Chapter VIII: Transferable securities issued by joint stock companies.

The Extraordinary General Meeting of a société par actions, or in companies which do not have one, the body which takes its place, may decide, on the basis of the report of the Board of Directors or the Management Board, as the case may be, and that of the statutory auditors, to create, in a proportion which may not exceed one quarter of the share capital, of investment certificates representing…

The Extraordinary General Meeting of a company whose shares are admitted to trading on a regulated market and whose existing investment certificates represent no more than 1% of the share capital may decide, on the basis of the report of the Board of Directors, to reconstitute the existing certificates in shares, and to reconstitute the existing certificates with special benefits in shares conferring the same benefits on their holders. The…

Holders of investment certificates may obtain access to company documents under the same conditions as shareholders.

In the event of a free distribution of shares, new preference shares without voting rights and with the same rights as the investment certificates must be created and delivered free of charge to the owners of the old certificates, in the proportion of the number of new shares allocated to the old shares, unless they waive their right in favour of all or some of the holders.

In the event of a capital increase for cash, with the exception of that reserved for employees on the basis of article L. 225-138-1, new preference shares without voting rights and with the same rights as the investment certificates are issued in such numbers that the proportion that existed before the increase between ordinary shares and investment certificates is maintained, taking into account these preference shares, after the increase on…

In the event of an issue of bonds convertible into shares, the holders of the investment certificates shall have, in proportion to the number of shares they own, a preferential right to their irreducible subscription. Their special meeting, convened and ruling in accordance with the rules of the extraordinary general meeting of shareholders, may waive this right. These bonds may only be converted into non-voting preference shares with the same…