French Monetary and Financial Code
In forceI. - Notwithstanding any provision or stipulation to the contrary, the general meeting of any of the persons referred to in I of Article L. 613-34 may delegate to the competent body its authority to decide to issue Tier 1 capital instruments in proportions sufficient to facilitate the implementation of the measures provided for in sub-sections 9 and 10 of this section taken in respect of them or one of their subsidiaries.
This General Meeting sets the period, which may not exceed twenty-six months, during which this authorisation may be used and the overall ceiling for this issue.
This authorisation supersedes any previous authorisation having the same purpose.
Within the limits of the authorisation granted by the General Meeting, the competent body shall have the necessary powers to set the terms and conditions of the issue, record the completion of the resulting capital increases and amend the Articles of Association accordingly.
II. - When it draws up or updates a preventive resolution plan, the resolution college may require the persons mentioned above to hold the authorisation referred to in I. It shall ensure that this authorisation is sufficient to cover the sum of the amounts mentioned in 2° and 3° of III of Article L. 613-55-4.
