Section I: General provisions.

The body referred to in the first paragraph of Article L. 432-2 shall establish a separate accounting record for the transactions it carries out in the name and on behalf of the State pursuant to Articles L. 432-2, L. 432-5 and L. 432-6. An agreement between the State and the body mentioned in the first paragraph of article L. 432-2 specifies the objectives set by the State for the body, the conditions for implementing state export guarantees in the name, on behalf and under the control of the State, the terms and conditions under which this recording is made and the conditions under which it is audited and certified by one or more auditors.

The agreement mentioned in the first paragraph of this article mandates the body mentioned in the first paragraph of article L. 432-2 to collect revenue, to carry out amicable and contentious debt collection and to take any action to ensure the preservation of the State's rights in France and abroad, with the option of delegating to authorised third parties in accordance with the legislation concerned, to pay expenses, including claims compensation, and to handle any funds arising from its activity in the name and on behalf of the State, which remains the holder of the rights and obligations arising from these operations. In particular, the assets appearing in the accounting records provided for in the first paragraph of this article remain the unseizable property of the State. The body mentioned in the first paragraph of Article L. 432-2 may delegate all or some of the tasks listed in this paragraph to entities in its parent group.

In cases where the State is directly or indirectly a shareholder of the body mentioned in the first paragraph of article L. 432-2, articles L. 225-38, L. 225-86 and L. 227-10 of the French Commercial Code do not apply to agreements entered into with this body.

The body referred to in the first paragraph of Article L. 432-2 of this Code does not require the administrative authorisation referred to in Article L. 321-1 or the administrative authorisation referred to in Article L. 522-6 of the Monetary and Financial Code.

When the body mentioned in the first paragraph of Article L. 432-2 delegates at least one of the tasks listed in the second paragraph of this Article to an entity in its parent group, an agreement between the aforementioned body, the delegated entity and the French State sets out the terms and conditions for the French State's supervision of the delegated entity's performance of its duties.