Subsection 4: Local savings companies.

Local authorities and public inter-municipal cooperation bodies with their own tax status may only become members of local savings companies affiliated to the savings and provident institution operating within their jurisdiction.

Subscription requests by local authorities and public inter-municipal cooperation bodies with their own tax status for shares in local savings companies are granted up to the ceiling set in Article L. 512-93.

The representatives of the local authorities and the public institutions for inter-municipal cooperation with their own tax status that are members of local savings companies on the guidance and supervisory board of the savings and provident institution to which these companies are affiliated are elected by a single college made up of the mayors, the chairmen of the EPCIs with their own tax status, the chairmen of the departmental councils…

The number of seats to be filled, which may not exceed three, is determined for each Caisse d’Epargne et de Prévoyance on the basis of the total amount of shares in the affiliated local savings companies held by all the local authorities and public inter-municipal cooperation bodies with their own tax status. If this amount is less than 10% of the maximum amount that may be held by local authorities…

If there is only one seat to be filled, the representative of the local authorities and of the public establishments for inter-municipal cooperation with their own tax status is elected by a two-round uninominal majority ballot. All nominations must include the appointment of a substitute who meets the same eligibility requirements as the candidate. It must be signed by the candidate and the substitute. No person may be a substitute…

Each Caisse d’Epargne et de Prévoyance is responsible for organising the elections, drawing up the electoral lists, receiving candidacies and ensuring that the electoral process runs smoothly. It carries out the counting operations, which are public and give rise to the drawing up of minutes.

When a representative of a local authority or of a public institution for inter-municipal cooperation with its own tax status on the Guidance and Supervisory Board of a Caisse d’Epargne et de Prévoyance loses his/her elected office or reaches the age limit stipulated by the Articles of Association of the Caisse d’Epargne et de Prévoyance, he/she is replaced, as the case may be, either by his/her alternate if he/she was…

When a member of the guidance and supervisory board of the savings and provident institution elected by the employee members is no longer an employee of the savings institution or a member of a local savings company affiliated to it, has reached the age limit stipulated in the Articles of Association of the savings and provident institutions, or if his appointment or reappointment is opposed by the Autorité de contrôle…