Article 225 of Companies Law

By a resolution issued by the ordinary general assembly upon a proposal by the board of directors, a percentage not exceeding ten percent of net profits may be deducted annually to form a voluntary reserve allocated to the purposes determined by the assembly. Article 226 (1) Subject to the provisions contained in the company's constitutive contract, the ordinary general assembly may, upon a proposal by the board of directors, distribute profits to shareholders at the end of the financial year or at the end of each financial period. For such distribution to be valid, it must be made from actual profits, in accordance with generally accepted accounting principles, and must not affect the company's paid-up capital. Chapter Ten Auditor