Subsection 1: General provisions.

No new securities may be issued pursuant to the articles of this section with the exception of those issued pursuant to decisions of general meetings prior to the entry into force of the ordonnance n° 2004-604 du 24 juin 2004 portant réforme du régime des valeurs mobilières émises par les sociétés commerciales et extension à l’outre-mer de dispositions ayant modifié la législation commerciale.

Holders of securities governed by this section have, except where Article L. 225-138, a pre-emptive right to subscribe for the preference shares referred to in article L. 228-11 when these confer rights equivalent to those of the securities they own. Holders of securities governed by this section have, except where Article L. 225-138 applies, a preferential right to subscribe for the securities referred to in Article L. 228-91 when these…

For the calculation of the ratios provided for in article L. 228-11, existing non-voting preference shares and investment certificates are taken into account. However, the application of the provisions of the preceding paragraph shall not prevent the rights of holders of existing shares from being maintained.