SECTION 321

The Articles of Association may provide that in case of the death of a member, one or more of heirs or a successor may become members only after they have been accepted under the conditions laid down by the Articles of Association. Under penalty of nullity of such provision, the time limit granted the company for such acceptance shall not be longer than that provided for in Articles 319 and 320 of this Uniform Act and the required majority may not be more than the one provided for in Article 319. The acceptance decision shall be notified to each of the interested heirs or successor concerned by hand-delivered letter against a receipt or by registered letter with a request for acknowledgement of receipt. In case of non-acceptance, the provisions of Articles 318 and 319 of this Uniform Act shall apply and where no solution provided for under this article is implemented within the prescribed time limits, the acceptance shall be deemed to be granted. The same shall apply where no notification has been sent to the persons concerned. Section 2 Pledge of company shares