SECTION 772

Where the company has given its consent to a proposed pledge of shares, such consent shall mean approval of the assignee in case of a mandatory enforcement of the pledged shares, unless the company prefers to repurchase these shares without delay to reduce its capital. The shares pledge plan shall be enforceable against the company only if it has been approved by the structure designated for that purpose by the articles of association to grant approval to sharestransfer. Absentprior consent given by the company, the transfer of ownership of shares occurring in connection with the enforcement of a pledge shall be subject to the approval thereof.