Article 465 — Manners of Reduction of Capital

1/ A reduction of capital shall be effected: a) by reducing the part value of shares; or b) by exchanging old shares for a lesser number of shares. 2/ Where a general meeting resolves that a reduction of capital shall be effected as provided in Sub-Article (1) (b) of this Article, the shareholders holding an insufficient number of shares to be exchanged shall within the period fixed by the meeting make up the number of shares to a number which can be exchanged or dispose of their shares to another shareholder.