a— In case the company's capital is to be increased, the shareholders shall have priority right to subscribe for the new shares, and any provision to the contrary shall be null and void.

b— The shareholders shall be notified by registered mail of their priority to subscribe for the new shares of the date of opening subscription and the date of closing thereof and of the price of the new shares.

c— Each shareholder shall express his wish to exercise his right of priority to subscribe for the new shares within fifteen days from the date of sending the registered letter referred to in the foregoing paragraph.

d— The priority right may be assigned to third parties against money to be agreed upon between the shareholder and the assignee if the company's articles of association so provide or if the general assembly so decides.