SECTION 775

In the event of non-payment ofthe balancefor unpaid shares by the time prescribed by the board of directors or the general director, as the case may be, the company shall send a demand letter to the defaulting shareholder by hand-delivered letter to against a receipt or by registered mail with request for acknowledgement of receipt. P. 206 of 267 One (1) month after such demand letter has remained without effect, the company shall, on its own initiative, proceed with the sale of those shares. Effective on the same date, unpaid shares for which payment due have notbeen made shall cease to give voting rights in shareholders ' meetings and shall be deducted for the calculation of quorum and majority. At the expiration ofsuchone (1) month period, the right to dividends and pre-emptive subscription right for capital increases attached to such shares shall be suspended until payment of sums due.