Legislative part

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. “

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…

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…

The company may not create any pledge on its own obligations.

Where the issuing company has continued to pay the proceeds of bonds redeemable as a result of a draw, it may not repeat such sums when such bonds are presented for redemption. Any clause to the contrary shall be deemed unwritten.