1. Member States may decide not to apply Article 19 to:
(a) shares acquired in carrying out a decision to reduce capital, or in the circumstances referred to in Article 39;
(b) shares acquired as a result of a universal transfer of assets;
(c) fully paid-up shares acquired free of charge or by banks and other financial institutions as purchasing commission;
(d) shares acquired by virtue of a legal obligation or resulting from a court ruling for the protection of minority shareholders in the event, particularly, of a merger, a change in the company's object or form, transfer abroad of the registered office, or the introduction of restrictions on the transfer of shares;
(e) shares acquired from a shareholder in the event of failure to pay them up;
(f) shares acquired in order to indemnify minority shareholders in associated companies;
(g) fully paid-up shares acquired under a sale enforced by a court order for the payment of a debt owed to the company by the owner of the shares;