Companies Law

1. If in-kind contributions are provided upon the incorporation of a company or upon the increase of its capital, said contributions shall be valuated by an accredited valuer, or more, who shall prepare a report indicating the fair value of the contributions. Such report shall be presented to the incorporators or the extraordinary general assembly, as the case may be, for deliberation. Providers of in-kind contributions may not vote on the decision related to said report. If the incorporators or general assembly decide to reduce the value of in-kind contributions stated in the report, such reduction must be approved by the providers of said contributions. 2. The period between the issuance of the accredited valuer’s report on the fair value of in-kind contributions and the issuance of shares in exchange for said contributions shall not exceed the period specified in the Regulations. Chapter 3: Joint-stock Company Management Section 1: Board of Directors