SECTION 187-1

When a company that does not have an auditor is transformed into a share company, one or more transformation auditors, tasked with the appraisal, under their professional responsibility, the value of goods that make up the company’s assets and special benefits, shall be appointed, unless members decide unanimously otherwise, by a decision of the competent court at the request of the company management or of one of them. The transformation auditors may be tasked to prepare the report provided for in article 375 hereinafter. In such a case, a single report shall be drafted. These auditors shall be subjected to incompatibilities set forth in article 378 hereinafter. The report shall be put at the disposal of the members. The members shall examine the appraisal of assets and the granting of special benefits. They can reduced it only by a unanimous decision. Failing an express approval of the members, referred to in the minutes, the transformation shall be null.