Section XII Dissolution

A joint stock company shall be dissolved:

1.

by resolution of the general meeting of shareholders;

2.

upon the expiration of the time period for which it was formed. The general meeting may pass a resolution to dissolve the company prior to the expiration of the said period;

3.

upon a declaration of bankruptcy;

4.

by a ruling of the court with which the company is registered upon an action brought by the public attorney where the company pursues objectives prohibited by law;

5.

when the capital drops below the minimum required by law for one year. If within this period the general meeting fails to pass a resolution to dissolve the compa ny, the dissolution shall be effected pursuant to item 4;

6.

upon the occurring of the grounds provided for in the by-laws.