French Commercial code
In forceFor the application of article L. 3332-18 of the French Labour Code relating to capital increases reserved for members of a company savings plan, where the general meeting has waived preferential subscription rights in favour of employees of the company or of companies affiliated to it within the meaning of article L. 225-180, the provisions of I and II of article L. 225-138 shall apply and:
1° The subscription price remains determined under the conditions defined in Article L. 443-5 of the Labour Code;
2° The capital increase is only carried out up to the amount of equity securities subscribed by employees individually or through a mutual fund or securities issued by open-ended investment companies governed by Article L. 214-166 of the Monetary and Financial Code. It does not give rise to the formalities provided for in articles L. 225-142, L. 225-144 et L. 225-146 ;
3° (deleted)
4° The period that subscribers may be granted to pay up their shares may not exceed three years ;
5° Equity securities or securities giving access to the capital may be paid up, at the request of the company or the subscriber, either by periodic payments or by equal and regular deductions from the subscriber's salary;
6° Equity securities or securities giving access to the capital thus subscribed issued before the expiry of the five-year period provided for in Article L. 443-6 of the Labour Code may only be traded once they have been fully paid up;
7° Equity securities or securities giving access to the capital reserved for members of the savings plans referred to in Article L. 443-1 of the Labour Code may, notwithstanding the provisions of the first paragraph of Article L. 225-131 of this Code, be issued even if the share capital has not been fully paid up.
The fact that the securities referred to in the previous paragraph have not been fully paid up shall not prevent the issue of equity securities to be paid up in cash.
Participants in the company savings plan provided for in article L. 443-1 of the French Labour Code may obtain the cancellation or reduction of their commitment to subscribe for or hold equity securities or securities giving access to the capital issued by the company in the cases and conditions set by the decrees of the Conseil d'Etat provided for in article L. 442-7 of the same code.
