Statutes – Article 12 – Shares

Shares are not represented by any security. They are neither transferable nor assignable in any manner whatsoever, except in the event of death. Their ownership cannot be dismembered.

Heirs or legatees must show the title vesting them with the rights to which they lay claim.

The co-owners of an undivided share in the society shall appoint from among them a single proxy to represent them, in order to exercise, on their behalf, their voting rights for an indefinite period, according to the mandate form drawn up by the society.

Representatives of associates who are absent, deceased or legally incapacitated, as well as the personal creditors of an associate may not under any circumstances during the term of the society or during the liquidation operations cause the affixing of seals on the society’s assets and documents, request the sale or division thereof, or interfere in any way in its administration. For the exercise of their rights, they must refer exclusively to the annual statements of affairs and the collective decisions of the associates.

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