Section 3: Approval and exclusion.

The contract of incorporation or the Articles of Association, as the case may be, may make any transfer of shares subject to the approval of the transferee by the general meeting of the group or by the general meeting of the company, as the case may be. The meeting or the general meeting shall give its decision within one month of the date of the request for approval. The contract…

The approval clause is not enforceable in the event of a compulsory sale of the shares, whether or not they have been pledged.

The contract of incorporation or the articles of association, as the case may be, may make the management lease of a business or a craft business in the general shop subject to the approval of the tenant-manager by the meeting. In the event of the owner’s receivership or liquidation, this clause may not be invoked if the conclusion of a management lease is authorised by the court in accordance with…

The management body of the collective shop may issue a warning to any member who, through his own actions or those of the persons to whom he has entrusted the operation of his business or undertaking, commits an infringement of the internal regulations. In the event of a management lease, this warning is also notified to the tenant-manager. If, within the following three months, this warning has remained without effect…

Subject to the share valuation procedure provided for in the second paragraph of Article L. 125-17, any member of a collective shop may refer any decision taken pursuant to articles L. 125-12, L. 125-14and the third paragraph of Article L. 125-15. The court may annul or reform the decision referred to it or substitute its own decision. Notwithstanding any clause to the contrary, legal action suspends the execution of the…

In the event of exclusion, departure or death accompanied by the refusal of approval of the transferee or successors, the holder of the shares, or, in the event of death, his successors, have the option of transferring or selling their business or their company in the trades and crafts sector registered in the National Register of Companies. The new assignee of the site or, failing that, the group or company,…

In the cases provided for in the first paragraph of Article L. 125-17, the grouping or company may not proceed with the installation of a new successful bidder unless the former holder of the shares or, in the event of his death, his heirs, have been paid the sums provided for in the said Article L. 125-17, or failing this, a provision set by the president of the judicial court…