Subsection 3: Bonds issued by associations.

I. - The information document contains all the information required by subscribers. It contains the following information concerning the issue:

1° The purpose of the issue ;

2° The decisions of the authorised bodies which initiated the issue and their period of validity;

3° The number, nominal value and form of the securities, as well as the gross proceeds and an estimate of the net proceeds of the issue;

4° The terms of the issue and the financial characteristics of the securities, as well as any guarantees. Where the remuneration of the securities is lower than market conditions at the time of issue, the document shall mention this fact;

5° The terms of sale and, where applicable, the conditions for listing the securities;

6° The existence and organisation of the group of holders of securities;

7° The list of credit institutions responsible for the financial servicing of the operation, where applicable.

II. - The same document contains the following information concerning the issuer:

1° Information concerning the organisation and control of the association:

a) The identity of the directors and those of the members of the supervisory body or the board of directors;

b) The total amount of remuneration paid to each of the categories of persons listed above in respect of their duties;

c) The offices held by these same persons in other companies;

d) The agreements between the association and any legal entity having directors in common with the association;

e) The names of the statutory auditors and their alternates, and the date of their appointment;

2° The amount of shareholders' equity not liable to be written back at the end of the previous financial year, the total amount and breakdown by maturity of commitments other than those resulting from the issue, and an indication of the guarantees granted on securities previously issued;

3° The balance sheet, profit and loss account and significant items in the notes for the last three financial years and, where the issue is made during the financial year, significant items taken from the provisional accounts and an assessment of the business trend;

4° The corporate purpose of the association, a description of its activities and prospects for development;

5° Any significant events or disputes that may have an impact on the association's business and financial situation;

6° Information concerning the guarantors of the issue.