Article 291 — Rights Arising Out of Shares

1/ Every share shall confer a right to participate in the annual net profits and to a share in the net proceeds on a winding-up. 2/ Unless otherwise provided in the memorandum of association, the share in the profits and in the proceeds on a winding-up due to a shareholder shall be calculated in proportion to his holding in the paid up capital of the company. 3/ Every share shall confer voting rights. The voting rights attached to a shareholder shall be in proportion to the amount of capital represented by his shares. 4/ Every shareholder has a preferred right, in proportion to his holding, to purchase of cash shares issued on an increase of capital. 5/ The provisions of Article 448457 of this Code shall apply to the exercise of the right indicated in Sub- Article (4) of this Article 166 of 611 --