Section 4: Reciprocal shareholdings

A joint stock company may not own shares in another company, if the latter holds a fraction of its capital greater than 10%. Failing agreement between the companies concerned to regularise the situation, the one holding the smaller fraction of the other’s capital must dispose of its investment. If the reciprocal investments are of equal size, each of the companies must reduce its own investment so that it does not…

If a company other than a société par actions includes among its shareholders a société par actions holding a fraction of its capital greater than 10%, it may not hold any shares issued by the latter. If it comes to hold any, it must dispose of them within the period set by decree in the Conseil d’Etat and it may not, on their account, exercise voting rights. If a company…

Where shares or voting rights in a company are owned by one or more companies which it directly or indirectly controls, the voting rights attached to those shares or voting rights may not be exercised at the company’s general meeting. This is not taken into account when calculating the quorum.