Sub-section 2: Obligations.

Every bondholder has the right to obtain, under the conditions and within the time limits determined by decree of the Conseil d’Etat, communication of the text of the resolutions that will be proposed and the reports that will be presented to the general meeting. He has, at all times, the same right with regard to the minutes and attendance sheets of the general meetings of the body to which he…

Bondholders are not individually entitled to exercise control over the company’s operations or to request disclosure of corporate documents.

The debtor company shall bear the costs of convening and holding shareholders’ meetings and publicising their decisions, as well as the costs resulting from the procedure provided for in article L. 228-50. Other management expenses decided by the general meeting of the masse may be deducted from the interest paid to bondholders and their amount may be set by court order. The deductions referred to in the previous paragraph may…

Failing approval by the general meeting of the proposals referred to in 1° and 4° of I. of article L. 228-65, the board of directors, the management board or the managers of the debtor company may override, by offering to redeem the bonds within the period set by decree in the Conseil d’Etat. The decision of the board of directors, the management board or the managers to overrule shall be…

If the general meeting of bondholders of the company being acquired or divided has not approved, as the case may be, one of the proposals referred to in 3° and 6° of I of Article L. 228-65, the board of directors, the management board or the managers of the debtor company may overrule it. The bondholders then retain their status in the acquiring company or in the companies benefiting from…

Bonds repurchased by the issuing company, as well as bonds taken out at the draw and redeemed, are cancelled and may not be put back into circulation.

In the absence of special provisions in the contract of issue, the company may not require bondholders to redeem the bonds early.

In the event of early dissolution of the company, not brought about by a merger or demerger, the general meeting of bondholders may demand redemption of the bonds and the company may impose it.

In the event of an issue of bonds with collateral, the collateral is constituted by the company prior to or at the same time as the issue, on behalf of the bondholders. Acceptance results solely from the fact of subscription. It is retroactive to the date of registration for securities subject to registration and to the date of their creation for other securities.

Securities are constituted in a special deed. Where the special deed is entered into prior to the issue of the bonds, the representatives of the masse may be parties thereto on behalf of the masse of bondholders in formation. This deed only takes effect at the time of issue.