Israel Company Law 1999

Article C: Objects of the Company

32. A company shall indicate its objects in its articles of association by specifying one of the following objects:

(1) engaging in any lawful business;

(2) engaging in any lawful business apart from the types of business set out in the articles of association;

(3) engaging in the types of business specified in the articles of association.

Notation of purposes of the company in its articles of association

Article D: Registered Share Capital and Distribution Thereof

33. The company shall determine its registered share capital, including the number of shares of each class, in its articles of association.

Registered share capital

34. (a) Shares in the company may all be of nominal value or may all be without nominal value.

(b) Where the shares in the company have no nominal value, their number alone shall be set out in the articles of association; where the shares in the company are of nominal value, the nominal value of each share shall be noted in the articles of association in addition to their number.

(c) Where the shares in the company have no nominal value, the provisions of this Law in respect of registered or issued share capital shall apply, mutatis mutandis, such that the registered share capital shall be the number of shares set out in the articles of association, and the issued capital shall be the number of shares allotted by the company.

Nominal value of shares

Article E: Limitation of Liability

35. (a) The liability of shareholders for the debts of the company may be unlimited, and this shall be stated in the articles of association; where the liability of the shareholders is limited, the manner of limitation shall be set out in the articles of association.

(b) Where the shares in the company are of nominal value, the shareholders shall be liable to pay at least the nominal value of the shares, unless the provisions of section 304 apply.

Limitation of liability