Section 3: Loans taken out and guarantees granted by the network's establishments.

The establishments of the network may be authorised to contract loans to meet or contribute to the expenditure resulting from their actions in all the areas in which their powers are exercised, with the exception of their operating expenditure. They service the loans using all the resources available to them under article L. 710-1 of the French Commercial Code. The transmission to the supervisory authority of the deliberation adopting a…

The establishments in the network may, subject to the approval of the supervisory authority, work together to create, subsidise and operate establishments, services or works of common interest. To this end, they may, under the conditions set out in article R. 712-27, contract collective loans, the cost of which is shared between the participating establishments. Decisions relating to the creation, operation and financing of these joint establishments or services are…

For loans concerning airport and port services or facilities delegated to network establishments, authorisation is granted after an opinion from the delegating authority has been requested by the delegating establishment. .

Subject to loans the amount of which is less than the threshold mentioned in the last paragraph of Article R. 712-7, authorisation to borrow is given in the forms provided for in Article R. 712-8. The mere inclusion in the budget of the establishment of the proceeds of a loan does not authorise the consular company to contract this loan, even after explicit or implicit approval of this budget by…

The authorisation of the acts mentioned in 2° of Article R. 712-7 is valid for a period of one year from the date of approval of the deliberations relating to these acts. At the end of this period, if the loan, lease or bond issue has not been contracted or raised, the authorisation must be renewed. However, where the loan relates to a port or airport concession, the deadline is…

Borrowings are made under market conditions and in compliance with the public procurement rules in force or in the form of public subscription with the option of issuing bearer bonds or bonds transferable by endorsement. Borrowing contracts must always stipulate the option of early repayment or renegotiation of the loan.

The rules laid down in Articles R. 712-27 and R. 712-29 apply to issues by a network institution of bonds or to the conclusion of a property leasing contract.

The granting by a network institution of the guarantees mentioned in 3° of article R. 712-7 is subject to the following rules: 1° The granting of guarantees means the granting of loan guarantees or sureties granted to natural or legal persons under private or public law; 2° Transmission of the resolution adopting a proposal to grant a guarantee to a third party is accompanied by documents and information specifying the…