The bare owner of shares shall, vis-à-vis the usufructuary, be considered as having failed to
exercise the pre-emptive right of subscription for the new shares issued by the company where
he has neither subscribed for new shares nor sold the rights of subscription at least eight days
before the expiry of the deadline for subscription accorded to shareholders.
Official translation
Spot-checked
In force from 17 April 1997
Source page 135