The right to the allocation of free shares, as well as fractional shares that may result for shareholders of the capital increase by incorporation of reserves, profits or contribution, issue or merger premiums are negotiable and transferable.
However, the extraordinary general meeting may, under the conditions of quorum and majority provided for in article 565 above, expressly decide that fractional shares are not negotiable and that matching shares must be sold.
Proceeds from the sale shall be alloted to holders of fractional shares no later than thirty (30) days following the date of registration into their account of the whole number of shares allotted.
Unofficial translation
Transcription: Spot-checked
In force from 05-05-2014
Source page 152
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 566 of the Acte uniforme révisé relatif au droit des sociétés commerciales et du groupement d'intérêt économique/akn/ohada/act/loi/2014-01-30/auscgie-2014
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