When a joint stock company is established or when it is decided to increase its capital, the payment of the foundation capital or all of the increased part of the capital immediately
is not obligatory. Provided that at least 25 percent of the capital is paid immediately, the remaining portion may be requested from the shareholders at the rates and times to be determined by the Board of Directors.

If the capital of the Joint Stock Company is paid in parts, each part (installment) to be paid by the shareholders is called Apel. First Apel payment, Second Apel payment, Last Apel payment.

The call to be made by the Board of Directors is also called “Apel” (Apel means call in English and French). It is obligatory for the shareholders to comply with the call and fulfill their Apel commitments. Otherwise, they may lose their partnership rights. They may be under certain responsibilities.