Article 271 — Pledge or Usufruct

1/ Where a share is pledged or given in usufruct, the right to vote at meetings shall, unless otherwise agreed, be exercised by the pledgee or usufructuary. 2/ Where there is a preferential right of subscription, such right shall be retained by the shareholder. 3/ The shareholder shall be liable for calls on shares which have been pledged. If the calls are not met, the company may sell the share under Article 289 of this Code. 4/ A usufructuary shall be liable for calls on shares. He may claim for repayment when the usufruct expires. 5/ Persons who hold shares with voting rights in pledge or usufruct shall be registered with the company. Upon registration, the company shall provide them with a certificate of registration.