At least one quarter of the face value of shares representing cash contributions shall be paid
up during capital subscription.
The rest shall be paid up within a period of not more than three years from the date of
registration of the company in the Trade and Personal Property Rights Register, in accordance
with the terms and conditions laid down by the Articles of Association or by a decision of the
board of directors or of the managing director.
Shares representing cash contributions which have not been fully paid up shall be registered
shares.
As long as the capital is not fully paid up, the company may neither increase its capital, unless
such increase of capital is by noncash contributions, nor issue bonds.
Official translation
Spot-checked
In force from 17 April 1997
Source page 95