SECTION 321

The articles of association may provide that, in the event of the death of a member one or more of his heirs or successors may become member (s) only after they have been approved under the conditions set therein. The approval time limit granted to the company shall not be longer than the time provided for in articles 319 and 320 above and the required majority may not be greater than the one stipulated in article 319. The approval decision shall be notified to each heir or successor concerned, by hand-delivered letter against a receipt or by registered mail with request for acknowledgement of receipt. In case the company refuses to approve, the provisions of articles 318 and 319 above shall apply, and where none of the solutions provided for in these articles is implemented has been resolved within the time period set, the approval shall be deemed granted. The same shall apply where no notification has been made to the individuals concerned. Any transfer of equity interests carried out in violation of the provisions of the articles of association established in accordance with the first paragraph of this article or, failing this, in violation of paragraphs 2 et seq. of this article shall be null. Pledge of equity interests