INDIVISIBILITY OF SHARES – USUFRUCT. The shares are indivisible towards the Company. The co-owners of undivided shares are represented at general meetings by one of them or by a common proxy of their choice. In the absence of agreement between them on the choice of a representative, a proxy is appointed by order of the President of the Commercial Court petitioned by the most diligent co- owner. The voting rights attached to the share belong to the usufructuary in ordinary general meetings (in particular those deciding on the allocation of the annual profit) and to the bare owner in extraordinary general meetings. However, the holders of shares whose ownership is dismembered may agree among themselves on any other distribution for the exercise of voting rights at general meetings. In this case, they must bring their agreement to the attention of the Company by registered letter addressed to the registered office, the Company being required to respect this agreement for any meeting that meets after the expiry of a period of one month following the sending of the registered letter. Notwithstanding the above provisions, the bare owner and the usufructuary have the right to participate in all general meetings.
