SECTION 829

The board of directors of companies referred to in articles 828 to 853 of this uniform Act shall be composed of a minimum of three (3) members and a maximum of fifteen (15) members when the company shares are admitted to trading on the stock exchange. However, in the event of a merger involving one or morecompanies whose securities are admitted to trading on the stock exchange of one or more “States parties”, the number fifteen (15) may be exceeded up to the total number of directors in office for more than six (6) months in the merged companies, but shall not exceed twenty (20). There shall not be neither an appointment of new directors nor a replacement of directors who passed away or left office,as long as the number of directors has not been reduced to fifteen (15) when the company shares are admitted to trading at the stock exchange of one or more States parties. Where a company listed on the stock exchange of one or more States parties has just been removed from the stock markets, the number of directors shall be reduced to twelve (12) as soon as possible. Within the various limitsstipulated above, the number of directors shall be freely determined in the articles of association.