDJHQHUDO SDUWQHUGRHVDXWRPDWLFDOO\FDXVHWKHGLVVROXWLRQRIWKHJHQHUDOSDUWQHUVKLS  7KHJHQHUDOSDUWQHUVKLSPD\FRQWLQXHE\XQDQLPRXVFRQVHQWRIDOORIJHQHUDOSDUWQHUVDQGE\FRPSO\LQJ ZLWKILOLQJDQGUHJLVWUDWLRQUHTXLUHPHQWVWRUHIOHFWWKHFKDQJHVLQWKHJHQHUDOSDUWQHUVKLS  :KHUHWKHUHLVD ZULWWHQFRQWUDFWRIJH QHUDOSDUWQHUVKLSWKHFRQWUDFWVKDOOEHDPHQGHGLQDFFRUGDQFH ZLWKWKHFKDQJHV 

Article 50: Right of a person who ceases to be a partner

 $SHUVRQZKRFHDVHVWREHDJHQHUDOSDUWQHURIWKHJHQHUDOSDUWQHUVKLSRWKHUZLVHWKDQE\WKHWUDQVIHURU VHL]XUHRIKLVLQWHUHVWPD\REWDLQWKH YDOXHRIKL VLQWHUHVWXSRQFHDVLQJWREHDJHQHUDOSDUWQHU7KH RWKHUJHQHUDOSDUWQHUVDUHERXQGWRSD\WKHSHUVRQWKHDPRXQWRIWKHYDOXHDVVRRQDVLWLVHVWDEOLVKHG ZLWKLQWHUHVWIURPWKHGD\RQZKLFKKHFHDVHVWREHDJHQHUDOSDUWQHU 7KHYDOXHRIWKHLQWHUHVWLVGHWHUPLQHGDVSURYLGHGLQWKHJHQHUDOSDUWQHUVKLSFRQWUDFWRUDQDJUHHPHQW DPRQJWKHJHQHUDOSDUWQHUV2WKHUZLVHWKHYDOXHLVGHWHUPLQHGE\DQH[SHUWGHVLJQDWHGE\WKHJHQHUDO SDUWQHUVRUE\WKHFRXUW 

Article 51: Right of withdrawal

 $JHQHUDOSDUWQHURIDJHQHUDOSDUWQHUVKLSFRQVWLWXWHGIRUDWHUPWKDWLVQRWIL[ HGRUZKRVHFRQWUDFWRI JHQHUDOSDUWQHUVKLSUHVHUYHVWKHULJKWRIZLWKGUDZDOPD\ZLWKGUDZIURPWKHJHQHUDOSDUWQHUVKLSE\JLYLQJ WKHJHQHUDOSDUWQHUVKLSQRWLFHRIKLVZLWKGUDZDOLQJRRGIDLWK  8QOHVVWKHJHQHUDOSDUWQHUVKLSFRQWUDFWSURYLGHVRWKHUZLVHDJHQHUDOSDUWQHURIDJHQHUDO SDUWQHUVKLS FRQVWLWXWHGIRUDWHUPWKDWLVIL[HGPD\ZLWKGUDZRQO\ZLWKWKHDJUHHPHQWRIDPDMRULW\RIWKHRWKHUJHQHUDO SDUWQHUV 

Article 52: Expulsion of a partner

 7KHJHQHUDOSDUWQHUVPD\E\DPDMR ULW\YRWHDJUHHRQWKHH[SXOVLRQRIDJHQHUDOSDUWQHUZKRIDLOVWR SHUIRUPKLVREOLJDWLRQVRUKLQGHUVWKHFDUU\LQJRQRIWKHDFWLYLWLHVRIWKHJHQHUDOSDUWQHUVKLS  ,QWKHFDVH RIDQ\REMHFW LRQDJHQH UDOSDUWQHUPD\LQWKHVHFLUFXP VWDQFHVDSSO\WRWKHFRX UWIRU DXWKRUL]DWLRQWRZLWKGUDZIURPWKHJHQHUDOSDUWQHUVKLS7KHFRXUWVKDOOJUDQWWKHGHPDQGXQOHVVWKHFRXUW FRQVLGHUVLWPRUHDSSURSULDWHWRRUGHUWKHH[SXOVLRQRIWKHJHQHUDOSDUWQHUDWIDXOW


 E. Dissolution and Liquidation of the General Partnership
Article 53: Cause of dissolution


$JHQHUDOSDUWQHUVKLSLVGLVVROYHGE\WKH



D  FDXVHVRIGLVVROXWLRQSURYLGHGLQWKHFRQWUDFWRIJHQHUDOSDUWQHUVKLS   WKHWHUPLQDWLRQRIWKHJHQHUDOSDUWQHUVKLS¶VREMHFW   WKHLPSRVVLELOLW\RIDFFRPSOLVKLQJLW   WKHXQDQLPRXVFRQVHQWRIDOOWKHJHQHUDOSDUWQHUV



E  7KH FRXUWP D\GLVVROYH DJH QHUDOS DUWQHUVKLSIR UDO HJLWLPDWHFDX VH2 QFHWKH JHQHUDO SDUWQHUVKLSLVGLVVROYHGLWVKDOOEHSURFHHGZLWKWKHOLTXLGDWLRQRIWKHJHQHUDOSDUWQHUVKLS



Article 54: Continuation of partnership with a fixed term

 $Q\JHQHUDOSDUWQHUVKLSFRQVWLWXWHGIRUDQDJUHHGWHUPPD\EHFRQWLQXHGE\XQDQLPRXVFRQVHQWRIDOOWKH JHQHUDOSDUWQHUV 

Article 55: One partner

 7KHXQLWLQJRIDOOWKHLQWHUHVWVLQWKHK DQGVRIDVLQJOHJHQHUDOSDUWQHUGRHVQRWFDXVHGLVVROXWLRQRIWKH JHQHUDOSDUWQHUVKLSSURYLGHGWKDWDW OHDVWRQHRWKHUSHUVRQEHFRPHVDJHQHUDOSDUWQHUZLWKLQRQH KXQGUHGDQGWZHQW\  GD\VDIWHUWKHLQWHUHVWVDUHXQLWHG

Article 56: Rights of partners upon dissolution

 7KHSRZHUVRIWKHJHQHUDOSDUWQHUVWRDFWRQEHKDOIRIWKHJHQHUDOSDUWQHUVKLSFHDVHXSRQWKHGLVVROXWLRQ RIWKHJHQHUDOSDUWQHUVKLSH[FHSWIRUDFWVWKDWDUHDQHFHVVDU\FRQVHTXHQFHRIEXVLQHVVDOUHDG\EHJXQ EXWQRWFRPSOHWH+RZHYHUDQ\WKLQJGRQHLQWKHRUGLQDU\FRXUVHRIEXVLQHVVE\DJHQHUDOSDUWQHUZKRLV QRWDZDUH RI WKHGLVVRO XWLRQRIWKHJ HQHUDO SDUWQHUVKLS DQG DFWLQJLQJ RRG IDLWKELQG VWKHJH QHUDO SDUWQHUVKLSDQGWKHRWKHUJHQHUDOSDUWQHUVDVLIWKHJHQHUDOSDUWQHUVKLSZHUHVWLOOLQH[LVWHQFH 

Article 57: Rights of third parties upon dissolution

 'LVVROXWLRQRIWKHJHQHUDOSDUWQHUVKLSGRHVQRWDIIHFWWKHULJKWVRIWKLUGSDUWLHVDFWLQJLQJRRGIDLWKDQG ZKRHQWHUHGLQWRDFRQWUDFWZLWKDJHQHUDOSDUWQHURUDQDJHQWDFWLQJRQEHKDOIRIWKHJHQHUDOSDUWQHUVKLS 

Article 58: Legal personality of partnership

7KHOHJDOSHUVRQDOLW\RIW KHJHQHUDOSDUWQHUVKLSFRQWLQXHVWR H[LVWIRUWK HSXUSRVHRIOLTXLGDWLQJLWV EXVLQHVV 

Article 59: Notice of dissolution

7KHJHQHUDOSDUWQHUVVKDOOILOHDQRWLFH RIWKHGLVVROXWLRQLQWKHSUHVFULEHGIRUPZLWKWKH5HJLVWUDUDQG DSSRLQWDOLTXLGDWRU  7KHJHQHUDOSDUWQHUVVKDOOLPPHGLDWHO\SXEOLVKWKHQRWLFHRIGLVVROXWLRQIRUIRXU  FRQVHFXWLYHZHHNVLQ D.KPHUODQJXDJHQHZVSDSHULQWKH.LQJGRPRI&DPERGLDSXEOLVKHGRUGLVWULEXWHGLQWKHSODFHZKHUH WKHJHQHUDOSDUWQHUVKLSKDVLWVUHJLVWHUHGRIILFHRULQRWKHUSXEOLFDWLRQVDVSURYLGHGE\UHJXODWLRQVRIWKH 0LQLVWU\RI&RPPHUFH7K HQRWLFHSXEOLVKHGLQQHZVSDSHUVKDOOEHVHWLQUHJ XODWLRQVDGRSWHGE\WKH 0LQLVWHURI&RPPHUFH 

Article 60: Powers of the liquidator

 8SRQGLVVROXWLRQRIWKHJHQHUDOSDUWQHUVKLSWKHSRVVHVVLRQDQGWKHXVHRIJHQHUDOSDUWQHUVKLSSURSHUW\LV GHOLYHUHGWRWKHOLTXLGDWRU  7KHOLTXLGDWRUDFWVDVDQDGPLQLVWUDWRURIWKHSURSHUW\7KHOLTXLGDWRULVHQWUXVWHGZLWKIXOODGPLQLVWUDWLRQ SRZHUV  7KHOLTXLG DWRULVHQWLWOHG WRUHTXL UHIURPWKH JHQHUDOSD UWQHUV DQ\GRFXPH QWVDQGD Q\H[SODQDWLRQ  FRQFHUQLQJWKHULJKWVDQGREOLJDWLRQVRIWKHJHQHUDOSDUWQHUVKLS 

Article 61: Order of payment in liquidation

 7KHOLTXLGDWRUILUVWVKDOOSD\WKHVDODU\RIHPSOR\HHWD[DQGRWKHUSUL RULW\GHEWVWKHQUHLPEXUVHVWKH FDSLWDOFRQWULEXWLRQV  7KHOLTXLGDWRUSDUWLWLRQVWKHUHPDLQLQJDVVHWVDPRQJWKHJHQHUDOSDUWQHUVLQSURSRUWLRQWRWKHLUULJKWVRULI QRWSURYLGHGLQWKHJHQHUDOSDUWQHUVKLSFRQWUDFWLQHTXDOSRUWLRQV  ,IWKHDVVHWV LQFOXGHSURSHUW\RZQHGE\WKLUGSDUWLHVWKHOLTXLGDWRUPD\UHWXUQ WKHSURSHUW\WRWKHWKLUG SDUW\ 

Article 62: Books and records

 7KHOLTXLGDWRUVKDOONHHSWKHE RRNVDQGUHFRUGVRIWKHJHQHUDOSDUWQHUVKLSIRUWHQ  \HDUVIURPWKH FORVLQJRIWKHOLTXLGDWLRQ7KHOLTXLGDWRUVKDOONHHSERRNVDQGUHFRUGVIRUD ORQJHUSHULRGLIWKH\DUH  UHTXLUHGDVHYLGHQFHLQDSURFHHGLQJ 

Article 63: Closing of liquidation and legal personality

 7KHOLTXLGDWLRQRIDJHQHUDOSDUWQHUVKLSLVFORVHGE\WKHILOLQJRID QRWLFHRIFORVXUHLQDSUHVFULEHGIRUP ZLWKWKH0LQLVWU\RI &RPPHUFH7KHILOLQJRIWKL VQRWLFHLVFHDVHGWR H[LVWWKHOHJDOSHUVRQDOLW\RIWKH  JHQHUDOSDUWQHUVKLS 

Part 2. Limited Partnerships



Article 64: Nature of Limited Partnership

 $OLPLWHGSDUWQHUVKLSLVD FRQWUDFWEHWZHHQRQHRU PRUHJHQHUDOSDUWQHUVZKRDUHWKHVROHSHUVR QV DXWKRUL]HGWRDGPLQLVWHUDQGELQGWKHSDUWQHUVKLSDQGRQHRUPRUHOLPLWHGSDUWQHUVZKRDUHERXQGWR FRQWULEXWHWRWKHFDSLWDORIWKHSDUWQHUVKLS 

Article 65: One person as both limited and general partner

 $SHUVRQPD\DWWKH VDPHWLPHEHERWKDJHQHUDOSDUWQHUDQGDOLPLWHGSDUWQHULQWKHVDPHOLPLWHG SDUWQHUVKLS  $SHUVRQZKRLVDWWKHVDPHWLPHERWKDJHQHUDOSDUWQHUDQGDOLPLWHGSDUWQHULQDOLPLWHGSDUWQHUVKLSKDV WKHULJKWVDQGREOLJDWLRQVRIDJHQHUDOSDUWQHU 

Article 66: Form of contract

 7KHFRQWUDFWRIOLPLWHGSDUWQHUVKLSPD\EHYHUEDORULQZULWLQJ,IWKH FRQWUDFWLVLQZULWLQJDOOJHQHUDO SDUWQHUVDQGDWOHDVWRQHOLPLWHGSDUWQHUVKDOOVLJQLW  7KHWHUPRIWKHOLPLWHGSDUWQHUVKLSFRQWUDFWPD\QRWEHLQH[FHVVRI\HDUVEXWPD\H[WHQG 

Article 67: Date of creation

 7KHOLPLWHGSDUWQHUVKLSLVIRUPHGRQWKHGDWHRQZKLFKLW LVUHJLVWHUHGLQDFFRUGDQFHZLWKWKH/DZRQ &RPPHUFLDO5XOHVDQG5HJLVWHU  ,IWKHOLPLWHG SDUWQHUVKLSLVQRWUHJLVWH UHGLWLV GHHPHGWREHDJHQHUDOSDUWQ HUVKLS,QWKLVFD VHVXFK JHQHUDOSDUWQHUVKLSGRHVQRWKDYHDOHJDOSHUVRQDOLW\ 

Article 68: Name

 7KHQDPHRIDOLPLWHGSDUWQHUVKLSVKDOOLQFOXGHWKHQDPHRIRQHRUPRUHRIWKHJHQHUDOSDUWQHUVDQGWKH ZRUGV/LPLWHG3DUWQHUVKLSVKDOOEHSODFHGDWWKHHQGRUEHORZWKHQDPH$OLPLWHGSDUWQHUVKLSVKDOOXVH LWVQDPHZKHQFDUU\LQJRQEXVLQHVV 

Article 69: Record of limited partners

 7KHJHQHUDOSDUWQHUVVKDOONHHSDUHFRUGFRQWDLQLQJWKHQDPHDQGGRPLFLOHRIHDFKRIWKHOLPLWHGSDUWQHUV DQGDQ\LQIRUPDWLRQFRQFHUQLQJWKHLUFRQWULEXWLRQVWRWKHFDSLWDORIWKHOLPLWHGSDUWQHUVKLS  7KHJHQHUDOSDUWQHUVVKDOONHHSWKHUHFRUGDWWKHSULQFLSDOSODFHRIEXVLQHVVRIWKHOLPLWHGSDUWQHUVKLS  7KHJ HQHUDOSDUWQ HUV VKDOOUH VSRQVLEOHIRU FRPSO\LQJZLWKWK HUH JLVWUDWLRQILOLQJDQ GSXEOL FDWLRQ UHTXLUHPHQWVIRUWKHOLPLWHGSDUWQHUVKLS 

Article 70: Nature of partners’ contribution

 $OLPLWHGSDUWQHU¶VFRQWULEXWLRQWRFDSLWDOPD\FRQVLVWRIDVXPRI PRQH\RUSURSHUW\RQO\7KHOLPLWHG SDUWQHUPD\PDNHDGGLWLRQDOFRQWULEXWLRQVDWDQ\WLPH  $JHQHUDOSDUWQHU¶VFRQWULEXWLRQWRFDSLWDOPD\EHLQ FDVKLQNLQGLQSDVWVHUY LFHVDFWXDOO\UHQGHUHGRU IXWXUHVHUYLFHV 

Article 71: Participation of limited partner in profits and losses

 $OLPLWHGSDUWQHULVHQWLWOHGWRUHFHLYHKLVVKDUHRIWKHSURILWV,IWKHSD\P HQWRIWKHSURILWVUHGXFHVWKH FDSLWDORIWKHOLPLWHGSDUWQHUVKLSUHVXOWLQJLQDGHILFLWWKHOLPLWHGSDUWQHUZKRUHFHLYHGWKHSD\PHQWVKDOO UHWXUQWKHVXPQHFHVVDU\WRFRYHUKLVVKDUHRIWKHGHILFLW  

Article 72: Liability of limited partner

7KHOLPLWHGSDUWQHULVOLDEOHRQO\WRWKHH[WHQWRIWKHVXPRIPRQH\RUYDOXHRIWKHSURSHUW\KHDJUHHGWR FRQWULEXWH 

Article 73: Name of limited partner used in limited partnership’s name

 $OLPLWHGSDUWQHUZKRVHQDPHDSSHDUVLQWKHQDPHRIWKHOLPLWHGSDUWQHUVKLSLVOLDEOHIRUWKHREOLJDWLRQVRI WKHOLPLWHGSDUWQHUVKLSLQWKHVDPHPDQQHUDVDJHQHUDOSDUWQHUXQOHVVKLVVWDWXVDVDOLPLWHGSDUWQHULV FOHDUO\LQGLFDWHG 

Article 74: Powers, rights, obligations of general partner

 *HQHUDOSD UWQHUVKDYHWK HULJKW VDQG REOLJDWLRQ V RI WKHSDUWQ HUV RIDJHQ HUDOSD UWQHUVKLS*HQH UDO SDUWQHUVVKDOODFFRXQWIRUWKHLUDGPLQLVWUDWLRQWRWKHOLPLWHGSDUWQHUV  7KHJHQHUDOSDUWQHUVKDYHWKHREOLJDWLRQVWRWKHOLPLWHGSDUWQHUV¶SURSHUW\RIWKHOLPLWHGSDUWQHUVKLS  7KHOLPLWHGSDUWQHUVKLSFRQWUDFWPD\QRWZDLYHWKLVREOLJDWLRQ 

Article 75: Liability of general partner

 7KHJHQHUDOSDUWQHUVDUHMRLQWO\DQGVHYHUDOO\OLDEOHIRUWKHGHEWVRIWKHSDUWQHUVKLSWRWKLUGSDUWLHV 

Article 76: Limited partner’s entitlement to wages

 $OLPLWHGSDUWQHUPD\UHFHLYHZDJHVIURPWKHOLPLWHGSDUWQHUVKLS 

Article 77: Limited partner’s right to withdraw

 :KLOHWKHOLPLWHGSDUWQHUVKLSH[LVWVLQDQ\PDQQHUZKDWVRHYHUDOLPLWHGSDUWQHUPD\QRWZLWKGUDZDQ\ SDUWRIKLVFRQWULEXWLRQXQOHVVWKHPDMRULW\RIDOORWKHUSDUWQHUVFRQVHQWDQGWKHSURSHUW\UHPDLQLQJLQWKH OLPLWHGSDUWQHUVKLSDIWHUWKHZLWKGUDZDOLVVXIILFLHQWWRGLVFKDUJHWKHGHEWVRIWKHOLPLWHGSDUWQHUVKLS 

Article 78: Transferability of limited partner’s interest

 $OLPLWHGSDUWQHUPD\WUDQVIHUKLVLQWHUHVWLQWKH OLPLWHGSDUWQHUVKLSZLWKRXWWKHXQDQLPRXVFRQVHQWRI RWKHUSDUWQHUV  :LWK UHVSHFWWRWKLUGS DUWLHVWKHOL PLWHGS DUWQHU ZKRWUD QVIHUUHGKL VLQWH UHVWUHPDL QVOLD EOHIRUWKH REOLJDWLRQVW KDWPD\UHVXOWIURPKL VFRQW ULEXWLRQDWWKHWLPHKH ZDV VWLOO DOLPLWHG SDUWQHURIWKH SDUWQHUVKLS 

Article 79: Management – limited partner

 $OLPLWHGSDUWQHUVKDOOQRWSDUWLFLSDWHLQWKHPDQDJHPHQWRIWKHOLPLWHGSDUWQHUVKLS
VEXVLQHVV
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

Article 80: When general partners not able to act

 :KHQWKH JHQHUDOSD UWQHUVFDQQ RO RQJHUD FWW KHOLPLWHGS DUWQHUVPD\S HUIRUPDQ\ DFWRI VLPSOH DGPLQLVWUDWLRQUHTXLUHGIRUWKHPDQDJHPHQWRIWKHOLPLWHGSDUWQHUVKLS  ,IWKHJHQHUDOSDUW QHUV DUH QRWUH SODFHGZLWKL Q RQHK XQGUHGDQGWZHQW\   G D\VWKHOLPLWHG  SDUWQHUVKLSLVGLVVROYHG 

Article 81: Law suit against the partnership

 $WKLUGSD UW\ZKRL VDFUHGLWRUP D\FODLPWKHG HEWVDJDLQVWWKHOLPLWHGSD UWQHUVKLSDQGWKHJHQHUDO SDUWQHUVLQWKHVDPHPDQQHUDVWKHJHQHUDOSDUWQHUVKLS 

Article 82: Insufficiency of partnership’s assets – third parties

 :KHUHWKHSURSHUW\RIWKHOLPLWHGSDUWQHUVKLSLVLQVXIILFLHQWWKHJHQHUDOSDUWQHUVDUHMRLQWO\DQGVHYHUDOO\ OLDEOHIRUWKHGHEWVRIWKHOLPLWHGSDUWQHUVKLSWRWKLUGSHUVRQV$OLPLWHGSDUWQHULVOLDEOHIRUWKHGHEWVXSWR WKHDJUHHGDPRXQWRIKLVFRQWULEXWLRQQRWZLWKVWDQGLQJDQ\WUDQVIHURIKLVLQWHUHVW 

Article 83: Insufficiency of partnership’s assets – limited partners

 ,QWKHFDVHRILQVROYHQF\RUEDQNUXSWF\RIWKHOLPLWHGSDUWQHUVKLSDOLPLWHGSDUWQHUPD\QRWLQKLVVWDWXV DVDOLPLWHGSDUWQHUFODLPDVDFUHGLWRUXQWLOWKHRWKHUFUHGLWRUVRIWKHOLPLWHGSDUWQHUVKLSDUHVDWLVILHG 

Article 84: Application of provisions dealing with general partnership

 7KHUXOHVJRYHUQLQJJHQHUDOSDUWQHUVKLSVVKDOODOVRDSSO\WROLPLWHGSDUWQHUVKLSV  

Chapter 3 – Limited Company and Public Limited Company



Part 1. General provisions



Article 85: Application

 7KLV/DZDXWKRUL]HVWKHIRUPDWLRQRISULYDWHOLPLWHGFRPSDQLHVDQGSXEOLFOLPLWHGFRPSDQLHVWRFDUU\RQ EXVLQHVVLQWKH.LQJGRPRI&DPERGLD  $FRPSDQ\VKDOOQRWEHIRUPHGXQGHUWKLV/DZWRFDUU\RQWKHEXVLQHVVRIDEDQNDQLQVXUDQFHFRPSDQ\ RUDILQDQFHFRPSDQ\ 

Article 86: Nature of Private Limited Company



$³3ULYDWH/LPLWHG&RPSDQ\´LVDIRUPRIDOLPLWHGFRPSDQ\WKDWPHHWVWKHIROORZLQJUHTXLUHPHQWV



D  7KHFRPSDQ\PD\KDYHWRVKDUHKROGHUV+RZHYHURQHSHUVRQPD\IRUPDFRPSDQ\FDOOHG VLQJOHPHPEHUSULYDWHOLPLWHGFRPSDQ\7KHUHTXLUHPHQWVRIDVLQJOHPHPE HUSULYDWHOLPLWHG FRPSDQ\D UHWKH VDPHPDQ QHUD VDS ULYDWHOL PLWHG FRPSDQ\H[FH SWWKH UHODWLRQVKLSRI  VKDUHKROGHUWRRQHDQRWKHU



E  7KHFRPSDQ\PD\QRWRIIHULWVVKDUHVRURWKHUVHFXULWLHVWRWKHSXEOLFJHQHUDOO\EXWPD\RIIHU WKHPWRVKDUHKROGHUVIDPLO\PHPEHUVDQGPDQDJHUV



F  7KHFRPSDQ\PD\KDYHRQHRUPRUHUHVWULFWLRQVRQWKHWUDQVIHURIHDFKFODVVRILWVVKDUHV



G  $FRPSDQ\WUHDWHGDVDSULYDWHOLPLWHGFRPSDQ\IURPWKHGDWHRIUHJLVWUDWLRQZLWKWKH&RPPHUFLDO 5HJLVWUDUSXUVXDQWWRWKHSUHVFULEHGIRUPSURYLGHGE\WKH0LQLVWU\RI&RPPHUFH



Article 87: Nature of Public Limited Company

 $³3XEOLF/LPLWHG&RPSDQ\´LVDIR UPRIDOLPLWH GFRPSDQ\WKDWLV DXWKRUL]HGE\WKLV /DZWRLVVXH VHFXULWLHVWRWKHSXEOLF 

Article 88: Interpretation



,QWKLV&KDSWHUWKHWHFKQLFDOZRUGVVKDOOKDYHWKHIROORZLQJPHDQLQJ



  ³DUWLFOHV´PHDQVWKHRULJLQDORUUHVWDWHGDUWLFOHVRILQFRUSRUDWLRQRUDUWLFOHVRIDPHQGPHQW



  “auditor”P HDQVD FKDUWHUHG DFFRXQWDQWZK RS UDFWLFHVLQ GLYLGXDOO\RU ZLWKLQD FKD UWHUHG DFFRXQWDQWVILUP



  “debt obligation”PHDQVDERQGGHEHQWXUHQRWHRURWKHUHYLGHQFHRIGHEWRUJXDUDQWHH RID FRPSDQ\ZKHWKHUVHFXUHGRUXQVHFXUHG



  “Director of Companies”PHDQ VWK HRIILFHUVD SSRLQWHGE\WKH0LQLVWH URI&RPPH UFHWR DGPLQLVWHUWKLV/DZ



  “director” PHDQVDPHPEHURIWKHERDUGRIGLUHFWRUVRIDFRPSDQ\



  "incorporator"PHDQVDQDWXUDOSHUVRQZKRVLJQVDUWLFOHVRILQFRUSRUDWLRQ

  “ordinary resolution”P HDQVDUHVRO XWLRQSD VVHGE\DPD MRULW\RIWKHYRWHV FDVWE\WKH

VKDUHKROGHUVZKRYRWHGRQWKHUHVROXWLRQ



  “redeemable share” PHDQVDVKDUHLVVXHGE\DFRPSDQ\



 WKDWWKHFRPSDQ\PD\SXUFKDVHRUUHGHHPRQWKHGHPDQGRIWKHFRPSDQ\



 WKDWWKHFRPSDQ\LVUHTXLUHGE\LWVDUWLFOHVWRSXUFKDVHRUUHGHHPDWDVSHFLILHGWLPHRURQ WKHGHPDQGRIDVKDUHKROGHU



  "series"LQUHODWLRQWRVKDUHVPHDQVDGLYLVLRQRIDFODVVRIVKDUHV



  "special resolution"PHDQVDUHVROXWLRQSDVVHGE\DPDMRULW\RIQRWOHVVWKDQWZRWKLUGVRIWKH

YRWHVFDVWE\ WKHVK DUHKROGHUVZKRYRWHGRQWK DWUHVROXWLRQRUVLJQHGE\DOOW KHVKDUHKROGHUV

HQWLWOHGWRYRWHRQWKDWUHVROXWLRQ



 VHFXULW\ PHDQV


D  DVKDUHRIDQ\FODVVRUVHULHVRIVKDUHVRIDFRPSDQ\

E  DERQG

F  LQFOXGHVDFHUWLILFDWHHYLGHQFLQJDVHFXULW\

Article 89:  Affiliate - interpretation

$FRPSDQ\LVDIILOLDWHGZLWKDQRWKHUFRPSDQ\LIRQHRIWKHPLVWKHVXEVLGLDU\RIWKHRWKHURUERWKD UH VXEVLGLDULHVRIWKHVDPHFRPSDQ\RUHDFKRIWKHPLVFRQWUROOHGE\WKHVDPHSHUVRQ  ,IWZRFRPSDQLHVDUHDIILOLDWHGZLWKWKHVDPHFRPSDQ\DWWKHVDPHWLPHWKH\DUHGHHPHGWREHDIILOLDWHG ZLWKHDFKRWKHU  

Article 90: Liability for registration, filing and publication

 (DFKLQFRUSRUDWRURUGLUHFWRUDVWKHFDVHPD\EHLVUHVSRQVLEOHIRUFRPSO\LQJZLWKWKHUHJLVWUDWLRQILOLQJ DQGSXEOLFDWLRQUHTXLUHPHQWV 

Part 2.

A. Formation of a Limited Company



Article 91: Creation of Limited Company

 2QHRUPRUHFRPSHWHQWQDWXUDOSHUVRQVRUOHJDOSHUVRQVPD\FUHDWHDOLPLWHGFRPSDQ\E\ILOLQJDUWLFOHV RILQFRUSRUDWLRQZLWKWKH'LUHFWRURI&RPSDQLHV 

Article 92: Name of company

 7KHQDPHRID3ULYDWH/LPLWHG&RPSDQ\VKDOOLQFOXGHDWWKHHQGWKHZRUGV3ULYDWH/LPLWHG&RPSDQ\ RUDQDSSURSULDWHDEEUHYLDWLRQ  7KHQDPHRID3XEOLF/LPLWHG&RPSDQ\VKDOOLQFOXGHDWLWVHQGWKHZRUGV3XEOLF/LPLWHG&RPSDQ\RU DQDSSURSULDWHDEEUHYLDWLRQ  7KH'LUHFWRURI&RPSDQLHVVKDOOH[DPLQHWKHQDPHSURSRVHGE\WKHFRPSDQ\DQGPD\UHMHFWDQ\QDPH WKDWLV FRQIXVLQJO\VLPLODUWRDQ RWKHUSUHYLRXVO\UHJLVWHUHGQDPHRUFRQWUDU\ WRSXEOLFRUGHUYXOJ DU VFDQGDORXV RURWKH UZLVHLQDSS URSULDWH$GHFLVL RQ RIWKH'LUHFWRU RI&R PSDQLHV FRQFHUQLQJWK H FRPSDQ\
VQDPHLVWKHELQGLQJDQGILQDOGHFLVLRQ 

Article 93: Articles of Incorporation, required contents



7KHDUWLFOHVRILQFRUSRUDWLRQVKDOOVWDWHWKHIROORZLQJLQIRUPDWLRQ



D  7KHQDPHRIWKHFRPSDQ\



E  7KHFRPSDQ\
V5HJLVWHUHG2IILFHLQWKH.LQJGRPRI&DPERGLD




F  7KHREMHFWLYHVRIWKHFRPSDQ\DQGDQ\UHVWULFWLRQVRQWKHEXVLQHVVWKDWWKHFRPSDQ\PD\FDUU\ RQ&RPS DQ\REMHFWLYHV PD\LQFOXG HRQHRUPR UHW\SHVRIEXVLQH VVHVQRWFRQWUD U\WRDQ\ SURYLVLRQRIODZ



G  7KHDXWKRUL]HGFDSLWDOWREHVWDWHGLQQDWLRQDOFXUUHQF\



H  7KHFODVVHVDQGDQ\PD[LPXPQXPEHURIVKDUHVDQGWKHSDUYDOXHSHUVKDUHVWKDWWKHFRPSDQ\ LVDXWKRUL]HGWRLVVXH



I  ,IWKHFRPSDQ\LVDXWKRUL]HGWRLVVXHPRUHWKDQRQHFODVVRIVKDUHVWKHDUWLFOHVRILQFRUSRUDWLRQ VKDOOVWDWHWKHPD[LPXPQXPEHURIVKDUHVDQGWKHSDUYDOXHSHUVKDUHDQGVKDOOGHVFULEHWKH ULJKWVSULYLOHJHVUHVWULFWLRQVDQGFRQGLWLRQVDWWDFKHGWRHDFKFODVV



J  ,IDFODVVRIVKDUHVPD\EHLVVXHGLQVHULHVWKHDUWLFOHVVKDOODXWKRUL]HWKHGLUHFWRUVWRIL[WKH QXPEHURIVKDUHVLQHDFKVHULHVWRGHWHUPLQHWKHGHVLJQDWLRQRIHDFKVHULHVDQGWRGHWHUPLQH WKHULJKWVSULYLOHJHVUHVWULFWLRQVDQGFRQGLWLRQVDWWDFKHGWRHDFKVHULHV



K  ,IWKHLVVXHWUDQVIHURURZQHUVKLSRIVKDUHVRIWKHFRPSDQ\LVWREHUHVWULFWHGDVWDWHPHQWWRWKDW HIIHFWDQGDVWDWHPHQWDVWRWKHQDWXUHRIVXFKUHVWULFWLRQV



L  7KHQDPHDQGFRPSOHWHDGGUHVVRIHDFKVKDUHKROGHU



M  7KHQXPEHURIGLUHFWRUVRUWKHPD[LPXPDQGPLQLPXPQXPEHURIGLUHFWRUVRIWKHFRPSDQ\



Article 94: Additional provisions in articles

 7KHDUWLFOHVPD\DOVRLQFOXGHDQ\SURYLVLRQWKDWLVQHFHVVDU\ 

Article 95: Signature of articles

 7KHDUWLFOHVPD\EHH[HFXWHGHLWKHUWKURXJKDSULYDWHDJUHHPHQWRUWKURXJKDQRWDU\7KHDUWLFOHVVKDOO EHVLJQHGRULQLWLDOHGE\DOOWKHVKDUHKROGHUV 

Article 96: Delivery of articles

 $QLQFRUSRUDWRUVKDOOVXEPLWWKHDUWLFOHVWRWKH'L UHFWRURI&RPSDQLHVIRUILOLQJDWWDFKHGZLWKRWKHU GRFXPHQWVIRUUHJLVWUDWLRQ 

Article 97: Certificate of incorporation

 $IWHUDFFHSWLQJWKHDUWLFOHVRILQFRUSRUDWLRQIRUILOLQJDQGDIWHU UHFHLYLQJWKHILOLQJIHHWKH'LUHFWR URI &RPSDQLHVVKDOOLVVXHDFHUWLILFDWHRILQFRUSRUDWLRQ 

Article 98: Effect of certificate

$FRPSDQ\FRPHVLQWRH[LVWHQFHDQGDFTXLUHVOHJDOSHUVRQDOLW\RQWKHGDWHVK RZQLQWKHFHUWLILFDWHRI LQFRUSRUDWLRQ 

B. Capacity and Rights of the Company



Article 99: Capacity of a company

 6XEMHFWWRWKLVODZDFRPSDQ\KDVWKHFDSDFLW\ULJKWVDQGSULYLOHJHVRIDQDWXUDOSHUVRQ  $FRPSDQ\PD\FDUU\RQEXVLQHVVWKURXJKRXWWKH.LQJGRPRI&DPERGLD 

Article 100: Extra-territorial capacity

 $FRPSDQ\KDVWKHFDSDFLW\WRFDUU\RQLWVEXVLQHVVFRQGXFWLWVDIIDLUVD QGH[HUFLVHLWVULJKWVLQDQ\ MXULVGLFWLRQRXWVLGHRIWKH.LQJGRPRI&DPERGLDWRWKHH[WHQWWKDWWKHODZVRIVXFKMXULVGLFWLRQSHUPLW 

Article 101: Nationality

 $FRPSDQ\VKDOOEHGHHPHGWREHRI.KPHUQDWLRQDOLW\RQO\LI  D  7KHFRPSD Q\KDVDSOD FHRIEX VLQHVVD QGDUH JLVWHUHGRIILFHORFDWH GLQ WKH.LQJGR PRI

&DPERGLD  E  0RUHWKDQRIWKHYRWLQJVKDUHVRIWKHFRPSDQ\DUHKHOGE\QDWXUDORUOHJDOSHUVRQVRI.KPHU

QDWLRQDOLW\ 

Article 102: Bylaws

 $FRPSDQ\PD\DGRSWE\ODZVWKDWUHJXODWHWKHEXVLQHVVRUDIIDLUVRIWKHFRPSDQ\  ,WLVQRWQHFHVVDU\IRUDE\ODZWREHDGRSWHGLQRUGHUWRFRQIHUDQ\SDUWLFXODUULJKWVRQWKHFRPSDQ\RULWV GLUHFWRUV 

Article 103: Restricted business or powers

 $FRPSDQ\VKDOOQRWFDUU\RQDQ\EXVLQHVVRUH[HUFLVHDQ\ULJKWVWKDWLVUHVWULFWHGE\LWVDUWLFOHVQRUVKDOO WKHFRPSDQ\H[HUFLVHDQ\RILWVULJKWVLQDPDQQHUFRQWUDU\WRLWVDUWLFOHV 

Article 104: Rights preserved

 7KHIDFWWKDWDFRPSDQ\DFWVLQYLRODWLRQRILWVDUWLFOHVRUE\ODZVGRHVQRWE\LWVHOILQYDOLGDWHVXFKDFWV 7KLVUXOHDSSOLHVWRDOODFWVLQFOXGLQJWKHWUDQVIHURISURSHUW\WRWKHFRPSDQ\RUE\WKHFRPSDQ\ 

Article 105: No constructive notice

 7KHIDFWWKDWWKH'LUHFWRURI&RPSDQLHVILOHVFRPSDQ\GRFXPHQWVRUWKHIDFWWKDWDGRFXPHQWLVDYDLODEOH IRULQVSHFWLRQDQGFRS\LQJDWWKHFRPSDQ\RIILFHGRHVQRWE\LWVHOIDIIHFWDQ\SHUVRQR UJLYHQRWLFHRU NQRZOHGJHRIWKHFRQWHQWVRIWKHGRFXPHQWVWRDQ\SHUVRQ 

Article 106: Protections for third persons

 $FRPSDQ\RU DSHUVRQZKRJX DUDQWHHVDQREOLJ DWLRQRIWKH FRPSDQ\PD\QRWDOOH JHWKHIROOR ZLQJ SRLQWVDJDLQVWDWKLUGSHUVRQZKRGHDOVZLWKWKHFRPSDQ\RUDWKLUGSHUVRQZKRDFTXLUHVULJKWVIURPWKH FRPSDQ\+RZHYHUWKHVHSRLQWVFDQE HDOOHJHGLIWKHWKLUGSHUVRQNQHZRUVKRXOGKDYHNQRZQWKHVH SRLQWVEHFDXVHRIKLVSRVLWLRQRUUHODWLRQVKLSZLWKWKHFRPSDQ\




D  WKHDUWLFOHVDQGE\ODZVKDYHQRWEHHQFRPSOLHGZLWK

E  WKHSHUVRQVQDPHGLQWKHPRVW UHFHQWQRWLFHRIGLUHFWRUVVHQWWRWKH'LUHFWRURI&RPSDQLHVDUH
QRWWKHGLUHFWRUVRIWKHFRPSDQ\

F  WKHSODFHQDPHGLQWKHPRVWUHFHQWQRWLFHRIUHJLVWHUHGRIILFHVHQWWRWKH'LUHFWRURIFRPSDQLHVLV
QRWWKHUHJLVWHUHGRIILFHRIWKHFRPSDQ\

G  DSHUVRQWKDWWKHFRPSDQ\KROGVRXWDVDGLUHFWRUDQRIILFHURUDQDJHQWRIWKHFRPSDQ\KDVQRW
EHHQD SSRLQWHGRUKD VQ RDXWKRULW\WRH[HUFLVH WKHSRZHUVDQ GSHUIR UPWK HGXWLHVWKDW DUH 
FXVWRPDU\LQWKHEXVLQHVVRIWKHFRPSDQ\RUXVXDOIRUVXFKGLUHFWRURIILFHURUDJHQW

H  DGRFXPHQWLVVXHGE\DQ\GLUHFWRURIILFHURUDJHQWRIDFRPSDQ\LVQRWYDOLGRUQRWJHQXLQH

I  ORDQVDQGJXDUDQWHHVRUDVDOHOHDVHRUH[FKDQJHRISURSHUW\ZHUHQRWDXWKRUL]HG

C. Registered Office, Books and Records

Article 107: Registered office

$WDOOWLPHVDFRP SDQ\VKDOOKDYHD UHJLVWHUHGRIILFHLQWKH.LQJGRPRI&DPERGLDORFDWHGLQWKHSODFH VSHFLILHGLQLWVDUWLFOHV 

Article 108: Notice of registered office

 $FRPSDQ\VKDOO VHQGWKH'LUHFWRURI&RPSDQLHVRQWKHSUHVFULEHGIRUPQRWLFHRIWKHORFDWLRQRIWKH UHJLVWHUHGRIILFHWRJHWKHUZLWKWKHUHOHYDQWSRUWLRQVRIWKHDUWLFOHVGHVLJQDWLQJRUFKDQJLQJWKHORFDWLRQ  $FRPSDQ\VKDOOVHQGWRWKH'L UHFWRURI&R PSDQLHVRQWKH SUHVFULEHGIRUPQRWLFH RI DFKDQJHRI DGGUHVVRILWVUHJLVWHUHGRIILFH7KHQRWLFHVKDOOEHVHQWZLWKLQILIWHHQ  GD\VRIWKHFKDQJH 

Article 109: Corporate records

 $FRPSDQ\VKDOOSUHSDUHDQGPDLQWDLQDWLWVUHJLVWHUHGRIILFHUHFRUGVFRQWDLQLQJ  D  WKHDUWLFOHVDQGE\ODZVDQGDOODPHQGPHQWVWKHUHWR  E  PLQXWHVRIPHHWLQJVDQGUHVROXWLRQVRIVKDUHKROGHUV  F  FRSLHVRIDOOQRWLFHVUHTXLUHGWREHVHQWRUILOHGLQDFFRUGDQFHZLWKWKLVODZ  G  DVHFXULWLHVUHJLVWHU 

Article 110: Access to corporate records

 6KDUHKROGHUVDQGFUHGLWR UVRIDFRPS DQ\WKHLUDJ HQWVDQGOHJDOUHSUHVHQWDWLYHVDQGWKH 'LUHFWRURI &RPSDQLHVPD\H[DPLQHWKHFRUSRUDWHUHFRUGVGHVFULEHGDERYHGXULQJWKHXVXDOEXVLQHVVKRXUVRIWKH FRPSDQ\DQGPD\WDNHH[WUDFWVIUHHRIFKDUJH  ,IWKHFRPSDQ\LVDSXEOLFOLPLWHGFRPSDQ\DQ\RWKHUSHUVRQPD\WDNHH[WUDFWVRIWKHFRUSRUDWHUHFRUGV LQSD\PHQWRIDUHDVRQDEOHIHH 

Article 111: Use of shareholder lists

 $Q\OLVWRIVKDUHKROGHUVVKDOOQRWEHXVHGE\DQ\SHUVRQH[FHSWLQFRQQHFWLRQZLWK  D  DQHIIRUWWRLQIOXHQFHWKHYRWLQJRIVKDUHKROGHUVRIWKHFRPSDQ\  E  DQRIIHUWRDFTXLUHVKDUHVRIWKHFRPSDQ\  F  DQ\RWKHUPDWWHUUHODWLQJWRWKHDIIDLUVRIWKHFRPSDQ\ 

Article 112: Directors records

 $FRPSDQ\VKDOOSUHSDUHDQGPDLQWDLQDGHTXDWHUHFRUGVDQGUHFRUGVFRQWDLQLQJPLQXWHVRIPHHWLQJVDQG UHVROXWLRQVRIWKHGLUHFWRUVDQGDQ\FRPPLWWHHRIGLUHFWRUV  7KH'LUHFWRUVUHFRUGVVKDOOEHNHSWDWWKHUHJLVWHUHGRIILFHRIWKHFRPSDQ\RUDWVXFKRWKHUSODFHDVWKH GLUHFWRUVWKLQNILWDQGVKDOODWDOOUHDVRQDEOHWLPHVEHRSHQWRLQVSHFWLRQE\WKHGLUHFWRUV 

Article 113: Accounting records

 $FRPSDQ\VKDOOSUHSDUHDQGPDLQWDLQDGHTXDWHDFFRXQWLQJUHFRUGVIRUDS HULRGRIWHQ  \HDUVDIWHU WKHHQGRIWKHILQDQFLDO\HDUWRZKLFKWKHUHFRUGVUHODWH  ,IDFFRXQWLQJUHFRUGVDUHNHSWDWDSODFHRXWVLGHWKH.LQJGRPRI&DPERGLDFRSLHVRIWKHVHDFFRXQWLQJ UHFRUGVVKDOODOVREHNHSWDWWKHUHJLVWHUHGRIILFH 

Article 114: Company’s duty to preserve records

$FRPSDQ\DQGLWVDJHQWVVKDOOWDNHUHDVRQDEOHSUHFDXWLRQVWRHQVXUHWKDWFRPSDQ\ERRNVDQGUHFRUGV DUHPDLQWDLQHGLQDQDFFXUDWHDQGSURSHUO\SUHVHUYHGFRQGLWLRQ

Article 115: Corporate seal

 $QLQVWUXPHQWRUDJUHHPHQWH[HFXWHGRQEHKDOIRIDFRPSDQ\E\DGLUHFWRUDQRIILFHURUDQDJHQWRIWKH FRPSDQ\LVQRWLQYDOLGPHUHO\EHFDXVHDFRUSRUDWHVHDOLVQRWDIIL[HGWKHUHWR


D. Directors and Officers

Article 116: Initial directors


$WWKHWLPH RIILOLQJWKHGRFXPHQW VDQGDUWLFOHVRILQFRUSRUDWLRQWKHLQFRUS RUDWRUVVKDOOVHQGWRWKH 'LUHFWRURI&RPSDQLHVDQRWLFHRIGLUHFWRUVRQDIRUPSUHVFULEHGE\WKH0LQLVWU\RI&RPPHUFH   $IWHULVVXDQFHRIWKHFHUWLILFDWHRILQFRUSRUDWLRQDQLQFRUSRUDWRURUDGLUHFWRUPD\FDOOWKHPHHWLQJRI  GLUHFWRUVE\JLYLQJQRWOHVVWKDQILYH  GD\VQRWLFHE\PDLOWRHDFKGLUHFWRUVWDWLQJWKHWLPHDQGSODFHRI WKHPHHWLQJ  7KHLQLWLDOGLUHFWRUVVKDOOKROGRIILFHIURPWKHGDWHRILQFRUSRUDWLRQXQWLOWKHILUVWJHQ HUDOPHHWLQJRIWKH VKDUHKROGHUV 

Article 117: Shareholders’ Organizational Meeting

 7KHLQLWLDOGLUHFWRUVVKDOO RUJDQL]HWKHILUVWVKDUHKROGHU
VJHQHUDOPHHWLQJZLWKLQRQH  \HDUDIWHUWKH
 FRPSDQ\LVIRUPHG1RWLFHRIWKHPHHWLQJVKDOOEHJLYHQLQZULWLQJDWOHDVWWZHQW\ GD\VLQDGYDQFHWR WKRVHSHUVRQVHQWLWOHGWRDWWHQGWKHPHHWLQJ7KHQRWLFHVKDOOVWDWHWKHGDWHSODFHDQGDJHQGDRIWKH PHHWLQJ 

Article 118: Number of Directors

 $SULYDWHOLPLWHGFRPSDQ\VKDOOKDYHRQHRUPRUHGLUHFWRUV  $SXEOLFOLPLWHGFRPSDQ\VKDOOKDYHDWOHDVWWKUHH  GLUHFWRUV  6KDUHKROGHUVVKDOOHOHFWGLUHFWRUVE\RUGLQDU\UHVROXWLRQRIVKDUHKROGHUVZKRKDYHWKHULJKWVWRYRWH  

Article 119: Powers of Directors

 7KHGLUHFWRUVVKDOOPDQDJHWKHE XVLQHVVDQGDIIDLUV RID FRPSDQ\7KHD UWLFOHVRILQ FRUSRUDWLRQVKDOO SURYLGHIRUWKHULJKWVRIWKHGLUHFWRUVQDPHO\    $SSRLQWDQGUHPRYHDOORIILFHUVDQGGHWHUPLQHWKHVSHFLILFULJKWVIRUVXFKRIILFHUV    6HWWKHVDODULHVDQGRWKHUFRPSHQVDWLRQRIVXFKRIILFHUV    )L[WKHVDODU\RURWKHUFRPSHQVDWLRQIRUGLUHFWRUVDQGVXEPLWWKHPWRVKDUHKROGHUVIRUDSSURYDO    ,VVXH QRWHV ERQGVGHE HQWXUHVDQG RWKHU HYLGHQFHVRI GHEW RIWKH FRPSDQ\DQ GIL[ WKHLU

DEVROXWHUHODWLYHDQGFRQWLQJHQWFKDUDFWHULVWLFV    3URSRVHWRVKDUHKROGHUVWKHDPHQGPHQWVRUDQQXOPHQWVWRWKHDUWLFOHVRILQFRUSRUDWLRQ    3URSRVHWRWKHVKDUHKROGHUVDQDJUHHPHQWRIPHUJHURUFRQVROLGDWLRQEHWZHHQWKHFRPSDQ\DQG

DQ\RWKHUSHUVRQ    3URSRVHWRWKHVKDUHKROGHUVWKHVDOHRIDOORUPDMRUSDUWRIWKHFRPSDQ\
VDVVHWV
    3URSRVHWRWKHVKDUHKROGHUVDGLVVROXWLRQRUOLTXLGDWLRQRIWKHFRPSDQ\    'HFODUHGLYLGHQGVLQDFFRUGDQFHZLWKDFFRXQWLQJSULQFLSOHVDQGWKHWHUPVRISD\PHQWRIHDFK

FODVVRIVKDUHVHQWLWOHGWRUHFHLYHGLYLGHQGV    ,VVXHVKDUHVLQWKHFRPSDQ\WRWKHH[WHQWDXWKRUL]HGLQWKHDUWLFOHVRILQFRUSRUDWLRQDQGE\ODZV   %RUUR ZPRQH\    ,VVXHUHLVVXHRUVHOOVHFXULW\RIWKHFRPSDQ\    *LYHDJXDUDQWHHRQEHKDOIRIWKHFRPSDQ\    0RUWJDJHK\SRWKHFDWHSOHGJHRURWKHUZLVHFUHDWHDVHFXULW\LQWHUHVWLQDOORUDQ\SURSHUW\RIWKH

FRPSDQ\WRVHFXUHDQ\REOLJDWLRQRIWKHFRPSDQ\    &ORVHDFFRXQWERRNVRIHDFKILQDQFLDO\HDUDQGSURSRVHWKHDQQXDOSURILWVIRUVXEPLVVLRQWRWKH

VKDUHKROGHUVDQGVKDUHKROGHUV¶JHQHUDOPHHWLQJ 

Article 120: Qualifications of Directors

 $Q\OHJDOO\FRPSHWHQWQDWXUDOSHUVRQRYHUHLJKWHHQ  \HDUVROGPD\VHUYHDVDGLUHFWRURURIILFHURID FRPSDQ\$ GLUHFWRULVQ RWUHTXLUHGWREHDVKDUHKROGHURUWRPHHWDQ\RWKHUTXDOLILFDWLRQXQOHVVWKH DUWLFOHVRUE\ODZVLPSRVHVSHFLILFTXDOLILFDWLRQVRQWKHP 

Article 121: Term of Office for Director

 ,IWKHDUWLFOHVGRQRWSURYLGHDWHUPHDFKGLUHFWRUVKDOOEHHOHFWHGIRUDWHUPRIWZR  \HDUVDQGPD\EH UHHOHFWHG 

Article 122: Staggered terms for directors

 7HUPVRIGLUHFWRUVPD\EHVWDJJHUHGVRWKDWDOOWKHLUWHUPVGRQRWHQGLQWKHVDPH\HDU 

Article 123: Classes of directors

 7KHDUWLFOHVPD\DOVRFR QIHURQWKH KROGHUVRIH DFKFODVVRIVKDUHVWKH ULJKWWRHOHFW RQHRUPR UH GLUHFWRUVZKRVKDOOVHUYHWKHWHUPVDQGVKDOOPDQDJHRWKHUDIIDLUVSURYLGHGE\WKHDUWLFOHV7KHWHUPVRI RIILFHDQGYRWLQJSRZHUVRIGLUHFWRUVRIDQ\VXFKFODVVPD\EHJUHDWHURUOHVVWKDQWKRVHRIDQ\RWKHU FODVVRIGLUHFWRUV 

Article 124: Removal of director

 $GLUHFWRUPD\EHUHPRYHGZLWKRUZLWKRXWFDXVHE\DPDMRULW\RIWKHVKDUHKROGHUVHQWLWOHGWRYRWHIRUWKH GLUHFWRU 

Article 125: Resignation of director

 $GLUHFWRUPD\UHVLJQDWDQ\WLPHE\JLYLQJZULWWH QQRWLFHWRWKHFRPSDQ\7KHUHVLJQDWLRQVKDOOWDNH HIIHFWLPPHGLDWHO\RUDWWKHWLPHVWDWHGLQWKHQRWLFH  $GLUHFWRUZKRLVWKHODVWGLUHFWRUUHPDLQLQJLQRIILFHDQGZKRUHVLJQVEHIRUHDQRWKHUGLUHFWRUKDVEHHQ DSSRLQWHGVKDOOEHOLDEOHIRUGDPDJHVFDXVHGWRWKHFRPSDQ\E\KLVUHVLJQDWLRQ 

Article 126: Continuation in office

 $GLUHFWRUPD\FRQWLQXHWRVHUYHDIWHUKLVWHUPH[SLUHVXQWLODUHSODFHPHQWKDVEHHQHOHFWHG 

Article 127: Chairman of the Board

7KHERDUGRIGLUHFWRUVVKDOOHOHFWDFKDLUPDQIURPDPRQJLWVPHPEHUV7KHFKDLUPDQPD\EHUHPRYHG IURPWKHRIILFHRIFKDLUPDQEXWQRWIURPKLVSRVLWLRQDVDGLUHFWRUE\DPDMRULW\YRWHRIWKHGLUHFWRUV 

Article 128: Calling meetings

 7KHFKDLUPDQKDVWKHULJKWWRFDOOGLUHFWRUV
PHHWLQJV2QHWKLUGRIWKHWRWDO
Q XPEHURIVHUYLQJGLUHFWRUV PD\FDOODGLUHFWRU¶VPHHWLQJ  8QOHVVWKHDUWLFOHVRUE\ODZVSURYLGHRWKHUZLVHWKHERDUGPHHWLQJVKDOOEHFRQGXFWHGZLWKLQWKH.LQJGRP RI&DPERGLD  7KHERDUGRIGLUHFWRUVVKDOOEHKHOGDWOHDVWRQFH HYHU\WKUHH  PRQWKV7KHDGRSWLRQRIWKH%RDUG 'LUHFWRUV5HVROXWLRQVKDOOEHGHFLGHGEDVHRQWKHPDMRULW\YRWHRIWKHPHPEHUVRUUHSUHVHQWDWLYHVWKDW ZHUHSUHVHQWHGLQWKHPHHWLQJ 

Article 129: Notice of meetings

7KHERDUGRIGLUHFWRUVPD\PHHWDWDQ\SODFHDVVWDWHGLQWKHQRWLFH7KHQRWLFHVKDOOVWDWHWKHGDWHDQG GHWDLODJHQGDWKHPHHWLQJ  $GLUHFWRUPD\ZDLYHDQRWLFHRIDPHHWLQJRIGLUHFWRUV+RZHYHUDWWHQGDQFHRIDGLUHFWRUDWDPHHWLQJRI GLUHFWRUVLVDZDLYHURIQRWLFHRIWKHPHHWLQJH[FHSWZKHUHDGLUHFWRUDWWHQGVDPHHWLQJIRUWKHH[SUHVV SXUSRVHRIREMHFWLQJWRWKHWUDQVDFWLRQRIDQ\EX VLQHVVRQWKHJURXQGVWKDWWKHPHHWLQJLVQRWODZIXOO\ FDOOHG 

Article 130: Board consultations

 8QOHVVRWKH UZLVHS URYLGHGLQWKH DUWL FOHVWKH GLUHFWRUVPD\DFW E\ZULWWH Q FRPPXQLFDWLRQ DPRQJ WKHPVHOYHV  (DFKGLUHFWRUVKDOOUHFHLYHWKHFRQWHQWVRIWKHUHVROXWLRQWKDWKDVEHHQSURSRVHGIRUUHYLHZDQGDGRSWLRQ VXSSRUWLQJEDFNJURXQGLQIRUPDWLRQDQGDEDOORWIRUYRWLQJ³\HV´RU³QR´RQWKHPDWWHU  ,IDOOGLUHFWRUVYRWHWRDSSURYHDPDWWHULWLVGHHPHGDSSURYHGE\WKHERDUG  $OOZULWWHQUHVSRQVHVVKDOOEHFRPHSDUWRIWKHUHFRUGVRIWKHERDUG7KHVHFUHWDU\RIWKHFRPSDQ\VKDOO SUHSDUHDZULWWHQUHSRUWRIWKHZULWWHQFRPPXQLFDWLRQVDQGVKDOOGLVWULEXWHWKLVUHSRUWWRWKHGLUHFWRUV

Article 131: Committees

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

DQGDQ\RWKHUSHUVRQ  F  7RSURSRVHWRWKHVKDUHKROGHUVWKHVDOHRIDOORUPDMRUSDUWRIWKHFRPSDQ\
VDVVHWV
  G  7RSURSRVHWRWKHVKDUHKROGHUVDGLVVROXWLRQRUOLTXLGDWLRQRIWKHFRPSDQ\  H  7RGHFODUHGLYLGHQGVDQG  I  7RLVVXHVKDUHVLQWKHFRPSDQ\ 

Article 132: Conduct of meetings

 $PDMRULW\RIWKHWRWDOQXPEHURIGLUHFWRUVSUHVHQWHGLQWKHPHHWLQJVKDOOFRQVWLWXWHDTXRUXPRIWKHERDUG RIGLUHFWRUVRURIWKHERDUGFRPPLWWHHEXWWKHDUWLFOHVPD\UHTXLUHDJUHDWHUQXPEHU  $GLUHFWRUVKDOOKDYHRQHYRWH$GLUHFWRUPD\EHDSUR[\IRUDQRWKHUGLUHFWRULQWKHPHHWLQJRIWKHERDUG RIGLUHFWRUVSURYLGHGWKDWKHV KDOOKDYHDZULWWHQD XWKRUL]DWLRQVLJQHGE\WKHGLUHFWRUIRUZKRPK HLV DFWLQJ   7KHVHFUHWDU\VKDOOSUHSDUHDQGNHHSPLQXWHVRIDOOPHHWLQJVRIWKHERDUGDQGVKDOOVHQGFRSLHVRIWKHP WRDOOGLUHFWRUV 

Article 133: indemnification

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

Article 134: Disclosure by director or officer

 $GLUHFWRURURIILFHURIDFRPSDQ\VKDOOGLVFORVHWKHQDWXUHDQGH[WHQWRIKL VLQWHUHVWLQZULWLQJWRWKH FRPSDQ\RUUHTXHVWWRKDYHDVWDWHPHQWHQWHUHGLQWKHPLQXWHVRIPHHWLQJVRIGLUHFWRUVLIKH  D  LVDSDUW\WRDFRQWUDFWRUSURSRVHGFRQWUDFWZLWKWKHFRPSDQ\RU

E  KDVDPDWHULDOLQWHUHVWLQDQ\SHUVRQZKRLVDSDUW\WRDFRQWUDFWRUSURSRVHGFRQWUDFWZLWKWKH FRPSDQ\

Article 135: Time of disclosure for director



,QWKHFDVHRIDGLUHFWRUGLVFORVXUHVKDOOEHPDGH



D  DWWKHPHHWLQJDWZKLFKDSURSRVHGFRQWUDFWLVILUVWFRQVLGHUHG



E  LIWKHGLUH FWRUZDV QRWWK HQLQWH UHVWHGLQ DS URSRVHGFRQWUDFW DWWKHILUVWPHHWLQJ DIWHUKH EHFRPHVVRLQWHUHVWHG



F  LIWKHGLUHFWRUEHFRPHVLQWHUHVWHGDIWHUDFRQWUDFWLVPDGHDWWKHILUVWPHHWLQJDIWHUKHEHFRPHV VRLQWHUHVWHG



G  LIDSHUVRQZKRLVLQWHUHVWHGLQDFRQWUDFWODWHUEHFRPHVDGLUHFWRUDWWKHILUVWPHHWLQJDIW HUKH EHFRPHVDGLUHFWRU



Article 136: Time of disclosure for officer



,QWKHFDVHRIDQRIILFHUWKHGLVFORVXUHVKDOOEHPDGH



D  DVVRRQDVKHEHFRPHVDZDUHWKDWWKHFRQWUDFWRUSURSRVHGFRQWUDFWLVWREHFRQVLGHUHGRUKDV EHHQFRQVLGHUHGDWDPHHWLQJRIWKHERDUGRIGLUHFWRUV



E  LIWKHRIILFHUEHFRPHVLQWHUHVWHGEHIRUHDFRQWUDFWLVPDGHLPPHGLDWHO\DIWHUKHEHFRPHVVR LQWHUHVWHGRU



F  LIDSHUVRQZKRLVLQWHUHVWHGLQDFRQWUDFWODWHUEHFRPHVDQRIILFHUIRUWKZLWKDIWHUKHEHFRPHVDQ RIILFHU



Article 137: Voting after disclosure



$GLUHFWRUZKRKDVDFRQIOLFWRILQWHUHVWVKDOOQRWYRWHRQDQ\UHVROXWLRQWRDSSURYHWKHFRQWUDFWXQOHVVWKH

FRQWUDFWLV



D  DQDUUDQJHPHQWE\ZD\RIVHFXULW\IRUPRQH\OHQWWRRUREOLJDWLRQVXQGHUWDNHQE\KLPIRUWKH EHQHILWRIWKHFRPSDQ\RUDQDIILOLDWH



E  RQHUHODWLQJSULPDULO\WRKLVUHPXQHUDWLRQDVDGLUHFWRURIILFHUHPSOR\HHRUDJHQWRIWKHFRPSDQ\ RUDQDIILOLDWH



F  RQHIRULQGHPQLW\RULQVXUDQFH



G  RQHZLWKDQDIILOLDWH



Article 138: Officers



6XEMHFWWRWKHDUWLFOHVRUWKHE\ODZV



D  WKHERDUGRIGLUHFWRUVPD\GHVLJQDWHWKHRIILFHVRIWKHFRPSDQ\DSSRLQWRIILFHUVVSHFLI\WKHLU GXWLHVDQGGHOHJDWHWRWKHPWKHSRZHUVWRPDQDJHWKHEXVLQHVVDQGDIIDLUVRIWKHFRPSDQ\

E  DGLUHFWRUPD\EHDSSRLQWHGWRDQ\RIILFHRIWKHFRPSDQ\  F  RQHRUPRUHRIILFHVRIWKHFRPSDQ\PD\EHKHOGE\WKHVDPHSHUVRQ 

Article 139: Pre incorporation contracts

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

Article 140: Directors' liability – consideration for share

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

Article 141: Others liability of directors

 7KH 'LUHFWRUV ZKRYRWHI RU RUFRQ VHQWWRD UHVROXWLRQDXWK RUL]LQJD S XUFKDVH UHGHPSWLRQR U RWKHU DFTXLVLWLRQR IVKD UHVD UHGXFWLRQRI VWDWHG FDSL WDORU DS D\PHQWRID G LYLGHQG FRQWUDU\WRWK H UHTXLUHPHQWVRIWKLVFKDSWHUDUHMRLQWO\DQGVHYHUDOO\ OLDEOHWRUHVWRUHWRWKHFRPSDQ\DQ\DPRXQWVVR GLVWULEXWHGRUSDLG  $QDFWLRQWRHQIRUFHDOLDELOLW\LPSRVHGE\WKLVDUWLFOHPD\QRWEHFRPPHQFHGDIWHUWZR  \HDUVIURPWKH GDWHRIWKHUHVROXWLRQDXWKRUL]LQJWKHDFWLRQFRPSODLQHGRI 

Article 142: Director’s dissent

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

E. Shares and Dividends



Article 143: Shares

 (DFKVKDUHVKDOOEHLQUHJLVWHUHGIRUP(DFKVKDUHKDVDSDUYDOXHDQGWKHFRPSDQ\VKDOOQRWLVVXHDQ\ VKDUHDWDS ULFHZKLFKLVOHVVWKDQWKHSDUYDOX H7KHULJKWVSULYLOHJHVUHVWULFWLRQVDQGFRQGLWLRQV DWWDFKLQJWRWKHVKDUHVRIHDFKFODVVVKDOOEHVHWRXWLQWKHDUWLFOHV 

Article 144: Number, value and rights attached to shares

 ,IWKHDUWLFOHVIDLOWR SURYLGHWKHQXPEHUDQGSULFHDWWDFKHGWRWKHVKDUHVWKHFRPSDQ\VKDOOLVVXHD PLQLPXPRIRQHWKRXVDQG  VKDUHVZLWKDSDUYDOXHRIQRWOHVVWKDQIRXUWKRXVDQG  5LHOVSHU VKDUH  ,IWKHDUWLFOHVIDLOWRVSHFLI\WKHFODVVRIVKDUHWKHFRPSDQ\KDVRQO\RQHFODVVRIVKDUHVDQGWKHULJKWVRI WKHKROGHUVRIWKHVHVKDUHVDUHHTXDOLQDOOUHVSHFWVDQGLQFOXGHWKHULJKWV    WRYRWHDWDQ\PHHWLQJRIWKHVKDUHKROGHUVRIWKHFRPSDQ\    WRUHFHLYHDQ\GLYLGHQGGHFODUHGE\WKHFRPSDQ\    WRUHFHLYHWKHUHPDLQLQJSURSHUW\RIWKHFRPSDQ\RQGLVVROXWLRQ 

Article 145: Rights to classes of shares

 7KHDUWLFOHVPD\SURYLGHIRUPRUHWKDQRQHFODVVRIVKDUHVDQGLIWKH\VRSU RYLGHWKHULJKWVRIHD FK FODVVRIVKDUHVPD\EHDEVROXWHRUUHODWLYH7KHULJKWVSULYLOHJHVUHVWULFWLRQVDQGFRQGLWLRQVDWWDFKLQJWR WKHVKDUHVRIHDFKFODVVVKDOOEHVHWRXWLQWKHDUWLFOHV7KHULJKWVVHWRXWLQ$UWLFOHRIWKLVODZVKDOO EHDWWDFKHGLQGLYLGXDOO\RULQWKHLUHQWLUHW\WRDWOHDVWRQHFODVVRIVKDUHV7KHULJKWVPD\LQFOXGH  D  &RQYHUWLELOLW\RUH[FKDQ JHDELOLW\LQWR RWKHUFODVVHVRI VKDUHVRURWKHUVHFXULWLHVRIWKHOL PLWHG

FRPSDQ\RUDQRWKHUFRPSDQ\ZKHWKHUDWWKHRSWLRQRIWKHOLPLWHGFRPSDQ\DWWKHRSWLRQRIWKH

VKDUHKROGHUVRUXSRQWKHRFFXUUHQFHRIDVSHFLILHGHYHQW  E  3ULRULW\RIHQWLWOHPHQWWRQHWDVVHWVXSRQOLTXLGDWLRQRUGLVVROXWLRQRIWKHOLPLWHGFRPSDQ\  F  5HGHPSWLRQRUUHSXUFKDVHDWWKHRSWLRQRIWKHOLPLWHGFRPSDQ\RUDWWKHRSWLRQRIWKHKROGHUVRI

WKHVKDUH  G  5HVWULFWLRQVRQWUDQVIHUDELOLW\ 

Article 146: Issue of shares – consideration for shares

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

Article 147: Liability of shareholder

7KHVKDUHKROGHU¶VOLDELOLW\WRWKHFRPSDQ\LVOLPLWHGWRWKHSULFHRIWKHVKDUHKROGHU¶VVXEVFULSWLRQ 

Article 148: Shares in series

 7KHDUWLFOHVPD\DXWKRUL]HWKHLVVXHRIDQ\FODVVRIVKDUHVLQRQHRUPRUHVHULHVDQGPD\DXWKRUL]HWKH GLUHFWRUVWRIL[WKHQXPEH URIVKDUHVLQDQGWRGHWHUPLQHWKHGHVLJQDWLRQULJKWVSULYLOHJHVUHVWULFWLRQV DQGFRQGLWLRQVDWWDFKLQJWRWKH VKDUHVRIHDFKVHULHVVXEMHFWWRWKHOLPLWDWLRQVVHWRXWLQWKHDUWLFOHV ([FHSWDVRWKHUZLVHSURYLGHGWKHULJKWVSULYLOHJHVUHVWULFWLRQVRUFRQGLWLRQVDWWDFKHGWRWKHVDPHFODVV DQGVHULHVVKDOOEHLGHQWLFDO 

Article 149: Stated capital account

 $FRPSDQ\VKDOOPDLQWDLQDVHSDUDWHVWDWHGFDSLWDODFFRXQWIRUHDFKFODVVDQGVHULHVRIVKDUHVLWLVVXHV  $FRPSDQ\VKDOODGGWRWKHDSSURSULDWHVWDWHGFDSLWDODFFRXQWWKHIXOODPRXQWRIDQ\SD\PHQWLQPRQH\ LQNLQGRUSDVWVHUYLFHVLWUHFHLYHVIRUDQ\VKDUHVLWLVVXHV 

Article 150: Constraints on addition or reduction to a stated capital account

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
VDVVHWVZRXOGEHOHVVWKDQWKHDJJUHJDWHRILWVOLDELOLWLHV 
7KLVUXOHGRHVQRWDSSO\LIWKHFRPSDQ\UHGXFHVLWVFDSLWDODFFRXQWE\DQDPRXQWWKDWLVQRWUHSUHVHQWHG E\UHDOL]DEOHDVVHWV  $FUHGLWRURIWKHFRPSDQ\PD\DSSO\WRDFRXUWIRUDQRUGHUGLUHFWLQJWKHUHSD\PHQWRIPRQH\RUSURSHUW\ UHFHLYHGIROORZLQJDUHGXFWLRQRIWKHFDSLWDODFFRXQWPDGHFRQWUDU\WRWKLVDUWLFOH  $QDFWLRQWRHQIRUFHDOLDELOLW\LPSRVHGE\WKLVDUWLFOHPD\QRWEHFRPPHQFHGDIWHUWZR  \HDUVIURPWKH GDWHRIWKHUHVROXWLRQDXWKRUL]LQJWKHDFWLRQFRPSODLQHGRI 

Article 151: Pre-emptive right

 ,IWKHDUWLFOHVSURYLGHIRU DULJKWRISUHHPSWLRQDWWDFKLQJWRDFODVVRIVKDUHVQRIXUWKHUVKDUHVRIWKDW FODVV VKDOOE HLVVXHGX QOHVVWKH\KD YHILUVWEHHQ  RIIHUHGWRWKHVK DUHKROGHUVKDYLQJWKHULJKWRI SUHHPSWLRQRQWKDWFODVV  6KDUHKROGHUVKDYHDSUHHPSWLYHULJKWWRDFTXLUHWKHRIIHUHGVKDUHVLQSURSRUWLRQWRWKHLUKROGLQJVRIWKH VKDUHVRIWKDWFODVVDWVXFKSULFHDQGRQVXFKWHUPVDVWKRVHVKDUHVDUHWREHRIIHUHGWRWKLUGSDUWLHV 

Article 152: Options and rights

 $FRPSDQ\PD\LVVXHFH UWLILFDWHVRIFRQYHUVLRQSULYLOHJHVRSWLRQVRUULJKWVWRDFTXLUHVHFXULWLHVRIWKH FRPSDQ\,QWKLVFDVHWKHFHUWLILFDWH VRU VHFXULWLHV VKDOO VHWRXWWKHFR QGLWLRQVDS SOLFDEOHWRWKH  FRQYHUVLRQSULYLOHJHVRSWLRQVRUULJKWV  &RQYHUVLRQSULYLOHJHVRSWLRQVDQGULJKWVWRDFTXLUHVHFXULWLHVRIDFRPSDQ\PD\EHPDGHWUDQVIHUDEOHRU QRQWUDQVIHUDEOHDQGRSWLRQVDQGULJKWVWRDFTXLUHPD\EHPD GHVHSDUDEOHRULQVHSDUDEOHIURPDQ\ VHFXULWLHVWRZKLFKWKH\DUHDWWDFKHG 

Article 153: Share certificate

 (DFKVKDUHKROGHULVHQWLWOHGWRUHFHLYHDVKDUHFHUWLILFDWH7KHUHVKDOOEHVWDWHGRQWKHIDFHRIHDFKVKDUH FHUWLILFDWHLVVXHGE\DFRPSDQ\WKHQDPHRIWKHFRPSDQ\WKHQDPHRIWKHSHUVRQWRZKRPLWZDVLVVXHG DQGWKHQXPEHUDQGFODVVRIVKDUHVDQGWKHGHVLJQDWLRQRIDQ\VHULHVWKDWWKHFHUWLILFDWHUHSUHVHQWV 

Article 154: Transfer of share

 6XEMHFWWRUHVWULFWLRQVLPSRVHGE\WKLVODZDQGWKHDUWLFOHVVKDUHVDUHWUDQVIHUDEOH7KHFRPSDQ\VKDOO WUDQVIHUWKHVKDUHVDQGPDNHWKHDSSURSULDWHHQWULHVLQLWVERRNVDQGUHFRUGVXSRQWKHUHTXHVWRIERWK WKHWUDQVIHURUDQGWKHWUDQVIHUHH 

Article 155: Acquisition of company's own shares

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¶VDVVHWVDIWHUSXUFKDVLQJZRXOGEHOHVVWKDQWKHDJJUHJDWH

RILWVOLDELOLWLHV  6KDUHVSXUFKDVHGUHGHHPHGRURWKHUZLVHDFTXLUHGE\WKHFRPSDQ\VKDOOEHFDQFHOOHGRULIWKHDUWLFOHV OLPLWWKHQXPEHURIDXWKRUL]HGVKDUHVPD\EHUHVWRUHGWRWKHVWDWXVRIDXWKRUL]HGEXWXQLVVXHGVKDUHVRI WKHFODVV 

Article 156: Reduction of stated capital on redemption or purchase

 :KHQDFR PSDQ\SXUFKDVHVUHGHHPVRUD FTXLUHVLWVVKDUHVWKHFR PSDQ\VKDOOP DNHFRUUHVSRQGLQJ DGMXVWPHQWVWRWKHFDSLWDO DFFRXQWPDLQWDLQHGIRUWKHFODVVRUVHULHVRIVKDUHVSXUFKDVHGUHGHHPHGRU DFTXLUHG 

Article 157: Dividend declaration

 6XEMHFWWRD Q\UHVWUL FWLRQVFR QWDLQHGLQLWVDUWLFO HVWKHGLUHFWR UVPD\GH FODUHGLYLGHQ GVRXWRIWKH  FRPSDQ\¶VVXUSOXVRURXWRILWVQHWSURILWV  7KHGLUHFWRUVPD\VHWDSDUWVSHFLDOUHVHUYHVIRUWKHFRPSDQ\WRXVHLQFDUU\LQJRQLWVEXVLQHVVE\XVLQJ DQ\IXQGVRIWKHFRPSDQ\DYDLODEOHIRUGLVWULEXWLRQRIGLYLGHQGV 

Article 158: Restriction to declaration of dividends

 $FRPSDQ\VKDOOQRWGHFODUHRUSD\DGLYLGHQGLIWKHUHDUHUHDVRQDEOHJURXQGVIRUEHOLHYLQJWKDW  D  WKHFRPSDQ\LVRUDIWHUWKHSD\PHQWZRXOGEHXQDEOHWRSD\LWVOLDELOLWLHVDVWKH\EHFRPHGXHRU  E  WKHUHDOL]DEOHYDOXHRIWKHFRPSDQ\
VDVVHWVZRXOGEHOHVVWKDQWKHDJJUHJDWHRILWVOLDELOLWLHVDQG


VWDWHGFDSLWDORIDOOFODVVHV 

Article 159: Form of dividend

 $FRPSDQ\PD\SD\DGLYLGHQGE\LVVXLQJVKDUHVRIWKHFRPSDQ\6XEMHFWWRWKHUHVWULFWLRQVLQWKLV3DUW DFRPSDQ\PD\SD\DGLYLGHQGLQPRQH\RUSURSHUW\ 

Article 160: Adjustment of stated capital account

 ,IVKDUHVRIDFRPSDQ\DUHLVVXHGLQSD\PHQWRIDGLYLGHQGWKHGHFODUHGDPRXQWRIWKHGLYLGHQGVWDWHG DVDQDPRXQWRIPRQH\VKDOOEH DGGHGWRWKHFDSLWDODFFRXQWRUPDLQWDLQHGRUWREHPDLQWDLQHGIRUWKH VKDUHVRIWKHFODVVRUVHULHVLVVXHGLQSD\PHQWRIWKHGLYLGHQG 

F. Security Certificates, Registers and Transfers

 

Article 161: Definitions



,QWKLV3DUWWKHWHFKQLFDOZRUGVVKDOOKDYHWKHPHDQLQJVDVIROORZV



  EHDUHUPHDQVWKHSHUVRQLQSRVVHVVLRQRIDVHFXULW\SD\DEOHWREHDUHURUHQGRUVHGLQEODQN



  ERQDILGHSXUFKDVHU"PHDQ VDS XUFKDVHUIRUY DOXHLQ JRRGIDLWKDQG ZLWKRXWQRWLFH RIDQ\ DGYHUVHFODLPZKRWD NHVGHOLYHU\RID VHFXULW\LQ EHDUHUIRUPRURUGHUIRUP RURI DVHFXULW\LQ UHJLVWHUHGIRUPLVVXHGWRKLPRUHQGRUVHGWRKLPRUHQGRUVHGLQEODQN



  "broker"PHDQVDSHUVRQZKRLVHQJDJHGIRUDOORUSDUWRIKLVWLPHLQWKHEXVLQHVVRIEX\LQJDQG VHOOLQJVHFXULWLHVDQGZKRLQWKHWUDQVDFWLRQFRQFHUQHGDFWVIRURUEX\VDVHFXULW\IURPRUVHOOV DVHFXULW\WRDFXVWRPHU



  "delivery"PHDQVYROXQWDU\WUDQVIHURISRVVHVVLRQ



  "genuine" PHDQVIUHHRIIRUJHU\RUFRXQWHUIHLWLQJ



  "holder"PHDQVDSHUVRQLQSRVVHVVLRQRIDVHFXULW\LVVXHGRUHQGRUVHGWRKLPRUWREHDUHURU LQEODQN



  "over-issue"PHDQVWKHLVVXHRIVHFXULWLHVLQH[FHVVRIDQ\PD[LPXPQXPEHURIVHFXULWLHVWKDW WKHLVVXHULVDXWKRUL]HGWRLVVXHE\LWVDUWLFOHVRUE\DVSHFLILFFRQWUDFW



  "purchaser"PHDQVDSHUVRQZKRWDNHVDQLQWHUHVWLQDVHFXULW\E\VDOHPRUWJDJHK\SRWKHF SOHGJHLVVXHUHLVVXHJLIWRUDQ\RWKHUYROXQWDU\WUDQVDFWLRQ



  "security" or "security certificate"PHDQVDQLQVWUXPHQWLVVXHGE\DFRPSDQ\WKDWLV



D  LQEHDUHUIRUPUHJLVWHUHGIRUPRURUGHUIRUP  E  RIDW\SHFRPPRQO\GHDOWLQRQVHFXULWLHVH[FKDQJHVRUPDUNHWVRUFRPPRQO\UHFRJQL]HG LQDQ\DUHDLQZKLFKLWLVLVVXHGRUGHDOWLQDVDPHGLXPIRULQYHVWPHQW  F  RQHRIDFODVVRUVHULHVRUE\LWVWHUPVGLYLVLEOHLQWRDFODVVRUVHULHVRILQVWUXPHQWVDQG 

G  HYLGHQFHRIDVKDUHSDUWLFLSDWLRQRURWKHULQWHUHVWLQRUREOLJDWLRQRIDFRPSDQ\





  "transfer"LQFOXGHVWUDQVPLVVLRQE\RSHUDWLRQRIODZ



  "unauthorized"LQUHODWLRQWRDVLJQDWXUHRUDQHQGRUVHPHQWPHDQVRQHPDGHZLWKRXWDFWXDO LPSOLHGRUDSSDUHQWDXWKRULW\DQGLQFOXGHVDIRUJHU\



Article 162: Securities are negotiable instruments

 6HFXULWLHVDUHQHJRWLDEOHLQVWUXPHQWV 

Article 163: Distribution document

 $FRPS DQ\ WKDWILOHVR UGLVWUL EXWHVL QDQ\EX VLQHVVSOD QVW DWHPHQWRI PDWHULDOID FWVUH JLVWUDWLRQ VWDWHPHQWVHFXULWLHVH[FKDQJHWDNHRYHUELGFLUFXODURUVLPLODUGRFXPHQWUHODWLQJWRWKHGLVWULEXWLRQWRWKH SXEOLFRIWKHVHFXULWLHVRIWKHFRPSDQ\VKDOOLPPHGLDWHO\VHQGWRWKH'LUHFWRURI&RPSDQLHVDFRS\RIDQ\ VXFKGRFXPHQW 

Article 164: Securities in registered form

 $VHFXULW\LVLQUHJLVWHUHGIRUPLI  D  LWVSHFLILHVDSHUVRQHQWLWOHGWRWKHVHFXULW\DQGVSHFLILHVWKDWWKHWUDQVIHULVFDSDEOHRIEHLQJ

UHFRUGHGLQDVHFXULWLHVUHJLVWHURU  E  LWEHDUVDVWDWHPHQWWKDWLWLVLQUHJLVWHUHGIRUP 

Article 165: Debt obligation in order form

 $GHEWREOLJDWLRQLVLQRUGHUIRUPZKHQLWVWDWHVWKDWWKHGHEWREOLJDWLRQLVSD\DEOHWRWKHRUGHURIRUWKDW WKHGHEWREOLJDWLRQLVDVVLJQHGWRDSHUVRQZKRLVUHDVRQDEO\LGHQWLILDEOH 

Article 166: Securities in bearer form

 $VHFXULW\LVLQEHDUHUIRUPLILWLVSD\DEOHWRDQ\SHUVRQZKRPD\SUHVHQWWKHVHFXULW\IRUSD\PHQW7KH VHFXULWLHVLQEHDUHUIRUPGRQRWLQGLFDWHWKHQDPHRIWKHKROGHU 

Article 167: Rights of holder

 (YHU\VHFXULW\KROGHULVHQWLWOHGDWKLVRSWLRQWRDVHFXULW\FHUWLILFDWHWKDWFRPSOLHVZLWKWKLVODZRUDQRQ WUDQVIHUDEOHZULWWHQDFNQRZOHGJPHQWRIKLVULJKWWRREWDLQVXFKDVHFXULW\FHUWLILFDWHIURPDFRPSDQ\  $FRPSDQ\LVQRWUHTXLUHGWRLVVXHPRUHWKDQRQHVHFXULW\FHUWLILFDWHLQUHVSHFWRIVHFXULWLHVKHOGMRLQWO\ E\VHYHUDOSHUVRQV'HOLYHU\RIRQHVHFXULW\FHUWLILFDWHWRRQHSHUVRQLVVXIILFLHQW 

Article 168: Signatures on the securities certificate

 $VHFXULW\FH UWLILFDWHVKDOOEHVL JQHGPDQXDOO\E\ DWOHDVWR QHGLUHFWRUDQGDQ\DGGLWLRQDOVLJQDWXUHV UHTXLUHGRQDVHFXULW\FHUWLILFDWHPD\EHSULQWHG 

Article 169: Contents of share certificate

 7KHUHVKDOOEHVWDWHGRQWKHIDFHRIHDFKVKDUHFHUWLILFDWHLVVXHGE\DFRPSDQ\    WKHQDPHRIWKHFRPSDQ\    WKHZR UGV ,QFRUSRUDWHGXQG HUWKH /DZ RI&R PPHUFLDO (QWHUSULVHVRIWKH .LQJGRP RI

&DPERGLD    WKHQDPHRIWKHSHUVRQWRZKRPLWZDVLVVXHG    WKHQXPEHUDQGFODVVRIVKDUHVDQGVHULHVRIWKDWVKDUHFHUWLILFDWH 

  DQ\UHVWULFWLRQRQWKHWUDQVIHURIWKHVHFXULW\

 2QDVKDUHFHUWLILFDWHLVVXHGE\DFRPSDQ\WKDWLVDXWKRUL]HGWRLVVXHPRUHWKDQRQHFODVVRU VHULHVRIVKDUHVWKHUHVKDOOEHVWDWHGOHJLEO\

 D  WKHULJKWVSULYLOHJHVUHVWULFWLRQVDQGFRQGLWLRQVDWWDFKHGWRWKHVKDUHVRIHDFKFODVVDQG VHULHVWKDWH[LVWVZKHQWKHVKDUHFHUWLILFDWHLVLVVXHG 

E  WKDWWKHFODVVRUVHULHVRIVKDUHVWKDWLWUHSUHVHQWVKDVULJKWVSULYLOHJHVUHVWULFWLRQVRU FRQGLWLRQVDWWDFKHGWKHUHWR7KHFRPSDQ\ZLOO SURYLGHDVKDUHKROGHURQGHPDQGDQG ZLWKRXWFKD UJHZLWKDIXOOFRS\RIWKHWH[W RIWK HULJKW VSULYLOHJH VUH VWULFWLRQVDQG  FRQGLWLRQVDWWDFKHGWRHDFKFODVVDQGVHULHV



Article 170: Securities Register

 $FRPSDQ\VKDOOPDLQWDLQDVH FXULWLHVUHJLVWHULQZKLFKLWUHFR UGVWKH VHFXULWLHVLWLVVX HVVWDWLQJ ZLWK UHVSHFWWRHDFKFODVVRUVHULHVRIVHFXULWLHVQDPHO\  D  WKHQDPHVDOSKDEHWLFDOO\DUUDQJHGDQGWKHODWHVWNQRZQDGGUHVVRIHDFKSHUVRQZKRLVRUKDV

EHHQDVHFXULW\KROGHU  E  WKHQXPEHURIVHFXULWLHVKHOGE\HDFKVHFXULW\KROGHUDQG  F  WKHGDWHDQGSDUWLFXODUVRIWKHLVVXHDQGWUDQVIHURIHDFKVHFXULW\ 

Article 171: Dealings with registered holder

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

Article 172: Minors

 ,IDQXQHPDQFLSDWHGPLQRUH[HUFLVHVDQ\ULJKWVRIRZQHUVKLSLQWKHVHFXULWLHVRIDFRPSDQ\QHLWKHUWKH PLQRUQRUKLVUHSUHVHQWDWLYHPD\VXEVHTXHQWO\UHSXGLDWHWKHDFWLRQV 

Article 173: Transmission of securities

 :KHQDVHFXULW\LVWUDQVIHUUHGRUWUDQVPLWWHGWRDSHUVRQZKRLVQRWWKHUHJLVWHUHGKROGHUWKHSHUVRQLV HQWLWOHGWREHFRPHRUWRGHVLJQDWHWKHUHJLVWHUHGKROGHULIKHILOHVZLWKWKHFRPSDQ\WKHVHFXULW\FHUWLILFDWH WKDWZDVRZQHGE\WKHVHFXULW\KROGHU  7KHILOLQJGRFXPHQWVVKDOOFRQWDLQ  D  WKHDXWKHQWLFDOQRWDU\GRFXPHQWRUWKHRULJLQDORUFHUWLILHGFRS\RIWKHFRXUWRUGHURUOHWWHUVRI

DGPLQLVWUDWLRQRU 

E  DQDIILGDYLWHYLGHQFLQJWKHWUDQVIHURIWKHVHFXULW\RQEHKDOIRIWKHUHJLVWHUHGKROGHU   E\DOHJDOUHSUHVHQWDWLYHRIDPLQRULQFRPSHWHQWSHUVRQRUPLVVLQJSHUVRQ   DOLTXLGDWRURU   WUXVWHHLQEDQNUXSWF\



Article 174: Burden of proof

 ,QDQDFWLRQRQDVHFXULW\  D  XQOHVVVSHFLILFDOO\GHQLHGLQWKHSOHDG LQJVHDFKVLJQDWXUHRQW KHVHFXULW\RULQDQH FHVVDU\

HQGRUVHPHQWLVDGPLWWHG  E  DVLJQDWXUHRQWKHVHFXULW\LVSUHVXPHGWREHJHQXLQHDQGDXWKRUL]HGEXWLIWKHHIIHFWLYHQHVVRI

WKHVLJQDWXUHLVSXWLQLVVXHWKHEXUGHQRIHVWDEOLVKLQJWKDWLWLVJHQXLQHDQGDXWKRUL]HGLVRQWKH

SDUW\FODLPLQJWKDWWKHVLJQDWXUHLVQRWJHQXLQH  F  LIDVLJQDWXUHLVDGPLWWHGRUHVWDEOLVKHGSURGXFWLRQRIWKHLQVWUXPHQWHQWLWOHVDKROGHUWRUHFRYHU

RQLWXQOHVVWKHGHIHQGDQWHVWDEOLVKHVDGHIHQVHRUDGHIHFWJRLQJWRWKHYDOLGLW\RIWKHVHFXULW\

DQG  G  LIWKHGHIHQG DQWHVWDEOL VKHVW KDWDGH IHQVHR UGHI HFWH[LVWVWK HSODLQWLIIKD VWKHEX UGHQRI

HVWDEOLVKLQJWKDWWKHGHIHQVHRUGHIHFWLVLQHIIHFWLYHDJDLQVWKLPRUVRPHSHUVRQXQGHUZKRPKH FODLPV 

Article 175: Securities fungible

 8QOHVVRWKHUZLVHDJUHHGDQGVXEMHFWWRDQ\DSSOLFDEO HODZRUUHODWHGUH JXODWLRQDSHUVRQUHTXLUHGWR GHOLYHUVHFXULWLHVPD\GHOLYHUDQ\VHFXULW\RIWKHVSHFLILHGLVVXHLQEHDUHUIRUPRUUHJLVWHUHGLQWKHQDPH RIWKHWUDQVIHUHHRUHQGRUVHGWRKLPRULQEODQN 

Article 176: Notice of defect

 7KHWHUPVRIDVHFXULW\VWDWHGRQWKHVHFXULW\DQGWHUPVLQFRUSRUDWHGE\UHIHUHQFHWRDQRWKHULQVWUXPHQW WRWKHH[WHQWWKDWWKHLQFRUSRUDWHGWHUPVGRQRWFRQIOLFWZLWKWKHVWDWHGWHUPV,IWKHUHLVDQ\LQFRQVLVWHQF\ EHWZHHQVXFKWZRWHUPVWKHQWKHILUVWVKDOOSUHYDLO  $FRPSDQ\VKDOOZKHWKHUWKHIDFWWKDWDVHFXULW\LVQRWJHQXLQHDGPLWWKHRZQHUVKLSRIWKHVHFXULW\LQWKH KDQGVRIDERQDILGHSXUFKDVHU  $VHFXULW\LVYDOLGLQWKHKDQGVRIDERQDILGHSXUFKDVHUZKRGRHVQRWKDYHQRWLFHRIDQ\GHIHFWJRLQJWR WKHYDOLGLW\RIWKHVHFXULW\ 

Article 177: Unauthorized signature

 $QXQDXWKRUL]HGVLJQDWXUHRQDVHFXULW\EHIRUHRULQWKHFRXUVHRILWVLVVXHLVLQHIIHFWLYH([FHSWWKDWWKH VLJQDWXUHLVHIIHFWLYHLQIDYRURIDS XUFKDVHUDQGZLWKRXWQRWLFHRIWKHODFNRIDX WKRULW\LIWKHVLJQLQJKDV EHHQGRQHE\DQ\SHUVRQHQWUXVWHGE\WKHLVVXHUWRVLJQWKHVHFXULW\RUVLPLODUVHFXULWLHV

Article 178: Completion or alteration

 :KHUHDVHFXULW\FRQWDLQVWKHVLJQDWXUHVQHFHVVDU\IRULWVLVVXHRUWUDQVIHUEXWLVLQFRPSOHWHLQDQ\RWKHU UHVSHFW  D  DQ\SHUVRQPD\FRPSOHWHLWE\ILOOLQJLQWKHEODQNVLQDFFRUGDQFHZLWKKLVDXWKRULW\  E  QRWZLWKVWDQGLQJWKDWWKHEODQNVDUHLQFRUUHFWO\ILOOHGLQWKHVHFXULW\DVFRPSOHWHGLVHQIRUFHDEOH

E\DSXUFKDVHUZKRWRRNLWIRUYDOXHDQGZLWKRXWQRWLFHRIWKHLQFRUUHFWQHVV  F  DFRPSOHWHGVHFXULW\WKD WKDVEH HQLPSURSHUO\DOWHUHGHYHQLIIUDXGXO HQWO\DOWHUHGUHP DLQV

HQIRUFHDEOHEXWRQO\DFFRUGLQJWRLWVRULJLQDOWHUPV 

Article 179: Warranties of agents

 $UHJLVWUDURUWUDQVIHUDJHQWVKDOOQRWOLDEOHIRUWKHIRUJHU\RIVHFXULW\LI  D  KLVDFWVLQFRQQHFWLRQZLWKWKHLVVXHRIWKHVHFXULW\DUHZLWKLQKLVDXWKRULW\  E  KHKDVUHDVRQDEOHJURXQGVIRUEHOLHYLQJWKDWWKHVHFXULW\LVLQWKHIRUPDQGZLWKLQWKHDPRXQWWKH

LVVXHULVDXWKRUL]HGWRLVVXH 

Article 180: Title of purchaser

 2QGHOLYHU\RIDVHFXULW\WKHSXUFKDVHUDFTXLUHVWKHULJKWVLQWKHVHFXULW\WKDWKLVWUDQVIHURUKDGRUKDG DXWKRULW\WRFRQYH\H[FHSWWKDWDSXUFKDVHUZKRKDVEHHQDSDUW\WRDQ\IUDXG RULOOHJDOLW\DIIHFWLQJWKH VHFXULW\GRHVQRWLPSURYHKLVSRVLWLRQE\WDNLQJWLWOHWRWKHVHFXULW\IURPDODWHUERQDILGHSXUFKDVHU 

Article 181: Warranties to purchaser

 $SHUVRQE\WUDQVIHUULQJDVHFXULW\WRDERQDILGHSXUFKDVHUZDUUDQWVRQO\WKDW    WKHWUDQVIHULVHIIHFWLYHDQGULJKWIXO    WKHVHFXULW\LVJHQXLQHDQGKDVQRWEHHQPDWHULDOO\DOWHUHGDQG    KHNQRZVRIQRWKLQJWKDWPLJKWLPSDLUWKHYDOLGLW\RIWKHVHFXULW\  $EURNHUJLYHVWRKLVFXVWRPHUWRWK HLVVXHUDQGWRDSXUFKDVHUDVWKH FDVHPD\EHWKHZDUUDQWLHV SURYLGHGLQ WKLV DUWLFOHD QGK DVWKH ULJKWVDQ GS ULYLOHJHVRI DSX UFKDVHUXQG HUWKL V DUWLFOH7KR VH ZDUUDQWLHVRIDQGLQIDYRURIWKH EURNHUDFWLQJDVDQDJHQWDUHLQDGGLWLRQWRZDUUDQWLHVJLYHQE\KLV FXVWRPHUDQGZDUUDQWLHVJLYHQLQIDYRURIKLVFXVWRPHU 

Article 182: Right to compel endorsement

 :KHQD VHFXULW\LQUHJL VWHUHGIRUPLVGHOLYHUHGWRDSXUFKDVHUZLWKRXW DQHQGRUVHPHQWWKH SXUFKDVHU PD\EHFRPHDERQDILGHSXUFKDVHURQO\DWWKHWLPHWKHHQGRUVHPHQWLVVXSSOLHG  +RZHYHUWK HWUD QVIHUL VFR PSOHWHR QGHOLYH U\WK HSX UFKDVHUKD VD QH QIRUFHDEOH ULJKWDJDLQ VWWKH  WUDQVIHURUWRKDYHDQ\QHFHVVDU\HQGRUVHPHQWVXSSOLHG 

Article183: Endorsement

 $QHQGRUVHPHQWRIDVHFXULW\LQUHJLVWHUHGIRUPLVPDGHZKHQDQDSSURSULDWHSHUVRQVLJQVHLWKHURQWKH VHFXULW\RURQDVHSDUDWHGRFXPHQWDQDVVLJQPHQWRUWUDQVIHURIWKHVHFXULW\RUVLJQVDSRZHUWRDVVLJQ RUWUDQVIHUWKHVHFXULW\7KHHQGRUVHPHQWVRIVHFXULW\VKDOOKDYHWKHIROORZLQJFKDUDFWHULVWLFV   $QHQGRUVHPHQWPD\EHVSHFLDORULQEODQN   $QHQGRUVHPHQWLQEODQNLQFOXGHVDQHQGRUVHPHQWWREHDUHU   $VSHFLDOHQGRUVHPHQWVSHFLILHVWKHSHUVRQWRZKRPWKHVHFXULW\LVWREHWUDQVIHUUHGRUZKRKDV

SRZHUWRWUDQVIHULW  $KROGHUPD\FRQYHUWDQHQGRUVHPHQWLQEODQNLQWRDVSHFLDOHQGRUVHPHQW  ,QWKLV3DUWDSSURSULDWHSHUVRQWRHQGRUVHLV    WKHSHUVRQVSHFLILHGE\WKHVHFXULW\RUE\VSHFLDOHQGRUVHPHQWWREHHQWLWOHGWRWKHVHFXULW\    WKHOHJDOUHSUHVHQWDWLYHLIWKHSHUVRQGHVFULEHGLQSDUDJUDSK  LVDQLQGLYLGXDODQGLVZLWKRXW

FDSDFLW\WRDFWE\DQ\UHDVRQ    DSHUVRQKDYLQJSRZHUWRVLJQXQGHUDQDSSOLFDEOHODZRUDSRZHURIDWWRUQH\RU    DQDXWKRUL]HGDJHQWWRW KHH[WHQWWK DWD SHUVRQGHVFULEHGLQSDUDJUDSKV   WR  PD\DFW

WKURXJKDQDJHQW 

Article 184: Immunity of endorser

 8QOHVVRWKHUZLVHDJUHHGWKHHQGRUVHUE\KLVHQGRUVHPHQWDVVXPHVQRREOLJDWLRQWKDWWKHVHFXULW\ZLOOEH KRQRUHGE\WKHLVVXHU  $QHQGRUVHPHQWSXUSRUWLQJWREHRQO\RISDUWRIDVHFXULW\UHSUHVHQWLQJXQLWVLQWHQGHGE\WKHLVVXHUWREH VHSDUDWHO\WUDQVIHUDEOHLVHIIHFWLYHWRWKHH[WHQWRIWKHHQGRUVHPHQW 

Article 185: Effect of endorsement without delivery

 $QHQGRUVHPHQWRIDVHFXULW\ZKHWKHUVSHFLDORULQEODQNGRHVQRWFRQVWLWXWHDWUDQVIHUXQWLOGHOLYHU\RI WKHVHFXULW\RQZKLFKWKHHQGRUVHPHQWDSSHDUVRULIWKHHQGRUVHPHQWLVRQDVHSDUDWHGRFXPHQWXQWLO GHOLYHU\RIERWKWKHVHFXULW\DQGWKHVHSDUDWHGRFXPHQW 

Article 186: Endorsement in bearer form

 $QHQGRUVHPHQWRIDVHFX ULW\LQEHDUHUIRUPGRHVQRWRWKHUZLVHDIIHFWDQ\ULJ KWWRUHJLVWUDWLRQWKDWWKH KROGHUKDV 

Article 187: Effect of unauthorized endorsement

 7KHRZQHURIDVHFX ULW\PD\DVVHUWWKHLQHIIHFWLY HQHVVRIDQH QGRUVHPHQWDJDLQVWWKHLVVXHURUDQ\ SXUFKDVHUZKRKDVLQ JRRGIDLWK UHFHLYHGD QHZUHLVVXHGRUUHUHJLVWHUHGVHFXULW\RQ UHJLVWUDWLRQRI WUDQVIHU 

Article 188: Liability of issuer

 $QLVVXHUZKRUHJLVWHUVWKHWUDQVIHURIDVHFXULW\RQDQXQDXWKRUL]HGHQGRUVHPHQWLVOLDEOHIRULPSURSHU UHJLVWUDWLRQ 

Article 189: Warranties of guarantor of signature

 $SHUVRQZKRJXDUDQWHHVDVLJQDWXUHRIDQHQGRUVHURIDVHFXULW\ZDUUDQWVWKDWDWWKHWLPHRIVLJQLQJ    WKHVLJQDWXUHZDVJHQXLQH    WKHVLJQHUZDVDQDSSURSULDWHSHUVRQWRHQGRUVHDQG    WKHVLJQHUKDGOHJDOFDSDFLW\WRVLJQ  +RZHYHUDSHUVR QZK RJXDUDQWHH VDVLJQ DWXUHRI DQHQGR UVHUGR HV QRWRWKHUZLVH ZDUUDQWWKH  ULJKWIXOQHVVRIWKHSDUWLFXODUWUDQVIHU  $QLVVXHUPD\QRWUHTXLUHDJXDUDQWHHRIHQGRUVHPHQWDVDFRQGLWLRQWRUHJLVWUDWLRQRIWUDQVIHU 

Article 190: When delivery occurs



'HOLYHU\WRDSXUFKDVHURFFXUVZKHQ



D  WKHSXUFKDVHURUDSHUVRQGHVLJQDWHGE\KLPDFTXLUHVSRVVHVVLRQRIDVHFXULW\



E  WKHEURNHURIWKHSXUFKDVHUDFTXLUHVSRVVHVVLRQRIDVHFXULW\VSHFLDOO\HQGRUVHGWRRULVVXHGLQ WKHQDPHRIWKHSXUFKDVHU



F  WKHEURNHURIWKHSXUFKDVHUVHQGVKLPFRQILUPDWLRQRIWKHSXUFKDVHDQGWKHEURNHULQKLVUHFRUGV LGHQWLILHVDVSHFLILFVHFXULW\DVEHORQJLQJWRWKHSXUFKDVHURU



G  ZLWKUHVSHFWWRDQLGHQWLILHGVHFXULW\WREHGHOLYHUHGZKLOHVWLOOLQWKHSRVVHVVLRQRIDWKLUGSHUVRQ WKDWSHUVRQDFNQRZOHGJHVWKDWKHKROGVLWIRUWKHSXUFKDVHU



Article 191: Delivery to broker



8QOHVVRWKHUZLVHDJUHHGLIDVDOHRIDVHFXULW\LVPDGHRQDQH[FKDQJHRURWKHUZLVHWKURXJKEURNHUV



  WKHVHOOLQJFXVWRPHUIXOILOVKLVGXW\WRGHOLYHUZKHQKHGHOLYHUVWKHVHFXULW\WRWKHVHOOLQJEURNHURU WRDSHUVRQGHVLJQDWHGE\WKHVHOOLQJEURNHURUFDXVHVDQDFNQRZOHGJPHQWWREH PDGHWRWKH VHOOLQJEURNHUWKDWLWLVKHOGIRUKLPDQG



  WKHVHOOLQJEURNHULQFOXGLQJDFRUUHVSRQGHQWEURNHUDFWLQJIRUDVHOOLQJFXVWRPHUIXOILOVKLVGXW\WR GHOLYHUE\GHOLYHULQJWKHVHFXULW\RUDOLNHVHFXULW\WRWKHEX\LQJEURNHURUWRDSHUVRQGHVLJQDWHG E\WKHEX\LQJEURNHURUE\HIIHFWLQJFOHDUDQFHRIWKHVDOHLQ DFFRUGDQFHZLWKWKHUXOHVRIWKH H[FKDQJHRQZKLFKWKHWUDQVDFWLRQWRRNSODFH



8QOHVVRWKHUZLVHDJUHHGDWUDQ VIHURU
VGXW\WR
G HOLYHUDVHFXULW\WRD SXUFKDVHUXQGHUDFRQWUDFWRI

SXUFKDVHLVQRWIXOILOOHGXQWLOKHGHOLYHU VWKHVHFXULW\LQQHJRWLDEOHIRUPWRWKHSXUFKDVHURUWRDSHUVR Q

GHVLJQDWHGE\WKHSX UFKDVHURUFDX VHVDQDFNQRZOHGJPHQWWREH PDGHWRWKH SXUFKDVHUWKDWWK H

VHFXULW\LVKHOGIRUKLP 

Article 192: Right to reclaim possession

 ,IDVHFXULW\LVZURQJIXOO\WUDQVIHUUHGIURPDSHUVRQIRUDQ\UHDVRQLQFOXGLQJWKHSHUVRQ¶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

Article 193: Right to require registration

 8QOHVVRWKHUZLVHDJUHHGDWUDQVIHURUVKDOOVXSSO\DSXUFKDVHUZLWKSURRIRIKLV DXWKRULW\WRWUDQVIHURU ZLWKDQ\RWKHUUHTXLUHPHQWWKDWLVQHFHVVDU\WRREWDLQUHJLVWUDWLRQRIWKHWUDQVIHURIDVHFXULW\+RZHYHULI WKHWUDQVIHULVQRWIRUYDOXHDWUDQVIH URUQHHGQRWWDNHWKHVHDFWLRQ VXQOHVVWKHSXUFKDVHUSD\VWKH UHDVRQDEOHDQGQHFHVVDU\FRVWVRIWKHSURRIDQGWUDQVIHU  ,IWKHWUDQVIHURUIDLOVWRFRPSO\ZLWKWKHSXUFKDVHU¶VGHPDQGZLWKLQDUHDVRQDEOHWLPHWKHSXUFKDVHUPD\ UHMHFWRUUHVFLQGWKHWUDQVIHU 

Article 194: Seizure of security

 1RVHL]XUHRIDVH FXULW\RURWKHULQWHUHVWHYLGHQFHGWKHUHE\LV HIIHFWLYHXQWLOWKHSHUVR QPDNLQJWKH VHL]XUHREWDLQVSRVVHVVLRQRIWKHVHFXULW\ 

Article 195: Registration of security in registered form

 :KHUHDVHFXULW\LQUHJLVWHUHGIRUPLVSUHVHQWHGIRUWUDQVIHUWKHLVVXHUVKDOOUHJLVWHUWKHWUDQVIHULI    WKHVHFXULW\LVHQGRUVHGE\DQDSSURSULDWHSHUVRQ    UHDVRQDEOHDVVXUDQFHLVJLYHQWKDWWKDWHQGRUVHPHQWLVJHQXLQHDQGHIIHFWLYH    DQ\DSSOLFDEOHODZUHODWLQJWRWKHFROOHFWLRQRIWD[HVKDVEHHQFRPSOLHGZLWK    WKHWUDQVIHULVULJKWIXORULVWRDERQDILGHSXUFKDVHU  :KHUHDQLVVXHUKDVDGXW\WRUHJLVWHUDWUDQVIHURIDVHFXULW\WKHLVVXHULVOLDEOHWRWKHSHUVRQSUHVHQWLQJ LWIRUUHJLVWUDWLRQIRUORVVUHVXOWLQJIURPDQ\XQUHDVRQDEOHGHOD\LQUHJLVWUDWLRQRUIURPIDLOXUHRUUHIXVDOWR UHJLVWHUWKHWUDQVIHU 

Article 196: Limitation of issuer's liability

 7KHLVVXHULVQRWOLDEOHWRWKHRZQHURUDQ\RWKHUSHUVRQZKRLQFXUVDORVVDVDUHVXOWRIWKHUHJLVWUDWLRQRI DWUDQVIHURIDVHFXULW\LIWKHQ HFHVVDU\HQGRUVHPHQWVZHUHRQRUZLWKWK HVHFXULW\DQGWKHLVVXHUXVHG UHDVRQDEOHFDUHWRGHWHUPLQHWKHDGHTXDF\RIWKHHQGRUVHPHQW 

Article 197: Notice of lost or stolen security

 :KHUHDVHFXULW\KDVEHHQORVWRUDSSDUHQWO\GHVWUR\HGDQGWKHRZQHUIDLOVWRQRWLI\WKHLVVXHURIWKDWIDFW E\JLYLQJWKHLVVXHUZULWWHQQRWLFHZLWKLQDUHDVRQDEOHWLPHDIWHUKHNQRZVRIWKHORVVGHVWUXFWLRQDQGLI WKHLVVXHUKDVUHJLVWHUHGDWUDQVIHURIWKHVHFXULW\EHIRUHUHFHLYLQJVXFKQRWLFHWKHRZQHULVSUHFOXGHG IURPDVVHUWLQJDJDLQVWWKHLVVXHUDQ\FODLPWRDQHZVHFXULW\  

Article 198: Duty of issuer to issue a new security

 :KHUHWKHRZQHURIDVHFXULW\FODLPVWKDWWKHVHFXULW\KDVEHHQORVWRUGHVWUR\HGWKHLVVXHUVKDOOLVVXHD QHZVHFXULW\LQSODFHRIWKHRULJLQDOVHFXULW\LIWKHRZQHU    VRUHTXHVWVEHIRUHWKHLVVXHUKDVQRWLFHWKDWWKHVHFXULW\KDVEHHQDFTXLUHGE\DERQDILGH

SXUFKDVHU    IXUQLVKHVWKHLVVXHUZLWKDVXIILFLHQWLQGHPQLW\ERQGDQG    VDWLVILHVDQ\RWKHUUHDVRQDEOHUHTXLUHPHQWVLPSRVHGE\WKHLVVXHU  ,IDIWHUWKHLVVXHRIDQHZVHFXULW\XQGHUDERYHSD UDJUDSKDERQDILGHSXUFKDVHUSUHVHQWVWKHRULJLQDO VHFXULW\IRUUHJLVWUDWLRQRIWUDQVIHUWKHLVVXHUVKDOOUHJLVWHUWKHWUDQVIHU  ,QDGGLWLRQWRDQ\ULJKWVR QDQLQGHPQLW\ERQGWKHLV VXHUPD\UHFRYHUDQHZ VHFXULW\LVVXHGIURPWKH SHUVRQWRZKRPLWZDVLVVXHG 

G. Receivers and Receiver Managers



Article 199: Functions of receiver

 ([FHSWWRWKHH[WHQWSHUPLWWHGE\DFRXUWDUHFHLYHUPD\QRWFDUU\RQWKHEXVLQHVVRIWKHFRP SDQ\$ UHFHLYHURIDQ\SURSHUW\RIDFRPSDQ\PD\VXEMHFWWRWKHULJKWVRIVHFXUHGFUHGLWRUVUHFHLYHWKHLQFRPH IURPWKHSURSHUW\DQGSD\ WKHOLDELOLWLHVFRQQHFWHGZLWKWKHSURSHUW\$UHFHLYHUPD\DOVRUHDOL]HWKH VHFXULW\LQWHUHVWRIWKHSHUVRQRQEHKDOIRIZKRPKHLVDSSRLQWHG 

Article 200: Functions of receiver-manager

 7KHFRXUWPD\SHUPLWWKHUHFHLYHUWRFDUU\RQWKHEX VLQHVVRIWKHFRPSDQ\IRUWKHSXUSRVHRISURWHFWLQJ WKHVHFXULWLHVRIWKHSHUVRQVRQEHKDOIRIZKRPKHLVDSSRLQWHG+HLVWKHQQDPHGDUHFHLYHUPDQDJHU 

Article 201: Directors' powers cease

 ,IDUHFHLYHUPDQDJHULVDSSRLQWHGE\DFRXUWRUXQGHUDQLQVWUXPHQWWKHSRZHUVRIWKHGLUHFWRUVRIWKH FRPSDQ\FHDVHVXQWLOWKHUHFHLYHUPDQDJHULVGLVFKDUJHG 

Article 202: Powers of receiver

 $UHFHLYHURUUHFHLYHUPDQDJHUDSSRLQWHGE\D FRXUWVKDOODFWLQDFFRUGDQFHZLWKWKHGLUHFWLRQVRIWKH FRXUW  $UHFHLYHU RUUH FHLYHUPDQDJHU DSSRLQWHGXQ GHU DQLQ VWUXPHQWVKDOO DFWLQDFFR UGDQFH ZLWKWKDW LQVWUXPHQWDQGDQ\GLUHFWLRQRIDFRXUW 

Article 203: Duties of receiver and receiver-manager



$UHFHLYHURUUHFHLYHUPDQDJHUVKDOO



  DFWKRQHVWO\DQGLQJR RGIDLWKDQGGHDOZLWKDQ\ SURSHUW\LQKLVSR VVHVVLRQRUFRQWURO LQD  FRPPHUFLDOO\UHDVRQDEOHPDQQHU



  LPPHGLDWHO\QRWLI\WKH'LUHFWRURI&RPSDQLHVRIKLVDSSRLQWPHQWDQGGLVFKDUJH



  WDNHLQWRKLVFXVWRG\DQGFRQWUROWKHSURSHUW\RIWKHFRPSDQ\LQDFFRUGDQFHZLWKWKHFRXUWRUGHU

RULQVWUXPHQWXQGHUZKLFKKHLVDSSRLQWHG



  RSHQDQGPDLQWDLQDEDQNDFFRXQWLQKLVQDPHDVUHFHLYHURUUHFHLYHUPDQDJHURIWKHFRPSDQ\

IRUWKHPRQH\VRIWKHFRPSDQ\FRPLQJXQGHUKLVFRQWURO



  NHHSGHWDLOHGDFFRXQWVRIDOOWUDQVDFWLRQVFDUULHGRXWE\KLPDVUHFHLYHURUUHFHLYHUPDQDJHU



  NHHSDFFRXQWVRIKLVDGPLQLVWUDWLRQDQGPDNHWKHPDYDLODEOHIRULQVSHFWLRQE\WKH'LUHFWRUVRI

&RPSDQLHVGXULQJXVXDOEXVLQHVVKRXUV



  SUHSDUHDWOHDVWRQFHLQHYHU\VL[  PRQWKSHULRGDIWHUWKHGDWHRIKLVDSSRLQWPHQWWKHILQDQFLDO

VWDWHPHQWVRIKLVDGPLQLVWUDWLRQ



  RQFRPSOHWLRQRIKLVGXWLHVUHQGHUDILQDODFFRXQWRIKLVDGPLQLVWUDWLRQ



Article 204: Directions given by court



2QDQDSSOLFDWLRQE\DUHFHLYHURUUHFHLYHUPDQDJHURURQDQD SSOLFDWLRQE\DQ\LQWHUHVWHGSHUVRQD

FRXUWPD\PDNHDQ\RUGHULWWKLQNVILWLQFOXGLQJZLWKRXWOLPLWLQJWKHJHQHUDOLW\RIWKHIRUHJRLQJ



D  DQRUGHUDSSRLQWLQJUHSODFLQJRUGLVFKDUJLQJDUHFHLYHURUUHFHLYHUPDQDJHUDQGDSSURYLQJKLV DFFRXQWV



E  DQRUGHUGHWHUPLQLQJWKHQRWLFHWREHJLYHQWRDQ\SHUVRQRUGLVSHQVLQJZLWKQRWLFHWRDQ\SHUVRQ



F  DQRUGHUIL[LQJWKHUHPXQHUDWLRQRIWKHUHFHLYHURUUHFHLYHUPDQDJHU



G  DQRUGHUJLYLQJGLUHFWLRQVRQDQ\PDWWHUUHODWLQJWRWKHGXWLHVRIWKHUHFHLYHURUUHFHLYHUPDQDJHU

H. Shareholders

Article 205:  Place of meetings

6KDUHKROGHUJHQHUDOPHHWLQJVVKDOOEHKHOGDWWKHSODFHZLWKLQWKH.LQJGRPRI&DPERGLDSURYLGHGLQWKH DUWLFOHVRUE\ODZVRUWKDWWKHGLUHFWRUVGHWHUPLQH  $JHQHUDOPHHWLQJRIVKDUHKROGHUVPD\EHKHOGRXWVLGHWKH.LQJGRPRI&DPERGLDLIDOOWKHVKDUHKROGHUV HQWLWOHGWRYRWHDWWKDWPHHWLQJDJUHH 

Article 206: Directors calling meetings

 7KHGLUHFWRUVRIDFRPSDQ\VKDOOFDOODQDQQXDOJHQHUDOPHHWLQJRIVKDUHKROGHUVQRWODWHUWKDQWZHOYH   PRQWKVDIWHUWKHFRPSDQ\FRPHVLQWRH[LVWHQFH  7KHGLUHFWRUVRIDFRPSDQ\PD\FDOODH[WUDRUGLQDU\PHHWLQJRIVKDUHKROGHUVDWDQ\WLPH 

Article 207: Shareholders calling meetings

 7KHVKDUHKROGHUVPD\UHTXHVWWKHGLUHFWRUVWRFDOO DJHQHUDOPHHWLQJRIVKDUHKROGHUVIRUWKHSXUSRVHV VWDWHGLQWKHUHTXHVW  7KHUHTXHVWVKDOOEHPDGHE\WKHKROGHUVRIQRWOHVVWKDQILIW\RQH  SHUFHQWRIWKHLVVXHGVKDUHVRID FRPSDQ\WKDWFDUU\WKHULJKWWRYRWHDWWKHPHHWLQJ  7KHUHTXHVWPD\FRQVLVWRIVHYHUDOIRUPUHTXHVWVVLJQHGE\RQHRUPRUHVKDUHKROGHUV  7KHUHTXHVWVKDOOVWDWHWKHEXVLQHVVWREHWUDQVDFWHGDWWKHPHHWLQJDQG VKDOOEHVHQWWRH DFKGLUHFWRU DQGWRWKHUHJLVWHUHGRIILFHRIWKHFRPSDQ\  2QUHFHLYLQJWKHUHT XHVWWKHGLUH FWRUVVKDOOFDOO DJHQHUDOPHHWLQJRIVK DUHKROGHUVWRWUDQVDFWWK H EXVLQHVVVWDWHGLQWKHUHTXHVW  ,IWKHGLUHFWR UVG RQRWFD OODPHHWLQJ ZLWKLQWZ HQW\RQH  G D\VDIWHUUH FHLYLQJWKHUH TXHVWDQ\ VKDUHKROGHUZKRVLJQHGWKHUHTXHVWPD\FDOOWKHPHHWLQJ  8QOHVVWKHVKDUHKROGHUVRWKHUZLVHPDNHDUHVROXWLRQDWWKHPHHW LQJWKH\FDOOHGWKHFRP SDQ\VKDOO UHLPEXUVHWKHVKDUHKROGHUVWKHH[SHQVHVUHDVRQDEO\LQFXUUHGE\WKHPLQUHTXHVWLQJFDOOLQJDQGKROGLQJ WKHPHHWLQJ 

Article 208: Meeting called by court

 ,ILWLVQRWSUDFWLFDOWRFDOO RUFRQGXFWDVKDUHKROGHUVJHQHUDOPHHWLQJLQWKHPDQQHUSUHVFULEHGE\WKH DUWLFOHVRUWKLVODZRUIRUDQ\RWKHUUHDVRQDGLUHFWRUVKDUHKROGHUHQWLWOHGWRYRWHDWWKHPHHWLQJRUWKH 'LUHFWRURI&RPSDQLHVPD\DSSO\WRWKHFRXUWIRUDQRUGHUGLUHFWLQJWKDWDPHHWLQJEHKHOGDQGFRQGXFWHG LQDQ\PDQQHUWKHFRXUWGHHPVDSSURSULDWH  7KHFRXUWPD\RUGHUWKDWWKHTXRUXPUHTXLUHGE\WKHDUWLFOHVRUWKLVODZEHYDULHGRUGLVSHQVHGZLWKDWD PHHWLQJFDOOHGKHOGDQGFRQGXFWHGSXUVXDQWWRWKLVDUWLFOH 

Article 209: Establishing the record date

 7KHVKDUHKROGHUVHQWLWOHGWRUHFHLYHQRWLFHRIDJHQHUDOPHHWLQJRIVKDUHKROGHUVVKDOOEHHYHU\KROGHURI DVKDUHRIWKHFOD VVRU VHULHVDIIHFWHG ZKRVHQDPHLV VHWRXWLQWKHVH FXULWLHVUHJLVWHUDW WKHFORVHRI EXVLQHVVRQWKHUHFRUGGDWHHVWDEOLVKHG  7KHGLUHFWRUVPD\HVWDEOLVKDUHFRUGGDWHZKL FKVKDOOQRWEHPRUHWKDQILIW\  GD\ VRUOHVVWKD Q WZHQW\  GD\VEHIRUHWKHGDWHRIWKHPHHWLQJ  ,IWKHGLUHFWRUVGRQRWHVWDEOLVKDUHFRUGGDWHWKHUHFRUGGDWHVKDOOEH    DWWKHFORVHRIEXVLQHVVRQWKHGD\EHIRUHQRWLFHRIWKHPHHWLQJLVJLYHQRU    LIQRQRWLFHLVJLYHQWKHGD\RQZKLFKWKHPHHWLQJLVKHOG  7KHUHFRUGGDWHWRGHWHUPLQHVKDUHK ROGHUVIRUDQ\PDWWHURWKHUWKDQWKH ULJKWWRUHFHLYHQRWLFH RID PHHWLQJDQGWKHULJKWWRYRWHVK DOOEHDWWKH FORVHRIEXVLQHVVRQWKHGD\WKDWWKH GLUHFWRUVSDVVWKH UHVROXWLRQUHODWLQJWRWKDWPDWWHU 

Article 210: Notice of record date

 ,IWKHGLUHFWRUVHVWDEOLVKDUHFRUGGDWHWKHGLUHFWRUVVKDOOSXEOLVKQRWLFHRIWKH UHFRUGGDWHLQDJHQHUDO FLUFXODWLRQQHZVSDSHULQWKHSODFHZKHUHWKHFRPSDQ\KDVLWVUHJLVWHUHGRIILFH  7KHGLUHFWRUVDOVRVKDOOS URYLGHZULWWHQQRWLFHWR HYHU\VWRFNH[FKDQJHLQWK H.LQJGRPRI&DPERGLD ZKHUHWKHFRPSDQ\¶VVKDUHVDUHOLVWHGIRUWUDGLQJ  7KHVHQRWLFHVVKDOOEHSURYLGHGZLWKLQVHYHQ  GD\VDIWHUWKHGLUHFWRUVHVWDEOLVKWKHUHFRUGGDWH  1RWLFHRIWKHUHFRUGGDWHLVQRWUHTXLUHGLIWKHQRWLFHLVZDLYHGLQZULWLQJE\HYHU\KROGHURIDVKDUHRIWKH FODVVRUVHULHVDIIHFWHGZKRVHQDPHLVVHWRXWLQWKHVHFXULWLHVUHJLVWHUDWWKHFOR VHRIEXVLQHVVRQWKH GD\WKHGLUHFWRUVIL[WKHUHFRUGGDWH 

Article 211: Shareholder list

 $FRPSDQ\VKDOOSUHSDUHDOL VWRIVK DUHKROGHUVHQWLWOHGWRUHFHLYHQRWL FHRIDPHHWLQ JDUUDQJHGLQ DOSKDEHWLFDORUGHUDQGVKRZLQJWKHQXPEHURIVKDUHVKHOGE\HDFKVKDUHKROGHU  ,IWKHGLUHFWRUVHVWDEOLVKDUHFRUGGDWHWKHGLUHFWRUVVKDOOSUHSDUHWKHOLVWQRWODWHUWKDQWHQ  GD\VDIWHU WKDWGDWH  ,IWKHGLUHFWRUVGRQRWHVWDEOLVKDUHFRUGGDWHWKHOLVWVKDOOEHSUHSDUHG    DWWKHFORVHRIEXVLQHVVRQWKHGD\LPPHGLDWHO\SUHFHGLQJWKHGD\RQZKLFKWKHQRWLFHLVJLYHQRU    ZKHUHQRQRWLFHLVJLYHQRQWKHGD\RQZKLFKWKHPHHWLQJLVKHOG 

Article 212: Effect of list

 $SHUVRQQDPHGLQWKHOLVWRIVKDUHKROGHUVLVHQWLWOHGWRYRWHWKHVKDUHVVKRZQRSSRVLWHKLVQDPHDWWKH PHHWLQJWRZKLFKWKHOLVWUHODWHV  ,IDSHUVRQQDPHGRQWKHOLVWRIVKDUHKROGHUVWUDQVIHUUHGWKHRZQHUVKLSRIDQ\RIKLVVKDUHVDIWHUUHFRUG GDWHWKHWUDQVIHUHHLVHQWLWOHGWRYRWHKLVVKDUHVDWWKHPHHWLQJDIWHUWKHWZRUHTXLUHPHQWVKDGIXOILOOHG    SURGXFHVSURSHUO\HQGRUVHGVKDUHFHUWLILFDWHVRURWKHUZLVHHVWDEOLVKHVWKDWKHRZQVWKHVKDUHV

DQG    GHPDQGVQRWODWHUWKDQWHQ   GD\VEHIRUHWK HPHHWLQJD VWKHDUWL FOHVRUE\OD ZVRIWKH

FRPSDQ\SURYLGHWKDWKLVQDPHEHLQFOXGHGLQWKHOLVWEHIRUHWKHPHHWLQJ 

Article 213: Examination of list

 $VKDUHKROGHUPD\H[DPLQHWKHOLVWRIVKDUHKROGHUV  D  GXULQJXVXDOEXVLQHVVKRXUVDWWKHUHJLVWHUHGRIILFHRIWKHFRPSDQ\RUDWWKH SODFHZKHUHLWV

FHQWUDOVHFXULWLHVUHJLVWHULVPDLQWDLQHGDQG  E  DWWKHJHQHUDOPHHWLQJRIVKDUHKROGHUVIRUZKLFKWKHOLVWZDVSUHSDUHG 

Article 214: Notice of meeting

 $ZULWWHQQRWLFHRIHYHU\JHQHUDOPHHWLQJRIVKDUHKROGHUVVKDOOEHJLYHQWRDOOVKDUHKROGHUVGLUHFWRUVDQG WKHDXGLWRUDWOHDVWWZHQW\  GD\VWRILIW\  GD\VEHIRUHWKHGDWHRIWKHPHHWLQJ  7KHQRWLFHRIVKDUHKROGHUVJHQHUDOPHHWLQJVVKDOOVWDWHWKHGDWHDJHQGDDQGORFDWLRQRIWKHPHHWLQJ  :KHQVSHFLDOEXVLQHVVLVWREHGLVFXVVHGDWWKHPHHWLQJ   GRFXPHQWVVWDWLQJWKHQDWXUHRIWKDWEXVLQHVVLQVXIILFLHQWGHWDLOWRSHUPLWWKHVKDUHKROGHUWRIRUPD

UHDVRQHGMXGJPHQWDQG   WKHWH[WRIDQ\VSHFLDOUHVROXWLRQWREHVXEPLWWHGDWWKHPHHWLQJ  )DLOXUHWRUHFHLYHDQRWLFHGRHVQRWGHSULYHDVKDUHKROGHURIWKHULJKWWRYRWHDWWKHPHHWLQJ  ,IDJHQHUDOPHHWLQJRIVKDUHKROGHUVLVDGMRXUQHGIRUOHVVWKDQWKLUW\  GD\VLWLVQRWQHFHVVDU\XQOHVV WKHDUWL FOHV RUE\OD ZVRW KHUZLVHS URYLGHWRJL YHQRWLFHRIW KHD GMRXUQHGPHHWLQ J RWKHUWK DQ E\ DQQRXQFHPHQWDWWKHHDUOLHVWPHHWLQJWKDWLVDGMRXUQHG 

Article 215: Waiver of notice

 $VKDUHKROGHUDQGDQ\RWKHUSHUVRQHQWLWOHGWR DWWHQGDJHQHUDOPHHWLQJRI VKDUHKROGHUVPD\ ZDLYH QRWLFHRIDPHHWLQJRIVKDUHKROGHUV  +RZHYHUDVKD UHKROGHURUSHUVR QDWWHQGDQFHDWD JHQHUDOPHHWLQJRIVKDUHKROGHUV PD\H[SUHVV SXUSRVHRIREMHFWLQJWRWKHWUDQVDFWLRQRIDQ\EX VLQHVVRQWKHJURXQGVWKDWWKHPHHWLQJLVQRWODZIXOO\ FDOOHG 

Article 216: Shareholder proposal

 $VKDUHKROGHUHQWLWOHGWRYRWHDWDQDQQXDOJHQHUDOPHHWLQJRIVKDUHKROGHUVPD\  D  VXEPLWWRWKHFRPSDQ\QRWLFHRIDQ\PDWWHUWKDWKHSURSRVHVWRUDLVHDWWKHPHHWLQJDQG  E  GLVFXVVDWWKHPHHWLQJDQ\RWKHUPDWWHUDSSURSULDWHIRUDVKDUHKROGHUSURSRVDO 

Article 217: Quorum

 8QOHVVWKHD UWLFOHVSURYLGHRWKHUZLVHDTXRUXPRIVKDUHKROGHUVJHQHUDOPHHWLQJDUHWK HKROGHUVRID PDMRULW\RIWKHVKDUHVHQWLWOHGWRYRWHDWWKHPHHWLQJDUHSUHVHQWLQSHUVRQRUUHSUHVHQWHGE\SUR[\  ,IDTXR UXPLVSUHVHQWDWWKHR SHQLQJRIDP HHWLQJRI VKDUHKROGHUVWKH VKDUHKROGHUVSUHVHQWPD\ SURFHHGZLWKWKHEXVLQHVVRIWKHPHHWLQJ  ,IDTXRUXPLVQRWSUHVHQWDWWKHRSH QLQJRIDPH HWLQJRIVKDUHKROGHUVWKHVKDUHKROGHUVSUHVHQWPD\ DGMRXUQWKHPHHWLQJWRDIL[HGWLPHDQGSODFHEXWPD\QRWWUDQVDFWDQ\RWKHUEXVLQHVV   $UWLFOH Right to vote  (YHU\VKDUHKROGHUZKRRZQVYRWLQJVKDUHVRUKLVSUR[\LVHQWLWOHGWRDWWHQGDQG YRWHDWWKH PHHWLQJLQ DFFRUGDQFHZLWKKLVVKDUH¶VYRWLQJULJKWV  ,IWZRRUPRUHSHUVRQVKROGVKDUHVMRLQWO\RQHRIWKRVHKROGHUVSUHVHQWDWDPHHWLQJRIVKDUHKROGHUVPD\ LQWKHDEVHQFHRIWKHRWKHUVYRWHWKHVKDUHV  ,IWZRRUPRUHMRLQWRZQHUVDUHSUHVHQWLQSHUVRQRUE\SUR[\WKH\VKDOOYRWHDVRQHRQWKHVKDUHVMRLQWO\ KHOGE\WKHP 

Article 219: Proxy and pooling agreements

 $Q\VKDUHKROGHUPD\DXWKRUL]HDQ\RWKHUQDWXUDOSHUVRQWRUHSUHVHQWDQGYRWHIRUKLPDVDSUR[\DWDQ\ PHHWLQJ$OOSUR[LHVVKDOOEHLQZULWLQJDQGVKDOOEHVLJQHGE\WKHVKDUHKROGHUDQGVKDOOEHGDWHG  $SUR[\VKDOOQRWEHYDOLGIRUPRUHWKDQRQH  \HDUDIWHUWKHGDWHRILWVVLJQDWXUHRUIRUVXFKVKRUWHUWLPH DVWKHSUR[\LWVHOIPD\SURYLGH  $Q\QXPEHURIVKDUHKROGHUVPD\DJUHHDPRQJWKHPVHOYHVLQZULWLQJWRYRWHWKHLUVK DUHVLQDFHUWDLQ PDQQHU 

Article 220: Voting

 8QOHVVWKHDUWLFOHVSURYLGHRWKHUZLVHHOHFWLRQRIWKHGLUHFWRUVDQGGHFLVLRQVRQRWKHUPDWWHUVYRWHGRQE\ WKHVKDUHKROGHUVVKDOOEHE\VHFUHWEDOORW 

Article 221: Written resolution in lieu of meeting

 $UHVROXWLRQLQZULWLQJVLJQHGE\DOOWK HVKDUHKROGHUVHQWLWOHGWRY RWHRQWKDWUHVROXWLRQDWDPHHWLQJRI VKDUHKROGHUVLVDVYDOLGDVLILWKDGEHHQSDVVHGDWDPHHWLQJRIWKHVKDUHKROGHUV  $UHVROXWLRQLQZULWLQJGHDOLQJZLWKDOOPDWWHUVWREHGHDOWZLWKDWDPHHWLQJRIVKDUHKROGHUVDQGVLJQHGE\ DOOWKHVKDUHKROGHUVHQWLWOHGWRYRWH DWWKDWPHHWLQJVDWLVILHVDOOWKHUHTXLUHPHQWVRIWKLVODZUHODWLQJWR PHHWLQJVRIVKDUHKROGHUV  $FRS\RIH YHU\UHVROXWL RQLQOLHXRI DPHHWLQJ VKDOOE HNHSW ZLWKWKHPL QXWHVRIWKH PHHWLQJ VRI VKDUHKROGHUV

Article 222: Court review

 $Q\VKDUHKROGHUZKRGRHVQRWUHFHLYHZULWWHQQRWLFHRIDPHHWLQJDQGKDVUHDVRQDEOHSURRIWKHUHRIKDV WKHULJKWWRSHWLWLRQWRWKHFRXUWWRUHMHFWDQ\GHFLVLRQWDNHQDWVXFKPHHWLQJ  $FRPSDQ\VKDUHKROGHURUGLUHFWRUPD\DSSO\WRDFRXUWWRGHWHUPLQHDQ\FRQWURYHUV\ZLWKUHVSHFWWRDQ HOHFWLRQRUDSSRLQWPHQWRIDGLUHFWRURUDXGLWRURIWKHFRPSDQ\ 

Article 223: Unanimous shareholder agreement

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¶VUHFRUGDVGHVFULEHGLQ$UWLFOH  $XQDQLPRXVVKDUHKROGHUDJUHHPHQWKDVWREHZULWWHQRQWKHVKDUHFHUWLILFDWH

  I. Financial Disclosure 
Article 224:  $WHYHU\DQQXDOJHQ Annual financial statements HUDOPHHWLQJRI VKDUHKRO GHUVWKHGLUH FWRUV VKDOOS UHVHQWDQDQ QXDOILQDQ FLDO

VWDWHPHQWWRWKHVKDUHKROGHUV7KHVWDWHPHQWVKDOOLQFOXGHWKHIROORZLQJ  D  FRPSDUDWLYHILQDQFLDOVWDWHPHQWVIRUWKHFXUUHQWILQDQFLDO\HDUDQGWKHSULRUILQDQFLDO\HDU,QWKH

ILUVW\HDURIWKHFRPSDQ\¶VH[LVWHQFHWKHILQDQFLDOVWDWHPHQWVKDOOFRYHUWKHSHULRGEHJLQQLQJRQ WKHGDWHWKHFRPSDQ\FDPHLQWRH[LVWHQFHDQGHQGLQJRQDGDWHQRWPRUHWKDQPRQWKVEHIRUH WKHDQQXDOPHHWLQJ

 E  WKHUHSRUWRIWKHDXGLWRUDQG  F  DQ\IXUWKHULQIRUPDWLRQUHVSHFWLQJWKHILQDQFLDOSRVLWLRQRIWKHFRPSDQ\DQGWKHUHVXOWVRILWV

RSHUDWLRQVUHTXLUHGE\WKHDUWLFOHVWKHE\ODZVRUDQ\XQDQLPRXVVKDUHKROGHUDJUHHPHQW 

Article 225: Examination by shareholders

 6KDUHKROGHUVRIDFRPSDQ\DQGWKHLUDJHQWVDQ GOHJDOUHSUHVHQWDWLYHVXSRQUHTXHVWPD\H[DPLQHWKH DQQXDOILQDQFLDOVWDWHPHQWVGXULQJWKH QRUPDOEXVLQHVVKRXUVRIWKHFRPSD Q\DQG PD\PDNHH[WUDFWV IUHHRIFKDUJH 

Article 226: Approval and issuance of financial statements

 7KHGLUHFWRUVRIDFR PSDQ\VKDOO DSSURYHWKHDQ QXDOILQDQFLDOVWDWHPHQWVDQGWKHD SSURYDOVKDOO EH VKRZQE\WKHVLJQDWXUHRIRQHRUPRUHGLUHFWRUV  $FRPSDQ\VKDOOQRWLVVXHSXEOLVKRUFLUFXODWHFRSLHVRIWKHD QQXDOILQDQFLDOVWDWHPHQWVXQOHVVWKH ILQDQFLDOVWDWHPHQWVDUHDSSURYHGE\WKHGLUHFWRUVDQGDFFRPSDQLHGE\WKHDXGLWRU¶VUHSRUW 

Article 227: Copies to shareholders

 1RWOHVVWKDQWZHQW\RQH  GD\VEHI RUHHDFKDQQXDOJHQHUDOPHHWLQJRI VKDUHKROGHUVRU EHIRUHWKH VLJQLQJRIDUHVROXWLRQLQOLHXRIWKHDQQXDOJHQHUDOPHHWLQJDFRPSDQ\VKDOOVHQGDFRS\RIWKHILQDQFLDO VWDWHPHQWVDQGVXSSRUWLQJGRFXPHQWVWRHDFK VKDUHKROGHUH[FHSWWRDVKD UHKROGHUZKRKDVLQIRUPHG WKHFRPSDQ\LQZULWLQJWKDWKHGRHVQRWZDQWDFRS\RIWKRVHGRFXPHQWV 

Article 228: Copies to Director

 $SXEOLFOLPLWHGFRPSDQ\WKDWKDVLVVXHGDQ\VHFXULWLHVWRWKHSXEOLFWKDWUHPDLQRXWVWDQGLQJDQGDUHKHOG E\PRUHWKDQRQHSHUVRQVKDOOVHQGDFRS\RIWKHILQDQFLDOVWDWHPHQWDQGDFFRPSDQ\LQJGRFXPHQWVWR WKH'LUHFWRURI&RPSDQLHV  7KHVWDWHPHQWDQGGRFXPHQWVVKDOOEHVHQWQRW OHVVWKDQWZHQW\RQH  GD\VEHIRUHHDFKDQQXDO JHQHUDOPHHWLQJRIVKDUHKROGHUVRULPPHGLDWHO\DIWHUWKHVLJQLQJRIDUH VROXWLRQLQOLHXRI WKHDQQXDO JHQHUDOPHHWLQJ 

Article 229: Appointment of auditor

 7KHVKDUHKROGHUVRIDFRPSDQ\VKDOODSSRLQWDQDXGLWRUE\RUGLQDU\UHVROXWLRQDWWKHILUVWDQQXDOJHQHUDO PHHWLQJRIVKDUHKROGHUVDQGDWHDFKVXFFHHGLQJDQQXDOJHQHUDOPHHWLQJ  7KHDXGLWRUVKDOOKROGRIILFHXQWLOWKHFORVHRIWKHQH[WDQQXDOJHQHUDOPHHWLQJ  ,IDQDXGLWRULVQRWDSS RLQWHGDWDJHQHUDOPHHWLQJRIVKDUHKROGHUVWKHLQFXPEHQWDXGLWRUFRQWLQXHVLQ RIILFHXQWLODVXFFHVVRULVDSSRLQWHG 

Article 230: Exemption

 7KHVKDUHKROGHUVRIDFRPSDQ\WKDWKDVQRWLVVXHGDQ\VHFXULWLHVWRWKHSXEOLFRUWKDWGRHVQRWKDYHDQ\ RXWVWDQGLQJVHFXULWLHVKHOGE\PRUHWKDQRQHSHUVRQPD\DGRSWDUHVROXWLRQQRWWRDSSRLQWDQDXGLWRU  

Article 231: Remuneration

 7KHUHPXQHUDWLRQRIDQDXGLWRUPD\EHVHWE\RUGLQDU\UHVROXWLRQRIWKHVKDUHKROGHUVRULIQRWPD\EH  VHWE\WKHERDUGRIGLUHFWRUV

Article 232: Removal, vacancies

 7KHVKDUHKROGHUVPD\UHPRYHWKHDXGLWRUIURPRIILFHRWKHUWKDQDQDXGLWRUDSSRLQWHGE\DFRXUWRUE\ RUGLQDU\UHVROXWLRQDWD VSHFLDOJHQHUDOPHHWLQJ$WWKHVDPHPHHWLQJWKHVKDUHKROGHUVPD\DSSRLQWD UHSODFHPHQWDXGLWRU  :KHQHYHUWKHUHLVDYDFDQF\LQWKHRIILFHRI DXGLWRUWKHERDUGRIGLUHFWRUVVKDOOFDOODVSHFLDOJHQHUDO PHHWLQJRIVKDUHKROGHUVWRILOOWKHYDFDQF\ZLWKLQWZHQW\RQH  GD\VDIWHUWKHYDFDQF\LVFUHDWHG  $QDXGLWRUDSSRLQWHGWRILOODYDFDQF\KROGVRIILFHIRUWKHXQH[SLUHGWHUPRIKLVSUHGHFHVVRU 

Article 233: Court appointed auditor

 ,IDFRPSDQ\GRHVQRWKDYHDQDXGLWRUWKHFRXUWRQW KHDSSOLFDWLRQRIDVKDUHKROGHURUWKH'LUHFWRURI &RPSDQLHVPD\DSSRLQWDQGVHWWKHUHPXQHUDWLRQRIDQDXGLWRUZKRKROGVRIILFHXQWLODQHZDXGLWRULV DSSRLQWHGE\WKHVKDUHKROGHUV 

Article 234: Powers and duties

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

J. Amendment of Articles of Incorporation



Article 235: Right to amend

 $OLPLWHGFRPSDQ\PD\DPHQGLWVDUWLFOHVRILQFRUSRUDWLRQVHYHUDOWLPHVDQGDWDQ\WLPH 

Article 236: Vote

 7KHDUWLFOHVRIDFRPSDQ\VKDOOEHDPHQGHGE\VSHFLDOUHVROXWLRQ7KHKROGHUVRIHDFKFODVVRIVKDUHVRU VHULHVRIVKDUHVDUHHQWLWOHGWRYRWHVHSDUDWHO\ DVDFODVVRUVHULHVZKHQWKHSURSRVDOWRDPHQGWKH DUWLFOHVLVIRUWKHSXUSRVHRI    DGGLQJFKDQJLQJRUUHPRYLQJULJKWVSULYLOHJHVUHVWULFWLRQVDWWDFKLQJWRWKHLUFODVVRUVHULHVRI

VKDUHV    LQFUHDVLQJRUGHFUHDVLQJWKHPD[LPXPQXPEHURIVKDUHVRIWKHLUFODVVRUVHULHVRIVKDUHV    LQFUHDVLQJWKHPD[LPXPQXPEHURIDXWKRUL]HGVKDUHVRIDFODVVRUVHULHVWKDWKDYHULJKWVRU

SULYLOHJHVHTXDORUVXSHULRUWRWKHLUVKDUHV    FUHDWLQJDQHZFODVVRIVKDUHVHTXDORUVXSHULRUWRWKHVKDUHVRIWKHLUFODVVRUVHULHV    PDNLQJDQ\FODVVRIVKDUHVKDYLQJULJKWVRUSULYLOHJHVOHVVWKDQRUHTXDORUVXSHULRUWRWKHLU

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

Article 237: Notice of meeting

 7KHFRPSDQ\VKDOOJLYHZULWWHQQRWLFHRIDQ\JHQHUDOPHHWLQJWRDPHQGWKHDUWLFOHVDWOHDVWWZHQW\GD\V EHIRUHWKHPHHWLQJWRWKHVKDUHKROGHUVHQWLWOHGWRYRWHRQWKHDPHQGPHQW$FRS\RIWKHWH[WRIWKH  SURSRVHGDPHQGPHQWVKDOOEHHQFORVHGZLWKWKHQRWLFHRIWKHPHHWLQJ 

Article 238: Nature of amendments



$PHQGPHQWVWRWKHDUWLFOHVPD\



D  &KDQJHWKHFRPSDQ\
VQDPH




E  ,QFUHDVHGHFUHDVHRUFKDQJHWKHSXUSRVHVREMHFWLYHVRUXQGHUWDNLQJVRIWKHFRPSDQ\



F  5HGLVWULEXWHWKHQXPEH URIVKDUHV LQFO DVV ZLWKWKHFKD QJLQJRIDEVRO XWHDQGUHO DWLYH FKDUDFWHULVWLFVRIDQ\FODVVRIVKDUHV



G  &KDQJHWKHGLYLGHQGSD\DEOHRQDQ\FODVVRIVKDUHV



H  ,QFUHDVHLWVFDSLWDOE\FUHDWLRQQHZFODVVRIVKDUHVZLWKLWVDEVROXWHDQGUHODWLYHFKDUDFWHULVWLFVLV VXSHULRURULQIHULRUWKHH[LVWLQJFODVVRIVKDUHV



I  'HFUHDVHLWVVWDWHG FDSLWDOE\UHG XFHWKHSDU YDOXHRIDQ\ FODVVRU VHULHVRIVKD UHVRUWKH DXWKRUL]HGVKDUHV7KHVWDWHGFDSLWDOPD\QRWEHUHGXFHGWROHVVWKDQRQHKDOI  RILWVFDSLWDO SURYLGHGIR ULQWK HD UWLFOHV 1RUH GXFWLRQ RI FDSLWDOVK DOOR FFXU XQWLOQL QHW\GD\VDIWHUWKH DPHQGPHQWKDVEHHQILOHGZLWKWKH0LQLVWU\RI&RPPHUFH,IGXULQJWKDWWLPHWKHUHKDVEHHQDQ\ REMHFWLRQE\DQ\FUHGLWRUZKRVHGHEWLVQRWGLVSXWHGE\WKHFRPSDQ\WKHFUHGLWRUVKDOOEHSDLGLQ IXOOEHIRUHWKHUHGXFWLRQFDQWDNHHIIHFW



J  &KDQJHWKHGXUDWLRQRIWKHH[LVWHQFHRIWKHFRPSDQ\



K  &KDQJHWKH5HJLVWHUHG2IILFH



L  &KDQJHWKHTXRUXP



M  $GGDQ\SURYLVLRQZKLFKLVDXWKRUL]HGE\WKLVODZWREHLQFOXGHGLQWKHDUWLFOHV





Article 239: Filing amendments

 (YHU\GRFXPHQWFRQFHUQLQJDQ\DPHQGPHQWRIWKHDUWLFOHVVKDOOFOHDUO\VWDWHWKHGDWHRQZKLFKWKH DPHQGPHQWVZHUHDSSURYHGE\WKHVK DUHKROGHUVDQGVKDOOEHDWOHDVWVLJQHGE\WKHFKDL UPDQRIWKH ERDUGRIGLUHFWRUVRUDQ\GLUHFWRUDXWKRUL]HGE\WKHFKDLUPDQ  $OODPHQGPHQWVDSSURYLQJWKHDPHQGPHQWVVKDOOEHILOHGZLWKWKH0LQLVWU\RI&RPPHUFHQRODWHUWKDQ ILIWHHQ  GD\VDIWHUWKHPHHWLQJDWZKLFKWKH\ZHUHDSSURYHG 

Article 240: Certificate of amendment

 2QUHFHLSW RIDPHQ GPHQWVWRWKH D UWLFOHVWKH 'LUHFWRURI &RPSDQLHVVK DOOLVVXH D FHUWLILFDWHRI DPHQGPHQW  $QDPHQGPHQWEHFRPHVHIIHFWLYHRQWKHGDWHVKRZQLQWKHFHUWLILFDWHRID PHQGPHQWRIWKH0LQLVWU\RI &RPPHUFHXQOHVVWKHDPHQGPHQWLWVHOIVSHFLILHVDODWHUGDWHZKLFKPD\EHQRODWHUWKDQQLQHW\   GD\VDIWHUWKHGDWHRIWKHFHUWLILFDWH 

K. Merger



Article 241: Authority to merge

 7ZRRUPRUHFRPSDQLHVPD\PHUJHLQWRRQHFRPSDQ\RUPD\FRQVROLGDWHWRIRUPDQHZFRPSDQ\  7KHGLVVROYLQJFRPSDQ\LVFDOOHGconstituent company7KHFRPSDQ\WKDWFRQWLQXHVWKHEXVLQHVVLV FDOOHGWKHsurviving company7KHOHJDOSHUVRQDOLW\RIWKHFRQVWLWXHQWFRPSDQ\FHDVHVIURPWKHGDWH WKH0LQLVWU\RI&RPPHUFHLVVXHVDFHUWLILFDWHRIPHUJHUWRWKHVXUYLYLQJFRPSDQ\ 

Article 242: Approval by Directors

 7KHERDUGRIGLUHFWRURIH DFKFRPSDQ\WKDWSURSR VHVWRPHUJHVKDOODGRSWDUHVROXWLRQDSSURYLQJDQ DJUHHPHQWIRUPHUJHU8QOHVVRWKHUZLVHSURYLGHGLQWKHDUWLFOHVWKHUHVROXWLRQVKDOOEHDSSURYHGE\D PDMRULW\RIDTXRUXPRIWKHGLUHFWRUV 

Article 243: Merger Agreement

 7KHPHUJHUDJUHHPHQWVKDOOVWDWH  D  7KHWHUPVDQGFRQGLWLRQVRIWKHPHUJHU  E  7KHDUWLFOHVRILQFRUSRUDWLRQRIWKHVXUYLYLQJFRPSDQ\  F  7KHPHWKRGRIFRQYHUWLQJHDFKFODVVRUVHULHVRIVKDUHVRIHDFKFRQVWLWXHQWFRPSDQ\LQWRVKDUHV

RURWKHUVHFXULWLHVRIWKHVXUYLYLQJFRPSDQ\  G  ,IDQ\VKDUHRIDFRQVWLWXHQWFRPSDQ\LVQRWWREHFRQYHUWHGLQWRVKDUHVWKHDPRXQWRIPRQH\

ULJKWVVHFXULWLHVRURWKHUSRVVHVVLRQVWKDWWKHKROGHUVRIVXFKVKDUHVVKDOOUHFHLYHLQWKHPHUJHU  H  2WKHULQIRUPDWLRQWKDWWKHKROGHUVRIHDFKFODVVRIVKDUHVVKDOODFFHVVEHIRUHPDNLQJGHFLVLRQWR

YRWHIRUPHUJHUDQG  I  'HWDLOVRIDQ\DUUDQJHPHQWVQHFHVVDU\WRSHUIHFWWKHPHUJHUDQGWRSURYLGHIRUWKHVXEVHTXHQW

PDQDJHPHQWDQGRSHUDWLRQRIWKHVXUYLYLQJFRPSDQ\ 

Article 244: Notice to shareholders

 $IWHULWVERDUGRIGLUHFWRUVDSSURYHVDUHVROXWLRQRIPHUJHUHDFKFRQVWLWXHQWFRPSDQLHVVKDUHKROGHUVRI VXUYLYLQJFRPSDQ\VKDOOVHQGQRWLFHRIVKDUHKROGHUVPHHWLQJWRHDFKVKDUHKROGHUHQWLWOHGWRYRWHRQWKH PHUJHUWKHIROORZLQJLQIRUPDWLRQ  D  :LWKLQWKLUW\  GD\V DIWHUWKHPH UJHUDJUHHPHQWWKHERDUGR IGLUHFWRUVRIWKHFRQ VWLWXHQW

FRPSDQ\VKDOOFRQYHQHDVKDUHKROGHUVJHQHUDOPHHWLQJWRDSSURYHRQWKHPHUJHU  E  7KHQRWLFHVKDOOLQFOXGHDFRS\RIWKHPHUJHUDJUHHPHQW  F  (DFKFRQVWLWXHQWFRPSDQ\VKDOOJLYHDWOHDVWWZHQW\GD\VQRWLFHRIWKHPHHWLQJRIVKDUHKROGHUV 

Article 245: Vote by shareholders

0HUJHUVKDOOEHDSSURYHGE\D VSHFLDOUHVROXWLRQRIWKHVKDUHKROGHUVDWOHDVWWZRWKLUG  RIHDFK FRQVWLWXHQWFRPSDQ\ 

Article 246: Votes by Class

 (YHQLIWKHDUWLFOHVRILQFRUSRUDWLRQVWDWHWKDWDFHUWDLQFODVVRIVKDUHVVKDOOQRWEHHQWLWOHGWRYRWHVXFK FODVVRIVKDUHVLVDOZD\VHQWLWOHGWRYRWHVHSDUDWHO\DVDFODVVRQ DQ\SURSRVHGPHUJHUZKLFKZRXOG FKDQJHHLWKHUGLUHFWO\RULQGLUHFWO\DQ\ULJKWVSULYLOHJHVUHVWULFWLRQVDQGFRQGLWLRQVRIWKDWFODVVRUVHULHV RIVKDUHV  7KHYRWLQJS RZHUDXWKR UL]HGXQ GHUWKLVDUWLFO HPD \QRWEHUHMHFWHGR UDP HQGHGE\WKHDUWLFOH VRI LQFRUSRUDWLRQRULQDQ\RWKHUIDVKLRQ 

Article 247: Filing Articles of Merger

 7KHGLUHFWRUVRIWKHVXUYLYLQJFRPSDQ\VKDOOILOHWKHIROORZLQJGRFXPHQWVZLWKWKH0LQLVWU\RI&RPPHUFH  D  7KHDJUHHPHQWRIPHUJHU  E  5HVROXWLRQVRIWKHE RDUGRIGL UHFWRUVDQGVKDUHKROGHUVRI HDFKFRQVWLWXHQWFRPSDQ\RQWKH

DJUHHPHQWRIPHUJHU  F  $UWLFOHVRILQFRUSRUDWLRQRIWKHVXUYLYLQJFRPSDQ\  G  6WDWHPHQWV E\DGLUH FWRURURIILFHU RIHDFK FRQVWLWXHQWFRP SDQ\WKDWH VWDEOLVKHVWRWKH 

VDWLVIDFWLRQRIWKH'LUHFWRURI&RPSDQLHVWKDWWKHUHDUHUHDVRQDEOHJURXQGVIRUEHOLHYLQJWKDW


L  HDFKFRQVWLWXHQWFRPSDQ\DQGWKHVXUYLYLQJFRPSDQ\LVDEOHWRSD\LWVOLDELOLWLHVDVWKH\
EHFRPHGXH

LL  WKHUHDOL]DEOHYDOXHRIWKHVXUYLYLQJFRPSDQ\¶VDVVHWVZLOOQRWEHOHVVWKDQWKHDJJUHJDWH
RILWVOLDELOLWLHVDQGVWDWHGFDSLWDORIDOOFODVVHV

LLL  QRFUHGLWRUZLOOEHSUHMXGLFHGE\WKHPHUJHU

LY  DGHTXDWH ZULWWHQQRWLFH KDVEH HQ JLYHQWR DOO NQRZQ FUHGLWRUVRIWKH FR QVWLWXHQW
FRPSDQLHVDQGQRFUHGLWRUKDVPDGHYDOLGDQGFUHGLEOHREMHFWLRQVWRWKHPHUJHU


Article 248: Effect of merger

 2QUHFHLSWRIDUWLFOHVRIPHUJHUWKH0LQLVWU\RI&RPPHUFHVKDOOLVVXHDFHUWLILFDWHRIPHUJHU2QWKHGDWH VKRZQLQDFHUWLILFDWHRIPHUJHU  D  WKHPH UJHU RIWKHFRQ VWLWXHQWFRPSD QLHVDQG WKH LUFRQWLQX DQFHD VRQ H FRPSDQ\ EHFRPH

HIIHFWLYH  E  WKHSURSHUW\RIHDFKFRQVWLWXHQWFRPSDQ\FRQWLQXHVWREHWKHSURSHUW\RIWKHVXUYLYLQJFRPSDQ\  F  WKHVXUYLYLQJFRPSDQ\FRQWLQXHVWREHOLDEOHIRUWKHREOLJDWLRQVRIHDFKFRQVWLWXHQWFRPSDQ\  G  DQ\FLYLOFULPLQDORUDGPLQLVWUDWLYHPDWWHUVLQYROYLQJDQ\FRQVWLWXHQWFRPSDQ\UHPDLQHIIHFWLYHLQ

UHODWLRQWRWKHVXUYLYLQJFRPSDQ\DQG  H  WKHDUWLFOHVRIPHUJHUDUHGHHPHGWREHWKHDUWLFOHVRILQFRUSRUDWLRQRIWKHVXUYLYLQJFRPSDQ\DQG

WKHFHUWLILFDWHRIPHUJHULVGHHPHGWREHWKHFHUWLILFDWHRILQFRUSRUDWLRQRIWKHVXUYLYLQJFRPSDQ\ 

Article 249: Right to demand appraisal

 $Q\VKDUHKROGHURIDQ\FRQVWLWXHQWFRPSDQ\LQDPHUJHUPD\UHTXHVWDQDSSUDLVDORIWKHYDOXHRIKL V VKDUHVLQWKHFRQVWLWXHQWFRPSDQ\+RZHYHULQRUGHUWREHHQWLWOHGWRKDYHDQDSSUDLVDOWKHVKDUHKROGHU VKDOOPHHWDOORIWKHIROORZLQJFRQGLWLRQV  D  7KHVKDUHKROGHURZQHGVKDUHVLQRQHRIW KHFRQVWLWXHQWFRPSDQLHVEHIRUHWKHVKDUHKROGHUV

YRWHGWRDSSURYHWKHPHUJHU  E  7KHVKDUHKROGHUGLGQRWYRWHLQIDYRURIWKHPHUJHU  F  7KHVKDUHKROGHUPDNHVDZULWWHQGHPDQGWRWKHVXUYLYLQJFRPSDQ\DIWHUWKHDUWLFOHVRIPHUJHU

DUHILOHGZLWKWKH0LQLVWU\RI&RPPHUFHDQG  G  7KHVKDUHKROGHUVXUUHQGHUVKLVVKDUHVFHUWLILFDWHWRWKHVXUYLYLQJFRPSDQ\DWWKHVDPHWLPHKH

PDNHVKLVGHPDQGIRUDSSUDLVDO 

Article 250: Appraisal Procedure

 :KHQDQDSSUDLVDOLVGHPDQGHGWKHVXUYLYLQJFRPSDQ\DQGHDFKFRPSODLQLQJVKDUHKROGHUVKDOOIRUXS WRQLQHW\  GD\VQHJRWLDWHLQRUGHUWRDWWHPSWWRDJUHHRQDIDLUSULFHIRUWKHVKDUHV  7KHIDLUSULFHVKDOOEHG HWHUPLQHGE\H[DPLQLQJDOOUHOHYDQWIDFWRUVEXWH[FO XGLQJDQ\YDOXHFUHDWHGE\ WKHPHUJHULWVHOI  7KHDUWLFOHVRILQFRUSRUDWLRQRIDQ\FRQVWLWXHQWFRPSDQ\RUWKHDJUHHPHQWRIPHUJHUPD\SURYLGHWKDWDOO DSSUDLVDOGLVSXWHVEHGHFLGHGE\DUELWUDWLRQ$Q\VKDUHKROGHUPD\DWDQ\WLPHEHIRUHWKHODVWDUELWUDWLRQ
V
 GHFLVLRQDEDQGRQKLVFODLPIRUDSSUDLVDO,QWKLVFDVH KHVKDOOEHHQWLWOHGWRUHFHLYHIURPW KHVXUYLYLQJ FRPSDQ\WKHVDPHSD\PHQWDVKHZRXOGRWKHUZLVHKDYHUHFHLYHGLQWKHPHUJHU  ,IWKH\DUHXQDEO HWRDJ UHHR QDIDL USUL FHWKH FRPSHWHQWFRXUWVKDOOGH FLGH VXFKS ULFHDQ GWKH FRPSODLQLQJVKDUHKROGHUVKDOOEHHQWLWOHGWRUHFHLYHWKDWDPRXQW 

 L. Dissolution and Liquidation
Article 251: Dissolution


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

Article 252: Proposing liquidation and dissolution

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

SURSHUW\DQGGLVFKDUJHDQ\OLDELOLWLHVRIWKHFRPSDQ\    WKHFRPSDQ\KDVGLVWULEXWHGDQ\SURSHUW\DQGGLVFKDUJHGDQ\OLDELOLWLHVEHIRUHLWVHQGVDUWLFOHVRI

GLVVROXWLRQWRWKH'LUHFWRURI&RPSDQLHV 

Article 253: Statement of intent to dissolve

 $IWHUDSSURYDORIDUHVROXWLRQWROLTXLGDWHDQGGLVVROYHWKHFRPSDQ\VKDOOVHQGDVWDWHPHQWRILQWHQWWR GLVVROYHLQSUHVFULEHGIRUPWRWKH'LUHFWRURI&RPSDQLHV  2QUHFHLSWRIDVWDWHPHQWRILQWHQWWRGLVVROYHWKH'LUHFWRURI&RPSDQLHVVKDOOLVVXHDFHUWLILFDWHRILQWHQW WRGLVVROYH  2QLVVXHRIDFHUWLILFDWHRILQWHQWWRGLVVROYHWKHFRPSDQ\VKDOOFHDVHWRFDUU\RQEXVLQHVVH[FHSWWRWKH H[WHQWQHFHVVDU\IRUWKHO LTXLGDWLRQEXWLWVOHJDOSHUVR QDOLW\FRQWLQXHVXQWLOWKH0LQLVWU\RI&RPPH UFH LVVXHVDFHUWLILFDWHRIGLVVROXWLRQ 

Article 254: Notice of Intent to Dissolve

 $IWHULVVXHRIDFHUWLILFDWHRILQWHQWWRGLVVROYHWKH'LUHFWRURI&RPSDQLHVWKHFRPSDQ\VKDOO  D  LPPHGLDWHO\VHQGQRWLFHRILQWHQWWRUHVROYHWRHDFKNQRZQFUHGLWRURIWKHFRPSDQ\  E  LPPHGLDWHO\SXEOLVKQRWLFHRILQWHQWWRGLVVROYHIRUWZR  FRQVHFXWLYHZHHNVLQDQHZVSDSHU

SXEOLVKHGRU GLVWULEXWHGLQWKHSOD FHZKHUHWKH FRPSDQ\KDVLWVUHJLVWHUHGRIILFHRUL QRWKHU

SXEOLFDWLRQVDVSURYLGHGE\UHJXODWLRQVRIWKH0LQLVWU\RI&RPPHUFH  

Article 255: Liquidation

 $IWHULVVXDQFHRIDFHUWLILFDWHRILQWHQWWRGLVVROYHWKHFRPSDQ\VKDOO   FROOHFWLWVSURSHUW\  GLVSRVHRISURSHUWLHVWKDWDUHQRWWREHGLVWULEXWHGLQNLQGWRLWVVKDUHKROGHUV  GLVFKDUJHDOOLWVREOLJDWLRQVDQG  GRDOORWKHUDFWVUHTXLUHGWROLTXLGDWHLWVEXVLQHVV  $IWHUJLYLQJWKHQRWLFHRILQWHQWWRUHVROYHDQGDGHTXDWHO\SURYLGLQJIRUWKHSD\PHQWRUGLVFKDUJHRIDOOLWV REOLJDWLRQVWKHFRPSDQ\VKDOOGLVWULEXWHLWV UHPDLQLQJSURSHUW\HLWKHULQPRQH\RUL QNLQGDPRQJLWV VKDUHKROGHUVDFFRUGLQJWRWKHLUUHVSHFWLYHULJKWV 

Article 256: Supervision by court

 7KH'LUHFWRURI&RPSDQLHVRUDQ\LQWHUHVWHGSHUVRQPD\DWDQ\WLPHGXULQJWKHOLTXLGDWLRQRIDFRPSDQ\ DSSO\WRDFRXUWIRUDQRUGHUWKDWWKHOLTXLGDWLRQEHFRQWLQXHGXQGHUWKHVXSHUYLVLRQRIWKHFRXUW  $QDSSOLFDQWVKDOOJLYHWKH0LQLVWU\RI&RPPHUFHQRWLFHRIWKHDSSOLFDWLRQDQGWKH'LUHFWRURI&RPSDQLHV LVHQWLWOHGWRDSSHDUDQGEHKHDUGLQSHUVRQRUE\FRXQVHO 

Article 257: Dissolution

 $IWHUWKHOLTXLGDWLRQLVWHUPLQDWHGWKHFRPSDQ\VKDOOSUHSDUHDUWLFOHVRIGLVVROXWLRQ  $UWLFOHVRIGLVVROXWLRQLQSUHVFULEHGIRUPVKDOOEHVHQWWRWKH'LUHFWRURI&RPSDQLHV  2QUHFHLSWRIDUWLFOHVRIGLVVROXWLRQWKH'LUHFWRURI&RPSDQLHVVKDOOLVVXHDFHUWLILFDWHRIGLVVROXWLRQ  7KHFRPSDQ\FHDVHVWRH[LVWRQWKHGDWHVKRZQLQWKHFHUWLILFDWHRIGLVVROXWLRQ 

Article 258:

 7KHGLVVROXWLRQDQGOLTXLGDWLRQSURYLVLRQVVKDOOQRWDSSO\WRDQ\FRPSDQ\WKDWKDVDSSOLHGIRUEDQNUXSWF\

WRWKHFRXUW

 M. Director of Companies
Article 259:  Appointment of Director of Companies

7KH0LQLVWU\RI&RPPHUFHVKDOODSSRLQWRQHRUPRUH'LUHFWRURI&RPSDQLHVWRFDUU\RXWWKHGXWLHVDQ G H[HUFLVHWKHSRZHUVRIWKH'LUHFWRURI&RPSDQLHVXQGHUWKLVODZ 

Article 260: Certificate of Director of Companies

 :KHUHWKLVODZUHTXLUHVRUDXWKRUL]HVWKH0LQLVWU\RI&RPPHUFHWRLVVXHDFHUWLILFDWHRUWRFHUWLI\DQ\IDFW WKHFHUWLILFDWHVKDOOEHVLJQHGE\WKH'LUHFWRURI&RPSDQLHV 

Article 261: Copies

 :KHUHDQRWLFHRUGRFXPHQWLVUHTXLUHGWREHVHQWWRWKH'LUHFWR URI&RPSDQLHVWK H'LUHFWRURI &RPSDQLHVPD\DFFHSWDSKRWRFRS\ 

Article 262: Proof required by Director of Companies

 7KH'LUHFWRURI&RPSDQLHVPD\UHTXLUHWKDWDGRFXPHQWRUDIDFWVWDWHGLQDGRFXPHQWWREHVH QWWRKLP VKDOOEHYHULILHGE\DIILGDYLW 

Article 263: Regulations

 7KH0LQLVWU\RI&RPPHUFHPD\PDNHUHJXODWLRQV  D  SUHVFULELQJDQ\PDWWHUUHTXLUHGRUDXWKRUL]HGE\WKLVODZWREHSUHVFULEHG  E  UHTXLULQJWKHSD\PHQWRIDIHHLQUHVSHFWRIWKHILOLQJH[DPLQDWLRQRUFRS\LQJRIDQ\GRFXPHQWRU

LQUHVSHFWRIDQ\DFWLRQ  F  SUHVFULELQJWKHFRQWHQWVDQGHOHFWURQLFRURWKHUIRUPVRIQRWLFHVDQGGRFXPHQWVUHTXLUHGWREH

VHQWWRRULVVXHGE\WKH0LQLVWU\RI&RPPHUFH  G  UHVSHFWLQJWKHVHQGLQJRULVVXDQFHRIQRWLFHVDQGGRFXPHQWVDQG  H  SUHVFULELQJUXOHVZLWKUHVSHFWWRH[HPSWLRQVSHUPLWWHGE\WKLVODZ 

Article 264: Filing of articles and dissolution plans

 $UWLFOHVRUDGLVVROXWLRQSODQWREHVHQWWRWKH0LQLVWU\RI&RPPHUFHVKDOOEHVLJQHGE\ DGLUHFWRURUDQ RIILFHURIWKHFRPSDQ\RULQWKHFDVHRIDUWLFOHVRILQFRUSRUDWLRQE\DQLQFRUSRUDWRU  $IWHUUHFHLYLQJWKHDUWLFOHVRUSODQLQWKHSUHVFULEHGIRUPWKH'LUHFWRURI&RPSDQLHVVKDOO   UHFRUGWKHGDWHRIWKHILOLQJ    LVVXHWKHDSSURSULDWHFHUWLILFDWH    ILOHWKHFHUWLILFDWHDQGWKHDUWLFOHVRUVWDWHPHQWSKRWRJUDSKLFHOHFWURQLFRURWKHUUHSURGXFWLRQRI

WKHFHUWLILFDWHDQGRIWKHDUWLFOHVRUVWDWHPHQW    VHQGWKHFHUWLILFDWHDQGWKHDUWLFOHVRUVWDWHPHQWSKRWRJUDSKLFHOHFWURQLFRURWKHUUHSURGXFWLRQRI

WKHFHUWLILFDWHDQGRIWKHDUWLFOHVRUVWDWHPHQWWRWKHFRPSDQ\RULWVUHSUHVHQWDWLYHDQG    SXEOLVKDQRWLFHRIWKHLVVXDQFHRIWKHFHUWLILFDWHLQWKH*D]HWWHRIWKH0LQLVWU\RI&RPPHUFH 

Article 265: Date of certificate

 $FHUWLILFDWHLVVXHGE\WKH0LQLVWU\RI&RPPHUFHPD\EHGDWHGDVRIWKHGD\KHUHFHLYHVWKHDUWLFOHVSODQ RUFRXUWRUGHUSXUVXDQWWRZKLFKWKH FHUWLILFDWHLVLVVXHGRUDVRIDQ\ODWHUGD\ VSHFLILHGE\WKHFRXUWRU SHUVRQZKRVLJQHGWKHDUWLFOHVRUSODQ 

Article 266: Certificate of compliance

 7KH'LUHFWRURI&RPSDQLHVPD\IXUQLVKDQ\ SHUVRQZLWKD FHUWLILFDWHDQGQHFHVVDU\GRFXPHQWVWKDW D FRPSDQ\KDVVHQWWRWKH0LQLVWU\RI&RPPHUFHUHTXLUHGXQGHUWKLVODZ 

Article 267: Corrections

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

Article 268: Inspection and copies of records

 $SHUVR QZK RKD VS DLGW KHS UHVFULEHGIHHL VH QWLWOHGWRH[DP LQHGX ULQJX VXDOEX VLQHVVK RXUV D GRFXPHQWVHQWWRWKH0LQLVWU\RI&RPPHUFHDQGWRPDNHFRSLHVRUH[WUDFWVRIUHSRUWV7KLVDUWLFOHGRHV QRWDSSO\WRUHSRUWVRIFRXUWRUGHUHGLQYHVWLJDWLRQV  7KH'LUHFWRURI&RPSDQLHVVKDOOIXUQLVKDQ\SHUVRQZLWKDFRS\RUDFHUWLILHGFRS\RIGRFXPHQWVFRYHUHG E\WKLVDUWLFOH  :KHUHUHFRUGVDUHPDLQWDLQHGE\WKH0LQLVWU\RI&RPPHUFHRWKHUZLVHWKDQLQZULWWHQIRUP


D  WKH0LQLVWU\RI&RPP HUFHVKDOOIXUQLVKDQ\FRS\ UHTXLUHGWRE HIXUQLVKHGXQGHUWKLVDUWLFOHLQ
UHDGDEOHIRUPDQG

E  DUHSR UWUHS URGXFHGIUR PWKRVHUH FRUGVLILW LVFHUWLILHGE\WKH'LUH FWRUR I& RPSDQLHVLV 
DGPLVVLEOHLQHYLGHQFHWRWKHVDPHH[WHQWDVWKHRULJLQDOUHFRUGV



Article 269: Retention of records

 7KH0LQLVWU\RI&RPPHUFHLVQRWUHTXLUHGWRSURGXFHDQ\GRFXPHQWRWKHUWKDQDFHUWLILFDWHDQGDWWDFKHG DUWLFOHVRUGLVVROXWLRQSODQDIWHUWHQ\HDUVIURPWKHGDWHKHUHFHLYHVLW 

Chapter 4 – Foreign Business



General Provisions



Article 270: Foreign business defined

 $IRUHLJQEXVLQHVVLVDO HJDOSHUVRQIRUPHGXQGHUWKHOD ZVRIDIRUHL JQFRXQWU\KDYLQJDSO DFHRI EXVLQHVVLQDQGGRLQJEXVLQHVVLQWKH.LQJGRPRI&DPERGLD 

Article 271: Forms

 $IRUHLJQEXVLQHVVPD\FRQGXFWEXVLQHVVLQWKH.LQJGRPRI&DPERGLDLQWKHIROORZLQJIRUPV  D  FRPPHUFLDOUHSUHVHQWDWLYHRIILFHRUFRPPHUFLDOUHODWLRQVRIILFHRU  E EUDQ FK  F VXE VLGLDU\  7KHFRPPHUFLDOUHSUHVHQWDWLYHRIILFH DQGEUDQFKDUH DJHQWVRIWKHLUSULQFL SDOVDQGG RQRWKDYHOHJDO SHUVRQDOLW\VHSDUDWHIURPWKHLUSULQFLSDOV 

Article 272: Doing business

 $IRUHLJQEXVLQHVVVKDOOEHFRQVLGHUHGWREH³doing business´LIWKHIRUHLJQEXVLQHVVSHUIRUPVDQ\RI WKHIROORZLQJDFWVLQWKH.LQJGRPRI&DPERGLD  D  5HQWVRIILFHRUDQ\RWKHUVSDFHIRUPDQXIDFWXULQJRUSURFHVVLQJRUSHUIRUPLQJVHUYLFHVIRUPRUH

WKDQRQHPRQWK  E  (PSOR\VDQ\SHUVRQWRZRUNIRULWIRUPRUHWKDQRQHPRQWK   F  3HUIRUPVDQ\RWKHUDFWWKDWODZVRIWKH .LQJGRPRI&DPERGLDDXWKRUL]HGIRUIRUHLJQQDWXUDODQG

OHJDOSHUVRQV 

Article 273: Subject to local law

 $IRUHLJQEXVLQHVVGRLQJEXVLQHVVLQDQ\IRUPVZLWKLQWKH.LQJGRPRI&DPERGLDVKDOOEHVXEMHFWWRWKH ODZVDQGWKHMXULVGLFWLRQRIFRXUWVRIWKH.LQJGRPRI&DPERGLD  $IRUHLJQEXVLQHVVVKDOOFRPSO\ZLWKWKHUHJLVWUDWLRQUHTXLUHPHQWVRIWKH/DZRQ&RPPHUFLDO5XOHVDQG 5HJLVWHU 

A. Representative Office



Article 274: Authorized activities

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

Article 275: Management

 $FRPPHUFLDOUHSUHVHQWDWLYHRIILFHRU FRPPHUFLDOUHODWLRQVRIILFHVK DOOEHP DQDJHGE\R QHRU PRUH PDQDJHUVDSSRLQWHGDQGUHPRYHGE\LWVSULQFLSDO 

Article 276: Name

 7KHQDPHRIWKHFRPPHUFLDOUHSUHVHQWDWLYHRIILFHRUFRPPHUFLDOUHODWLRQVRIILFHVKDOOEHWKHQDPHRILWV SULQFLSDO7 KHZRUG V &RPPHUFLDO 5HSUHVHQWDWLYH 2IILFH´ RU³&RPPHUFLDO 5HODWLRQ V2IILFHVK DOOE H SODFHGDERYHRULQIURQWRIWKHQDPH 

Article 277: Closing representative office

 $FRPPHUFLDOUHSUHVHQWDWLYHRIILFHRU FRPPHUFLDOUHODWLRQVRIILFHPD\EH FORVHGE\DG HFLVLRQRILWV

SULQFLSDO

B. Branch

Article 278: Authorized activities


$EUDQFKPD\SHUIRUPWKHVDPHDFWVDVDFRPPHUFLDOUHSUHVHQWDWLYHRIILFH  ,QDGGLWLRQDEUDQFKPD\UHJXODUO\EX\DQGVHOOJRRGVDQGVHUYLFHVDQGHQJDJHLQPDQXIDFWXULQJ SURFHVVLQJDQGFRQVWUXFWLRQVDPHDVWKHORFDOFRPSDQ\H[FHSWDQ\DFWVWKDW SURKLELWHGIRUQDWXUDORU OHJDOSHUVRQZKRLVIRUHLJQHU 

Article 279: Liability

 7KHDVVHWVRIWKHEUDQ FKVKDOOEHW KHDVVHWVRIWKHSULQFLSDO7KHSUL QFLSDOVKDOOE HOLDEOHIRU DQ\ REOLJDWLRQVRIWKHEUDQFK 

Article 280: Management

 $EUDQFKVKDOOEHPDQDJHGE\RQHRUPRUHPD QDJHUVDSSRLQWHGDQGUHPRYHGE\WKHGHFLVLRQRIWKH SULQFLSDO 

Article 281: Name

 7KHQDPHRIDEUDQFKVKDOOEHWKHQDPHRILWVSULQFLSDO7KHZRUGV%UDQFKVKDOOEHSODFHGDERYHRULQ IURQWRIWKHQDPH 

Article 282: Closing branch

 $EUDQFKPD\EHFORVHGE\WKHGHFLVLRQRILWVSULQFLSDO 

C. Subsidiary

Article 283:

 $VXEVLGLDU\LVDFRPSDQ\WKDWLQFRUSRUDWHGE\WKHIRUHLJQFRPSDQ\LQWKH.LQJGRPRI&DPERGLDZLWKDW OHDVWILIW\RQH  SHUFHQWRILWVFDSLWDOWKDWKHOGE\WKHIRUHLJQFRPSDQ\ 

Article 284:

 $VXEVLGLDU\KDVOHJDOSHUVRQDOLW\VHSDUDWHIURPWKHLUSULQFLSDOVIURPWKHGDWHRILWVUHJLVWUDWLRQSXUVXDQW WRWKH/DZRQ&RPPHUFLDO5XOHVDQG5HJLVWHU 

Article 285:

 $VXEVLGLDU\PD\EHLQFRUSRUDWHGLQWKHIRUPRISDUWQHUVKLSRUOLPLWHGFRPSDQ\ 

Article 286:

 $VXEVLGLDU\PD\UHJXOD UO\FDUU\RQ EXVLQHVVVDPHDVWKHO RFDOFRPSDQ\H[FHSWIRUDQ\DFWVWKDW SURKLELWHGIRUQDWXUDORUOHJDOSHUVRQZKRLVIRUHLJQHU

Chapter 5 – Derivative Action

Article 287:



$VKDUHKROGHUPD\EULQJDQDFWLRQRULQWHUYHQHLQWKHQDPHDQGULJKWRID FRPSDQ\7KHVKDUHKROGHU

VKDOOPHHWDOORIWKHIROORZLQJFRQGLWLRQV



D  EHDVKD UHKROGHU RUWKH KHLURID VKDUHKROGHUG XULQJWK HSH ULRG ZLWKLQZKLFKR FFXUUHGWK H WUDQVDFWLRQRIWKHFRPSDQ\JLYLQJULVHWRWKHFRPSODLQW



E  GLGQRWYRWHLQIDYRURIWKHWUDQVDFWLRQRUUDWLI\LWLQDQ\RWKHUIDVKLRQ



F  PDGHDZULWWHQGHPDQGWRWKHERDUGRIGLUHFWRUVIRUUHVROXWLRQRIWKHGLVSXWHZKLFKZDVQRW

UHVROYHGE\WKHGLUHFWRUV



G  JDYHUHDVRQDEOHQRWLFHWRWKHERDUGRIGLUHFWRUVEHIRUHVXEPLWWLQJWKHPDWWHUWRWKHFRXUW



$IWHUWKH\DUHILOHGGHULYDWLYHDFWLRQVPD\QRWEHVHWWOHGZLWKRXWWKHDSSURYDORIWKHFRXUW



Article 288: Recovery in derivative action

 $Q\UHFRYHU\LQDGHULYDWLYHDFWLRQVKDOOEHWKHSURSHUW\RIWKHFRPSDQ\,IDGHULYDWLYHDFWLRQUHVXOWVLQD EHQHILWRWKHFRPSDQ\WKHVKDUHKROGHUZKREURXJKWWKHGHULYDWLYHDFWLRQPD\DSSO\WRWKHFRXUWIR U UHDVRQDEOHIHH 

Article 289: Duty of care of directors and officers

 (YHU\GLUHFWRUDQGRIILFHULQH[HUFLVLQJKLVGXWLHVVKDOO  D  DFWKRQHVWO\DQGLQJRRGIDLWKZLWKDYLHZWRWKHEHVWLQWHUHVWVRIWKHFRPSDQ\


E  H[HUFLVHWKHFDUHGLOLJHQFHDQGVNLO OWKDW DUHDVRQDEO\SUXGHQWSHU VRQ ZRXOGH[HUFL VHLQ
FRPSDUDEOHFLUFXPVWDQFH


7KHDUWLFOHVRUE\ODZVPD\SURYLGHWKDWDQ\GLVSXWHEHWZHHQWKHGLUHFWRUVDQGVKDUHKROGHUVVKDOOVXEPLW WRDUELWUDWLRQ 

Chapter 6 – Offences, Penalties and Remedies



Article 290: False and misleading reports

 $SHUVRQZKRPDNHVRUDVVLVWVLQPDNLQJDIDOVHRUPLVOHDGLQJUHSRUWUHWXUQQRWLFHRURWKHUGRFXPHQWWR EHVHQWWRWKH0LQLVWU\RI&RPPHUFHRUWRDQ\RWKHUSHUVRQLVJXLOW\RIDQ RIIHQFHDQGOLDEOHWRDILQH IURPRQH  PLOOLRQWR PLOOLRQULHOVRUWRLPSUL VRQPHQWIRUDW HUPQRWH[FHHGLQJVL[  PRQWKVRUWR ERWKH[FOXGLQJFLYLOUHPHG\RUFULPLQDODFWLRQPHQWLRQHGLQUHOHYDQWODZV  

Article 291: Order to comply

 :KHUHDFRPSDQ\FRPPLWVDQRIIHQFHDQ\GLUHFWRURURIILFHURIWKHFRPSDQ\ZKRNQRZLQJO\DXWKRUL]HG SHUPLWWHGRUDFTXLHVFHGLQWKHFRPPLVVLRQRIWKHRIIHQFHLVDSDUW\WRDQGJXLOW\RIWKH RIIHQFHDQGLV OLDEOHWRILQHDVSURYLGHIRULQ$UWLFOH 

Article 292: Limitation period

 $SURVHFXWLRQIRUDQRIIHQFHXQGHUWKLVODZPD\EHLQVWLWXWHGDWDQ\WLPHZLWKLQEXWQRWODWHUWKDQWKUHH   \HDUVDIWHUWKHWLPHZKHQWKHVXEMHFWPDWWHURIWKHFRPSODLQWDURVH 

Article 293: Civil remedy not affected

 1RFLYLOUHPHG\IRUDQDFWRURPLVVLRQLVVXVSHQGHGRUDIIHFWHGE\UHDVRQWKDWWKHDFWRURPLVVLRQLVDQ RIIHQFHXQGHUWKLVODZ  

Article 294: Registration, filing and publication

 $FRPSDQ\DQGDQDWXUDOSHUVRQZKRZLWKRXWUHDVRQDEOHFDXVHGRHVQRWFRPSO\ZLWKWKHUHJLVWUDWLRQ ILOLQJDQGSXEOLFDWLRQUHTXLUHPHQWVRIWKLVODZPD\EHSURVHFXWHGSXUVXDQWWRDUWLFOHVDQGRIWKH /DZRQ&RPPHUFLDO5XOHVDQG5HJLVWHUDVDPHQGHG 

Article 295: Company books and records

 $FRPSDQ\RUDQDWXUDOSHUVRQZKRYLRODWHVDQ\SURYLVLRQRI3DUW & RI&KDSWHUUHODWLQJWRFRPSDQ\ ERRNVDQGUHFRUGVPD\EHSURVHFXWHGSXUVXDQWWRDUWLFOHVDQGRIWKH/ DZRQ&RPPHUFLDO5XOHV DQG5HJLVWHUDVDPHQGHG 

Article 296: Financial statements to shareholders

 $FRPSDQ\WKDWZLWKRXWUHDVRQDEOHFDXVHIDLOVWRVHQGFRSLHVRIILQDQFLDOVWDWHPHQWVWRVKDUHKROGHUVDV UHTXLUHGE\$UWLFOHJXLOW\RIDQRIIHQFHDQ GXSRQFRQYLFWLRQLVOLDEOHWRDILQHIURPRQHPLOOLRQWR PLOOLRQULHOV 

Article 297: Financial statements to Director of Companies

 $FRPSDQ\WKDWZLWKRXWUHDVRQDEOHFDXVHIDLOVWRVHQGFRSLHVRIILQDQFLDOVWDWHPHQWVWRWKH'LUHFWRURI &RPSDQLHVDVUHTXLUHGE\$UWLFOHLVJXLOW\RIDQRIIHQFHDQGOLDEOHRQVXPPDU\FRQYLFWLRQWRDILQH IURPRQHPLOOLRQWRPLOOLRQULHOV 

Article 298: Auditor

 $QDXGLWRUR UIRUPH UDXG LWRURIDFR PSDQ\ZK RID LOVZLWKR XWUHD VRQDEOH FDXVHWRFRP SO\ZLWKWKH  UHTXLUHPHQWWRDWWHQGVKDUHKROGHUJHQHUDOPHHWLQJVDVUHTXLUHGE\$UWLFOHLVJXLOW\RIDQRIIHQFHDQG OLDEOHRQVXPPDU\FRQYLFWLRQWRDILQHIURPRQHPLOOLRQWRPLOOLRQULHOVRUWRLPSULVRQPHQWIRUDWHUPQRW H[FHHGLQJVL[  PRQWKVRUWRERWK  

Article 299:

7KH'LUHFWRURI&RPSDQLHVZKRKDVFRPPLWWHGJURVVQHJOLJHQFHFDUHOHVVRUIDLOHGWRFRPSO\ZLWKWKH UHJXODWLRQRI WKH0LQL VWU\RI&RPP HUFHR U FRQVSLUHWR FRPPLWVX FKRIIHQ VHVK DOOEHOL DEOHIRUD Q DGPLQLVWUDWLYHSHQDOW\DQGRUSURVHFXWLRQEHIRUHWKHFRXUWRIODZ 

Chapter 7 – Transitional Provisions

Article 300:

 7KLV/DZVKDOOQRWDIIHFWWKHYDOLGLW\DQGRSHUDWLRQVRIDOOFRPSDQLHVWKDWKDYHSURSHUO\UHJLVWHUHGLQWKH &RPPHUFLDO5HJLVWHURIWKH.LQJGRPRI&DPERGLD 

Article 301:

 7KLV/DZVKDOODSSO\WRW KHRSHUDWLRQVRIDOO FRPSDQLHVLQUHODWLRQWRWKH VXEPLVVLRQRI GRFXPHQWDQG LQIRUPDWLRQWRWKH0LQLVWU\RI&RPPHUFH



Article 302:

 7KH0LQLVWU\RI&RPPHUFHVKDOODFFRUGLQJWRWKLV /DZSUHSDUHDPRGHORI0HPRUDQGXPDQG$UWLFOHVRI $VVRFLDWLRQDQGJXLGHOLQHIRUWKH$PHQ GPHQWRI0H PRUDQGXPDQG$UWLFOHVRI$VVRFLDWLRQLQRUGHUWR SXEOLFL]HWR WKHUHJL VWHUHGFRPS DQLHVWKDWK DYH LQWHQWWR DPHQGLW V0 HPRUDQGXPDQ G$UWLFO HVRI  $VVRFLDWLRQ 

Chapter 8 – Final Provisions

Article 303: Contradiction

 $Q\SURYLVLRQVWKDWFRQWUDGLFWWKLV/DZVKDOOFRQVLGHUQXOODQGYRLG

Article 304: Promulgation

 7KLVODZVKDOOEHSURPXOJDWHGDVXUJHQW 



7KLVODZLVDGRSWHGE\WKH1DWLRQDO $VVHPEO\RIWKH

.LQJGRP RI &DPERGLDLQ 3KQRP3 HQKRQ 0D\ WK

2005 during the 2nd Plenary session of the Third

/HJLVODWXUH