The founders of a public joint stock company shall subscribe for a percentage of at least thirty percent (30%) and not exceeding sixty percent (60%) of the share capital and the remaining shall be offered for public subscription, except in the case of conversion to a public joint stock company, in which case the shareholders or partners in the company may, prior to the conversion, retain seventy-five percent (75%) of the share capital. The Authority may also permit the founders of a company which is converted to a public joint stock company to own a higher percentage than the percentage specified in the preceding paragraph. A single founder shall not own more than twenty percent (20%) of the share capital whether in his/her name or in the names of his/her minor children who are less than eighteen (18) years of age, except in the case of conversion, in which case the founders may retain their contribution if such contribution exceeds the percentage prescribed for each founder. Companies fully owned by the State and holding companies shall also be exempt from the prescribed percentages. The founders shall submit to the Authority evidence of their subscription according to the percentage prescribed for them, prior to approval of the procedures of public subscription. The founders shall not thereafter subscribe for shares offered for public subscription.
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