SECTION 81-3

Any resale of securities having already been the subject of more than one type of offerings referred to in article 81-1 above shall be deemed a separate offering and may constitute an offer to the public if it is undertaken in connection with operations referred to in article 83 hereafter. Investment of securities by financial intermediaries shall be subject to the publication of a disclosure document stipulated in chapter 2 of this Title, if none of the conditions listed in paragraphs a) and b) of article 81-1 above is met for final investment. No other disclosure document shall be required during a subsequent securities resale or during final investment of securities by financial intermediaries as long as a valid disclosure document is available and the issuer or the person responsible for drafting the said disclosure document gives a written consent for its use.