Creation of the public financing and restructuring establishment
LexInter | October 4, 2017 | 0 Comments

Creation of the public financing and restructuring establishment

Article 1

It is created, under the name Public Funding and Restructuring Establishment, a national public administrative institution endowed with financial autonomy and placed under the supervision of the Minister responsible for the economy, to whom all rights, property and obligations of the general partnership called the Banque Industrie SNC participation company

The date of this contribution, which will take place no later than January 1, 1996, will be set by order of the Minister responsible for the economy.

Article 2

The mission of the public financing and restructuring establishment is to manage the financial support provided by the State to Crédit Lyonnais within the framework of the confinement of some of its assets within the company responsible for ensuring their realization. and called Consortium of realization.

To this end, it is authorized to take out a loan from Crédit lyonnais up to a limit of 145 billion francs.

It may hold stakes including, by contribution, all or part of that of the State in Crédit lyonnais.

In particular, he ensures that the financial interests of the State are respected within the framework of the recovery plan of Crédit lyonnais.

Article 3

To fulfill the commitments resulting from its mission and without prejudice to the provisions provided for in the second paragraph of Article 2, the Public Financing and Restructuring Establishment is authorized to borrow, up to a limit of 50 billion francs, to pay interest. the loan granted to it by Crédit lyonnais.

Article 4

The accrued interest on zero coupon Treasury bonds subscribed by the public financing and restructuring establishment is provisioned each year in the finance law.

Article 5

The public financing and restructuring establishment is administered by a board of directors of five members which includes, in addition to a president appointed by decree and appointed because of his economic and financial competence:

– a representative of the National Assembly;

– a representative of the Senate;

– two representatives of the State.

Article 6

A Council of State decree fixes the terms of application of this title, and in particular the establishment’s accounting regime. It determines the decisions of the board of directors which, because of their impact on the financial balance of the public financing and restructuring establishment, only become enforceable after the approval of the minister responsible for the economy.

Title II: Creation of the public defeasance establishment.

Article 7

It is created, under the name of public establishment of defeasance realization, a national public administrative establishment endowed with financial autonomy and placed under the supervision of the minister in charge of the economy.

Article 8

The mission of the public defeasance establishment is to manage the financial support provided by the State within the framework of the recovery plans of the Comptoir des entrepreneurs implemented before June 30, 1996.

To this end, it may hold participations including, by contribution, all or part of that of the State in the Société centrale des assurances générale de France.

Article 9

The public defeasance establishment is administered by a board of directors of five members which includes, in addition to a president appointed by decree and appointed because of his economic and financial competence:

– a representative of the National Assembly;

– a representative of the Senate;

– two representatives of the State.

Article 10

Modified by Ordinance 2000-916 2000-09-19 art. 1 I JORF September 22, 2000 in force on January 1, 2002.

The public defeasance establishment may grant a loan of a maximum amount of 686,020,577.56 euros to companies created to carry out the mission referred to in article 8. It may waive, under terms set by the loan contract, the recovery of interest and principal of the said loan.

Article 11

The public defeasance establishment covers the expenses assumed by Crédit Foncier de France on behalf of the State in respect of the financial support provided by the latter within the framework of the recovery plans mentioned in Article 8. .

Article 12

A Council of State decree fixes the terms of application of this title, and in particular the establishment’s accounting regime. It determines the decisions of the board of directors which, because of their impact on the financial balance of the public defeasance establishment, only become enforceable after the approval of the Minister in charge of the economy.

Title III: Control of cantonment companies.

Article 13

The management of companies whose main activity is the management or sale of receivables, participations or assets and as such benefiting from a support or a financial guarantee in any form, direct or indirect, from the public establishment financing and restructuring or of the public defeasance establishment may be the subject of controls carried out on documents and on the spot by agents authorized for this purpose by the Minister in charge of the economy, and assisted, if necessary , experts from outside the administration, authorized for this purpose.

These provisions also apply to companies controlled by the companies mentioned in the previous paragraph within the meaning of article 355-1 of law n ° 66-537 of July 24, 1966 on commercial companies.

These interventions take place exclusively in professional premises and can be extended to the examination of the assets held by these companies or for which security interests have been transferred to them, with the exception of the parts of these assigned to the private domicile.

At the end of these control operations, a report retracing the results of the investigations carried out and the observations of the controlled company is sent to the company concerned referred to in the first paragraph and to the board of directors, as the case may be, of the Establishment. public financing and restructuring or the public establishment for the realization of defeasance.

Professional secrecy cannot be opposed to the agents mentioned in the first paragraph. These are themselves subject to professional secrecy under the penalties provided for in article 226-13 of the penal code.

Article 14

The corporate officers of the companies mentioned in the first paragraph of Article 13 of this law are approved by the Minister responsible for the economy.

Article 15

The conditions of application of this title are fixed by decree of the Council of State.

Article 16, 21

[* modifying article (s) *]

Title IV: Miscellaneous provisions.

Article 17

The provisions of the third paragraph of I of article 2 of law n ° 93-923 on privatization of July 19, 1993 and articles 4-1, 11, 12 and 13 of law n ° 86-912 of August 6, 1986 relating to the terms of the privatizations apply to the shares of Crédit Lyonnais held by the Public Funding and Restructuring Establishment and to the shares of the Société centrale des assurances générale de France held by the Public Establishment of Defeasance.

Article 18

All acts performed and commitments made by the State within the framework of the financial support provided to Crédit Lyonnais and by the Banque Industrie SNC participation company are validated until the date of the contribution provided for in Article 1 of the present law insofar as they would be contested on the basis of the absence of legislative authorization.

Article 19

All acts performed and commitments made by the State or on behalf of the State within the framework of the financial support provided to the Comptoir des entrepreneurs are validated insofar as they are contested on the basis of the absence of authorization. legislative. In particular, the commitment made by the State to participate in covering the fraction of the final cost of the first defeasance operation which would exceed 4 billion francs is validated.

Article 20

The contribution of all the rights, goods and obligations of the Banque Industrie SNC holding company to the establishment created in article 1 of this law does not give rise to any levy of taxes, duties or taxes. To determine its taxable results, the public financing and restructuring establishment must comply with the obligations provided for in 3 of article 210-A of the general tax code in respect of the rights, goods and obligations which have been transmitted to it. .

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