Subsection 4: Reduction of capital.

At least fifteen days before the General Meeting called to vote on the proposed transaction pursuant to Articles L. 225-204 or L. 22-10-62, the company shall send to the shareholders or make available to them under the conditions provided for in articles R. 225-88 and R. 225-89 the statutory auditors’ report on this transaction.

For the purposes of determining the ceiling provided for in Article L. 22-10-62, the General Meeting shall set the maximum number of shares that may be acquired and the maximum amount of the transaction. The General Meeting shall also set the maximum number of shares that may be acquired and the maximum amount of the transaction.

For the application of the first paragraph of article L. 225-205, the time limit for creditors to object to the capital reduction is twenty days from the date of filing at the registry of the minutes of the general meeting which decided or authorised the reduction. The objection is lodged with the Commercial Court.

When the company has decided to purchase its own shares with a view to cancelling them and reducing its capital accordingly, it shall make this purchase offer to all shareholders. To this end, a notice of purchase shall be inserted in a medium authorised to receive legal announcements in the department of the registered office and, in addition, if all its shares are not in registered form, in the Bulletin…

The notice provided for in Article R. 225-153 shall state the name and form of the company, the address of the registered office, the amount of the share capital, the number of shares being considered for purchase, the price offered per share, the method of payment, the period during which the offer will be maintained and the place where it may be accepted. The period provided for in the previous…

If the shares presented for purchase exceed the number of shares to be purchased, each selling shareholder is entitled to a reduction proportional to the number of shares he proves he owns or holds. If the shares presented for purchase do not reach the number of shares to be purchased, the share capital is reduced by the amount of the shares purchased. However, the Board of Directors or the Management…

The provisions of articles R. 225-153 to R. 225-155 do not apply when the General Meeting, in order to facilitate a capital increase, an issue of securities giving access to the capital, a merger or a demerger, has authorised the Board of Directors or the Management Board, as the case may be, to purchase a small number of shares with a view to cancelling them. The purchase carried out under…

Shares purchased, with a view to a reduction in the share capital, by the company that issued them are cancelled, if they are registered shares, by an entry in the company’s register of registered shares. When shares are registered in an account in accordance with the provisions of articles R. 211-1 et seq. of the Monetary and Financial Code, the cancellation of the shares is recorded by a transfer to…