Subsection 2: Shareholder rights and securities not admitted to trading on a regulated market or a multilateral trading facility

Failing an amicable sale under the conditions set out in articles R. 221-30 to R. 221-32, the sale is made in the form of an auction.

A set of specifications shall be drawn up for the sale, which shall contain, in addition to a reminder of the previous procedure: 1° The company’s articles of association; 2° Any document required to assess the nature and value of the rights offered for sale. Agreements instituting an approval or creating a preferential right in favour of members are only binding on the successful bidder if they are included in…

A copy of the specifications is sent to the company, which informs the shareholders. On the same day, any other opposing creditors are summoned to inspect the specifications at the premises of the person responsible for the sale. Any interested party may submit observations on the content of the specifications to the person in charge of the sale. Such observations shall no longer be admissible on expiry of a period…

The day, time and place of the sale are advertised in the press and, if necessary, by posters. Such advertising shall be carried out not more than one month and not less than fifteen days before the date set for the sale. The debtor, the company and, if applicable, the other opposing creditors are notified of the date of the sale.

The legal and contractual procedures for approval, pre-emption or substitution are implemented in accordance with the provisions specific to each of them.