SECTION 893

Any directors, chairperson of the board of directors, Chairperson Managing Director, General Manager, Managing Director or assistant managing director of a public limited company who, on the occasion of an increase of capital, issue shares or share coupons: 1°) before the establishment of the depositary’s certificate; or 2°) without due compliance with the preliminary formalities for an increase of capital; or 3°) without the previously subscribed capital of the company having been fully paid up; or 4°) without the new non-cash shares having been fully paid-up before the registration of the amendment in the Trade and Personal Property Rights Register; or 5°) without one quarter of the nominal value of the new shares having been paid up at the time of subscription; or 6°) where necessary, without the totality of the issue premium having been fully paid up at the time of subscription, shall be criminally liable. Penalties shall also be applied against persons referred to in this article who fail to maintain the shares issued for cash in registered form until they are fully paid up.