i— The shareholders shall have priority right to subscribe for the new shares, and any condition to the contrary shall be deemed non-existent.

ii— A statement shall be published in one of the local daily newspapers declaring priority of subscription given to the shareholders, the starting and closing dates thereof and the value of the new shares. The shareholders may also be notified of this statement by registered mail.

iii— Each shareholder shall express his willingness to exercise his priority right in subscribing for the new shares within fifteen days from the date of publication of the statement referred to in the foregoing paragraph.

iv— The priority right may be assigned to a third party against a quid pro quo, to be agreed upon by the shareholder and the assignee.