S.L. 386.2 Art. 3Fractional shares.

(1) A SICAV may, if so authorised by its memorandum of association, issue fractional shares up to such number of decimal places, not being less than three, as shall be specified in the memorandum of association, and under such terms and conditions as may be stipulated therein.

(2) Fractional shares shall be automatically consolidated into a whole share of the same class when the fractional shares held by one shareholder become equal to a whole share.

(3) A fractional share shall carry no voting rights in general meetings of the company.