Section 1: Composition of capital

The deliberative assemblies of communes, départements, regions and their groupings may, for the purpose of creating local semi-public companies mentioned in Article L. 1521-1, acquire shares or receive, as a fee, contribution shares, issued by these companies. Shareholdings are subject to the following conditions: 1° The company takes the form of a public limited company governed by Book II of the French Commercial Code, subject to the provisions of this…

Shareholders other than local authorities and their groupings may not hold less than 15% of the share capital.

Notwithstanding the provisions of article L224-2 of the French Commercial Code, share capital must be at least equal to 225,000 euros for companies whose purpose is the construction of buildings for residential, office or industrial use, intended for sale or rent, and 150,000 euros for those whose purpose is development.