Holders of securities governed by this section have, except where Article
L. 225-138, a pre-emptive right to subscribe for the preference shares referred to in article
L. 228-11when these confer rights equivalent to those of the securities they own.
Holders of securities governed by this section have, except where Article L. 225-138 applies, a preferential right to subscribe for the securities referred to in Article
L. 228-91when these give rise to the allocation of securities conferring rights equivalent to those of the securities they own.

