French Commercial code
In forceIn the event of contributions in kind or the stipulation of special benefits, the contribution auditors are appointed and carry out their duties under the conditions set out in article R. 22-10-7. The provisions of article R. 22-10-8 are applicable in the case of contributions in kind.
In the case of the issue of preference shares to designated shareholders, the contribution auditors referred to in article L. 228-15 are appointed and carry out their duties under the conditions set out in the second and third paragraphs of Article R. 22-10-7.
In the event of the stipulation of special advantages or the issue of preference shares giving rise to the application of Article L. 228-15, the report shall describe and assess each of the special advantages or special rights attached to the preference shares. Where applicable, it shall indicate, for these special rights, which valuation method has been used and why it has been used, and shall justify that the value of the special rights corresponds at least to the nominal value of the preference shares to be issued plus any issue premium.
The report of the contribution auditors shall be made available to shareholders at the registered office, at least eight days before the date of the Extraordinary General Meeting or before the date of the meeting of the Board of Directors or the Management Board, in the event of delegation in accordance with Article L. 22-10-53. In this case, the report is brought to the attention of the shareholders at the next General Meeting.
In the event of the issue of preference shares giving rise to the application of article L. 228-15, this period may be reduced if all the shareholders consent, in writing, prior to the appointment of the contributions auditor.
