TITLE IV: Penal provisions.

It shall be punishable by six months’ imprisonment and a fine of 9,000 euros for managers to issue, directly or through an intermediary, on behalf of the company any securities whatsoever with the exception of bonds issued under the conditions determined by Article L. 223-11.

It is punishable by five years’ imprisonment and a fine of 375,000 euros: 1° The fact, for any person, of fraudulently causing a contribution in kind to be valued higher than its actual value; 2° The fact, for managers, of distributing fictitious dividends among shareholders, in the absence of an inventory or by means of fraudulent inventories; 3° The fact that the managing partners, even in the absence of any…

The following is punishable by a fine of 9,000 euros: 1° Failure by the managers, for each financial year, to draw up the inventory, the annual accounts and a management report; 2°and 3° (deleted).

It is punishable by a fine of €9,000 for managers to fail to submit the inventory, annual accounts and management report drawn up for each financial year to the shareholders’ meeting or sole shareholder for approval.

The provisions of articles L. 241-2 to L. 241-6 are applicable to any person who, directly or through an intermediary, has in fact managed a limited liability company under cover of or in place of its legal manager.