TITLE II: Provisions specific to various commercial companies.

The draft articles of association are drawn up and signed by one or more founders, who file a copy with the clerk of the commercial court of the place of the registered office. The founders publish a notice under the conditions determined by decree in the Conseil d’Etat. No subscription may be received if the formalities provided for in the first and second paragraphs above have not been observed. Persons…

The capital must be fully subscribed. Cash shares are paid up, at the time of subscription, by at least half of their nominal value. The remainder is paid up in one or more instalments by decision of the Board of Directors or the Management Board, as the case may be, within a period that may not exceed five years from the date of registration of the company in the Trade…

Subscription of shares for cash is recorded by a bulletin drawn up in accordance with the conditions determined by decree of the Conseil d’Etat.

The funds from cash subscriptions and the list of subscribers with an indication of the sums paid by each shall be deposited under the conditions determined by decree in the Conseil d’Etat, which shall also determine the conditions under which the right to access this list is opened. With the exception of the depositaries referred to in the decree provided for in the previous paragraph, no one may hold the…

Subscriptions and payments are evidenced by a certificate issued by the custodian, at the time the funds are deposited, on presentation of the subscription forms.