Chapter V: Public limited companies.

Each participant has one vote at the general meeting of the workers’ cooperative. The articles of association may, however, allocate several votes to participants, depending on the amount of their salary, within the limit of a maximum figure equal to as many votes as the annual salary of the person concerned, established on the accounts closed at the end of the previous financial year, includes times the figure for the…

The general meeting of the workforce cooperative can only validly deliberate if, on first convocation, at least two thirds of the cooperative’s participants are present or represented. The articles of association determine the quorum required for the meeting convened on second call. In the absence of statutory provisions, this quorum is half of the members of the cooperative, present or represented. The general meeting decides by a majority of the…

In the event of legal action, the proxies elected at the last general meeting appoint one or more of them to represent the participants. If no election has yet been made, or if none of the elected proxies is a member of the workers’ cooperative, special proxies shall be elected in the forms and conditions provided for in the first paragraph of Article L. 225-263 and the articles L. 225-264…

However, general meetings of sociétés anonymes à participation ouvrière deliberating on amendments to the Articles of Association or on proposals to continue the company beyond the term fixed for its duration or to dissolve it before that term are duly constituted and may validly deliberate only if they include a number of shareholders representing three quarters of the capital shares. The Articles of Association may provide otherwise. In the event…

The board of directors or supervisory board of the société anonyme à participation ouvrière includes one or more representatives of the société coopérative de main-d’oeuvre. These representatives are elected by the general meeting of shareholders and chosen from among the agents who represent the cooperative at this general meeting. The number of representatives is determined by the ratio of labour shares to capital shares. They are appointed for the same…

In the event of dissolution, the corporate assets are distributed among the shareholders only after the capital shares have been fully amortised. The portion representing the labour shares, in accordance with the decisions taken by the general meeting of the workers’ cooperative convened for this purpose, is then distributed among the participants and former participants with at least ten years of consecutive service in the company’s establishments, or at least…

I.-When a société anonyme à participation ouvrière falls into the situation referred to in Article L. 225-248, and its dissolution has not been declared, the Extraordinary General Meeting may decide, within the period set out in the second paragraph of the same article, to amend the company’s Articles of Association resulting in the loss of the form of a société anonyme à participation ouvrière and, by the same token, the…