Article 130 of Companies Law

No person may subscribe more than once, and the subscription must be definitive, unconditional and genuine. Fictitious subscription, subscription under fictitious names, or alteration of the truth in subscription by any means is prohibited. Without prejudice to Article 134 of this Law, the founders may not subscribe for any number of shares in excess of what is stated in the company’s memorandum of association, whether directly or indirectly. Before distributing the shares, the founders must carefully screen the subscription applications to verify that no violation has occurred, and they must exclude applications that violate the law.