|EXHIBIT 1.1


The following document is
an unofficial translation of our bylaws provided for the convenience of our
English speaking readers.


HAVAS


Société Anonyme(1) with
capital of EUR 122,478,663.60 2, allee de Longchamp  92150 Suresnes (France) 

         Registry of Commerce and Companies of Nanterre No. 335 480 265



BYLAWS


(Bylaws
amended pursuant to the Combined Shareholders Meeting of May 26, 2004)
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|(1) | Corporation.
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|TITLE I


OBJECTS AND PURPOSES
 CORPORATE TITLE   TERM   REGISTERED OFFICE


Article 1:
Form of the Company


The Company is formed as a
société anonyme(corporation) and is governed by the Sections L. 210et seq. of
the French Commercial Code and by these bylaws.


Article 2:
Objects and Purposes


The objects and purposes of
the Company in France and in any country shall be:
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| |  | advertising and communication in all forms, on its own behalf or in partnership,
through management, trusteeship or brokerage, and through all current and future
processes and means and for all purposes;
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| |  | providing services, regardless of the nature thereof, to any person or legal
entity, including the performance of technical, financial, commercial or
administrative research on its own behalf and on behalf of third parties;
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| |  | any production, sales, distribution activities, more particularly in
rapidly-developing sectors or sectors with significant communication impact;
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| |  | conducting technical or administrative research pertaining to the acquisition,
disposal, refurbishment or construction of buildings; managing real-estate
projects for construction and administration of any real-estate and rights;
acquiring, through the purchase, contribution, exchange or otherwise, for
management or sale, of any real-estate or rights and any shares or interests in
real-estate companies; constructing, refurbishing and enhancing buildings;
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| |  | acquiring interests and direct or indirect equity investments by any means in
any companies or businesses currently formed or to be formed in the future,
forming companies, contributions, subscriptions of shares, bonds or other
securities, acquiring rights in partnerships, limited partnerships or other
partnerships, merger, alliance and, by any other means, and in any other forms
used in France and abroad; managing, selling, exchanging such securities and any
other partnership rights; and,
more generally, any industrial, commercial or financial, real-estate or securities
transactions that may be directly or indirectly related to the Companys objects and
purposes or facilitate the completion and development thereof.
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|Article 3:
Corporate Name


The corporate name of the
Company shall be: HAVAS.


Article 4: Term


The Companys
thirty-year term, which commenced on 12 July 1900, the date of the founding
Meeting of Shareholders, was extended, first by fifty years, to end on 12 July
1980, then by seventy years, to end on 12 July 2050, except in cases of
premature dissolution or extension by action of shareholders.


Article 5:
Registered Office


The Companys
registered office shall be at 2 allee de Longchamp, 92150 Suresnes (France).


It may be transferred to
any other location in the same departément [French administrative division] or
in a neighboring departémentby action of the Board of Directors, subject to
approval of such action by shareholders at the next Ordinary Meeting of
Shareholders, and to any other location by action of shareholders at the
Extraordinary Meeting of Shareholders.


TITLE II


CAPITAL
STOCK  SHARES


Article 6:
Registered Capital


The capital stock shall be
EUR 122,478,663.60, divided into 306,196,659 shares with a nominal value of EUR
0.40 each, fully paid for, all of the same class.


Article 7:
Changes in Capital Stock


The capital stock may be
increased by action of shareholders at the Extraordinary Meeting of
Shareholders, either by subscription of new shares paid for in cash or by offset
with liquid and due claims on the Company, by contributions in kind, by
conversion of bonds, by incorporation of reserves, profits or issue premiums. In
this last case, the Extraordinary Meeting of Shareholders shall deliberate under
the conditions of quorum and majority that are stipulated for the Ordinary
Meetings of Shareholders and any increase in capital may then be made by
increasing the par value of the existing shares.
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|In the event of a capital
increase by issuing shares payable in cash and barring contrary action of the
Extraordinary Meeting of Shareholders taken in accordance with applicable laws,
the owners of the shares previously created that have made the assessed payments
shall have, in proportion to the amount of such shares, a preemptive right to
subscribe to the new shares, which right shall be exercised in the manner and
within the time limits that the Board of Directors will determine pursuant to
the law and shall be tradable under the same conditions as the shares, during
the subscription period.


Shareholders who, due to
the number of their shares, are unable to obtain a new share or a whole number
of new shares, shall have the option to join together to exercise their right,
but this shall not be regarded as a joint subscription.


The Meeting of Shareholders
may also, by virtue of a resolution adopted as stated above, decide to reduce
the capital stock for any reason and in any way, especially by way of redemption
to shareholders, buyback or cancellation of the Companys shares, or an
exchange of old stock certificates for new certificates, in an equivalent or
smaller number, whether or not they have the same par value and, if applicable,
with obligation to transfer or purchase old shares to enable the exchange even
when it is not due to losses.


In the event of a capital
reduction not caused by losses, bondholders and creditors may contest it by
virtue of the provisions of Section L 225-205 of the French Commercial Code.


The Company shall be
prohibited from subscribing for its own shares, either directly or through a
person acting in his own name but on the Companys behalf.


The Company may purchase
its own shares only in the case set forth in Section L 225-205 of the French
Commercial Code.


The Company shall be
prohibited from taking its own shares in pledge, directly or through a person
acting in his own name but on the Companys behalf.


The Company may not advance
funds, grant loans or grant a surety bond for subscription or purchase of its
own shares by another party.


These provisions shall not
apply to transactions conducted for employees to acquire shares of the Company
or of one of its subsidiaries.


Article 8:
Nonpayment of Shares


In the event of a capital
increase by issue of shares in cash and when the payment for the new shares has
not been made at time that was determined for such payment, interest shall be
owed for each day of delay in payment at the rate of 7% per annum, with no need
to file a legal claim action and without prejudice to the voidance of the
subscription.


At least one month after
formal notice by registered letter with return receipt requested, with no
response, the Board of Directors may sell said shares without any authorization
from a court of law.
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|Such sale shall then be
conducted pursuant to the methods indicated by current regulations.





The net proceeds from the
sale of such shares shall be allocated, pursuant to law, to what is owed in
principal and in interest to the Company by the expropriated shareholder, who
shall continue to owe any negative difference or be entitled to the surplus.


Thirty days after the
aforementioned formal notice, the shares on which the payments due have not been
made shall cease to give the right to admission to and voting at Meetings of
Shareholders and shall be disregarded for calculating the quorum; the right to
dividends and the preemptive right of subscription for capital increases
attaching to such shares shall be suspended; after payment of the amounts owed,
in principal and interest, the shareholder may request the payment of dividends
that are not time-barred; he may not bring an action under the preemptive right
of subscription for a capital increase after the deadline set for exercising
that right has expired.


The Company may also bring
a personal and ordinary action against the shareholder and its guarantors,
either before or after the sale of the shares, or concurrently with such sale.


Article 9: Form of Shares


Regardless of their origin,
shares shall be registered or in bearer form at the shareholders
discretion, barring statutory or regulatory provisions that may restrict the
registered form.


Article 10:
Condition for Validity of Shares


Shares shall give rise to
an account entry under the conditions and according to the methods provided by
laws and regulations.


Article 11:
Transfer of Shares


Shares shall change hands
by transfer from account to account.


Pursuant to Sections L
233-7 et seq. of the French Commercial Code, any individual or legal entity
acting alone or by concerted action, that goes over or falls below the
thresholds provided for under such sections must, within fifteen days after
going over or below such threshold, inform the Company of the total number of
its shares that the individual or legal entity holds. They shall also be
required to inform the Conseil des Marches Financiers(2) under the terms
provided for under such sections.


In the event of
noncompliance with such obligation to disclose such information, the shareholder
shall, under the terms and limitations set forth in the French Commercial Code,
be deprived of the voting rights for the shares over or below the threshold in
question.
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|(2) | Financial
Markets Board.
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|Moreover, any person who
holds or becomes the holder of at least 2% of the capital stock or the voting
rights, directly or indirectly through companies that he controls, as defined in
Section L 233 of the French Commercial Code, shall be required, within fifteen
days of exceeding that threshold, disclose to the Company the total number of
shares that he owns by sending a registered letter with return receipt requested
to the registered office of the Company.


Such disclosure must also
be required if the shareholder falls below such threshold and must be repeated,
under the aforementioned conditions, whenever an additional 2% threshold is
attained upward or downward.


In the event of
nonperformance of the disclosure obligation indicated in the preceding two
paragraphs, the shareholder shall, under the conditions and within the limits
defined in the French Commercial Code, be deprived of the voting right attaching
to the shares that exceed the threshold in question, upon request of one or more
shareholders holding at least 5% of the capital stock.


The Company shall be
entitled any time to ask the securities clearance entity, under the conditions
defined in Section L 233 of the French Commercial Codes, for the identity of the
holders of shares conferring the voting right at its own Meetings of
Shareholders, the number of shares held by each of them and any restrictions
affecting the shares.


Article 12:
Indivisibility of Shares


Each share shall be
indivisible with respect to the Company.


To participate at Meetings
of Shareholders, co-owners of joint shares shall be represented by one of them
or by a single agent; in the event of disagreement, the agent shall be appointed
by a court of law at the request of the co-owner who acts first.


If the shares are
encumbered by usufruct, the voting right attaching to such shares shall be
exercised pursuant to Section 25 below.


Article 13:
Rights of Shares


Shareholders shall be
liable only up to the value of the shares that they own.


The rights and obligations
associated with each share shall follow the share regardless of the owner
thereof; possession of a share shall automatically entail adherence to the
Companys bylaws and the resolutions adopted by the Meeting of
Shareholders.


A shareholders heirs
or creditors may not, under any pretext, cause seals to be affixed to the
Companys property or assets nor interfere in any way in the acts of its
management; to exercise their rights, they must rely on the Company inventories
and the actions of the Meeting of Shareholders.
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|Article 14:
Rights of Shareholders


In the event of liquidation
or partition, each share shall give the right to a proportional stake in the
Companys assets.


It shall also give a right,
in the distribution of annual income and the liquidation surplus, as defined in
Sections 33, 34 and 37 below, to a proportional stake in the percentage of the
capital that it represents, taking into account, if applicable, the extent to
which it has been paid for or redeemed.


Any taxes and assessments
that are levied on stock redemptions made either during the Companys
existence or at its liquidation shall be paid uniformly, considering their par
value, by all shares without distinction, regardless of their source or issue
date, existing at the time of such redemptions and participating therein, so
that each share having the same par value shall receive the same net sum from
the Company.


TITLE III


COMPANY
MANAGEMENT


Article 15:
Board of Directors


The Company is administered
by a Board of Directors, which shall be composed of at least three but less than
eighteen members, subject to the exceptions provided for by law.


The Directors term in
office shall be three years, subject to provisions as to age limit. They shall
be eligible for reelection under the same reservation. The Board shall be
renewable by thirds, every year, and the first outgoing Directors shall be
designated by drawing lots.


During his term in office,
each Director must own at least one share, pursuant to law.


Article 16:
Meetings of the Board of Directors


The Board of Directors
shall meet as often as the Companys interest so requires, upon notice
given by its Chairman or Vice-Chairman.


A group of directors
representing at least one -third of the current Board members can ask the
Chairman to convene a Meeting of the Board to pass on a given agenda, if the
Board has not met for more than two months.


Moreover, in the event the
positions are held by different individuals, the Chief Executive Officer may, at
any time, ask the Chairman to convene a meeting of the Board of Directors to
pass on a given agenda.
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|The meeting shall be held
either at the registered office or at any other location indicated in the notice
of meeting. Notices of a meeting shall be given by any means and even orally.


The Chief Executive Officer
and the Executive Vice-Presidents shall be invited to attend meetings of the
Board of Directors.


Resolutions shall be
adopted under the conditions of quorum and majority that are provided by law; in
the event of a tie vote, the vote of the Chairman of the meeting shall be
decisive.


Article 17:
Powers of the Board


The Board of Directors
shall define the Companys business strategy and ensure its implementation.
Subject to the powers expressly given to shareholders and within the limits of
the Companys objects and purposes, it may take up any matter pertaining to
the Companys smooth functioning and settle, through its action, the
affairs concerning it.


In relations with third
parties, the Company shall be bound even by the action of the Board of Directors
that does not fall within the scope of the Companys objects and purposes,
unless it can prove that the third party knew the action was beyond the scope of
the objects and purposes or that it must have had such knowledge given the
circumstances.


The Board of Directors
performs all controls and verifications it deems necessary. The Chairman or the
Chief Executive Officer of the Company is required to give to each Director all
the documents and information necessary to allow the Director to fulfill his or
her duties.


If it sees fit, the Board
may, upon proposal from its Chairman, be joined for a time period set at its
discretion, by one or more non-voting advisory members, whether they are
individuals or legal entities, who may or may not be shareholders, and whose
powers and compensation it shall set.


The non-voting advisory
members may be called to all meetings of the Board. They shall take part in the
deliberations purely on a consulting basis.


Article 18:
Compensation of Directors


Directors shall be granted
a fixed annual compensation, the total amount of which shall be determined by
the ordinary Meeting of Shareholders.


Directors fees shall
be allocated by the Board among its members in the proportions that it shall
set.


The Board of Directors may
also allocate exceptional compensation to Directors under the conditions
provided by law.
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|Article 19:
Chairmanship and General Management


From amongst its members,
the Board of Directors shall elect a Chairman, who must be a natural person.


The Chairman of the Board of
Directors shall organize and supervise the work of the Board and shall report
thereon to the Shareholders Meeting. He or she is responsible for ensuring
that the corporate bodies of the company operate effectively and that the
Directors are in a position to fulfill their duties.


The General Management of
the Company shall be conducted, under his responsibility, by the Chairman of the
Board of Directors, or by another natural person appointed by the Board and
carrying the title of Chief Officer, who can be selected from among the Board
members, or from outside the Board.


The Board of Directors
shall decide on one of these two arrangements regarding the conduct of General
Management by a majority vote of the members present in person or represented by
proxy.


When the Companys
General Management is conducted by the Chairman of the Board of Directors, the
provisions relating to the Chief Executive Officer shall apply to him.


Subject to the powers that
the law expressly vests in the Meetings of Shareholders and the powers that it
specially reserves for the Board of Directors and within the limit of the
Companys objects and purposes, the Chief Executive Officer shall be vested
with the broadest powers to act in all circumstances on the Companys
behalf.


The Chief Executive Officer
shall represent the Company in relations with third parties. The Company shall
be bound even by the action of the Board of Directors that does not fall within
the scope of the Companys objects and purposes, unless it can prove the
third party knew the action was beyond the scope of the objects and purposes or
that it must have had such knowledge given the circumstances.


The Chief Executive Officer
can be removed from office at any time by the Board of Directors.


At the recommendation of
the Chief Executive Officer, the Board of Directors can appoint one or more
natural persons, who can be chosen from among the Directors although this is not
a requirement, to assist the Chief Executive Officer. Such individuals shall
carry the title of Executive Vice-President.


The maximum number of
Executive Vice-Presidents shall be five.


The Board of Directors, in
agreement with the Chief Executive Officer, shall define the scope and the
duration of the powers given to the Executive Vice-Presidents. With respect to
third parties, they shall have the same powers as the Chief Executive Officer.
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|The Executive
Vice-Presidents can be removed from office at any time by the Board of Directors
at the recommendation of the Chief Executive Officer.


Furthermore, the Board may
also designate:


 one or
two Vice-Chairmen;


 a Secretary who need
not be a Director or a shareholder.


In the Chairmans
absence, the meeting of the Board shall be chaired by the eldest Vice-Chairman.
Failing that, the Board shall designate the Chairman of the meeting from amongst
its members.


TITLE IV


STATUTORY
AUDITORS  REGULATED AGREEMENTS


Article 20
 Statutory Auditors


The Meeting of Shareholders
shall appoint, for the term and under the conditions set by current laws, at
least two permanent statutory auditors to perform the task that is assigned to
them by said laws.


The Meeting of Shareholders
shall also appoint at least two alternate auditors, who shall replace the
permanent auditors in the event of death, failure or refusal to perform their
services.


The statutory auditors may
be re-appointed in the conditions set forth in applicable laws and regulations.


The auditors may act
separately, but they shall draft a common report; if there is disagreement
between them, the report shall indicate the different opinions expressed. The
auditors shall conduct the audits, tests and other tasks provided by applicable
laws.


The auditors shall be
called to the meeting of the Board of Directors that draws up the financial
statements and consolidated financial statements for the fiscal year just ended,
and to any Meetings of Shareholders. They may also, if applicable, be called to
any meeting of the Board of Directors; notice of meeting shall be given to the
auditors by registered letter with return receipt requested.


The statutory auditors are
invited to attend the meetings of the Board of Directors during which the annual
and the interim financial statements of the Company and the Group for the prior
fiscal year are made up and all Shareholders Meetings. They may also be
invited to attend any other meetings of the Board of Directors. Invitations are
sent by registered letter with return receipt requested.


The statutory
auditors fees are determined based on the applicable regulations.
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|Article 21:
Regulated Agreements


As provided in article
L.225-38 of the Commercial Code any and all agreements entered into directly or
through a third party between the Company and its Chief Executive Officer, one
of its Chief Operating Officers, one of its Directors, or any of its
shareholders owning more than 10% of the voting rights or, in the case of
corporate shareholders, the company that controls such shareholder, within the
meaning of article L.233-3 of the Commercial Code, shall be, prior to its
execution, authorized by the Board of Directors.


The same shall apply for
agreements in which any of the abovementioned persons is indirectly involved.


Agreements between the
Company and another business if the Chief Executive Officer, an Executive
Vice-President, or a Director of the Company is an owner, partner with unlimited
liability, manager, director, member of the Supervisory Board or, more
generally, part of management of the business shall also be subject to prior
authorization.


The person involved shall
be required to inform the Board of Directors as soon as he has knowledge of an
agreement to which these provisions apply.


The person involved may not
vote at the Board of Directors or at the Meeting of Shareholders that concern
the said agreements.


The above provisions shall
not apply to agreements concerning routine transactions entered into under
customary business conditions, which are governed by Section L 225-39 of the
French Commercial Code.


Directors other than legal
entities shall be prohibited from contracting loans from the Company in any
form; they shall also be prohibited from having overdrafts set up for their
benefit in a current account or any other account with the Companys
consent and from having the Company guarantee or endorse any of their
undertakings with regard to third parties. The same proscription shall apply to
the Chief Executive Officer, the Executive Vice-Presidents and the permanent
representatives of Directors that are legal entities, to the spouse, any
ascendant and descendant relatives of the persons indicated above and to any
intermediaries.
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|TITLE V


SHAREHOLDERS
MEETINGS


Article 22:
Type of Shareholders Meetings and Notice of Meeting


I  The Ordinary
Meeting of Shareholders duly convened shall represent all shareholders; its
actions shall be binding on all parties, even those who are absent, dissenting
or incompetent.


Shareholders shall meet
each year in a Meeting of Shareholders, within six months following the close of
the fiscal year (barring extension of that deadline by action of a court of
law).


They may also meet, either
in a Ordinary Meeting of Shareholders convened as a matter of exception, or in
an Extraordinary Meeting of Shareholders.


Meetings shall take place
on the date, at the time and at the place indicated in the notice of such
meetings.


II  Regular and
Extraordinary Meetings of Shareholders shall be called by the Board of
Directors.


Alternatively, they may
also be called:


     a)
          by the statutory auditors;


     b)
          by an agent appointed by a court of law at the request of any interested party
          in cases of urgency or by one or more shareholders holding at least 5% of the
          capital stock, or an group of shareholders meeting the conditions set by law;


     c)
          by shareholdings holding a majority of the shares or voting rights following a
          public tender offer or a public exchange offer, or following a sale of a
          controlling block of shares.


After completing the
formalities stipulated by applicable regulations, notices of Meetings of
Shareholders shall be given by a written announcement containing the information
required by said regulations; such announcement shall be inserted in a newspaper
authorized to receive legal announcements in thedépartementwhere the
registered office is located and also in the French Legal Mandatory
Announcements Bulletin.


The registered shareholders
who have been entered in account for at least one month at the date of insertion
of such announcement shall also be notified by ordinary letter, unless they have
requested in timely fashion that they be notified, at their expense, by
registered letter.


That letter must also be
sent under the same conditions to all the co-owners of joint shares whose rights
have been evidenced by an entry in registered account for at least the one-month
time period as indicated above and, when the shares are encumbered by usufruct,
to the holder of the voting right.
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|The time period between the
date of the last of the aforementioned insertions and the date of the Meeting of
Shareholders shall be at least fifteen days for the first convening and six days
for any subsequent convening. Such notices must give a summary of the purpose of
the meeting.


III  When a Meeting
of Shareholders has failed to deliberate properly due to the absence of the
required quorum, a second meeting shall be called in the manner indicated above
and the second notice of meeting must cite the date of the first meeting. The
same shall apply for the notice of an Extraordinary Meeting of Shareholders that
is extended on a second notice under the conditions provided in Section 28
below.


IV  The Meeting of
Shareholders shall be composed of all the shareholders, regardless of the number
of their shares, provided that they have been paid for as required. However,
only registered shareholders who were entered in account at least five days
prior to the date of the meeting may participate in Meetings of Shareholders.


Registered shareholders who
have been entered in account more than five days before the date of the meeting
may attend the Meeting of Shareholders without any prior formality.


To be entitled to attend
Meetings of Shareholders, owners of bearer shares must deposit at the location
indicated by the notice of the meeting, at least five days prior to the date of
that meeting, a certification of the recording and the non-transferability of
their shares up to the date of the Meeting of Shareholders, issued by the
authorized intermediary where the shares have been entered in account. However,
the Board of Directors shall have the right to accept deposits even after the
deadline set above or to shorten that deadline.


V  Any shareholder
who is entitled to participate in the Meeting of Shareholders may be represented
by his spouse or by another shareholder.


However, minors or
incompetent adults shall be validly represented by their legal representative.
Public institutions and companies shall be validly represented by their
representative or by any agent specially authorized for that purpose, with no
need for the representative or agent to personally be a shareholder.


The form of proxy shall be
determined by the Board of Directors in conformity with applicable regulations.


The proxy forms must be
filed before the date of the Meeting of Shareholders within a deadline that
shall be set by the Board of Directors and which may not exceed five days.


All the documents
stipulated by applicable regulations must be enclosed with the proxy form sent
to shareholders by the Company or by the agent designated thereby to permit
their representation at a Meeting of Shareholders.


Any shareholder may vote by
means of an absentee ballot under the conditions and according to the methods
provided by law.
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|To the extent allowed by
applicable regulations, and under the terms provided for in such regulations,
shareholders can also take part in the Shareholders Meeting by
videoconference or by telecommunications technology enabling them to be
identified, and shall thereby considered present in person for the purposes of
calculating the quorum and majority.


VI  As of the notice
of the Meeting of Shareholders, shareholders may ask the Company to send to
them, at the address indicated by them, the various documents and information
set out by said regulations. They may also acquire knowledge at the registered
office (or at the location of the administrative management) of the documents
indicated by those regulations.


For fifteen days preceding
the Meeting of Shareholders, each shareholder shall be entitled to obtain access
to the list of shareholders that has been drawn up by the Company.


Moreover, at any time of
the year, any shareholder may, by himself or through his agent, exercise the
right of access provided by applicable laws and regulations.


Article 23:
Agenda


The agenda of the Meeting
of Shareholders shall be drawn up pursuant to applicable regulations. It shall
be drawn up by the party giving the notice.


However, one or more
shareholders representing at least the percentage of stock set by applicable
regulations or a group of shareholders meeting the requirements set by law shall
have, observing the procedure stipulated for that purpose, the right to demand
to have draft resolutions placed on the agenda, attaching to it, if applicable,
a brief summary of the reasons; draft resolutions shall be placed on the agenda
of the meeting and put to a vote.


Moreover, the Works Council
can require the inclusion of resolutions on the agenda of Shareholders
Meetings.


The Meeting of Shareholders
may not deliberate on a matter not on the agenda.


The agenda may not be
changed on second notice.


Article 24:
Officers of the Meeting of Shareholders


The Meeting of Shareholders
shall be chaired by the Chairman of the Board of Directors or, in his absence,
by one of the Vice-Chairmen, and in their absence, by a member of said board
appointed by the board.


Meetings of shareholders
that are called by statutory auditors, a court-appointed officer or a
liquidator, shall be chaired by whichever of them has called the meeting.
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|The inspectors at the
Meeting of Shareholders will be the two members of said Meeting of Shareholders
who have the largest number of votes both in their personal name and as agents
and who accept that position.


The Chairman of the meeting
and the two inspectors shall be the officers of the meeting and shall appoint
the secretary of the meeting, who need not be a shareholder.


For each Meeting of
Shareholders, an attendance sheet shall be kept, containing the information
required by applicable regulations.


That attendance sheet, duly
initialed by the shareholders present in person and the agents of shareholders
represented by proxy, shall be certified true by the officers of the meeting.


Article 25:
Voting Right


At all Ordinary and
Extraordinary Meetings of Shareholders, the quorum shall be calculated on all
shares composing the capital stock, minus shares subscribed to, acquired by or
taken in pledge by the Company.


With no limitation other
than the one set by law, the voting right shall be proportional to the
percentage of the capital stock that each share represents, and each share shall
confer the right to one vote.


The voting right attached
to the share shall belong to the holder of the usufruct interest at Ordinary
Meetings of Shareholders and to the bare owner at Extraordinary Meetings of
Shareholders.


Co-owners of joint shares
shall be represented at Meetings of Shareholders as provided in Section 12
above.


The voting right shall be
exercised by the owner of pledged shares.


Article 26:
Ordinary Meetings of Shareholders  Quorum


The ordinary Meeting of
Shareholders (annual or convened as a matter of exception) shall be composed of
all shareholders owning at least one share that has been paid for as required.


The ordinary Meeting of
Shareholders shall deliberate validly on first convening only if the
shareholders present in person or represented by proxy possess at least one
quarter of the shares with voting rights attached to them. On second notice, no
quorum shall be required.


The meeting shall be ruled
by the majority of the votes cast by the shareholders who are present in person
or represented by proxy at the meeting.
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|Article 27:
Ordinary Meetings of Shareholders  Powers


The ordinary Meeting of
Shareholders shall deliberate and rule, pursuant to law, on all matters
concerning the financial statements and consolidated financial statements of the
previous fiscal year, and on the use or allocation of annual income; it shall
set the dividends to be distributed and it shall decide as to the creation or
endowment of any reserve funds or any retained earnings.


It shall choose the members
of the Board of Directors and shall set the amount of the Directors fees
allocated to the Board.


It shall authorize any
borrowing through bond issuance (other than borrowing indicated in Section 28,
final paragraph).


It shall deliberate over
all proposals placed on the agenda that are not within the powers of the
Extraordinary Meeting of Shareholders.


Article 28:
Extraordinary Meetings of Shareholders  Quorum and Powers


The Extraordinary Meeting
of Shareholders shall be composed of all shareholders regardless of the number
of their shares, provided that the shares have been paid for as required.


The Extraordinary Meeting
of Shareholders shall deliberate validly only if the shareholders present in
person or represented by proxy possess at least, on first convening, one third
and, on second convening, one quarter of the shares with voting rights attached
to them. In the absence of the second quorum, the second meeting may be set up
and postponed to a subsequent date no more than two months later than the date
for which it had been called.


The meeting shall rule by a
two-thirds majority of the votes cast by the shareholders present in person or
represented by proxy at the meeting.


The Extraordinary Meeting
of Shareholders may amend any provisions of the bylaws. However, it may not
increase the liabilities of the shareholders, without prejudice to the
operations of a pooling of shares duly performed, or change the nationality of
the Company unless such change is provided by law.


It may specifically decide
on or authorize the increase of the capital stock and also decide on the
reduction thereof in the manner and under the conditions that it will determine,
and the total or partial redemption thereof; the extension or early dissolution
of the Company; its merger with other companies already formed or yet to be
formed; the transfer or sale to any third parties or contribution to any Company
of all or part of the assets, rights and obligations of the Company.
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|In the event of a capital
increase, the Extraordinary Meeting of Shareholders shall approve the valuation
of the contributions in kind and the granting of special benefits by
deliberating under the conditions provided by applicable laws and regulations.


Pursuant to law, it shall
decide on or authorize the issuance of bonds that are convertible into shares,
or exchangeable against shares, or that have stock subscription warrants.


Article 29:
Shareholders Meetings  Minutes


The deliberations of Meetings
of Shareholders shall be recorded in minutes, which shall contain the
information stipulated by applicable regulations and shall be signed by the
officers of the meeting.


Such minutes shall be
either recorded in a special register, numbered and initialed, to be kept at the
registered office, or written on loose leafs to be numbered consecutively,
initialed and bound together, all pursuant to applicable regulations.


Copies or extracts of
minutes to be produced in a court of law or elsewhere shall be signed by the
Chairman of the Board of Directors, by a Director acting as the General Manager
or by the secretary of the Meeting of Shareholders.


TITLE VI


ANNUAL FINANCIAL
STATEMENTS  RESERVE FUNDS  ALLOCATION OF EARNINGS


Article 30:
Fiscal Year


The Company fiscal year
shall commence on January 1st and end on December 31st.


Article 31:
Inventory  Financial Statements and Balance Sheets


At the close of each fiscal
year, the Board of Directors shall draw up the inventory of the various Company
assets and liabilities existing as of that date.


The Board of Directors
shall also draw up, in accordance with the rules applicable to the matter, for
submission to the Meeting of Shareholders, financial statements and consolidated
financial statements (balance sheet, income statement, and annexes) as well as
the other documents provided by law.


Even when there is no
income, the Board of Directors must book the necessary depreciation and
provisions so that the balance sheet will be accurate.
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|The Board of Directors
shall also prepare a written management report on the condition of the Company
and its activity during the fiscal year just ended, containing all the
information and data required by law.


The aforementioned
documents shall be made available to the statutory auditors within the time
limits and under the conditions stipulated by applicable regulations. The Board
of Directors and the auditors shall submit their reports to the Meeting of
Shareholders under the conditions provided by law.


The Company must file the
documents provided by applicable regulations with the clerk of the commercial
court, to be appended to the commercial register, within one month after the
financial statements are approved by the Meeting of Shareholders.


Article 32:
Shareholder Right to Disclosures


Any shareholder shall be
entitled to exercise, under the conditions determined by applicable law, the
right to access that is reserved for him.


Article 33:
Determination of Net Income


The net proceeds of the
fiscal year, minus overhead expenses and other charges of the Company, including
any depreciation and provisions, shall constitute the net income.


Article 34:
Allocation of Earnings


From the net income, minus
any previous losses, at least 5% shall be deducted to form the legal reserve
fund stipulated by law; such withdrawal shall cease to be mandatory when that
fund reaches an amount equal to one tenth of the capital stock; it shall become
mandatory again when, for any reason, said reserve drops below such one tenth.


The distributable income
shall be composed of the net income of the fiscal year, minus previous losses,
and amounts to be placed in reserve pursuant to law or the bylaws, plus the
retained earnings.


The sum necessary to pay
the shareholders shall be withdrawn from this distributable income as a first
dividend which sum shall be equal to 5% of the value of their shares that has
been paid for response to calls for funds and which have not been redeemed.
However, if the income of one year do not permit such payment, the shareholders
may not claim it from the income of subsequent years.


From the surplus, the
ordinary Meeting of Shareholders, based upon proposal from the Board of
Directors, shall have the right to decide to withdraw sums that it sees fit to
set, either to be carried forward to the next fiscal year, or for additional
redemptions, or to be paid to any general or special reserve funds.
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|The balance of the net
income, if any exists, shall be distributed among all the shares
indiscriminately.


The Meeting of Shareholders
may decide to distribute sums withdrawn from the reserves over which it has
control, expressly indicating the reserve item(s) from which the withdrawals are
to be made.


All dividends not claimed
within five years after becoming claimable shall be time-barred pursuant to
applicable law.


The ordinary Meeting of
Shareholders shall have the power to grant each shareholder, for all or part of
the dividends or interim dividends that are distributed, an option between
payment in cash or in stock.


Article 35:
Payment of Dividends


The methods of payment of
the dividends that are voted by the Meeting of Shareholders shall be set by it
or, failing that, by the Board of Directors. However, the payment must be made
within the maximum time limit of nine months after the close of the fiscal year,
unless that time limit is extended by action of a court of law ruling at the
request of the Board of Directors.


TITLE VII


DISSOLUTION
 LIQUIDATION


Article 36:
Equity Less Than Half of Capital


If, due to losses recorded
in the accounting documents, the Companys equity becomes less than one
half of the capital stock, the Board of Directors must, within four months
following the approval of the financial statements showing such loss, convene
the Extraordinary Meeting of Shareholders to decide whether there are grounds
for early dissolution of the Company.


If the dissolution is not
pronounced, the Company must, by the close of the second fiscal year following
the fiscal year during which the losses were acknowledged and subject to law,
reduce its capital by an amount at least equal to the amount of the losses that
could not be offset against the reserves, if, within that time limit, the equity
has not been restored to a value equal to at least one half of the capital
stock.


In both cases, the action
of the Meeting of Shareholders shall be published according to the methods set
by applicable regulations.
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|To be able to deliberate,
the Meeting of Shareholders must meet the requirements set by Section 28 above.
If a Meeting of Shareholders is not convened, and if such a meeting of has
failed to deliberate validly on a second notice, any interested party may
petition a court of law in order to dissolve the Company.


The same shall apply if the
provisions of paragraph 2 above have not been applied.


In all cases, the court may grant
the Company a maximum time limit of six months in which the Company must rectify
the situation; it may not pronounce any dissolution if, on the date when it
rules on the merits, such rectification has been made.


Article 37:
Liquidation of the Company


At the expiration of the
Company or in the event of early dissolution, the Meeting of Shareholders shall
determine the method of liquidation and shall appoint one or more liquidators,
whose powers it shall determine.


By virtue of a resolution
of the Extraordinary Meeting of Shareholders, the liquidators may transfer or
contribute the rights, causes of action and obligations of the dissolved Company
to another Company or to any other party.


During the liquidation, the
Meeting of Shareholders, duly convened, shall retain the same powers as during
the life of the Company.


A meeting of the
shareholders shall be convened at the end of the liquidation to rule on the
final account; to approve the liquidators actions and to discharge his
mandate and also to rule on the close of the liquidation; where such a meeting
fails to take place, any shareholders may petition a court of law to appoint an
agent to convene the meeting.


The notice of close of the
liquidation shall be published according to the methods set by applicable
regulations. The final accounts of the liquidator shall be filed with the clerk
of the commercial court and appended to the commercial register. The action of
the shareholders ruling on the accounts shall be attached thereto.


After the settlement of the
Companys liabilities and expenses, the net proceeds from the liquidation
shall be used first to completely redeem the capital stock, if that redemption
has not yet occurred. Any surplus shall be distributed indiscriminately, in cash
or in stock, among all the shares.
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|TITLE VIII


DISPUTES


Article 38


In connection with any
disputes, any shareholder shall, for purposes of service of process, elect
domicile at the Companys registered office and any and all notifications
and summonses will be validly delivered to said domicile, regardless of the
shareholders actual domicile.


If no domicile is elected,
such election shall occur automatically, for the purposes of legal notices, at
the Office of the Clerk of the Commercial Court of Nanterre.


The elected domicile shall
imply consent to the jurisdiction of the courts within which the registered
office falls.
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