SECTION 405

The proceedings shall only be valid if subscriberspresent or represented own at least half of the shares. Where the quorum is not met, a secondnotice of meeting shall be sent to subscribers, at least six (6) days before the date set for the meeting. On the second notice of meeting, proceedings shall be valid only if subscribers presentor represented own at least a quarter of the shares. Where this last quorum is not met, the meeting shall be held within a period of two months from the date set by the second notice of meeting. The subscribers shall be calledat least six days before the date of the meeting. On the third notice of meeting, proceedingsshall be valid only where the quorum conditions referred to in the paragraph above are met.