L'aménagement des droits des actionnaires après l'ordonnance du 24 juin 2004

b) The inventory of the particular rights attached to the actions preferably

131. - As we saw^270(*), the reform leaves a great place to contractual freedom. The inventiveness of the practice, released by facilitated agreed by the ordinance of June 24, 2004, will quickly make null and void the tested assemblies and which in the past the issues of shares to financial privileges revealed^271(*).

If the financial rights (I) preferably constitute the principal attraction of the new actions, the creativity of financial should also develop beyond this sphere, in the direction of possible installations as regards voting rights (II) and other prerogatives known as political (III), like in that of the particular obligations (iv).

132. - This presentation relates to only the rights which can be exerted in the transmitting company^272(*), and does not claim itself exhaustive^273(*).

(i) Particular rights of a financial nature

133. - The report/ratio of the MEDEF of May 2001^274(*) already clearly marked out the way on the matter. Moreover, the actions preferably can be matched same financial rights as those which profited before with the preferred stocks or with the actions with priority dividend without voting rights (1). They also open the door with the stipulation of rights which, up to now, or were not seldom implemented (2).

* ²⁷⁰ Supra Nos 116, 126.

* ²⁷¹ V.J. - J. DAIGRE, france MONOD and france BASDEVANT, «  Actions with financial privileges  », Practical Acts and financial engineering, March-April 1997, n° 32  ; F. - D. POITRINAL, «  Preferred stocks  : until where can one go  ?  », Banks & Droit 1998, n° 57, p. 13.

* ²⁷² Infra n° 182 and S. for the particular case of issue of shares preferably within the framework of groups of companies.

* ²⁷³ For a detailed study, v. in particular A. VIANDIER, «  Actions preferably  », art préc.  ; A. GUENGANT, D. DAVODET, P. ENGEL, S. of VENDEUIL and S. PAVEC, «  Actions preferably  : questions of experts  », art préc.

* ²⁷⁴ Rep. préc.