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Procedure for Transformation of a Joint Stock Company
Article 264
A resolution to transform a joint stock company into another type of company shall be valid if not less than two years have elapsed from its formation and the financial statements for the two years have been approved. The said resolution shall be passed with a two thirds majority of the shares represented. In determining the majority, the company's shares and the nonvoting shares shall be deducted from the capital stock. The by-laws may provide for a greater majority, as well as for other requirements.
Transformation of a Joint Stock Company into a Limited Liability Company
Article 265
Where a joint stock company is transformed into a limited liability company, each shareholder shall exchange its stock for an equivalent share in the registered capital.
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