French Monetary and Financial Code
In forceI. - The agreement is freely entered into by each of the parties acting in their own best interests, taking into account in particular any direct or indirect advantage that may result.
It shall contain clauses designed to:
1° Define the forms that the support may take ;
2° Identify the remuneration received in return for granting such support and set the rules for calculating it;
3° Define the conditions under which the decision to grant support by one of the parties or to benefit from it is subject to the express approval of the board of directors, the supervisory board or any other body exercising equivalent supervisory functions;
4° Organise the rules for the exchange of information in such a way that any party to the agreement likely to grant support benefits from the relevant information held by the party receiving the support and which is necessary for it to take a decision and determine the amount of the consideration which it may receive; the amount of the consideration is fixed at the time the support is granted, also taking into account the information which the party granting the support may hold as a result of belonging to the same group. This amount does not necessarily take account of market conditions, in particular liquidity or interest rates, at the time the support is provided.
II. - The draft agreement authorised pursuant to Articles L. 613-46-1 and L. 613-46-2 comes into force for each of the parties subject to approval by its General Meeting. It may not be amended at that time.
Each year, the general meeting of each entity is informed of the execution of the agreement and the implementation of the decisions taken on its basis.
III. - The parties to a group financial support agreement provided for in Article L. 613-46 shall make its existence public as soon as it is adopted. They shall publish annually a description of the general terms and conditions of the agreement and the list of participating group entities. The content of the agreement shall not be made public. Notwithstanding article L. 511-39, this agreement is not subject to the provisions of articles L. 225-38 to L. 225-43 of the French Commercial Code.
IV. - The content of the agreements and the terms and conditions of the support are specified by an order of the Minister for the Economy.
