Subsection 4: Local savings companies

The local savings companies are cooperative companies, subject to the provisions of law no. 47-1775 of 10 September 1947 on the status of cooperation, subject to the provisions of this section. They contribute to the development of the general policies of the savings and provident institution to which they are affiliated. Their purpose is also, within the framework of these general guidelines, to encourage the widest possible ownership of the…

The following may be members of a local savings company: public inter-municipal cooperation bodies with their own tax status and, under the conditions set out in the Articles of Association, natural persons or legal entities that have entered into one of the transactions provided for in Articles L. 311-1, L. 311-2, L. 511-2 and L. 511-3, the employees of this savings and provident institution, the local authorities and, under the…