Subsection 5: Safeguarding, receivership and compulsory liquidation

The provisions of Article L. 632-2 of the French Commercial Code do not apply to contracts entered into by or with a société de crédit foncier, or to legal acts performed by or for the benefit of a société de crédit foncier, where such contracts or acts relate directly to the transactions provided for in Article L. 513-2.

Where a provisional administrator or liquidator has been appointed for a société de crédit foncier, in accordance with Articles L. 612-34 and L. 613-24, the provisions of Article L. 613-25 shall apply.

Notwithstanding any provisions to the contrary, and in particular Titles II to IV of Book VI of the French Commercial Code, the safeguard, reorganisation or liquidation proceedings of a company holding shares in a société de crédit foncier may not be extended to the société de crédit foncier.

In the event of the receivership, reorganisation or liquidation of a company responsible for the management or collection, on behalf of a société de crédit foncier, of the loans, exposures, similar receivables, securities and deposits, bonds or other resources provided for in article L. 513-2, the contracts providing for such management or collection may be terminated immediately, notwithstanding any provisions to the contrary and in particular those of titles II…