French Commercial code
In forceThe issue and redemption of redeemable equity securities must be authorised under the conditions set out in the fifth paragraph of article
L. 225-100and 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. 228-71,
L. 228-73and
L. 228-76 to L. 228-90.
In addition, the general meeting is convened at least once a year to hear the corporate officers' report on the company's situation and business during the past financial year and the statutory auditors' report on the financial statements for the year and on the items used to determine the remuneration of the redeemable shares.
Masse representatives attend shareholders' or unitholders' meetings. They are consulted on all matters on the agenda, with the exception of those relating to the appointment or dismissal of members of the corporate bodies. They may speak at any time during the meeting.
Holders of redeemable shares may obtain corporate documents under the same conditions as shareholders.
In public undertakings without a general meeting, the board of directors shall exercise the powers vested in the ordinary general meeting for the issue of redeemable shares. The fourth paragraph of this article shall not apply.
