BOOK II: Commercial companies and economic interest groupings.

Shareholders who, on the basis of the provisions of articles L. 225-251 and L. 225-256, intend to claim compensation from the directors, the Chief Executive Officer or the members of the Management Board for the loss they have personally suffered as a result of the same facts may give one or more of them a mandate to act on their behalf before the civil courts, subject to the following conditions:…

Procedural acts and notifications shall be deemed to have been validly made in respect of the agent or agents alone.

If they represent at least one-twentieth of the share capital, shareholders may, in a common interest, instruct, at their own expense, one or more of them to represent them, in order to support, both as plaintiff and defendant, the corporate action either against the directors, or against the managing director, or against the members of the management board. However, where the company’s capital exceeds 750,000 Euros, the amount of capital…

Where the corporate action is brought by one or more shareholders, acting either individually or under the conditions provided for in Article R. 225-169, the court may only rule if the company has been duly challenged through its legal representatives. The court may appoint an ad hoc agent to represent the company in the proceedings, where there is a conflict of interest between the company and its legal representatives.