Section 4: Transferable debt securities.

Voting rights at general meetings of bondholders belong to the bare owner.

The voting right attached to the bonds must be proportional to the portion of the amount of the loan they represent. Each bond entitles its holder to at least one vote.

Meetings may neither increase the burdens on bondholders nor establish unequal treatment between bondholders of the same body. They may not decide to convert bonds into shares, subject to the provisions of article L. 228-106. Any provision to the contrary is deemed unwritten.

Every bondholder has the right to obtain, under the conditions and within the time limits determined by decree of the Conseil d’Etat, communication of the text of the resolutions that will be proposed and the reports that will be presented to the general meeting. He has, at all times, the same right with regard to the minutes and attendance sheets of the general meetings of the body to which he…

Bondholders are not individually entitled to exercise control over the company’s operations or to request disclosure of corporate documents.

The debtor company shall bear the costs of convening and holding shareholders’ meetings and publicising their decisions, as well as the costs resulting from the procedure provided for in article L. 228-50. Other management expenses decided by the general meeting of the masse may be deducted from the interest paid to bondholders and their amount may be set by court order. The deductions referred to in the previous paragraph may…

Failing approval by the general meeting of the proposals referred to in 1° and 4° of I. of article L. 228-65, the board of directors, the management board or the managers of the debtor company may override, by offering to redeem the bonds within the period set by decree in the Conseil d’Etat. The decision of the board of directors, the management board or the managers to overrule shall be…

If the general meeting of bondholders of the company being acquired or divided has not approved, as the case may be, one of the proposals referred to in 3° and 6° of I of Article L. 228-65, the board of directors, the management board or the managers of the debtor company may overrule it. The bondholders then retain their status in the acquiring company or in the companies benefiting from…

Bonds repurchased by the issuing company, as well as bonds taken out at the draw and redeemed, are cancelled and may not be put back into circulation.

In the absence of special provisions in the contract of issue, the company may not require bondholders to redeem the bonds early.