An Issuer of Preferred Shares shall meet the following conditions: 1. All issued Shares shall be fully paid up. 2. The completion of the procedures of subscription in unsubscribed Shares issued by the Issuer and pay the Private Placement payment of such Shares in full. 3. Any accumulated losses do not exceed 75% of the paid-up capital of the Issuer, 4. Total capital issued and the new issuance of capital shall not be more than the authorized capital of the Issuer. 5. Comply with the debt and financial leverage standards and any further requirements related to capital which are imposed under any law, bylaw or supervisory instruction applicable to and in effect concerning the Issuer.