SECTION 829

The board of directors of the companies referred to in Articles 828 to 853 of this Uniform Act shall, as of necessity, comprise at least three members and at most fifteen members where its shares are listed on the stock exchange. However, to include the total number of directors in office for more than six months in the merged companies in case of a merger involving one or more companies whose shares are quoted on the stock exchange of one or more State Parties, the number of members may exceed fifteen but may not exceed twenty. No new directors may be appointed even to replace directors who are deceased, dismissed or have resigned as long as the number of directors has not been reduced to fifteen where the shares of the company are quoted on the stock exchange of one or more State Parties. Where a company quoted on the stock exchange of one or more State Parties is struck off from those stock exchanges, the number of directors shall as soon as possible be reduced to twelve. Within the various limits fixed above, the number of directors shall be freely determined in the Articles of Association.