SECTION 776

In the cases referred to in article 775, paragraph (2) above, the sale of listed shares shall be carried out at the stock exchange; that of unlisted shares shall be carried out by public auctions by a notary. Prior to moving forward with the sale mentioned in the foregoing paragraph, the company shall publish the numbers of shares offered for sale in a newspaper authorized to publish legal notices thirty (30) days following the demand letter provided in article 775 above. It shall notify the debtor and, where applicable, his co-debtors about the sale by hand-delivered letter against a receipt or by registered mail with acknowledgment of receipt, stating the date and issue of the newspaper in which the publication was made. The sale of shares may not take place less than fifteen (15) days after sending the hand-delivered letter against a receipt or the registered mail with acknowledgement of receipt. The defaulting shareholder shall remain a debtor for the balance. Costs incurred by the company to make the sale shall be borne by the defaulting shareholder.