Paragraph 2: Operation

The Caisses de Crédit Agricole Mutuel are administered by a Board of Directors, the members of which are elected by the General Meeting of member-policyholders.

Without prejudice to the provisions of Article L. 612-40, the personal liability of the members entrusted with the administration of the Caisse shall only arise in the event of a breach of the Articles of Association or of the provisions of this Section.

In the event that the Board of Directors of a Regional Mutual Agricultural Credit Union ceases to hold office or takes decisions contrary to legal or regulatory provisions or the instructions of the Central Body of Agricultural Credit, the Central Body of Agricultural Credit may appoint a committee to be responsible for the provisional management of the Regional Mutual Agricultural Credit Union pending the election of a new Board of…

The Boards of Directors of the Caisses Régionales de Crédit Agricole Mutuel have powers over the administration and management of the local mutuals affiliated to them similar to those conferred by Article L. 512-38 on the central body of Crédit Agricole over the administration and management of the local mutuals. The election by the boards of directors of the local mutual agricultural credit cooperatives of their chairman, vice-chairmen and managing…

The appointment of directors of the regional mutual credit banks is subject to the approval of the central body of Crédit Agricole. Such appointments may not include any commitment by the regional mutual to maintain the director in office for a fixed term. Directors may be dismissed by a decision of the Managing Director of the Central Body of Crédit Agricole, taken after consulting the Board of Directors. They are…

Ordinary general meetings must be held before 31 March for the regional mutual banks and before 30 April for the local mutual banks.

The accounts of the caisses de crédit agricole mutuel must be kept in accordance with the requirements of the accounting and banking authorities and in accordance with the instructions of the central body of Crédit Agricole.

In the event of the dissolution of regional mutual agricultural credit associations that have received advances from the central body of agricultural credit, the remaining assets are, after payment of the company’s debts and reimbursement of the capital actually paid in, placed on deposit, without interest, with the central body of agricultural credit, until the amount can be made available, as and when required, to any regional mutual agricultural credit…