Companies Law

1. If the company has shares of different types or classes, it may convert one type or class into another type or class if provided for in the company’s articles of association. 2. To convert a type or class of shares into another type or class, the approval of the extraordinary general assembly must be obtained, except for cases in which the decision to issue shares stipulates that they are automatically converted into another type or class upon satisfying certain conditions or upon the lapse of a specified period. 3. The provisions provided for in Article 110 of this Law shall apply to cases in which the conversion of shares requires the amendment or cancellation of the rights or obligations associated with a type or class of shares. 4. Common and preferred shares and their classes may not be converted into redeemable shares or any classes thereof except with the approval of all shareholders of the company. 5. The Regulations shall determine the implementing rules of this Article and the manner in which the effects, rights, and obligations of shares are Companies Law managed prior to conversion or thereafter.