Where the winding up of the company is not pronounced, the company shall be bound, no later
than at the close of the second fiscal year following the one during which the losses were
recorded, to reduce its capital by an amount at least equal to the amount of the losses that have
not been charged to the reserves where, within such time limit, the shareholders’ equity has not
been reconstituted up to a value at least equal to half of the registered capital.
Official translation
Spot-checked
In force from 17 April 1997
Source page 149