French Commercial code
In forceAny share converted into a bearer share or transferred in ownership loses the double voting right allocated pursuant to articles L. 225-123 and L. 22-10-46. However, a transfer as a result of inheritance, the liquidation of community property between spouses or an inter vivos gift to a spouse or relative entitled to inherit does not result in the loss of the acquired right and does not interrupt the period mentioned in the first paragraph of article L. 225-123 and in article L. 22-10-46. The same applies, unless otherwise stipulated in the Articles of Association, in the event of a transfer following a merger or demerger of a shareholder company.
The merger or demerger of the company has no effect on the double voting rights that may be exercised within the beneficiary company or companies, if they benefit from them.
Double voting rights in third-party companies enjoyed by the absorbed company or the demerged company are maintained, in the event of a merger or demerger, in favour of the absorbing company or the company benefiting from the demerger or, as the case may be, in favour of the new company resulting from the merger or demerger transaction.
