Article 416 — Calling and Holding of Debenture Holders`

1/ A meeting of debentures holders may be called by the company or by the representative of the debenture holders, if any, or debenture holders representing twenty percent of the issued and unredeemed debentures. 2/ The provisions of this Code relating to the calling and holding of shareholders` general meetings shall also apply mutatis mutandis to the calling and holding of debenture holders` meetings. 3/ Directors, members of the supervisory board or auditors or employees of the company having issued debentures or of companies having guaranteed such issue may not represent debenture holders in general meetings. 4/ Holders of debentures which have been redeemed by the company may not take part in meetings. 5/ The company which has redeemed debentures may not take part in the debenture holders` meetings. This prohibition shall likewise apply to a company which holds more than thirty percent of the capital of the company which has issued the debentures. 6/ The calling and holding of general meetings of debenture holders shall be at the expense of the debtor company.