SECTION 905

Any chairperson, director or General Manager of a company who issues transferable securities offered to the public: 1°) without publishing a notice in a newspaper empowered to publish legal notices prior to any publication measure; or 2°) without a prospectus and circular reproducing the information in the notice referred to in paragraph (1) of this article and containing a statement of the publication of such notice in a newspaper empowered to publish legal notices with reference to the number of the newspapers in which it was published ; or 3°) without posters and notices in newspapers reproducing the same information in or at the very least an extract of the information with reference to the said notice and indications of the number of the newspaper empowered to publish legal notices in which it was published ; or 4°) without posters, prospectus and circular stating the signatory or the representative of the company making the offer and specifying whether the securities are quoted or not and, where quoted, on which stock exchange, shall be criminally liable. The same penalty shall be applicable to any person who acts as an accessory in the transfer of transferable securities in violation of the provisions of this article.