SECTION 389

Shares representing cash contributions shall be paid up, during the subscription of the capital, of at least a quarter of the nominal value. The payment of the remaining balance shall be made within a time limit which may not exceed three (3) years from the date of the registration at the registry of commerce and securities, as defined by the articles of association or by a decision of the board of directors or the general director. Shares representing contributions in cash non-fully paid-up shall remain in a nominative form. A long as the capital is not fully paid, the company may neither increase its capital, unless such capital increase is realized by contributions in kind, nor issue bonds. Shares may not represent contributions of services.