SECTION 647

The provisions of articles 643 and 646 above are not applicable when the general meeting, in a bid to facilitate an increase of capital, a merger or a demerger, has authorized the board of directors or the general director, as the case may be, to purchase large numbers of shares representing at most one percent (1%) of the amount of the stated capital, in order to cancel them. Likewise, these provisions are not applicable in the case of a repurchase by the company of shares whose transferee has not been approved. The auditor shall give, in his report on the proposed transaction, his opinion on the advisability and terms of the planned purchase of shares.