"XXII\٨ سكة حديد بغداد" [و‎‎٣‎٤] (١٩٤/٦٦)

certificates which slnll he issued subsequently in accordance with the requirements
resulting from the provisions and conditions of the concession. The initial share capital
of the company amounts to 15,000,000 fr., or 12,240,000 marks, or 600,000/., divided
into 30,000 shares of a nominal amount of 500 fr., or 408 marks, or 20/. each. The share
capital may be increased by 50 per cent, by the general meeting.
The Ottoman Anatolian Kailway Company will subscribe 10 per cent, of the share
capital; these shares will be non-transferable, and the Ottoman Anatolian Kailway
Company shall not dispose of them without the consent of the Imperial Ottoman
Government.
The Imperial Ottoman Government shall also have the right of subscribing to the
extent of 10 per cent, of the share capital.
Art. 7 . The company shall not be definitely constituted until after the whole of the
capital has been subscribed, and the first tenth of such capital has been paid up.
Scrip showing the amounts paid shall be issued to the subscribers, to be
exchanged for definitive certificates after one-half of the capital has been paid up.
Nevertheless, the shares subscribed by the Ottoman Anatolian Kailway Company shall
remain inscribed in the name of that company.
The shares shall be worded on one side in Turkish, and on the other in German,
French, and English.
The remaining 90 per cent, shall be called up as and when required by the company,
in accordance with the decisions of the board of directors, and after notice has been
inserted, at least thirty days beforehand, in several newspapers, official or otherwise,
published at Constantinople or in other countries.
Art. 8 . The certificates shall be nominative until the first half of the amount of
the shares is paid up ; they cannot be negotiated until the first tenth has been paid
up. Negotiation is effected by a transfer on the company’s registers, signed by the
transferor and the transferee and one of the directors ; mention of the transfer will be
noted on the certificate.
After the first half has been paid up the shares shall be to bearer.
Art. 9 . Every share is indivisible for the purposes of the company, and it
recognises no subdivisions.
The heirs or assigns of a shareholder cannot, for any motive whatsoever, cause
the placing of seals on the property and valuables of the company, neither can they in
any way intervene in its administration ; they must, for the exercise of their rights,
have recourse to the company’s accounts and to the decisions of the general meeting.
Art. ] 0 . All payments in arrear bear interest ipso facto in favour of the company
at 6 per cent, per annum from their due date, no summons being necessary.
Art. 11 . In the event of failure to pay the instalments at their due date, the
company takes proceedings against the debtors and may cause shares which are in
arrears to be sold.
For this purpose the numbers of such shares are published in the newspapers as
being in default, and fifteen days after publication the shares are sold for the credit of
and at the risk and peril of, the defaulter, without any summons to the latter or
judicial formality; this sale takes place on the exchanges of Constantinople and Berlin,
and on other exchanges if the shares are quoted, and, if not, by public auction.
The certificates thus sold become ipso facto null and void ; new ones, bearing the
same numbers are issued to the purchasers.
In accordance with the law the company’s claim is a first charge on the product
of the sale, and the dispossessed shareholder is either liable for the deficiency or is
entitled to receive the surplus.
Clause III .—Administration of the Company.
Art. 12 . The company is administered by a board of directors composed of at least
eleven members. At least three members of the board of directors shall be appointed
by the Ottoman Anatolian Kailway Company, which will exercise this right through
its board of directors. The other directors shall be appointed by the general meeting.
Three members of the board of directors shall be Ottoman subjects.
The board of directors meets at Constantinople.
Art. 13. The term of office of members of the board is three years; the first year
shall be calculated from the date on which the constitution of the company is effected to
the conclusion of the ordinary general meeting following on the close of the corresponding
financial year. The board is renewed each year by the retirement of one-third of its
members. The retiring members are d 3 signated by ballot for the first two years and
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