Article 438 — Payment of Dividends and Right of Shareholders

1/ Dividends may only be paid to shareholders from net profits shown in the approved balance sheet. 2/ Dividends distributed contrary to the provisions of Sub-Article (1) of this Article shall be treated as fictitious dividends; the persons making the distribution shall be criminally and civilly liable. 3/ The general meeting shall, when it decides on distribution of profits, determine the method of payment of dividend and fix the date on which the shareholders are to receive the dividend; the date of payment of dividends may under no circumstances exceed four months from the date on which the resolution to distribute profit was passed. 4/ The general meeting may for a good reason vary or cancel the decision of a preceding general meeting concerning the distribution of dividends or reserves before the expiry of the period fixed under Sub- Article (3) of this Article 5 A shareholder shall become a creditor of the company for the amount of the dividend due to him from the date fixed for payment.