Article 248 — Promoters and Members of a Company Formed by

1/ A promoter shall mean a person who initiates the formation of a company by public subscription, invites persons to join the company by preparing a prospectus or generally acts with the view to realizing the formation of the company and is liable for damage sustained in connection with failure to establish the company, if the company is not formed. An expert who based on a contract concluded with a promoter, for consideration, conducts a study necessary for the formation of the company, renders professional support or similar service is not a promoter. 2/ The promoters of a share company may be one or more natural or artificial persons. A promoter need not be a shareholder in the company. 3/ The number of shareholders of a share company may not be less than five.