From the decision to open reorganization or assets liquidation proceedings against a legal person,
the ipso jure or de facto top executives, salaried or not, under penalty of nullity, shall assign
equity interests, capital securities or securities giving access to capital of the legal entity which
are part of the proceedings only with the approval of the receiver and under conditions that he
sets forth.
The competent court shall rule on non-assignability of ownership interests of any person who
was involved in the management of the legal entity at any time such involvement was recorded.
Securities giving ownership interests shall be handed to the trustee. Absent voluntary delivery,
the trustee shall give formal notices to the top executives so as to personally deliver them.
Failure to deliver such titles shall be deemed an offence provided for in article 233 (6)
hereinafter.
Where appropriate, the trustee shall state the non-assignability of the top executives’ ownership
interests in the legal entity records and in the Register of Commerce and Securities.
The trustee shall provide a statement of ownership interests and deliver to the top executives a
certificate of deposit or non-transferable registration to enable them to participate in the meetings
of the legal entity.
Unofficial translation
Spot-checked
In force from 10 September 2015
Source page 53