Article 45
Proprietor's capital which is less than half of the company's capital If, by reason of the losses ascertained in the accounting documents, the proprietor's capital of the company falls below half of the company's capital, the Board of Directors shall be required to call an extraordinary general meeting within the four_month period following the approval of the accounts which revealed these losses in order to decide whether the company should be dissolved earlier than intended. If the decision is not in favour of dissolution, the company shall be required, not later than the closure of the second financial year following the year in which the losses were ascertained and subject to the legal provisions relating to the minimum amount of capital of sociétés anonymes, to reduce its capital by an amount at least equal to that of the losses which could not be charged to the reserves if, within that period, the proprietor's capital has not been replenished to an amount at least equal to half of the company's capital.