SECTION 546

The ordinary general meeting shall take all decisions other than those expressly reserved by article 551 hereinafter, for extraordinary general meetings, and by article 555 hereinafter for special meetings. The general meeting shall review various reports and draft resolutions and, where applicable, the chairman of the board of directors shall report on the work thereof. It is competent, among other things for: 1) approve the summary financial statements of the fiscal year 2) decide on the distribution of the financial results; under penalty of invalidity of any contrary decision, there shall be on the profits of the fiscal year minus, if appropriate, losses from previous years, an allocation equal to one-tenth at least allocated to the legal reserve. Such allocation shall cease to be compulsory when the reserve amounts reaches one-fifth of the amount of the stated capital; 3) appoint members of the board of directors or the general director and, where appropriate, the deputy general director, as well as the auditor; 4) decide on the auditor’s report contemplated by the provisions of article 440 above and approve or refuse to approve agreements between company management or a shareholder holding more than ten percent (10%) of the capital of the company and the company; 5) issue bonds; 6) approve the auditor’s report contemplated by the provisions of article 547 hereinafter.