Section 2: Obligations.

The information document referred to in article L. 213-11 is drawn up prior to any issue. It shall be given to or sent to any person whose subscription is sought.

Subject to the provisions of Article D. 213-19, when the issuing association makes a public offer, with the exception of those mentioned in 1° or 2° of Article L. 411-2 or in Article L. 411-2-1, for the placement of the securities mentioned in Articles L. 213-8 and L. 213-9, the provisions of Articles R. 228-57 to 59 of the Commercial Code are applicable to the notice mentioned in Article L….

I. – The information document contains all the information required by subscribers. It contains the following information concerning the issue: 1° The purpose of the issue ; 2° The decisions of the authorised bodies which initiated the issue and their period of validity; 3° The number, nominal value and form of the securities, as well as the gross proceeds and an estimate of the net proceeds of the issue; 4°…

Any advertisement or form concerning the issue will mention the existence of the information document and specify how it can be obtained free of charge.

The associations referred to in Article L. 213-8 may only be registered in the Trade and Companies Register after a decision to issue bonds has been duly taken by the General Meeting.

De-registration is requested by the bond-issuing association in the year following redemption of all bonds issued. Deregistration is also requested if, one year after the General Meeting’s decision to issue bonds, no bonds have been issued.

If an association fails to apply for deregistration within the prescribed period, the procedure will be carried out in accordance with the second paragraph of article L. 123-3 of the French Commercial Code.