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Article L228-35-10 of the French Commercial code

The Articles of Association may give the Company the option of requiring the repurchase either of all its own non-voting preference shares, or of certain classes of them, each class being determined by its date of issue. The repurchase of a class of non-voting preference shares must involve all the shares of that class. The buyback is decided by the General Meeting ruling under the conditions set out in Article…

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Article L228-36 of the French Commercial code

Companies limited by shares belonging to the public sector, cooperative companies constituted in the form of a public limited company or a limited liability company, public limited companies for low-cost housing mentioned in the article L. 422-2 du code de la construction et de l’habitation et les sociétés de coordination au sens de l’article L. 423-1-1 of the same code may issue non-voting securities. These securities are redeemable only in…

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Article L228-37 of the French Commercial code

The issue and redemption of redeemable equity securities must be authorised under the conditions set out in the fifth paragraph of article L. 225-100 and articles L. 228-40 to L. 228-44. Holders of redeemable equity securities from the same issue are grouped ipso jure for the defence of their common interests into a “masse” which enjoys civil personality. They are subject to the provisions of articles L. 228-47 to L….

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Article L228-38 of the French Commercial code

As stated in article L. 213-5 of the Monetary and Financial Code : ” Art. L213-5-Les obligations sont des titres négociables qui, dans une même émission, confèrent les mêmes droits de créance pour une même valeur nominale. “

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Article L228-39 of the French Commercial code

On pain of nullity of the contracts entered into or the bonds issued, the issue of bonds by a joint stock company that has not drawn up two balance sheets duly approved by the shareholders must be preceded by a verification of the assets and liabilities. This verification shall be carried out by one or more commissaires (auditors) appointed by the body of the company empowered to decide on or…

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Article L228-40 of the French Commercial code

The Board of Directors, the Management Board or the manager(s) are entitled to decide on or authorise the issue of bonds, unless the Articles of Association reserve this power to the General Meeting or the General Meeting decides to exercise it. The Board of Directors or the Management Board may delegate, to any person of its choice, the powers necessary to carry out, within a period of one year, the…

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