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Article L223-12 of the French Commercial code

Company shares may not be represented by negotiable securities. Any issue made in disregard of this rule is punishable under the conditions set out in the first paragraph of article L. 411-1 of the Monetary and Financial Code.

Original in French 🇫🇷
Article L223-12

Les parts sociales ne peuvent être représentées par des titres négociables. Toute émission réalisée en méconnaissance de cette règle est sanctionnée dans les conditions prévues au premier alinéa de l’article L. 411-1 du code monétaire et financier.

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