All of French Company Law: ordinary law of companies and specific regime for different types of companies

Company Law (en cours)

The rules governing securities giving access to capital or entitling the holder to the allocation of debt securities, also known as composite securities (valeurs mobilières composées) has evolved over time. According to the former Article L. 228-91 of the Commercial Code in its version in force from 21 September 2000 to 26 June 2004, “a joint stock company [could] issue securities granting the rig …

Principle

The rules governing securities giving access to capital or entitling the holder to the allocation of debt securities, also known as composite securities (valeurs mobilières composées) has evolved over time. According to the former Article L. 228-91 of the Commercial Code in its version in force from 21 September 2000 to 26 June 2004, “a joint stock company [could] issue securities granting the right by conversion, exchange, redemption, presentation of a warrant or in any other manner, to the allocation at any time or on a fixed date of securities issued representing a portion of the capital of the issuing company.” However, there was a specific regime for a category of securities giving access to capital, particularly bonds with stock warrants, governed by the former Articles L. 225-150 to L. 225-160 of the Commercial Code, bonds convertible into shares, governed by the former Articles L. 225-161 to L. 225-167, and bonds exchangeable for shares, governed by the former Articles L. 225-168 to L. 225-176.

Ordinance 2004-604 of 24 June 2004 unified the categories of securities that companies may issue as well as their regime. Within these categories, issuers can now create new securities with clearly defined regimes and rights for holders. The regime for marketable securities giving access to capital or granting a claim is governed by Articles L. 228-91 to L. 228-106 of the Commercial Code. However, stock warrants, convertible bonds, and bonds exchangeable for shares, issued under the former regime, are governed, from the effective date of the ordinance, by the new provisions, subject to maintaining the rights of holders defined by the issuance contract, when it predates the ordinance's effective date. Furthermore, certain provisions of the new regime for marketable securities giving access to capital or granting a claim were modified by Ordinance 2014-863 of 31 July 2014 relating to French Company Law, enacted pursuant to Article 3 of Law 2014-1 of 2 January 2014 authorizing the Government to simplify and secure business life, and others by the PACTE Law.

Before considering the current regime of compound securities, it is important to present that of compound securities issued under the former provisions, as these have not ceased to exist.

Ordinance No 2004-604 of 24 June 2004 on the reform of the regime of marketable securities issued by commercial companies, OJ of 26 June 2004.

Company Law (en cours)

125. Principle

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise

Sous parties

Les notions juridiques connexes

125. Principle

Demandez un accès gratuit au contenu exclusif Livv – juristes d’entreprise

Sous parties

Les notions juridiques connexes

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise