Article 281 — Paying up of Cash Shares

1/ Shares subscribed in cash shall be paid up upon subscription as to one fourth of their par value or where a greater amount is provided in the memorandum of association; the whole of such amount shall be paid. 2/ Unless a shorter period is provided in the memorandum of association, payment of the balance shall be effected within a period of five years from the date of registration of the company.