Article L1525-3 of the French General Code of Local Authorities
The provisions of this Title shall not apply: 1° To sociétés anonymes d’habitations à loyer modéré and sociétés de crédit immobilier referred to in Articles L. 422-2 and L. 422-4 du code de la construction et de l’habitation, in whose capital participate, pursuant to article L. 431-4 (3°) of the same code, departments or municipalities; 2° Regional or inter-regional finance companies and regional development companies in whose capital, pursuant to…