Article 511 — Devolution of Share by way of Succession

1/ unless otherwise provided in the memorandum of association, the shares of a deceased member shall devolve upon his heirs. 2/ however, where the heirs do not want to be shareholders, they shall be paid from reserve funds the amount that the deceased’s shares represent in the assets of the company in the final balance sheet. 3/ the right under Sub-Article (2) of this Article shall not apply where the company does not have sufficient reserve that is distributable to shareholders.