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

CONTENTS

INTRODUCTION ................................................................................................................................ 8

FIRST PART a NEW SPACE OF FREEDOM CONTRACTUAL: A PRIMARILY ECONOMIC INSTALLATION A FINALITY 20

A. The simplification of the mode of the new issues of capital 20

1. The widening of the delegations 22

has) End of the exclusive competence of the extraordinary general assembly 22

b) Methods of the widening of the delegations 24

(I) The delegation of powers 25

(II) The delegation of power 28

(1) The requirement of particular resolutions 28

(2) Office plurality of the delegations 30

(3) The subdelegation with the social leaders 32

2. Measurements of easing of the mode of the new issues of capital 33

has) New issues of capital with preferential duty of subscription 34

(I) Rules applicable to the preferential duty of subscription 34

(II) Duration of the period of subscription 35

(III) Formalities of publicity 37

b) New issues of capital without preferential duty of subscription 38

(I) The legalization of the priority period 40

(II) Rules of fixing of the price 41

(1) Suppression of the rule of « ten among the twenties » 41

(2) Technique of the new issue of capital « with the wire of water » 43

(3) Suppression of the reference to the stockholders' equity and the expertise 45

(4) The fixing of the price of the new issues of capital reserved for people called or with categories of identified people 45

(III) The flexibility of remuneration of the contributions of titles 46

c) Measurements facilitating the introductions out of purse 47

(I) Practice of the options of surallocation 47

(II) Negociability of the promises of actions 49

(III) The fixing of the rules of price of the new issues of capital reserved for paid. 49

B. The issue of the shares preferably 51

1. Contents of the actions preferably 53

has) Principles applicable to the actions preferably 53

(I) The nature of « rights » attached to the actions preferably 54

(II) Requirements of form and basic attached to the actions preferably 57

b) The inventory of the particular rights attached to the actions preferably 58

(I) Particular rights of a financial nature 58

(1) Known rights 58

(2) Rights « new » 59

(II) Particular rights as regards voting rights 62

(1) The deprivation and the suspension of the voting rights 63

(2) The exercise and adjustments of the voting rights 65

(III) Particular rights of a political nature 68

(1) Right of veto 68

(2) Other political rights 70

(iv) Particular obligations 71

c) The particular case of the groups of companies 73

(I) Principles applicable to the exercise of particular rights in a company third. 73

(II) Particular rights being able to be exerted in a third company 76

(1) Particular rights of a financial nature 76

(2) Particular rights as regards voting rights 77

(3) Rights of a political nature 77

2. The creation of the actions preferably 78

has) Ways allowing the creation of actions preferably 79

(I) The emission 79

(II) Conversion 79

(III) Distribution of dividend in the form of titles of capital 80

b) General rules applicable to the creation of actions preferably 81

(I) The competence of the extraordinary general assembly 82

(II) Procedure of checking of the particular advantages 82

(III) The protection of certain stockholders of credit or titles of capital 84

(iv) The emission within the framework of a group of companies 84

3. Limits with contractual freedom 86

has) Limits holding with the law and order 87

(I) The general law and order 87

(II) The protective law and order of the thirds 88

(III) The law and order of the company law 89

b) Limits holding the interest of the recourse to the actions preferably in one SAS ............................................................................................................ 90

(I) Interest of the issue of shares preferably by SAS 91

(II) Obligation of the issue of shares preferably by SAS in some situations 92

SECOND PART PROTECTION OF the SHAREHOLDERS : NECESSARY COUNTERPART OF FREEDOM OCTROYEE 96

A. The protection of the shareholders at the time of creation and disappearance of actions preferably 96

1. Protective measurements at the time of the creation of actions of preference 97

has) Protective measurements of a general nature 97

b) Procedure of the particular advantages 100

2. Protective measurements at the time of the disappearance of actions preferably 103

has) The conversion of the actions preferably 105

(I) Conversion in the presence of methods laid down in the statutes 106

(II) Conversion in the absence of methods laid down in the statutes 108

b) The repurchase of the actions preferably 109

(I) General rules applicable to the repurchase of actions preferably 109

(II) The repurchase « forced » in the companies with dimensions 113

(III) The repurchase with the liking of the carrier in the companies not - dimensioned 114

B. The protection of the shareholders at the time of some operations 117

1. Protective measurements of the carriers of actions preferably 117

has) The protection of the shareholders preferably at the time of operations specific 118

(I) Fate of the actions preferably in the event of damping or modification of capital 119

(II) Fate of the actions preferably in the event of fusion or scission 121

b) Right of information of the shareholders preferably 122

2. Protective measurements of the shareholders relative with new issues of capital 124

has) Limits with the delegations of powers and competence 125

(I) Limits of a general nature 125

(II) Limits related with the fixing of the issue price 126

b) The information of the shareholders 127

c) The mode of nullities 130

GENERAL CONCLUSION 134

BIBLIOGRAPHY 136

INDEX ...................................................................................................................... 139

CONTENTS 142