Article 264 — Special Rules Regarding Resolutions of Subscribers`

1/ Resolutions of subscribers` meetings shall be drawn up and signed by all the promoters or founders and the members of the board of directors that were elected at the meeting that happened to be present at the meeting. All documents submitted to the meeting shall be annexed to the resolutions. 2/ Any subscriber may take part in the discussions at the meeting and vote. 3/ Persons who contributed in kind may not vote with regard to a resolution approving the valuation of their contributions and the same shall apply to promoters as regards the special allocation of profits to them. 4/ Amendments of substance to the draft memorandum of association may not be made without the unanimous approval of subscribers. Nevertheless, approval by a majority vote shall be sufficient where the amendments relate to valuation of contributions in kind or allocation of special share in the profits to the promoters.