Conversion shall be effected where the amount of a reserve account constituted by deductions
from the profits of the company is equivalent to the amount of shares redeemed or to the amount
of the corresponding category of shares.
The board of directors or the managing director, as the case may be, shall be empowered to
make the necessary amendments to the clauses of the Articles of Association in so far as the
said amendments correspond materially to the results of the operation.
Official translation
Spot-checked
In force from 17 April 1997
Source page 148