Article 475 — Appointment and Removal of Liquidators

1/ Where liquidators have not been appointed in the memorandum of association, they shall be appointed by the extraordinary general meeting which resolved dissolution. 2/ Where liquidators are not appointed under Sub-Article (1) of this Article, they may be appointed by the court on the application of the board of directors, supervisory board, Auditors, shareholders or creditors. 3/ The appointment of liquidators pursuant to Sub- Article (1) of this Article may be revoked by the extraordinary general meeting; the liquidators may, regardless of the manner of their appointment, be removed by the court for good cause on the application of persons indicated under Sub-Article (2) of this Article. 4/ The body that removed liquidators in accordance with Sub-Article (3) of this Article shall appoint new liquidators.