French Monetary and Financial Code
In forceI. - Subject to the provisions of article L. 211-7, shares issued in French territory and subject to French law, of sociétés par actions, other than SICAVs, sociétés de placement à prépondérance immobilière à capital variable or sociétés professionnelles de placement à prépondérance immobilière à capital variable, which are not admitted to trading on a regulated market or a multilateral trading facility, shall be in registered form.
II. - This obligation must be fulfilled within six months of the issue date of the shares concerned or the date on which they cease to be admitted to trading by a central depository.
Once this period has elapsed, holders of shares who have not complied with the obligation stipulated in I may only exercise the rights attached to these securities if they have been presented to the issuing company or an authorised intermediary with a view to their conversion into registered form.
III. - Within one year of expiry of the period stipulated in II, the issuing companies must sell the rights corresponding to the shares not presented, in accordance with the conditions laid down by decree. The proceeds of the sale are deposited until they are returned to the entitled parties.
IV. - Where they do not prove that they have taken all necessary steps to ensure the effective application of these provisions, the managers, the Chairman of the Board of Directors or the Management Board of the issuing company are, for the application of death duties and property wealth tax, presumed, in the absence of proof to the contrary, to be the owners of shares which are not registered or which have not been sold under the conditions provided for in III.
