1. Founders' shares, whether in cash or in kind, may not be traded prior to the publication of the balance sheet and the profit and loss account for at least two fiscal years of the date of listing the Company on the financial market in the State or of the date of registration of the Company in the commercial register maintained by the Competent Authority, in the case of companies exempted from listing. Such shares shall bear an annotation indicating that they are founders' shares. The provisions of this Article shall apply to shares subscribed for by founders in connection with a capital increase prior to the end of the restriction period. 2. During the restriction period, such shares may be pledged or transferred by way of sale by a founder to another founder or by the heirs of a founder [if deceased] to a third party or by the bankruptcy trustee of a founder to a third party or under a final judgment. 3. The board of directors of the SCA may issue a resolution to extend the restriction period mentioned in Clause [1] of this Article for up to [3] further years.
Interpretation and application must be checked against the official text and current version.