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Article 269
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Under any of the following circumstances a company shall not publicly issue special shares with preference;
- Where its average net profit of the most recent three years or, in case the company has commenced its business for less than three years, of the years the company is in operation, after paying taxes, is not sufficient to pay dividends on special shares already issued and intended to be issued;
- Where it has been in default in making regular payment of dividends on special shares already issued.
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