Companies Law

1. An ordinary general assembly meeting shall be deemed valid only if attended by shareholders who represent at least a quarter of the company’s voting shares, unless the company’s articles of association stipulate a higher percentage, provided that such percentage does not exceed half of the voting shares. 2. If the quorum required for an ordinary general assembly meeting is not satisfied as stipulated in paragraph (1) of this Article, a call shall be made for a second meeting to be held under the same conditions stipulated in Article 91 of this Law within 30 days following the date set for the first meeting. The second meeting may be held one hour after the end of the period set for the first meeting, provided this is permitted by the company’s articles of association and the invitation for the first meeting provides for the possibility of holding a second meeting. In all cases, the second meeting shall be deemed valid regardless of the number of voting shares represented therein. 3. Decisions of an ordinary general assembly meeting shall be passed by the Companies Law majority vote of voting rights represented therein.