Subsection 3: Savings and provident institutions

Subject to the provisions of this section, the savings and provident institutions are cooperative societies, subject to the provisions of law no. 47-1775 of 10 September 1947 on the status of the cooperative society and of book II of the French Commercial Code.

The caisses d’épargne et de prévoyance are credit institutions and may, notwithstanding the provisions of article 3 of law no. 47-1775 of 10 September 1947 on the status of cooperation, carry out all banking transactions.

The shares of the savings and provident institutions may only be held by the local savings companies. The Articles of Association of the savings and provident institutions and of the local savings companies provide that, in the event of a bank resolution or court-ordered liquidation of a savings and provident institution, the net proceeds of share subscriptions available on the members’ current accounts held by the local savings companies are…

The Caisses d’Epargne et de Prévoyance are managed by an Executive Board under the supervision of a Supervisory Board. The latter is known as the Guidance and Supervisory Board. The Guidance and Supervisory Board has seventeen members. It comprises, in accordance with the conditions laid down in the Articles of Association: 1. Members elected directly by the employee members of the Caisse d’Epargne et de Prévoyance; 2. Members directly elected…