Section 3: The youth passbook.

The capitalisation may take the balance of the account above the ceiling provided for in article R. 221-84.

Only the holder of the youth passbook can make deposits.

Sums credited to a Livret Jeune are repayable on demand.

Only the holder of the youth passbook can make withdrawals.

Authorisation for the withdrawal referred to in the second paragraph of Article L. 221-24, as well as the objection of the legal representative referred to in the same paragraph, shall be notified to the institution or custodian by registered letter with acknowledgement of receipt.

No withdrawal may result in the account being in debit.

The rate of interest paid to the depositor is set in accordance with Article L. 611-1.

Payments bear interest from the first day of the fortnight following the deposit. They cease to accrue at the end of the fortnight preceding the day of repayment.

At 31 December each year, the interest earned is added to the capital and itself becomes interest-bearing.

If the account is closed during the year, the interest earned is credited on the day the account is closed.