Subsection 4: Changes in share capital and employee share ownership

In public limited companies whose shares are admitted to trading on a regulated market or a multilateral trading facility subject to the provisions of II of article L. 433-3 of the Monetary and Financial Code : a) The Board of Directors may, within the limits it has previously set, delegate to the Chief Executive Officer or, in agreement with the Chief Executive Officer, to one or more Deputy Chief Executive…

When, as part of a capital increase, the securities referred to in the first paragraph of Article L. 225-130 are admitted to trading on a regulated market or to the operations of a central depository, the sale of these securities corresponding to rights forming fractional shares shall be carried out, unless the General Meeting decides otherwise, in accordance with the procedures laid down by decree of the Conseil d’Etat.

In companies whose shares are admitted to trading on a regulated market, the General Meeting may provide that the capital increase that it decides or authorises pursuant to article L. 225-135 includes a priority subscription period for shareholders, the minimum duration of which is set by decree by the Conseil d’Etat. It may also delegate to the Board of Directors or the Management Board the power to assess whether it…

As an exception to the second paragraph of article L. 225-136, for companies whose equity securities are admitted to trading on a regulated market and insofar as the equity securities to be issued immediately or deferred are comparable thereto, the issue price of equity securities without pre-emptive subscription rights by way of a public offer or by way of an offer mentioned in II of Article L. 411-2 of the…

The Extraordinary General Meeting of a company whose securities are admitted to trading on a regulated market may delegate, for a maximum period of twenty-six months, to the Board of Directors or the Management Board the powers necessary to carry out a capital increase, up to a limit of 10% of its share capital, with a view to remunerating contributions in kind granted to the company and consisting of equity…

The provisions of articles L. 225-147 and L. 22-10-53 are not applicable in the event that a company whose shares are admitted to trading on a regulated market carries out a capital increase as consideration for securities tendered to a public exchange offer for securities of a company whose shares are admitted to trading on a regulated market of a State party to the Agreement on the European Economic Area…

The reports and formalities referred to in articles L. 22-10-52, L. 22-10-53 and in the second paragraph of article L. 22-10-54 may give rise to an injunction in accordance with the procedures defined in articles L. 238-1 and L. 238-6. Decisions taken in violation of Article L. 22-10-53 are null and void. The first paragraph of article L. 22-10-54 is not subject to this article.