French Business Law - French Legislation

Article R514-25 of the French Monetary and Financial Code

November 6, 2023

The term of office for members of the Guidance and Supervisory Board is three years. This term is renewable. Members of the Guidance and Supervisory Board, who are elected from among their number by the municipal council of the municipality in which the establishment has its registered office, retain their mandate with the Caisse only insofar as they continue to be members of the municipal council. The term of office…

Article R514-26 of the French Monetary and Financial Code

November 6, 2023

The mayor may grant honorary status to members of the Guidance and Supervisory Board who cease to hold office, provided that they have held office for twelve years.

Article R514-27 of the French Monetary and Financial Code

November 6, 2023

If a member of the Guidance and Supervisory Board ceases to hold office for any reason whatsoever, the mayor shall replace him or her no later than two months after the member ceases to hold office.

Article R514-28 of the French Monetary and Financial Code

November 6, 2023

The Guidance and Supervisory Board elects a Vice-Chairman by an absolute majority of its members in office. If, after two rounds of voting, no candidate has obtained this majority, the election is held in the third round by a relative majority; in the event of a tie, the oldest candidate is declared elected.

Article R514-29 of the French Monetary and Financial Code

November 6, 2023

In the absence of the Chairman, the office of Chairman shall be held by the Vice-Chairman or, in the latter’s absence, by the most senior member of the Board present and, in the event of equality of seniority between them, by the eldest.

Article R514-30 of the French Monetary and Financial Code

November 6, 2023

The Guidance and Supervisory Board meets at least once every three months. It may also be convened by the Chairman whenever he considers it necessary or at the request of the majority of its members or the Director of the institution. The members of the Board may be represented by one of their number, provided that this person holds only this mandate. The power of attorney must be in the…

Article R514-31 of the French Monetary and Financial Code

November 6, 2023

The Guidance and Supervisory Board may only validly deliberate if at least two thirds of the members in office are present or represented. When this quorum is reached, resolutions are adopted by an absolute majority of the members present or represented. If this quorum is not reached, a new notice of meeting is sent to the members of the Board within fifteen days. Resolutions are then passed by a relative…

Article R514-32 of the French Monetary and Financial Code

November 6, 2023

I. – The Guidance and Supervisory Board adopts the internal regulations, which govern in particular the organisation of work and the internal control procedures designed to ensure the security of operations. It oversees the application of regulations relating to employee relations and, where appropriate, examines the caisse’s social balance sheet. It approves the general terms and conditions of deposits, loans and other services offered by the caisse to its customers….

Article R514-33 of the French Monetary and Financial Code

November 6, 2023

Municipal credit unions must keep accounts in accordance with a chart of accounts drawn up by joint order of the Minister for the Budget and the Minister for the Interior.

Article R514-34 of the French Monetary and Financial Code

November 6, 2023

I. – The assets of each municipal credit union comprise : 1° The movable and immovable property owned by it ; 2° Profits and bonuses acquired under the conditions set out in article L. 514-4, with the exception of sums that the Guidance and Supervisory Board decides to allocate to social welfare organisations; 3° Subsidies received. II. – The municipal credit unions carry out their operations using the free funds…

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Regulatory part

Article R514-25 of the French Monetary and Financial Code

Article R514-26 of the French Monetary and Financial Code

Article R514-27 of the French Monetary and Financial Code

Article R514-28 of the French Monetary and Financial Code

Article R514-29 of the French Monetary and Financial Code

Article R514-30 of the French Monetary and Financial Code

Article R514-31 of the French Monetary and Financial Code

Article R514-32 of the French Monetary and Financial Code

Article R514-33 of the French Monetary and Financial Code

Article R514-34 of the French Monetary and Financial Code

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