Statutes – Article 11 – Share capital

1 – The share capital is variable. It consists of cash contributions representing the nominal value of the shares subscribed by the associates.

It increases as a result of new subscriptions and decreases as a result of withdrawals of contributions.

2 – The statutory share capital is composed of:

– The founding share capital which has been fully subscribed and which has been set at the sum of 3,518 euros (three thousand five hundred and eighteen euros), representing 2,308 shares with a nominal value of 1.52 euros.
– 80,000 new shares that have been or will be created as subscriptions are received. These shares are allocated to new associates upon their admission to the society.

3 – Each associate may hold no more than one share.

The Ordinary General Assembly may decide to revalue the nominal value of the share.

4 – The statutory share capital may be increased by the creation of new shares by decision of the Extraordinary General Assembly of Shareholders.

The Extraordinary General Assembly may also decide to reduce the statutory share capital.

In any event, the actual share capital may not be less than one tenth of the statutory share capital.

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