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COLOMBIAN COMMERCIAL CODE Section II Subscription of shares Article 384 .- The subscription of shares is a contract whereby a person agrees to pay a contribution to society in accordance with relevant regulations and submit to their statutes. In turn, the company agrees to recognize the quality of shareholder and give the corresponding title. The subscription agreement may not agree on any provision that an outflow of capital subscribed or paid. Article 385 .- Shares not subscribed for in the act of constitution and the Company subsequently issued will be placed according to the rules of subscription. With the exception of preference shares and enjoy the absence of express statutory provision, the board shall adopt rules of procedure of subscription. Article 386 .- The share subscription rules contain: 1. The number of shares offered, which may not be less than those issued; 2. The proportion and how they can subscribe; 3. The ...

COLOMBIAN COMMERCIAL CODE CHAPTER III Company limited by shares Article 343 .- The constitutive act of the society need not be limited partners involved, but the writing always state the name, address and nationality of the subscribers, the number of shares subscribed, their nominal value and the share paid. The limited by shares can not be established or operated with less than five shareholders. Article 344 .- The capital of the company limited by shares will be represented in securities of equal value. While the shares have not been fully paid will necessarily be registered. The contribution of industry partners, managers do not form part of social capital. Such members may subscribe shares of capital without losing the quality of buses. Article 345 .- By becoming the company must sign at least fifty percent of the shares to divide the authorized capital and paid even a third of the value of each share subscribed. In subsequent s...