Article 411 — Reduction of Capital by Debenture Issuing

Company Notwithstanding the provisions of Article 410 Sub- Article (2) of this Code, where a reduction of capital is necessary owing to losses, the amount of the legal reserve shall continue to be calculated on the basis of the capital existing at the time of issue for so long as the capital and the legal reserve are less than the value of the unredeemed debentures.