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Article L228-35 of the French Commercial code

In the event of an issue of bonds convertible into shares, the holders of the investment certificates shall have, in proportion to the number of shares they own, a preferential right to their irreducible subscription. Their special meeting, convened and ruling in accordance with the rules of the extraordinary general meeting of shareholders, may waive this right.

These bonds may only be converted into non-voting preference shares with the same rights as investment certificates.

Original in French 🇫🇷
Article L228-35

En cas d’émission d’obligations convertibles en actions, les porteurs des certificats d’investissement ont, proportionnellement au nombre de titres qu’ils possèdent, un droit de préférence à leur souscription à titre irréductible. Leur assemblée spéciale, convoquée et statuant selon les règles de l’assemblée générale extraordinaire des actionnaires, peut y renoncer.

Ces obligations ne peuvent être converties qu’en actions de préférence sans droit de vote et assorties des mêmes droits que les certificats d’investissement.

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