Book V: Service providers

Members’ shares are always in registered form. Where they are negotiable, they are transferred with the approval of the Board of Directors. If the banque populaire is set up as a société à capital variable (variable-capital company), the Articles of Association specify the conditions under which member-policyholders may withdraw from the company, have their shares redeemed and be released from their commitments.

The members of a banque populaire may not, under any circumstances, at any time and in any form whatsoever, receive in repayment of their contribution a sum in excess of the paid-up portion of the shares they hold. In particular, the reserves and provisions constituted by the company may not be distributed among its members.

When, after repayment of the company’s debts, including advances of any kind granted by the federal bank, liquidation costs and the paid-up portion of the shares, the dissolution or liquidation of a banques populaires shows a surplus of assets, the amount of this surplus is paid into the collective guarantee fund instituted by article L. 512-16. However, the central body of the caisses d’épargne et des banques populaires may allocate…

The provisions of article L. 512-8 are applicable, after repayment of advances of any kind received from the central body of the caisses d’épargne et des banques populaires, to the surplus assets of a company which has lost, for whatever reason, its status as a banques populaires. In the absence of an amicable agreement, the amount of this surplus is determined by an expert chosen by the company’s Extraordinary General…