French Insurance Code
In forceI.-The resolution college may decide to appoint a resolution administrator to the person referred to in Article L. 311-1, to whom all the powers of administration, management and representation of this person shall be transferred. The resolution college shall define the mandate of the resolution administrator, who shall dispose of the movable and immovable assets of the person concerned in the interests of sound administration and in compliance with the mandate given to him for the purposes of the resolution procedure.
The term of office of the resolution administrator may not exceed one year. It may exceptionally be extended if the conditions for his appointment remain fulfilled at the end of this period. The resolution college alone may modify or terminate the appointment at any time.
The remuneration of the resolution administrator is set by the College of Resolution. This remuneration, together with the expenses incurred by the administrator, shall be paid by the person to whom the administrator is appointed.
II - When the College of Resolution decides to appoint a resolution administrator, it shall suspend or dismiss the person or persons exercising effective management in accordance with 1° of I of Article L. 311-30.
Notwithstanding any provision or stipulation to the contrary, the resolution administrator shall take all necessary measures to promote the objectives of the resolution provided for in I of Article L. 311-22 and shall implement the resolution measures decided by the College of Resolution.
Where appropriate, the College of Resolution shall define the cases in which the resolution administrator is obliged to consult it and obtain its prior agreement before taking a decision or convening a general meeting or joint committee. It may require the resolution administrator to prepare and submit to it, at such intervals as it shall determine, reports on the financial situation of the person subject to the resolution procedure.
III - The resolution administrator may ask the collège de résolution to formulate the request referred to in Articles L. 310-25 and L. 310-25-1 of this Code, L. 212-15 and L. 212-15-1 of the Code de la mutualité and L. 931-18 and L. 931-18-1 of the Code de la sécurité sociale.
In the event of the opening of collective proceedings under Chapter VI of Title II of Book III of this Code, Chapter II of Title I of Book II of the Mutual Code and Chapter I of Title 3 of Book 9 of the Social Security Code, the prohibition on payment of any claim arising prior to the opening judgment does not apply to the payment of the claim corresponding to the remuneration of the resolution administrator.
In the event of the opening or pronouncement of a judicial liquidation, the claim corresponding to the resolution administrator's remuneration is paid by lien before all other claims, with the exception of those guaranteed by the lien established in articles L. 3253-2, L. 3253-4 and L. 7313-8 of the French Labour Code and the legal costs referred to in II of article L. 641-13 of the French Commercial Code. It is not subject to the reporting obligation.
