Subsection 2: Mutual certificates

I.-Mutual insurance companies and mutual insurance group companies referred to in the last paragraph of article L. 322-1-3 may issue mutualist certificates from : 1° Their member-policyholders ; 2° Member-policyholders or policyholders of undertakings belonging to the same insurance group as defined in 5° of Article L. 356-1, as well as such undertakings; 3° Mutual insurance companies, mutual insurance group companies, mutual insurance companies and unions governed by Book II…

I.-Mutualist certificates are redeemable only in the event of the liquidation of the issuer and after all preferential, unsecured and subordinated creditors have been paid in full. Redemption is made at the nominal value of the certificate, reduced, where applicable, by the amount of any losses charged to the formation fund. The Articles of Association may provide for losses to be charged to reserves prior to this reduction. II –…