Subsection 2: Administration

Each Regional Mutual or Union is managed by a Board of at least six and no more than twelve directors, elected from among the members by the General Meeting for a term of six years. However, if a director’s seat becomes vacant between two ordinary general meetings, the Board of Directors may make a provisional appointment under the conditions laid down in the Articles of Association. At least one third…

Without prejudice to the provisions of Article L. 612-40, the civil liability of directors towards the Regional Mutual or Union and towards third parties shall only arise in the event of a breach of the Articles of Association, a criminal offence or an infringement of the provisions of this section and its implementing texts.

After each partial renewal, the Board of Directors elects its Chairman and Vice-Chairman or Vice-Chairmen from among its members. Subject to the powers of the General Meeting as they result from the legal provisions in force and the Articles of Association, and within the limits of the corporate purpose, the Board has the broadest powers to administer the caisse or union. In particular, it takes decisions to grant loans. It…

The Director implements the decisions of the Board of Directors; he is vested with the powers necessary to ensure, within the framework of these decisions, the management of the Regional Mutual or Association. He represents the Regional Mutual or Association in its dealings with third parties.

If the Board of Directors takes decisions contrary to the specific legislative or regulatory provisions governing Crédit Maritime Mutuel or if it fails to perform its duties, the central body of the savings banks and banques populaires may, without prejudice to the provisions of the last paragraph of I of Article L. 612-34, after unsuccessful formal notice and under the conditions defined by the decree provided for in Article L….

The members meet at least once a year at a General Meeting. Each member has as many votes as shares held, within the limits set by the Articles of Association. Under the conditions and within the limits laid down in the Articles of Association, any individual member may be authorised to represent other members. The Ordinary General Meeting approves the accounts for the past financial year and exercises the powers…