Article 252 — Founders of the Company

1/ Individuals may, without offering shares for public subscription, establish a share company as between themselves, by fulfilling the requirements of this Code for the formation of a share company. 2/ Subject to any other law requiring a different number, the founders of a share company shall be at least five. 3/ The obligations of promoters specified under Article 250(1)(a),(b),(c),(e),(f) and (h) shall apply to founders as appropriate.