Section III: Conversion of the agreement.

When the number of members of an agreement, including non-contributors and retirees, is or becomes less than 1,000 after the expiry of the period provided for in Article R. 441-15, the agreement is converted.

The conversion of the agreement entails, within a period of one year, the transformation of the operations subject to conversion into life annuity operations covered, in full and at all times, by mathematical provisions. The share of the reserves attributable to each member in the conversion of the operations in question determines the benefit provided by the substitute insurance operation. This distribution and the amount of the benefits of the…

In the event of conversion of an agreement under the conditions mentioned in articles R. 441-24 or R. 441-26, the assets representing the technical provisions mentioned in 1° and 3° of article R. 441-7 and half of the assets representing the technical provisions mentioned in 2° of the same article are divided between the beneficiaries of this agreement.