By the terms of Article 29, subparagraph 3 of Law no. 83-1 of January 3, 1983, all securities in place of or supplemental to those securities subject to a pledge are included in the basis of the pledge. The commercial division of the Cour de Cassation decided on January 10, 1995 that such is not the case for new shares issued at the time when the capital was increasing, except if these shares were subscribed by the exercising of a right attached to the former shares.

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