Article 261 — Auditing Formation Procedure of the Company

1/ The promoters shall have the formation of the company verified by external Auditors once the requirements relating to the formation of the company have been completed. 2/ The Audit shall cover the following: a) the promoters meet the requirements set by law regarding promoters; b) full subscription of the capital of the company; c) the contributions in kind have been effected to the company, valuated by experts and that the expert valuation is correct; d) deposit of cash collected from subscribers in a bank account opened in the name of the company; e) the fulfillment of other requirements set by the law and memorandum of association for the formation of the company. 3/ The Audit report shall be submitted by the Auditor to the meeting of subscribers and approved by the meeting. 4/ The company shall not be registered unless the Audit report confirms the requirements listed under Sub- Article (2) of this Article have been complied with. 5/ Where the contribution in kind is an immovable property or a similar property with respect to which the law requires transfer of title and issuance of document to title, it is sufficient if such property is put in the possession of the promoters or, as appropriate, the founders. [