Subsection 3: Shareholder default.

For the application of Article L. 228-27, the defaulting shareholder is given formal notice by registered letter with acknowledgement of receipt. The sale of shares not admitted to trading on a regulated market is carried out at public auction by an investment services provider other than a portfolio management company or by a notary under the conditions provided for in article L. 211-21 of the Monetary and Financial Code.To this…

The entry of the defaulting shareholder is automatically deleted from the company’s register of registered shares. If the shares issued are in registered form, the acquirer is registered and new certificates indicating the payment of the instalments called up and marked “duplicate” are issued. Where the shares were registered in an account with the issuer in accordance with the provisions of articles R. 211-1 and R. 211-4 of the Monetary…

The period referred to in the first paragraph of article L. 228-29 is thirty days from the formal notice provided for in the first paragraph of article L. 228-27.