Companies Law

1. If the company is incorporated for a fixed term, said term may be extended prior to its termination for another term pursuant to a decision issued by the general assembly of partners which comprises any number of partners Companies Law owning half of the represented capital interests, unless the company’s articles of incorporation provide for a greater majority. 2. If a decision to extend the company’s term is not issued and the company continues to operate, its term shall be extended for a similar term subject to the same conditions stipulated in its articles of incorporation. 3. A partner who does not want to continue with the company may withdraw therefrom, and his interests shall be valuated in accordance with the provisions of Article 178 of this Law. An extension shall not take effect until the interests of said partner are sold to the other partners or to others, as the case may be, and their value is paid to said partner, unless the withdrawing partner and the remaining partners agree otherwise. 4. A party with an interest in non-extension may object thereto and request non- enforcement of such extension against him.