French Business Law - French Legislation

Article L512-6 of the French Monetary and Financial Code

November 7, 2023

Members’ shares are always in registered form. Where they are negotiable, they are transferred with the approval of the Board of Directors. If the banque populaire is set up as a société à capital variable (variable-capital company), the Articles of Association specify the conditions under which member-policyholders may withdraw from the company, have their shares redeemed and be released from their commitments.

Article L512-7 of the French Monetary and Financial Code

November 7, 2023

The members of a banque populaire may not, under any circumstances, at any time and in any form whatsoever, receive in repayment of their contribution a sum in excess of the paid-up portion of the shares they hold. In particular, the reserves and provisions constituted by the company may not be distributed among its members.

Article L512-8 of the French Monetary and Financial Code

November 7, 2023

When, after repayment of the company’s debts, including advances of any kind granted by the federal bank, liquidation costs and the paid-up portion of the shares, the dissolution or liquidation of a banques populaires shows a surplus of assets, the amount of this surplus is paid into the collective guarantee fund instituted by article L. 512-16. However, the central body of the caisses d’épargne et des banques populaires may allocate…

Article L512-9 of the French Monetary and Financial Code

November 7, 2023

The provisions of article L. 512-8 are applicable, after repayment of advances of any kind received from the central body of the caisses d’épargne et des banques populaires, to the surplus assets of a company which has lost, for whatever reason, its status as a banques populaires. In the absence of an amicable agreement, the amount of this surplus is determined by an expert chosen by the company’s Extraordinary General…

Article L512-11 of the French Monetary and Financial Code

November 7, 2023

The Banques Populaires network comprises the Banques Populaires, the sociétés de caution mutuelle granting them exclusive guarantee rights under the Articles of Association and the Société de Participations du Réseau des Banques Populaires.

Article L512-12 of the French Monetary and Financial Code

November 7, 2023

In order to guarantee the liquidity and solvency of the banques populaires network, the central body for savings banks and banques populaires referred to in Article L. 512-106 has at its disposal the guarantee funds recorded in the accounts of the société de participations du réseau des banques populaires, which, if used, it may decide to replenish by calling on the banques populaires to make the necessary contributions.

Article L512-13 of the French Monetary and Financial Code

November 7, 2023

The use of the words “banque populaire” as a title or qualifier is prohibited for any company other than those mentioned in this section.

Article L512-20 of the French Monetary and Financial Code

November 7, 2023

The agricultural credit unions governed by this section are the caisses de crédit agricole mutuel and the organe central du crédit agricole. The caisses de crédit agricole mutuel comprise : 1. Les caisses régionales de crédit agricole mutuel définies à l’article L. 512-34; 2. The caisses locales de crédit agricole mutuel affiliated to the caisses régionales mentioned in 1. The local and regional mutuals are cooperative companies.

Article L512-21 of the French Monetary and Financial Code

November 7, 2023

The main purpose of the caisses de crédit agricole mutuel is to facilitate and guarantee transactions relating to agricultural production and agricultural and rural equipment carried out by their members.

Article L512-22 of the French Monetary and Financial Code

November 7, 2023

The Caisses de Crédit Agricole Mutuel admit as members agricultural groups or their members, communities, associations and organisations, the list of which is set by decree, as well as rural craftsmen employing no more than two workers on a permanent basis. However, the Articles of Association may provide that the Caisses de Crédit Agricole Mutuel may admit as members persons for whom they have carried out one of the transactions…

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French Monetary and Financial Code

Article L512-6 of the French Monetary and Financial Code

Article L512-7 of the French Monetary and Financial Code

Article L512-8 of the French Monetary and Financial Code

Article L512-9 of the French Monetary and Financial Code

Article L512-11 of the French Monetary and Financial Code

Article L512-12 of the French Monetary and Financial Code

Article L512-13 of the French Monetary and Financial Code

Article L512-20 of the French Monetary and Financial Code

Article L512-21 of the French Monetary and Financial Code

Article L512-22 of the French Monetary and Financial Code

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French Monetary and Financial Code

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