Subsection 1: Governance of the plan

I. - The association's General Meeting is convened at least once a year under the conditions set out in article

R. 141-4

in order, for each of the plans subscribed by the association:

1° To approve the annual accounts of the plan on the basis of the report of the insurance company's auditors and after obtaining the opinion of the supervisory committee; to this end, the auditors' report and the opinion of the supervisory committee are sent to the chairman of the general meeting at least fifteen days before the meeting is held;

2° To approve the plan budget drawn up by the supervisory committee in accordance with 1° of article R. 144-14, after consultation with the insurance company;

3° Electing and renewing the elected members of the Supervisory Committee and, where applicable, approving the appointment by the Supervisory Committee or by the Board of Directors of the association of qualified persons as members of the Supervisory Committee. This meeting may also dismiss any member of this committee at any time.

II - An Extraordinary General Meeting of the Association is convened to decide, in respect of one or more plans subscribed by the Association, on :

1° Essential changes to be made, on the recommendation of the Supervisory Committee and after consultation with the insurance company, to the rights and obligations of members of the plan, in particular changes relating to the charges provided for in article R. 144-25, changes to the procedures for revaluing life annuities and changes resulting, where applicable, from the takeover of the association's tasks by another association. The resolution report relating to these changes sets out the reasons for them and their effects on the acquired and future rights of members;

2° The renewal of the contract taken out with the insurance company. The resolution report relating to this renewal sets out the reasons which led the Supervisory Committee to propose this resolution;

3° The choice of a new insurance company. The corresponding resolution report sets out the reasons which led the Supervisory Committee to propose the change of insurance undertaking, its opinion on this resolution as well as the procedure for selecting the new managing insurance undertaking and the reasons which led the Supervisory Committee to select the proposed candidate;

4° The recovery plan referred to in Article L. 143-5 ;

5° The closure of the plan, after receiving the opinion of the insurance undertaking. The corresponding resolution report includes the opinion of the insurance undertaking and sets out the conditions for the transfer of assets and rights registered under the said plan to another popular retirement savings plan.

III - Members of a plan subscribed by the association are ex officio members of the association; they have voting rights at the General Meeting and may propose a resolution to the General Meeting under the conditions set out in article R. 141-5.

Resolutions presented at an Ordinary General Meeting are adopted by a simple majority of the votes cast. Resolutions presented at an Extraordinary General Meeting are adopted by a majority of at least two-thirds of the votes cast.