Subsection 2: Mandatory registered shares

Cash shares are governed by the provisions of Article L. 228-9 of the French Commercial Code, reproduced below: “Art. L. 228-9. – Cash shares are registered shares until they are fully paid up. ” “Failure to comply with the first paragraph may result in the cancellation of the share. “

I. – Subject to the provisions of article L. 211-7, shares issued in French territory and subject to French law, of sociétés par actions, other than SICAVs, sociétés de placement à prépondérance immobilière à capital variable or sociétés professionnelles de placement à prépondérance immobilière à capital variable, which are not admitted to trading on a regulated market or a multilateral trading facility, shall be in registered form. II. – This…

The requirement for certain shares to be in registered form is deemed to have been met if the conditions set out in Article L. 228-2 of the French Commercial Code are met.