The provisions of Articles 643 and 646 of this Uniform Act shall not apply where the general
meeting has authorized, in a bid to facilitate an increase of capital, a merger or a scission, the
board of directors or the managing director, as the case may be, to buy a large number of shares
representing not more than 1% of the amount of registered capital with a view to cancelling
them.
Likewise, these provisions shall not apply where the company redeems shares whose transferee
has not been approved.
The auditor shall express his opinion on the advisability and conditions of the planned purchase
of shares in his report on the projected operation.
Official translation
Spot-checked
In force from 17 April 1997
Source page 145