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Article L211-14 of the French Monetary and Financial Code

With the exception of shares in non-trading property investment companies (sociétés civiles de placement immobilier) referred to in article L. 214-114 and shares in forestry savings companies (sociétés d’épargne forestière) referred to in article L. 214-121, financial securities are negotiable.

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Article L211-16 of the French Monetary and Financial Code

No person may claim, for any reason whatsoever, a financial security whose ownership has been acquired in good faith by the holder of the securities account in which the securities are registered or by the person identified by the shared electronic recording device referred to in article L. 211-3.

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