Subsection 4: Reduction of capital.

A capital reduction is authorised or decided by the Extraordinary General Meeting, which may delegate to the Board of Directors or the Management Board, as the case may be, all powers to carry it out. Under no circumstances may it affect the equality of shareholders. A report drawn up by the statutory auditors, if any, on the proposed transaction shall be communicated to the company’s shareholders within a period set…

When the meeting approves a proposed capital reduction not motivated by losses, the representative of the bondholders’ group and the creditors whose claims predate the date on which the minutes of the deliberations are filed with the registry may lodge an objection to the reduction, within the period set by decree in the Conseil d’Etat. A court decision rejects the objection or orders either the repayment of the claims or…