English
1/ A subscriber who makes a contribution in kind shall
submit an expert valuation report.
2/ The report shall contain a detailed description of the
property contributed, the value given to each item,
and the method of valuation. The report shall be
annexed to the memorandum of association.
3/ The valuation of contribution in kind shall be verified
by the promoters and formation auditor before the
meeting of subscribers takes place.
4/ Where the company under formation is not formed by
public subscription, the contribution in kind shall be
verified by the founders of the company.
5/ Notwithstanding the approval of the valuation
pursuant to Sub-Article
(3) and
(4) of this Article, the
board of directors and Auditors shall verify the
valuation of the contributions in kind within six
months from the date of registration of the company.
They shall also ensure that the property contributed is,
as appropriate, registered in the name of the company
and the necessary title deed is issued in the name of
the company.
6/ The contributor shall make good the difference,
where inspection and verification carried out pursuant
to Sub-Article
(5) of this Article shows that the value
of the contribution is lower than the valuation
accepted by one tenth or more. Where the shareholder
concerned fails to pay the difference, his share and
the capital of the company shall be reduced
accordingly.
