French General Tax Code
In forceCompanies which, having subscribed to the initial capital of the sociétés immobilières conventionnées referred to in Order no. 58-876 of 24 September 1958 or to their capital increases, have waived, within a period of one year, the exceptional amortisation of 50% provided for in article 5-2° of the said Order, may disregard, for the determination of their taxable profits, the net income from the shares of the said companies included in their assets, insofar as this income relates to shares the subscription of which has contributed to the financing of programmes defined by one of the agreements provided for in the third paragraph of Article 2 of the said ordinance.
However, the provisions of this article will cease to apply to shares subscribed after 30 June 1964 or paid up after 31 December 1965. In addition, the subscription of shares in sociétés immobilières conventionnées incorporated after the promulgation of law no. 63-254 of 15 March 1963 may not, under any circumstances, give entitlement to the benefit of the said provisions.
