Any company executive who, at the time of an increase of capital
1°) fails to enable shareholders to benefit, proportionately to the amount of their shares, from
the pre-emptive right of subscription for shares issued for cash where such right has not been
cancelled by the general meeting and where the shareholders have not renounced it ; or
2°) fails to reserve a deadline of at least twenty days for shareholders from the opening of
subscription, unless such deadline has expired prematurely; or
3°) fails to allot the shares which become available because of insufficient number of
subscriptions as of right, to shareholders who have subscribed for excess shares which
outnumber the shares they subscribed for as of right, proportionately to the rights which they
enjoy ; or
4°) fails to reserve the rights of holders of subscription certificates, shall be criminally liable.
Official translation
Spot-checked
In force from 17 April 1997
Source page 195