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The company becomes operational as soon as 50% of its shares have been acquired by players through purchase or exchange.
The Director‘s Share Certificate is considered a part of this 50% because it is in the hands of a player.
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With the sale of the first 5-train, the remaining Coal Railways are immediately closed and exchanged for the Director‘s Share Certificates in the corresponding Regional Railways.
These Director‘s Share Certificates obtained by compulsory exchange count as sales [for the purposes of floating the company].
As a result of such an exchange, a company (if at least 30% was already in player hands) can be opened at the end of the corresponding OR.
This company starts to operate in the next OR
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