Article 127 of Companies Law

The founders shall subscribe for shares representing not less than ten percent of the company's issued capital. Before inviting the public to subscribe, they shall deposit the proportion required to be paid of the value of these shares with a local bank, for the account of the company under incorporation, and submit a certificate thereof to the Ministry. The Executive Regulations may include procedures for opening the account of the company under incorporation and the manner of depositing and retaining the sums and verifying the balances deposited therein, so as to dispense with the certificate referred to in the preceding paragraph.