48. AMENDMENTS TO THE ARTICLES OF ASSOCIATION
The Amendment of the Articles of Association of the Company is of the responsibility of the General Shareholders’ Meeting who has the power to decide on this matter. According to Article 17 of the Company’s Articles of Association (“Constitution of the General Shareholders’ Meeting, Adoption of resolutions”), to validly approve any necessary amendment to the Articles of Association, the Ordinary or Extraordinary Shareholders’ Meeting will need:
- On the first call, that the Shareholders either present or represented by proxy, represent at least fifty percent (50%) subscribed voting capital.
- On the second call, that the Shareholders either present or represented by proxy, represent at least twenty five percent (25%) of the subscribed voting capital.
In the event the shareholders attending represent less than fifty percent (50%) of the subscribed voting capital, the resolutions referred to in the present paragraph will only be validly adopted with the favourable vote of two- thirds (2/3) of the present or represented capital in the General Shareholders’ Meeting.