(1) Prior to entry in the Commercial Register, a stock corporation does not exist as such. Anyone acting in the name of the company prior to its having been registered will be personally liable; where several individuals take any action, they are jointly and severally liable.
(2) Where the company assumes an obligation that was entered into on its behalf prior to the company having been registered, and does so by way of a contract with the debtor such that the company takes the stead of the current debtor, this assumption of the obligation will not require the consent of the creditor in order to be effective if the assumption of the obligation is agreed within three months of the company having been registered and the creditor is notified of this assumption of the obligation by the company or the debtor.
(3) The company may not assume any obligations arising from contracts that have not been specified in the by-laws and that concern special benefits, formation expenses, contributions in kind or acquisitions of assets.
(4) Prior to entry of the company in the register, share interests may not be transferred, while shares of stock or temporary share certificates may not be issued. Any shares of stock or temporary share certificates issued previously are null and void. The issuers will be jointly and severally liable to the holders for any damages resulting from the issuance.