Shares may not be issued at a price lower than their nominal value, or, where there is no nominal value, their accountable par.
However, Member States may allow those who undertake to place shares in the exercise of their profession to pay less than the total price of the shares for which they subscribe in the course of this transaction.
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Chapter IV · Capital maintenance and alteration › Section 1 · Capital requirements › Article 47
Issuing price of shares
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