Subsection 2: Provisions applicable to professional non-trading companies

The period provided for by the second paragraph of Article 24 of Law no. 66-879 of 29 November 1966 for the transfer of the shares of a deceased partner is set at one year from the death of the partner. It may be renewed by the president of the regional company, at the request of the heirs of the deceased member and with the consent of the company given under…

If, during the period provided for in the preceding article, the successors decide to transfer their shareholder’s shares to a third party who is not a member of the company, this shall be done in accordance with the provisions of articles R. 822-50, R. 822-86, and R. 822-87.

Any application by one or more heirs of a deceased partner for the preferential allocation to them of the shares of their author shall be notified to the company and to each of the partners in one of the forms provided for in Article R. 822-86. The terms of this award are governed by article R. 822-50 and, where applicable, by those of article R. 822-87.

When the period provided for in article R. 822-91, the rightful claimants of the deceased member have not exercised the option to transfer the shares of their author and if no prior consent to the preferential allocation has been given by the company, the company has six months to acquire or have acquired the shares of the deceased member. In the event of a dispute, the provisions of article 1843-4…

The transfer of shares shall be publicised in accordance with the provisions of Article 52 of Decree n° 78-704 of 3 July 1978. In the case provided for in the third paragraph of article R. 822-89, publication of the assignment is completed by filing, under the same conditions, two certified copies of the summons sent to the assignor, accompanied by proof of the summons or service of the summons.