SECTION 827-2

The capital must be fully subscribed. Shares issued for cash shall be paid up, upon subscription of the capital, by at least a quarter of their nominal value. The balance shall be paid within a period which may not exceed three (3) years from the registration of the company with the register of commerce and securities following a decision of the board of directors and in accordance with the terms it sets. Shares representing cash contributions not fully paid-up shall remain in their nominative form. Insofar as the capital is not fully paid, the company may neither increase its capital, unless such increase is achieved through contributions in-kind, nor issue bonds. Contributions shares shall be fully paid upon issue. Shares may not represent contributions of services.