French Labour Code
In forceWhen an asset belonging to the public establishment is necessary for the proper performance of its public service missions or for the development of these missions, the State may oppose the disposal of this asset by transfer or contribution in any form whatsoever, or the creation of a security interest in this asset, or make the transfer, contribution or creation of the security interest subject to the condition that it is not likely to prejudice the performance of these missions. Any transfer, contribution or creation of a security interest carried out without the State having been given the opportunity to object, in breach of its objection or in disregard of the conditions set for the completion of the transaction, is automatically null and void.
Proceeds from the sale of real estate assets transferred to the public institution, mentioned in the order provided for inArticle 2 of Order no. 2016-1519 of 10 November 2016 , are reserved exclusively for the financing of investments intended for the performance of the public service mission provided for in 4° of Article L. 5315-1 or, failing that, allocated to the State budget.
The same applies to proceeds from the sale of real estate assets financed by reinvesting the proceeds from the sale of the assets referred to in the third paragraph.
However, proceeds from the realisation of security interests over the assets referred to in the third paragraph are allocated to the creditors.
