SECTION 837

A public call without pre-emptive right of subscription to new shares which confer on their holders the same rights as old shares shall be subject to the following conditions: 1°) the call shall be realized within a period of three years from the date of the meeting which authorized it; 2°) for companies whose shares are listed on the stock exchange, the call price shall be at least equal to the average price recorded for those shares for twenty consecutive days chosen from the forty that precede the day call begins, after adjusting the average to take into account the difference in the date of enjoyment; 3°) for companies other than those referred to in paragraph (2) of this article, the issue price shall, at the company’s choice, with account being taken of the difference in the date of enjoyment, be at least equal to the part of stockholders’ equity per share as deduced from the last balance-sheet approved on the date of issue, or at a price fixed by an expert designated by the competent court giving a summary judgment.