Article 272 — Manners of Issuance of Shares

1/ Shares may be issued in paper or incorporeal form. The manner of issuance of shares shall be determined in the memorandum of association or amendments thereto. 2/ An incorporeal share is a share created electronically by an institution authorized by law to issue such shares and retained by such institution in an electronic share account. 3/ A company established before the introduction of electronic share accounts by institutions authorized by law pursuant to Sub-Article (1) of this Article may decide to replace shares issued in paper form by incorporeal shares by the decision of an extra- ordinary general meeting. Such decision shall be valid only where pledgees of shares of the company confirm their acceptance of the decision in writing.