Member States may decide not to apply Article 10(1), (2) and (3) where, upon a decision of the administrative or the management body, transferable securities as defined in Article 4(1)(18) of Directive 2004/39/EC or money market instruments as defined in Article 4(1)(19) of that Directive are contributed as consideration other than in cash, and those securities or money market instruments are valued at the weighted average price at which they have been traded on one or more regulated market(s) as defined in Article 4(1)(14) of that Directive during a sufficient period, to be determined by national law, preceding the effectuation of the respective consideration other than in cash.
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