Companies Law

1. The shares of a joint-stock company shall be nominal and indivisible against the company. If a share is owned by several persons, they shall choose one person from among themselves to represent them in the use of rights related thereto. Said persons shall be jointly and severally liable for obligations arising from the ownership of such share. 2. The company's articles of association shall specify the nominal value of its shares; shares of the same type or class shall be of equal nominal value. 3. Subject to paragraph (2) of this Article, shares may be divided into shares of a lower nominal value or merged in order to become shares of a higher nominal value. The Competent Authority may set the rules necessary therefor. 4. An unlisted joint-stock company shall issue a paper or electronic certificate establishing the shareholder's ownership of the share.