Section 1: Provisions common to transferable securities

Under penalty of nullity, the issue of profit shares or founder’s shares is prohibited. However, profit shares or founder’s shares issued before 1 April 1967 remain governed by the texts relating to them.

As regards the company, the securities are indivisible, subject to the application of articles L. 225-110 and L. 225-118.

Notwithstanding any provisions of the Articles of Association to the contrary, companies whose securities are not admitted to trading on a regulated market or to the operations of a central depository and which have carried out transactions resulting either in exchanges of securities or in the allocation to shareholders of new equity securities, may sell, on the simple decision of the board of directors, the management board or the managers…

In companies whose shares are admitted to trading on a regulated market, when the Extraordinary General Meeting of shareholders has authorised a transaction resulting either in an exchange of shares or in the allocation of new shares to shareholders, the shares that could not be allocated individually and corresponding to fractional rights are sold. The sale of these shares and the distribution of the proceeds of this sale to the…

Non-pecuniary rights attached to securities registered in a joint account are exercised by one or other of the joint account holders under the conditions determined by the account opening agreement.

Shares whose holders, despite compliance with the formalities for convening general meetings, are unknown to the account keeper or have not been reached by the convening notices, for ten completed years, may be sold in accordance with the procedure set out in Article L. 228-6. This sale takes place at the end of a period set by decree in the Conseil d’Etat, starting from the publicity provided for in this…