French Monetary and Financial Code
In forceI. - The Guidance and Supervisory Board adopts the internal regulations, which govern in particular the organisation of work and the internal control procedures designed to ensure the security of operations.
It oversees the application of regulations relating to employee relations and, where appropriate, examines the caisse's social balance sheet.
It approves the general terms and conditions of deposits, loans and other services offered by the caisse to its customers.
It appoints the caisse's representatives on the representative bodies of the profession.
II. - The following are subject to the prior authorisation of the Guidance and Supervisory Board:
1° Expenditure exceeding an amount set by order of the Minister for the Economy;
2° Decisions to open or close branches or auxiliary offices;
3° Disposals affecting the assets of the Caisse, in particular the acquisition of holdings in public limited companies as provided for in article L. 514-1, without prejudice to the general provisions applicable to disposals by public bodies;
4° Agreements between the Caisse and the Director or one or more members of the Guidance and Supervisory Board, with the exception of those relating to current transactions and entered into under normal conditions, which are subject to prior notification to the Chairman of the Guidance and Supervisory Board.
III. - The Guidance and Supervisory Board informs the municipal council of the municipality in which the establishment has its registered office in advance of :
1° Any disposal of assets whose net balance sheet value is greater than or equal to the lower of the following two amounts: 10% of the fund's net fixed assets or 1% of its balance sheet total;
2° Any acquisition of assets for which the price reaches the same amount.
For the application of 1° and 2°, reference should be made to the latest balance sheet of the caisse, consolidated if applicable, approved by the Guidance and Supervisory Board.
