Article 77. Disunited Exercise of Voting

(Compare Article 180 of the former Commercial Code)

1. The establishment shareholders, can exercise their votes in a disunited way. In this situation, by three days prior to the date of the general meeting of establishment, notice must be given to the incorporators to that effect and the reasons therefore

2. When the establishment shareholder of the previous paragraph is not a party subscribing to the shares to be issued at the time of incorporation for the benefit of another party, can refuse that the said establishment shareholder, based on the provisions of the previous paragraph, is to exercise its votes in a disunited manner.

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