In the event of one or more directors elected by the employees ceasing to hold office, following a decision by the Autorité de contrôle prudentiel et de résolution to oppose their election, pursuant toArticle L. 612-23-1 of the French Monetary and Financial Code, the companies referred to in 1° of III of Article L. 310-1-1 and in 1° of I of Article L. 310-2 of this Code and constituted as…
In the event that the Chairman of the Board of Directors ceases to hold office, following a decision by the Autorité de contrôle prudentiel et de résolution to oppose his appointment pursuant to Article L. 612-23-1 of the French Monetary and Financial Code, the undertakings referred to in 1° of III of Article L. 310-1-1 and in 1° of I of Article L. 310-2 of this Code and constituted as…
Subject to the derogations resulting from this section, insurance and capitalisation undertakings nationalised pursuant to Article 1 of Law no. 46-835 of 25 April 1946 relating to the nationalisation of certain insurance companies and to the insurance industry in France have the status of commercial companies.
The main purpose of the central insurance companies created by law no. 73-8 of 4 January 1973 relating to the implementation of employee shareholding in national banks and national insurance companies is to hold directly or indirectly all the shares of the companies making up the groups of national insurance companies, to exercise the rights attached to these shares and to allow their own shareholders to benefit from these rights….
The central insurance companies are public limited companies which belong to the public sector by virtue of the aforementioned law no. 46-835 of 25 April 1946 and the aforementioned law no. 73-8 of 4 January 1973.
The national insurance undertakings referred to in Article L. 322-5 may be managed by the Board of Directors of the central company of their group. They may also have the same Chairman and Chief Executive Officer as the central company. The option provided for in the first paragraph above is implemented by decision of the general meeting of shareholders of the national insurance undertaking.
The Boards of Directors of the central insurance companies include, in addition to the Chairman and Chief Executive Officer: a) Three directors representing the French State, appointed by the Minister for the Economy and Finance; b) One director appointed by the Minister of the Economy and Finance for his technical expertise, after consultation with the Comité Consultatif du Secteur Financier. A second director is appointed under the same conditions when…
Subject to the provisions of Article L. 322-13, shares in central insurance companies may : a) Either be distributed free of charge to members of staff of national insurance undertakings ; b) or be sold for valuable consideration.
A decree of the Conseil d’Etat shall set the terms and conditions for the distribution of free shares as provided for in Article L. 322-22. When free shares are distributed to employees, account is taken of their length of service and their responsibilities within the company.
Shares in central insurance companies are registered. Shares sold for valuable consideration or free of charge in accordance with Article L. 322-22 may be traded on the financial market after the expiry of periods and under conditions laid down by decree in the Conseil d’Etat.
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182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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