SECTION 322

Where the company consents to a plan to pledge company shares under the conditions governing the transfer of shares to third parties, such consent shall imply the acceptance of the transferee in case of the compulsory liquidation of regularly pledged company shares, unless the company prefers, after the transfer, to immediately redeem the said shares in order to reduce its capital. In order to implement the provisions of the above paragraph and for the pledge to be binding on third parties, the pledging of shares may be established by notarial deed or by private deed notified to the company and published in the Trade and Personal Property Rights Register.