Company Act Article 67Aug. 1, 2018

A shareholder may, by unanimous agreement of all other shareholders, be expelled under any of the following circumstances:

1.Inability to contribute the capital which should have been contributed or failure to do so despite repeated demand;
2.Violation of the provisions of Article 54 Paragraph 1;
3.Improper conduct detrimental to the interest of the company; and
4.Failure to attend to important duties of the company; however, such expulsion shall not be valid in respect of such a shareholder until after due notice has been given.

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Company Act Article 54Aug. 1, 2018

A shareholder, without the unanimous consent of all other shareholders, shall not be a shareholder of unlimited liability of another company or a partner in a partnership business.

A shareholder who conducts business of the company, shall not, on his own account or on behalf of another, engage in the same business as that of the company.

In case a shareholder who conducts business of the company violates the provisions of the preceding paragraph, all other shareholders may, by a majority of vote, consider the earnings in such an act as earnings of the company unless one year has lapsed since the realization of such earnings.

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