SECTION 322

Where the company gives it consent to a project to pledge equity interests, under the conditions set forth for the transfer of interests to third parties, such consent shall imply approval of the transferee in the event of compulsory assignment of equity interests regularly pledged, unless the company opts, upon the transfer, to immediately repurchase such interests in order to reduce its capital. For the application of the provisions of the paragraph above and for the pledge to be enforceable against third parties, the equity interests pledge must be recorded in a notarial deed or in a private signed deed notified to the company and published in the registry of commerce and securities.