Subsection 4: Provisions relating to the conclusion, assessment and implementation of group financial support agreements

I. - For the application of Article L. 613-46-3, the clauses of the agreement referred to in I of this Article set the minimum and maximum time limits within which the Board of Directors, the Supervisory Board or any other body exercising equivalent supervisory functions must decide on the request for approval submitted to it. The minimum time limits may not be less than three days from the date of referral.

These clauses stipulate that the Board of Directors, the Supervisory Board or any other body exercising equivalent supervisory functions may not delegate its powers with regard to the implementation of the agreements mentioned in article L. 613-46.

II. - These clauses also provide for the exchange of information between the entities of the group necessary for the board of directors, the supervisory board or any other body exercising equivalent supervisory functions of each of the entities to be able to deliberate validly. They provide that these bodies shall in all cases have access to the following information:

1° A copy of the group financial agreement in force on the date of the deliberation ;

2° The timetable, terms and conditions and amount of the financial support envisaged;

3° The form and amount of the remuneration received in return for the support, the manner in which it was determined and, where applicable, the timetable for its payment.

III. - These clauses also stipulate that the board of directors, the supervisory board or any other body exercising equivalent supervisory functions of the entity which is to grant its support must have the following information at its disposal in order to reach a decision:

1° The most recent financial statements of the entity likely to benefit from the support and a financial analysis of its situation ;

2° An analysis of the risk represented by the entity likely to benefit from the support with regard to its situation, the consideration for the support requested and any direct or indirect advantage likely to be obtained by the entity likely to grant the support;

3° An analysis of the differences between the consideration referred to above and market conditions, as well as any useful justification when market conditions are not taken into account to determine the amount or value of the consideration;

4° Any evidence that the conditions set out in I of Article L. 613-46-4 have been met.