EHP Law of 10th August 1915 On Commercial Companies

Legislation relating to
commercial companies
Translated by Philippe Hoss
Reflecting all amending laws published on or before 1st
November 2023
F <a
©Philippe Hoss, Elvinger Hoss Prussen. All rights reserved
15276572_3
15276572_3
15276572_3
15276572_3
LEGISLATION RELATING TO COMMERCIAL COMPANIES
TRANSLATED BY PHILIPPE HOSS
 Law of 10 August 1915 on commercial companies, as consolidated by the Regulation of 5

December 2017.
 Extracts of the Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings
 Law of 24 May 2011 on the exercise of certain rights of shareholders in general meetings of
listed companies
 Legislation on the Register of beneficial owners
 Extracts of the Civil Code and the Criminal Code regarding companies
 With selected notes and references to EU sources
Includes all amendments published up to 1st November 2023.
To facilitate research, references to the laws which amended or introduced new provisions in the
Law of 1915 continue to appear in this document, which is not the case in the coordinated and
reorganised version of the Law of 1915 resulting from the Grand Ducal Regulation of 5 December
2017 as published in the legal gazette. Corrections and adjustments made by the Grand Ducal
Regulation of 5 December 2017 are identified only where they update certain references to
European directives.
3
©Philippe Hoss, Elvinger Hoss Prussen. All rights reserved.
15276572_3
CAVEAT
The reader’s attention is drawn to the transitional provisions of the Law of 10

August 10 2016 which was published on 19 August 2016 and entered into force on
23 August 2016:
« 1) Previously incorporated companies must adapt their articles of incorporation

to the provisions of this law within a time period of twenty-four months from its
entry into force. In the meantime, these companies shall remain governed by the
previous legal provisions and regulations.
Resolutions adopting the articles shall be passed in such a manner and shall be
subject to such publications as required for amending the articles of association.
Notwithstanding the foregoing, where the adjustment of the articles of

incorporation is solely required because they refer to a provision which has been
abrogated or renumbered as a result of the present law, the management body
shall be empowered to make the necessary amendments.
In case the articles of incorporation fail to be adapted, clauses in the articles in

conflict with the provisions of the present law shall be disregarded and the
mandatory provisions of this law shall apply.
2) Sociétés coopératives incorporated prior to the entry into force of the present
law shall, in the absence of a clause in the articles of association relating to their
duration, benefit from the provision contained in Article 811-5, 1°1, 1°, of the
amended Law of 10 August 1915 on commercial companies.
3) Companies which, at the time of entry into force of the present law, had a
management body named “management committee” , must within the time period
set in 1, comply with the provisions of Articles 441-11, 441-12 and 715-5, paragraph
5 of the amended Law of 10 August 1915 on commercial companies.»
A consolidated version of the legislation featured in the present publication

applicable prior to the entry into force of the Law of 10 August 2016 remains
available on www.elvingerhoss.lu
1The references in this paragraph and the following paragraph have been adapted to the new numbering resulting from the
Grand Ducal Regulation of 5 December 2017.
4
15276572_3
TABLE OF CONTENTS
ST
TITLE I - GENERAL PROVISIONS................................................................................................................................ 10
TITLE II - SOCIÉTÉS EN NOM COLLECTIF ...................................................................................................................... 22
«TITLE III - SOCIÉTÉS EN COMMANDITE SIMPLE AND SOCIÉTÉS EN COMMANDITE SPÉCIALE..................................... 22
CHAPTER IST - SOCIÉTÉS EN COMMANDITE SIMPLE (COMMON LIMITED PARTNERSHIPS)» ....................................................................... 22

«CHAPTER II - SOCIÉTÉS EN COMMANDITE SPÉCIALE (SPECIAL LIMITED PARTNERSHIPS)» ....................................................................... 27
«TITLE IV - SOCIÉTÉS ANONYMES AND SOCIÉTÉS EUROPÉENNES (SE) ........................................................................ 32
CHAPTER IST - ON THE NATURE AND CLASSIFICATION OF SOCIÉTÉS ANONYMES AND SOCIÉTÉS EUROPÉENNES (SE)» .................................... 32
«CHAPTER II - THE INCORPORATION OF SOCIÉTÉS ANONYMES AND SOCIÉTÉS EUROPÉENNES (SE)» ......................................................... 32
CHAPTER III - THE SHARES AND THEIR TRANSFER ........................................................................................................................... 52
«CHAPTER IV - MANAGEMENT AND SUPERVISION OF SOCIÉTÉS ANONYMES AND OF SOCIÉTÉS EUROPÉENNES (SE)» .................................. 67
«Section 1 - The board of directors» .................................................................................................................................. 67
«Section 2 - The management board and the supervisory board» ................................................................................... 74
«Section 3 - Supervision by the commissaires [supervisory auditors]» ............................................................................. 81
«Section 4 - Rules common to the management bodies, the supervisory board and the commissaires
[supervisory auditors]» ...................................................................................................................................................... 84
CHAPTER V - GENERAL MEETINGS.............................................................................................................................................. 86
CHAPTER VI - INVENTORIES, ANNUAL ACCOUNTS AND SPECIFIC INFORMATION TO BE INCLUDED IN DOCUMENTS ........................................ 93
«Section 1 - Inventories and balance sheets» ................................................................................................................... 93
Section 2 - Specific information to be included in documents ........................................................................................... 97
CHAPTER VII - THE ISSUE OF BONDS ........................................................................................................................................... 98
«CHAPTER VIII - THE DURATION AND DISSOLUTION OF SOCIÉTÉS ANONYMES AND OF SOCIÉTÉS EUROPÉENNES (SE)»............................... 106
«CHAPTER IX - TRANSFER OF THE REGISTERED OFFICE OF A SOCIÉTÉ EUROPÉENNE (SE)» .................................................................... 108
Section 1 - Procedure for the transfer of the registered office from the Grand Duchy of Luxembourg to
another Member State.» ................................................................................................................................................. 108
«Section 2 - The effectiveness of the transfer of the registered office» .......................................................................... 111
«TITLE V - SOCIÉTÉS PAR ACTIONS SIMPLIFIÉES» ..................................................................................................... 112
TITLE VI - SOCIÉTÉS EN COMMANDITE PAR ACTIONS ............................................................................................... 115
«TITLE VII - SOCIÉTÉS À RESPONSABILITÉ LIMITÉE» ................................................................................................. 118
«CHAPTER I - GENERAL PROVISIONS » ..................................................................................................................................... 118

«CHAPTER II - SPECIFIC PROVISIONS APPLICABLE TO THE SOCIÉTÉ À RESPONSABILITÉ LIMITÉE SIMPLIFIÉE » .............................................. 131
TITLE VIII - SOCIÉTÉS COOPÉRATIVES ....................................................................................................................... 132
«CHAPTER I - ON SOCIÉTÉS COOPÉRATIVES IN GENERAL» ............................................................................................................. 132

Section 1 - On the nature and incorporation of sociétés coopératives ............................................................................ 132
Section 2 - Changes in membership and in the corporate fund ....................................................................................... 136
Section 3 - Measures in the interest of third parties ....................................................................................................... 137
«CHAPTER II - SOCIÉTÉS COOPÉRATIVES ORGANISED AS SOCIÉTÉS ANONYMES................................................................................... 139
«CHAPTER III - SOCIÉTÉS COOPÉRATIVES EUROPÉENNES (SEC) (EUROPEAN COOPERATIVE SOCIETIES) (SCE) ......................................... 143
5
15276572_3
Section 1 - General provisions. ........................................................................................................................................ 143
Section 2 - Incorporation. ................................................................................................................................................ 143
Section 3 - Corporate bodies. .......................................................................................................................................... 145
Section 4 - Transfer of the registered office. ................................................................................................................... 150
Section 5 - Annual accounts and consolidated accounts, and audit thereof. Specific provisions applicable to
the two-tier system. ........................................................................................................................................................ 151
Section 6 - Winding up, liquidation, insolvency and cessation of payments. .................................................................. 152
Section 7 - Conversion of a société coopérative européenne (SEC) into a société coopérative ....................................... 152
Section 8 - Criminal law provisions. ................................................................................................................................. 153
Section 9 - Final provisions. ............................................................................................................................................. 153
«TITLE IX - SOCIÉTÉS COMMERCIALES MOMENTANÉES AND SOCIÉTÉS COMMERCIALES EN PARTICIPATION» ........ 153
«TITLE X - RESTRUCTURINGS ................................................................................................................................... 154
CHAPTER IST- CONVERSION» ................................................................................................................................................... 154

«CHAPTER II - MERGERS, ...................................................................................................................................................... 158
«Section 1 - Merger by acquisition» ................................................................................................................................ 160
«Section 2 - Merger by incorporation of a new company» ............................................................................................. 173
«Section 3 - Acquisition of one company by another which holds 90 percent or more of the shares,
corporate units and securities conferring voting rights in the first company»................................................................ 174
«Section 4 - Other operations assimilated to mergers» .................................................................................................. 177
«CHAPTER III - DIVISIONS» .................................................................................................................................................... 177
«Section 1 - Division by acquisition» ............................................................................................................................... 179
«Section 2 - Division by the incorporation of new companies» ....................................................................................... 190
«Section 3 - Other operations assimilated to division» ................................................................................................... 190
«CHAPTER IV - TRANSFERS OF ASSETS, BRANCH OF ACTIVITY TRANSFERS AND ALL ASSETS AND LIABILITIES TRANSFERS » ............................ 191
«CHAPTER V - TRANSFERS OF PROFESSIONAL ASSETS» ................................................................................................................. 192
TITLE XI - THE LIQUIDATION OF COMPANIES ........................................................................................................... 196
«TITLE XII - COURT-ORDERED DISSOLUTION AND CLOSE-DOWN OF COMMERCIAL COMPANIES» ........................... 201
TITLE XIII - COMPANIES CONSTITUTED IN A FOREIGN JURISDICTION ....................................................................... 204
TITLE XIV - RIGHTS OF ACTION AND PRESCRIPTION PERIODS .................................................................................. 209
TITLE XV - CRIMINAL LAW PROVISIONS ................................................................................................................... 211
TITLE XVI - ADDITIONAL PROVISIONS ...................................................................................................................... 216
«TITLE XVII - CONSOLIDATED ACCOUNTS, , , ............................................................................................................. 218
CHAPTER I - CONDITIONS AND MANNER OF PREPARATION OF CONSOLIDATED ACCOUNTS ................................................................... 218

Section 1 - Conditions for the preparation of consolidated accounts»............................................................................ 218
«Section 2 - Manner of preparation of consolidated accounts» ..................................................................................... 224
«CHAPTER II - THE CONSOLIDATED MANAGEMENT REPORT»......................................................................................................... 237
«CHAPTER III - CONSOLIDATED NON-FINANCIAL STATEMENT » ...................................................................................................... 239
«CHAPTER IV - DUTY AND LIABILITY FOR DRAWING UP AND PUBLISHING THE CONSOLIDATED ACCOUNTS AND THE CONSOLIDATED
MANAGEMENT REPORT» ........................................................................................................................................................ 241
«CHAPTER V - THE AUDITING OF CONSOLIDATED ACCOUNTS» ....................................................................................................... 242

«CHAPTER VI - CONSOLIDATED REPORT ON PAYMENTS TO GOVERNMENTS ...................................................................................... 244
6
15276572_3
«CHAPTER VII - THE PUBLICATION OF CONSOLIDATED ACCOUNTS» ................................................................................................ 248
«CHAPTER VIII - CONSOLIDATED ACCOUNTS PREPARED IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING STANDARDS» ..................... 249
«CHAPTER IX - MISCELLANEOUS PROVISIONS» .......................................................................................................................... 250
ANNEX I ................................................................................................................................................................... 251
CHAPTERS I, IBIS, II, IIBIS, IITER, IIQUATER AND IV OF TITLE II OF THE LAW OF 19 DECEMBER 2002 ON THE REGISTER OF
COMMERCE AND COMPANIES AND THE ACCOUNTING AND ANNUAL ACCOUNTS OF UNDERTAKINGS, ....................................................... 251
CHAPTER I. - ON THE OBLIGATION TO KEEP ACCOUNTING BOOKS AND DRAW UP AND DEPOSIT ANNUAL ACCOUNTS .................................. 251
«CHAPTER IBIS. – DEFINITIONS ............................................................................................................................................... 254
«CHAPTER II. – ON THE PREPARATION OF ANNUAL ACCOUNTS» , .................................................................................................. 255
Section 1. - General provisions ........................................................................................................................................ 255
Section 2. - General provisions concerning the balance sheet and the profit and loss account ...................................... 257
Section 3. - Layout of the balance sheet .......................................................................................................................... 259
Section 4. - Special provisions relating to certain balance sheet items ........................................................................... 260
Section 5. - Layout of the profit and loss account ........................................................................................................... 262
Section 6. - Special provisions relating to certain items in the profit and loss account ................................................... 263
Section 7. - Valuation rules .............................................................................................................................................. 264
«Section 7bis. - Rules applicable to fair value measurement» ........................................................................................ 271
Section 8. - Contents of the notes to the accounts .......................................................................................................... 274
Section 9. - Contents of the management report ............................................................................................................ 280
Section 10. – Auditing...................................................................................................................................................... 286
«Section 10bis - Duty and liability for drawing up and publishing the annual accounts and the management
report»............................................................................................................................................................................. 293
Section 11. - Special conditions applicable to parent companies and subsidiaries ......................................................... 294
«CHAPTER IIBIS – ON THE PREPARATION OF ANNUAL ACCOUNTS IN ACCORDANCE WITH INTERNATIONAL ACCOUNTING
STANDARDS» ....................................................................................................................................................................... 297
«CHAPTER IITER. – ON THE REPORT ON PAYMENTS TO GOVERNMENTS ........................................................................................... 299

«CHAPTER IIQUATER. - REPORT ON INCOME TAX INFORMATION», ................................................................................................. 302
CHAPTER IV. – DEPOSIT AND DISCLOSURE OF ANNUAL ACCOUNTS.................................................................................................. 311
GRAND DUCAL REGULATION OF 18 DECEMBER 2015 DETERMINING THE FORM AND CONTENT OF THE LAYOUTS OF THE BALANCE
SHEET AND OF THE PROFIT AND LOSS ACCOUNT AND IMPLEMENTING ARTICLES 34, 35, 46 AND 47 OF THE AMENDED LAW OF 19
DECEMBER 2002 ON THE REGISTER OF COMMERCE AND COMPANIES AND THE ACCOUNTING AND ANNUAL ACCOUNTS OF
UNDERTAKINGS .................................................................................................................................................................... 318
ANNEX I ............................................................................................................................................................................. 319

ANNEX II ............................................................................................................................................................................ 323
ANNEX III ........................................................................................................................................................................... 325
ANNEX IV ........................................................................................................................................................................... 327
ANNEX II .................................................................................................................................................................. 334
LAW OF 24 MAY 2011 ON THE EXERCISE OF CERTAIN RIGHTS OF SHAREHOLDERS IN GENERAL MEETINGS OF LISTED COMPANIES
AND IMPLEMENTING DIRECTIVE 2007/36/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 11 JULY 2007 ON THE
EXERCISE OF CERTAIN RIGHTS OF SHAREHOLDERS IN LISTED COMPANIES ........................................................................................... 334
« CHAPTER 1ST – GENERAL PROVISIONS » ................................................................................................................................. 334
7
15276572_3
«CHAPTER 1BIS – IDENTIFICATION OF SHAREHOLDERS, TRANSMISSION OF INFORMATION AND FACILITATION OF EXERCISE OF
SHAREHOLDERS RIGHTS» ........................................................................................................................................................ 338
«CHAPTER 1TER – TRANSPARENCY OF INSTITUTIONAL INVESTORS, ASSET MANAGERS AND PROXY ADVISORS. » ....................................... 340
«CHAPTER 2 – GENERAL MEETING OF SHAREHOLDERS» ............................................................................................................... 344
«CHAPTER 3 – PENALTIES» .................................................................................................................................................... 356
«CHAPTER 4 – ABBREVIATED TITLE» ........................................................................................................................................ 356
ANNEX III ................................................................................................................................................................. 357
LUXEMBOURG LAW OF 13 JANUARY 2019 CREATING A REGISTER OF BENEFICIAL OWNERS ................................................................. 357
CHAPTER 1 – DEFINITIONS ..................................................................................................................................................... 357
CHAPTER 2 – CREATION OF THE REGISTER OF BENEFICIAL OWNERS................................................................................................. 361
CHAPTER 3 – REGISTRATION AND PRESERVATION OF THE INFORMATION ON BENEFICIAL OWNERS IN THE REGISTER OF BENEFICIAL
OWNERS ............................................................................................................................................................................. 361
CHAPTER 4 – ACCESS TO THE REGISTER OF BENEFICIAL OWNERS .................................................................................................... 365

CHAPTER 5 – SPECIAL PROVISIONS REGARDING THE OPERATION OF THE REGISTER OF BENEFICIAL OWNERS ............................................. 366
CHAPTER 6 – PROVISION, OBTAINMENT AND PRESERVATION OF INFORMATION ON BENEFICIAL OWNERS ............................................... 367
CHAPTER 7 – CRIMINAL LAW PROVISIONS ................................................................................................................................. 367
CHAPTER 8 – AMENDING PROVISIONS ...................................................................................................................................... 368
CHAPTER 9 – TRANSITIONAL PROVISION ................................................................................................................................... 369
CHAPTER 10 –QUOTATION OF THE LAW ................................................................................................................................... 369
CHAPTER 11 – ENTRY INTO FORCE ........................................................................................................................................... 369
GRAND-DUCAL REGULATION OF 15 FEBRUARY 2019 ON THE ARRANGEMENTS REGARDING REGISTRATION AND PAYMENT OF
ADMINISTRATIVE COSTS AS WELL AS THE ACCESS TO THE INFORMATION REGISTERED IN THE REGISTER OF BENEFICIAL OWNERS ................... 370
CHAPTER 1. ARRANGEMENTS REGARDING REGISTRATION IN THE REGISTER OF BENEFICIAL OWNERS ...................................................... 370
CHAPTER II. ACCESS TO INFORMATION ..................................................................................................................................... 371
CHAPTER III. ARRANGEMENTS REGARDING PAYMENT .................................................................................................................. 372
CHAPTER IV. TRANSITIONAL AND FINAL PROVISIONS.................................................................................................................... 373
ANNEX IV ................................................................................................................................................................. 375
TITLE IX OF THE CIVIL CODE «ON COMPANIES» ......................................................................................................................... 375

CHAPTER I. – GENERAL PROVISIONS ......................................................................................................................................... 375
CHAPTER II. – OF THE VARIOUS SORTS OF COMPANIES ................................................................................................................. 375
CHAPTER III. – OF THE OBLIGATIONS OF THE MEMBERS TOWARDS EACH OTHER AND TOWARDS THIRD PARTIES ....................................... 377
CHAPTER IV. – OF THE DIFFERENT MANNERS IN WHICH THE COMPANY ENDS.................................................................................... 380
PROVISION RELATING TO COMMERCIAL COMPANIES .................................................................................................................... 382
ANNEX V .................................................................................................................................................................. 383
CRIMINAL CODE EXCERPTS– LEGAL ENTITIES .............................................................................................................................. 383

ANNEX VI ................................................................................................................................................................. 386
LIST OF LAWS AND REGULATIONS AMENDING THE LAW OF 1915 ................................................................................................... 386
8
15276572_3
ANNEX VII ................................................................................................................................................................ 399
LIST OF ARTICLES OF THE LAW OF 1915 WHICH HAVE BEEN AMENDED BY SUBSEQUENT LEGISLATION .................................................... 399
ANNEX VIII ............................................................................................................................................................... 426
CORRELATION TABLE BETWEEN THE PREVIOUS NUMBERING OF THE AMENDED LAW OF 10 AUGUST 1915 ON COMMERCIAL
COMPANIES AND THE NEW NUMBERING INTRODUCED BY THE GRAND DUCAL REGULATION OF 5 DECEMBER 2017.................................. 426
ANNEX IX ................................................................................................................................................................. 446
CORRELATION TABLE BETWEEN THE NEW AND THE PREVIOUS NUMBERING OF THE COORDINATED VERSION OF THE AMENDED LAW
OF 10 AUGUST 1915 ON COMMERCIAL COMPANIES AS A RESULT OF THE GRAND DUCAL REGULATION OF 5 DECEMBER 2017 .................. 446
ANNEX X .................................................................................................................................................................. 472
SUMMARY PUBLISHED IN ANNEX 2 OF THE GRAND DUCAL REGULATION OF 5 DECEMBER 2017 .......................................................... 472
9
15276572_3
Title Ist - General provisions
Art. 100-1.
Commercial companies are those companies the object of which is to conduct commercial
activities.
They shall be governed by the agreements between the parties, the laws and specific
practices relating to commerce and civil law.
(Law of 10 August 2016) «They shall be divided into commercial companies in the strict sense
and sociétés commerciales momentanées (temporary commercial companies) and sociétés
commerciales en participation (commercial companies by participation).»
Art. 100-2.
(Law of 12 July 2013)
[EC Regulation 2157/2001, Art. 16.1]
«The law recognises as commercial companies with legal personality:
1° the société en nom collectif (general corporate partnership/unlimited
company);
2° the société en commandite simple (common limited partnership);
3° the société anonyme (Law of 10 (public company limited by shares and
August 2016) «and the société par simplified joint stock company);
actions simplifiée»
4° the société en commandite par (corporate partnership limited by shares);
actions
5° the société à responsabilité limitée (private limited liability company and simplified
(Law of 23 July 2016) «and the private limited liability company);
société à responsabilité simplifiée
6° the société coopérative (co-operative society);
7° the société européenne (SE) (European company).
Each of them shall constitute a legal person separate from its members. The société
européenne (SE) shall acquire legal personality on the date on which it is registered in the
register of commerce and companies.
The domicile of a commercial company is located at the seat of its central administration2
(head office). Until evidence to the contrary shall have been finally brought, the central
administration of a company is deemed to coincide with the place where its registered office
is located.
2 The English version of EC Regulation 2157/2001 uses the term «head office». As the term «central
administration» is used in a number of translations of laws of the financial sector and by the financial industry
that term will also be used herein.
10
15276572_3
In addition, there are temporary commercial companies (sociétés commerciales
momentanées), commercial companies by participation (sociétés commerciales en
participation) and special limited partnerships (sociétés en commandite spéciale) which shall
not constitute a legal person separate from that of their members.
The acquisition of a participation in any of the companies referred to in this Article shall not
of itself constitute a commercial activity.»
(Law of 7 August 2023)
« For the purposes of this Law, and unless otherwise provided, any reference to a «Member
State» includes the Member States of the European Union and the States party to the
Agreement on the European Economic Area other than the Member States of the European
Union, within the limits defined by that Agreement and the acts relating thereto. »
Art. 100-3.
(Law of 18 September 1933)
«Companies the object of which is civil [i.e. not commercial] and which subject themselves to
the rules of Article 1832 et seq. of the Civil Code, (…)3, shall similarly constitute a legal person
separate from that of their members, and the service of any process on behalf of or upon
such companies shall be valid if made in the name of, or against, the company alone.»
«Article 710-4 shall apply to them.»
However, companies the object of which is civil may be incorporated in the form of (Law of
10 August 2016) «any of the types of commercial companies listed in Article 100-2, sub-
paragraph 1». However, in such case, those companies and any transactions undertaken by
them shall be commercial and subject to the laws and practices of commerce.
«Civil companies, regardless of the date of their incorporation and provided that no provision
of their constitutive contract prohibits the same, may also be converted into commercial
companies other than a société à responsabilité limitée simplifiée by resolution of a general
meeting specifically convened for that purpose. Said meeting shall approve the articles of the
company. Its resolution shall be valid only if approved by the vote of holders of corporate
units representing at least three-fifths of the corporate units of the company.»
(Law of 7 August 2023) «An economic interest grouping or a European economic interest
grouping may be transformed into a company with legal personality, with the exception of
the simplified private limited company. Conversely, a company with legal personality may be
transformed into an economic interest grouping or a European economic interest grouping.»
(Law of 10 August 2016) «Finally, any of the companies listed in Article 100-2, sub-paragraph
1, irrespective of the original nature of their object or the date of their incorporation and
provided that no provision of their constitutive contract prohibits the same, may be
converted into a company of one of the other types provided for in that Article or a civil
3 Terms deleted by the Law of 10 August 2016.
11
15276572_3
company but not into a société européenne (SE) (Law of 23 July 2016) « and a société à
responsabilité limitée simplifiée».»
[EC Regulation 2157/2001, Art. 2.4, 37.1, 37.2, 66.1 and 66.2]
«A société anonyme governed by Luxembourg law may be converted into a société
européenne (SE) if for at least two years it has had a subsidiary company (Law of 7 August
2023) «governed by the law of another Member State. »4
(Law of 23 July 2016) «The provisions of this law relating to conversion shall also apply to the
conversion of legal entities other than companies into any of the forms of companies with
legal personality under this law (except the société à responsabilité limitée simplifiée), to the
extent provided for by the specific legislation governing such legal entities and in compliance
with the special provisions of such specific legislation.»
A société européenne (SE) with its registered office in the Grand Duchy of Luxembourg, may
be converted into a société anonyme governed by Luxembourg law. No decision on
conversion may be taken before two years have elapsed since its registration and before the
first two sets of annual accounts have been approved5.
The conversion provided for in this Article shall not give rise to liquidation nor to the creation
of a new legal entity.»
«The rights of third parties are reserved.»
(Law of 23 November 1972)

[2017/132/EU art. 10]
«Art. 100-4.
Sociétés en nom collectif, sociétés en commandite simple, sociétés coopératives, civil
companies sociétés en commandite spéciale and sociétés à responsabilité limitée simplifiées
shall, on pain of nullity, be established by means of a special notarial deed or by private
instrument, conforming in the latter case to Article 1325 of the Civil Code. Two originals shall
be sufficient for civil companies, sociétés coopératives, (Law of 12 July 2013) «sociétés en
commandite simple and sociétés en commandite spéciale.»
Sociétés anonymes, sociétés en commandite par actions and sociétés à responsabilité limitée
shall, on pain of nullity, be incorporated by means of a special notarial deed.» (Law of 7 July
2023) «The notarial deed may be passed in electronic form without in-person attendance in
accordance with the provisions of the Law of 9 December 1976 relating to the organisation of
the profession of notary, as amended. An online incorporation may be carried out by using
4 The 27 EU Member States, Iceland, Liechtenstein and Norway. Until 31 December 2020, the United Kingdom
continued to be considered as an EU Member State in accordance with the EU-UK Withdrawal Agreement and as
a member of the EEA in accordance with the Separation Agreement between the United Kingdom, Iceland,
Liechtenstein and Norway.
5 The English version of the Regulation uses the word «or» as does the German version, among others. The French
version uses «and» as do the Italian, Portuguese, Spanish and Greek versions, among others.
12
15276572_3
standard articles of association made available free of charge by the Chambre des notaires
[the Notaries Society]6. »
«The capital represented by cash may be paid-up online to an account opened in the name of
the company to be incorporated with a credit institution within the meaning of Article 4(1)(1)
of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June
2013 on prudential requirements for credit institutions and amending Regulation (EU) No
648/2012, as amended, established in a Member State by means of a widely available online
payment service that can be used for cross-border payments, that allows the identification of
the person who has made the payment, and that is provided by a financial institution or
payment service provider established in a Member State. The proof of such payment may
also be provided online. »

[Regulation (EC) 2157/2001, Art. 11.2 and 11.3]
«Art.100-5.
(1) The companies referred to in Article 100-2, sub-paragraph 1, as well as the sociétés en
commandite spéciale, shall be designated by a corporate denomination which may be either
a particular denomination or the designation of the object of their undertaking.
Said denomination or designation must be different from that of any other company. If it is
identical, or if the similarity thereof can lead to error, any interested party may cause it to be
changed and may, as the case may be, claim damages.
(2) Only sociétés européennes (SE) may include the abbreviation «SE» in their corporate
denomination.
Nevertheless, companies and other legal entities registered in a Member State7 before the
date of entry into force of Council Regulation (EC) 2157/2001 of 8 October 2001 on the
Statute for a European company (SE) 8 , in the corporate denomination of which the
abbreviation «SE» appears, shall not be required to alter their corporate denomination.»
6 Article 31-1 of the amended law of 9 December 1976 on the organisation of the profession of notary:
« (1) With the exception of wills and notwithstanding any provision to the contrary, all notarial deeds may be
passed, subject to the notary's agreement, in electronic format in accordance with the provisions of this law.
(2) When drawing up a deed in remote electronic format, the notary may require the use of videoconferencing or
other technological means offering a real-time audiovisual connection.
(3) For the instruments of incorporation of the companies featured in Annex II to Directive (EU) 2017/1132 of the
European Parliament and of the Council of 14 June 2017 on certain aspects of company law, the notary may
refuse to draw up an instrument in remote electronic format only where the company's share capital includes a
contribution in kind or where he has grounds to suspect falsification or impersonation or non-compliance with the
rules relating to the legal capacity of a party or the power of representation of a company by a party to the
instrument.
The notary may in that case require the in-person attendance of that party in order to remove the suspicion. The
requirement of in-person attendance may not be systematic».
7 See definition in the sixth paragraph of Article 100-2.
8 The date of entry into force was 8 October 2004.
13
15276572_3
«Art. 100-6.
The constitutive instruments of sociétés en nom collectif, sociétés en commandite simple and
civil companies must, on pain of nullity, contain the following:
1° the denomination of the company and its registered office;
2° the object of the company;
3° the description of the contributions of the members.»
Art. 100-7.
Extracts of the deeds or instruments establishing sociétés en nom collectif, sociétés en
commandite simple (Law of 12 July 2013) «and sociétés en commandite spéciale » shall be
published at the expense of the company.
Art. 100-8.
«The extract must contain the following particulars, failing which the penalties laid down in
Article 100-11 shall apply:
1° a precise designation of the members who are jointly and severally liable;
2° (...)9 The denomination of the company, its object and the place where its registered
office is located;
3° the designation of the managers, their signatory powers as well as, as regards sociétés
en nom collectif, the nature of, and limits to, their powers;
4° the date on which the company commences and the date on which it ends.»
Art. 100-9.
The extract of company instruments shall be signed: in the case of notarial deeds, by the
notary who retains the complete deed and, in the case of private instruments, by all
members who are jointly and severally liable.

[2017/1132/EU art. 14]
«Art. 100-10.»
«The constitutive instruments of sociétés anonymes, sociétés par actions simplifiées, sociétés
en commandite par actions, sociétés à responsabilité limitée, sociétés coopératives and civil
companies shall be published in their entirety. Powers of attorney, irrespective of whether
they are in the form of a public deed or private instrument, which are annexed thereto, are
not required to be published on the Recueil électronique des sociétés et associations or to be
deposited at the register of commerce and companies.
9 The terms «firm name» has been deleted by the Law of 7 August 2023.
14
15276572_3
By way of derogation from the first paragraph, in the case of civil companies which are to be
regarded as family companies within the meaning of Article III of the Law of 18 September
1933 providing for sociétés à responsabilité limitée and making certain changes to the legal
and tax regime applicable to commercial and civil companies10, the publication of the
constitutive instruments thereof may be made in the form of an extract to be signed by the
managers, failing whom by all the members, which must contain the following particulars,
failing which the penalties laid down in Article 100-11 apply:
1° a precise designation of the members;
2° the denomination of the company, its object and the place where its registered office is
located;
3° a designation of its managers and the nature of, and limits to, their powers;
4° details of the assets contributed or to be contributed by each of the members, with an
accurate valuation of any contributions in kind;
5° the date when the company commences and the date when it ends. »11
Art. 100-11.12
(Law of 27 May 2016) «Any court action brought by a company whose constitutive
instrument has not been published on the Recueil électronique des sociétés et associations in
accordance with the provisions of Title I, Chapter Vbis of the amended Law of 19 December
2002 on the register of commerce and companies and the accounting and annual accounts of
undertakings, shall be inadmissible.»

[2017/1132/EU art. 10]
«Art. 100-12.
Any contractual amendment to the instrument of a company must, on pain of nullity, be
made in the form required for the constitutive instrument of the company.»

[2017/1132/EU art. 14]
Art. 100-13.
(1) The following shall be filed and published in accordance with (Law of 27 May 2016) «the
provisions of Title I, Chapter Vbis of the amended Law of 19 December 2002 on the register
10 Art. III of the Law of 18 September 1933, 2 paragraph: Will be considered as a family company, (…) a civil
company, which is not in the form of a commercial company whose partner shares are allocated by the
constitutive document, as to 9/10 at least, either to the spouses alone, or to the father and mother or the survivor
of them and their direct issue or direct relatives by marriage, or, in case of death of the father and the mother, to
the brothers and sisters in co-ownership and to respectively their spouses and their direct issue and direct
relatives by marriage.
11 The former article 9 which followed this Article has been repealed by the Law of 27 May 2016.
12 The first two original sub-paragraphs have been repealed by the Law of 27 May 2016.
15
15276572_3
of commerce and companies and the accounting and annual accounts of undertakings13,14»:
1° extracts of any instrument relating to the appointment or termination of the
appointment of:
[EC Regulation 2157/2001, Art. 13]
a) (Law of 10 August 2016) «directors, members of the management committee, the
directeur général (managing executive officer), members of the management and of
the supervisory boards, managers and commissaires [corporate supervisory auditors]
15
of sociétés anonymes, sociétés en commandite par actions, sociétés à
responsabilité limitée, sociétés en commandite simple, sociétés en commandite
spéciale and civil companies, as well as chairmen and officers of sociétés par actions
simplifiées;»
b) (Law of 10 August 2016) «the persons appointed for day-to-day management of
sociétés anonymes and sociétés à responsabilité limitée;»
c) liquidators of companies which have legal personality» (Law of 12 July 2013) «and, as
the case may be, of sociétés en commandite spéciale.»
(Law of 10 August 2016) «If the liquidator is a legal entity, the extract shall contain
the designation and any change to the designation of the individual who represents
the legal entity in the exercise of liquidation powers;»
«d) depositaries of sociétés anonymes and of sociétés en commandite par actions
appointed in application of Article 430-6.»
13 «Chapter Vbis. – Publications on the Recueil électronique des sociétés et associations

Art. 19-1. Deeds, extracts therefrom and information the publication of which is provided for by law shall be filed
by electronic means with the register of commerce and companies within one month after the date of the
finalised deed.
Art. 19-2. (1) The publication provided for by law and relating to the persons referred to in Article 1, except for
state and municipal public institutions, shall be carried out by electronic means on a central electronic platform
for official publications designated as the Recueil électronique des sociétés et associations. The publication on the
Recueil électronique des sociétés et associations shall solely contain information which is required to be published
by law, as well as deeds amending information which is required by law to be filed and published. In any legal or
regulatory provision or in any deed or document, references to the Recueil électronique des sociétés et
associations may be made by using its abbreviated form: “RESA”.
(2) Publication shall be made within fifteen days of filing, except for convening notices for general meetings for
which the person making the file shall indicate the dates on which publication is to be made.
(3) Information which is required by law to be published on the Recueil électronique des sociétés et associations
shall be filed and published either in full, or by way of an extract, or by way of a reference to the filing, according
to what the law requires.
Publication in full corresponds to the full reproduction of the deed or document.
Publication by way of extract corresponds to publication of the information required by law.
Publication by way of a reference to the filing corresponds to publication of the subject and date of the deed or
document filed. »
14 The first two points of this previous art. 11bis (1) have been repealed by the Law of 27 May 2016.
15 See footnote under Article 443-1.
16
15276572_3
(Law of 31 May 1999)
«The extract shall include a precise indication of the first and last names and of the
private or professional address of the persons referred to therein;»
2° extracts of any instrument providing for the manner of liquidation and the powers of the
liquidators if said powers are not exclusively and expressly defined by law or by the
articles of the company;
3° extracts of any court decision which has (Law of 10 August 2016) «become» final or
which is enforceable on a provisional basis which rules that a company is dissolved or
that its constitution is void or that amendments to the articles thereof are void.
Such extracts shall contain:
a) (…)16 the denomination of the company and the registered office thereof;
b) the date of the decision and the court which issued it;
c) (Law of 10 August 2016) «where applicable, the appointment of the liquidator or
liquidators with their exact names and first names as well as their private or
professional address; if the liquidator is a legal entity, the extract shall contain the
designation and any change to the designation of the individual who represents the
legal entity in the exercise of liquidation powers»;
4° «extracts of any court decision which has become final or which is enforceable on a
provisional basis which invalidates or suspends a decision of the general meeting.
Such extracts shall contain:
a) the denomination of the company and the registered office thereof;
b) the date of the decision and the court which issued it;
5° extracts of court decisions which overturn court decisions enforceable on a provisional
basis as referred to under 3° and 4° above.»
(2) The following shall be the subject of a declaration signed by the persons or corporate
bodies with authority to do so on behalf of the company:
1° the dissolution of the company by reason of expiry of its term or for any other reason;
2° the death of any of the persons mentioned in paragraph 1, point 1° of this Article;
3° in sociétés à responsabilité limitée and civil companies, any changes of membership.
The said declarations shall be filed and published in accordance with (Law of 27 May 2016)
«the provisions of Title I, Chapter Vbis of the above-mentioned Law of 19 December 200217.»
(3) (Law of 27 May 2016) «The following documents shall be filed and published by means of
a reference to the filing thereof in accordance with the provisions of Title I, Chapter Vbis of

17 See footnote under Article 100-13(1).
17
15276572_3
the above-mentioned Law of 19 December 2002 on the register of commerce and companies
and the accounting and annual accounts of undertakings: 18
1° The full text of the articles of incorporation, in an updated version after each
amendment thereof, of sociétés anonymes, sociétés en commandite par actions and
sociétés à responsabilité limitée;
2° the annual accounts, the consolidated accounts as well as any other documents and
information relating thereto and which must be published as required by law.»
(4) (Law of 27 May 2016) «The instruments and information the publication of which is
provided for by the foregoing paragraphs are valid vis-à-vis third parties in accordance with
the conditions laid down in Article 19-3 of the above-mentioned Law of 19 December
200219».»

«Art. 100-14.
Each company may issue bonds.
Articles 470-1 to 470-19 shall apply to any issue of bonds by a company. However, the
instrument of issue of such bonds may derogate from such provisions.
Such provisions may also be made applicable in full or in part to any issue of securities other
than shares or units by Luxembourg or foreign companies.»

«Art. 100-15.
The issue by companies other than sociétés anonymes of convertible bonds, any other debt
instruments convertible into capital or subscription rights, whether stand alone or attached
to another security, shall be subject to the legal provisions applicable to the transfer of units
or shares or to the approval of non-members. The same provisions shall apply in the event of
a transfer inter vivos or of a transmission by reason of death. Such approval may be given in
advance to identified non-members or to non-members which are capable of being
determined in accordance with the approval decision, either upon the issue of such bonds or
instruments, or at a later point in time. Such an approval shall be irrevocable if declared as
such in the approval decision.»
18See footnote under Article 100-13(1).

19Article 19-3 of the Law of 2002: «Deeds or extracts of deeds are only valid vis-à-vis third parties from the day of
their publication on the Recueil électronique des sociétés et associations, unless the company proves that the
relevant third parties had prior knowledge thereof. Third parties may however rely upon deeds or extracts thereof
which have not yet been published. With regard to transactions taking place before the sixteenth day following
the publication date, these deeds or extracts of deeds will not be valid vis-à-vis third parties who prove that it was
impossible for them to have had knowledge thereof.
In the event of any discrepancy between the document filed and the document published on the Recueil
électronique des sociétés et associations, the latter is not valid vis-à-vis third parties. Third parties may however
rely upon the same unless the company proves that they had knowledge of the text of the document filed.»
18
15276572_3
[2017/1132/EU art. 8]
«Art. 100-16.
«Companies shall act through their managers, directors or (Law of 10 August 2016) «,
members of the management board or chairman», as the case may be, the powers of which
shall be determined by law or by the constitutive instrument and by instruments adopted
subsequently in accordance with the constitutive instrument.»
Upon completion of the publication formalities regarding those persons who, as a corporate
body, are empowered to commit a company, no irregularity in their appointment may be
relied upon vis-à-vis third parties, unless the company proves that the said third parties had
knowledge thereof. »

[2017/1132/EU art. 7.2]
«Art. 100-17.
Any person who enters into a commitment of any kind, including by acting as surety or
gestator rerum (agent without formal authority), in the name of a company which is in the
process of formation and has not yet acquired legal personality, shall be personally and
jointly and severally liable therefor, subject to any agreement to the contrary, if the said
commitments are not assumed by the company within two months of its incorporation, or if
the company is not incorporated within two years after the commitment was entered into.
Where such commitments are taken over by the company, they shall be deemed to have
been contracted by the company from the outset.»
(Law of 24 April 1983)

[2017/1132/EU art. 11 point (b)]
«Art. 100-18.
(1) A société anonyme, a société en commandite par actions and a société à responsabilité
limitée may be declared void only in the following cases:
1° if the constitutive instrument is not drawn up in the form of a notarial deed;
2° if such instrument does not state the name of the company, the corporate object, the
capital contributions or the amount of capital subscribed for;
3° if the corporate object is unlawful or contrary to public policy;
4° if there is not at least one founder who is validly committed.
If the clauses of the constitutive instrument regarding the distribution of profits or the
apportionment of losses are contrary to Article 1855 of the Civil Code, those clauses shall be
deemed not to be written (…)20.»
19
15276572_3
«(2) In addition to the cases of breach of Article 100-4, a civil company, a société en nom
collectif or a société en commandite simple may be declared void only in the following cases:
2° if the constitutive instrument does not contain any indication as to one or more items
listed in Article 100-6;
3° if the civil company and the société en nom collectif do not include at least two founders
who are validly committed or if the société en commandite simple does not include at
least one unlimited partner and one distinct limited partner who are validly committed.
deemed not to be written. »

[2017/1132/EU art. 11 point (a) and 12]
«Art. 100-19.
(1) The avoidance of a company vested with legal personality must be declared by court
order.
Such avoidance shall have effect as from the date of the order declaring it.
However, it will be valid against third parties only from the date of publication of the order as
provided for by Article 100-13, paragraph 1, point 3° in accordance with the conditions set
out (Law of 27 May 2016) «in the provisions of Title I, Chapter Vbis of the amended Law of 19
December 2002 on the register of commerce and companies and the accounting and annual
accounts of undertakings21».
(2) (Law of 10 August 2016) «The avoidance of a company vested with legal personality on
grounds of formal irregularities, in application of Article 100-4 or Articles 100-18, paragraph
1, points 1° or 2°, and paragraph 2, point 2° and 811-3, paragraph 2, point 1°,as well as the
avoidance of a société en commandite spéciale on grounds of formal irregularities, in
application of Article 320-1, paragraph 8, point 1°, may not be relied upon by the company or
by any member vis-à-vis third parties, even as a defence, unless the avoidance has been
ordered by a court decision published in accordance with paragraph 1.
(3) (Law of 10 August 2016) «Paragraphs 1 and 2 shall apply to the avoidance of contractual
amendments to the constitutive instruments of companies pursuant to the provisions of Title
I, Chapter Vbis of the above-mentioned Law of 19 December 2002 on the register of
commerce and companies and the accounting and annual accounts of undertakings22».
21 See footnote under Article 100-13 (4).

22 See footnotes under Article 100-13.
20
15276572_3
[2017/1132/EU art. 12.2 et 12.3]
«Art. 100-20.
The avoidance of a company pursuant to a court order in accordance with Article 100-19
shall entail the liquidation of the company as in the case of a dissolution.
The avoidance shall not of itself affect the validity of the company's commitments or of
commitments entered into in favour of the company, without prejudice to the consequences
deriving from the fact that the company is in liquidation.
The courts may determine the method of liquidation and appoint the liquidators.»

[2017/1132/EU art. 12.1]
«Art. 100-21.
No third party objections against a court order which declared that a company vested with
legal personality is void or that a contractual amendment to the instruments governing the
said company is void shall be admissible upon the expiry of a period of six months from
publication of the court order in accordance with Article 100-13, paragraph 1, point 3°.»

«Art. 100-22.
(1) Any decision adopted by a general meeting referred to in this law shall be void:
1° where the adopted decision is flawed as a result of a formal irregularity, if the applicant
proves that this irregularity may have influenced the decision;
2° in the event of a breach of the rules relating to its operation or in the event of
deliberation on an issue which was not on the agenda where there is a fraudulent
intent;
3° where the adopted decision is flawed by any other abuse of power or misuse of power;
4° in case of the exercise of voting rights which are suspended pursuant to a legal provision
not included in this law and where, without such unlawfully exercised voting rights, the
quorum and majority requirements for decisions by a general meeting would not have
been met;
5° for any other reason provided for in this law.
(2) The nullity of a decision by a general meeting must be declared by court order.
A person is barred from pleading the nullity of the contested decision if that person voted in
favour of such decision, unless such person’s consent was flawed, or if such person expressly
or implicitly waived its right to avail itself of such nullity, unless the nullity results from a
public policy rule.
(3) The action for nullity shall be brought against the company. The applicant may apply in
summary proceedings for the provisional suspension of the implementation of the contested
decision. The suspension order and the judgement ordering the nullity shall become effective
as from the decision ordering them. However they shall only be effective against third parties
upon publication of the decision prescribed by Article 100-13, paragraph 1, point 4° and upon
the terms provided for by the provisions of Title I, Chapter Vbis of the amended Law of 19
21
15276572_3
accounts of undertakings23.
(4) Where the avoidance is likely to prejudice rights acquired in good faith by a third party
towards the company based on the meeting’s decision, the court may declare the avoidance
not to have any effect vis-à-vis those rights, subject to the applicant’s right to damages, as
the case may be.»
Art. 100-23.
«Sociétés commerciales momentanées and sociétés commerciales en participation shall not
be subject to the formalities applicable to commercial companies vested with legal
personalities.
Their existence shall be determined by the methods of proof accepted in commercial
matters.
Title II - Sociétés en nom collectif

(Unlimited Companies)
Art. 200-1.
(Law of 10 August 2016) «A société en nom collectif is a company in which all the members
are jointly and severally liable without limitation for all the obligations of the company.»24

«Title III - Sociétés en commandite simple and sociétés en commandite
spéciale
(Common limited partnerships and special limited partnerships)
Chapter Ist - Sociétés en commandite simple (Common limited

partnerships)»
Art. 310-1.
«(1) A société en commandite simple is a common limited partnership entered into, for a
limited or an unlimited period of time, by one or more unlimited partners with unlimited and
joint and several liability for all the obligations of the common limited partnership, and one
or more limited partners who only contribute a specific amount constituting partnership

24 The former article 15 which followed this Article has been repealed by the Law of 10 August 2016.
22
15276572_3
interests which may but need not be represented by instruments as provided in the
partnership agreement.
(2) The contributions of the partners to the common limited partnership may be in the form
of contributions in cash, in kind or in the form of services. The contributions, including the
admission of new partners in cases other than a transfer of partnership interests, shall be
made in accordance with the conditions and formalities provided in the partnership
agreement.
(3) The limited partnership may issue debt instruments.
(4) Unless otherwise provided in the partnership agreement, an unlimited partner may also
be a limited partner, provided that there always are at least one unlimited partner and one
limited partner who are legally distinct from each other.
(5) Each société en commandite simple must maintain a register containing:
1° a complete and conformed up-to-date copy of the partnership agreement of the limited
partnership;
2° a list of all the partners featuring their first and last names, their professions and their
private or professional address or, in the case of legal entities, their corporate
denominations, their legal forms, their exact addresses and their registration numbers in
the register of commerce and companies if the legislation of the State governing the
relevant legal entity provides for such number, as well as the partnership interests held
by each of them;
3° a record of all transfers of partnership interests issued by the limited partnership and
the date of notification or acceptance of such transfers.
Each partner may inspect said register, subject to the restrictions provided in the partnership
agreement.»
Art. 310-2.
«The management of a société en commandite simple is carried out by one or more
managers, who may but need not be unlimited partners, designated in accordance with the
Managers who are not unlimited partners shall be liable in accordance with Article 441-9.
The partnership agreement may allow the managers to delegate their powers to one or more
agents who are liable only for the performance of their mandate.
Unless otherwise provided in the partnership agreement, each manager may on behalf of the
common limited partnership take any action necessary or useful to the fulfilment of the
corporate object. Any restrictions provided in the partnership agreement with respect to the
powers of the managers are not valid vis-à-vis third parties, even if they are published.
However, the partnership agreement may authorise one or more managers to represent the
limited partnership, either singly or jointly, and a clause to that effect is valid vis-à-vis third
parties subject to the conditions laid down in «Title I, Chapter Vbis of the amended Law of 19
23
15276572_3
accounts of undertakings»25.
The common limited partnership shall be bound by any acts of the manager(s), even if such
acts exceed the corporate object, unless it proves that the third party knew that the act
exceeded the corporate object or could not, in view of the circumstances, have been
unaware of it.
Each manager represents the common limited partnership vis-à-vis third parties and in legal
proceedings, either as plaintiff or as defendant.
Writs served on behalf of or upon the common limited partnership shall be validly served in
the name of the common limited partnership alone.»
Art. 310-3.
«A limited partner may enter into any transaction with the société en commandite simple
without his capacity as limited partner in itself affecting his rank as general or preferred
creditor under the terms of the relevant transaction.
He shall be prohibited from carrying out any act of management vis-à-vis third parties.
A limited partner shall be jointly and severally liable vis-à-vis third parties for any obligations
of the common limited partnership in which he participated in violation of the prohibition
contained in the foregoing paragraph.
He shall also be jointly and severally liable vis-à-vis third parties for obligations in which he
did not participate, if he has regularly carried out acts of management vis-à-vis such third
parties.
Do not constitute acts of management for which the limited partner is jointly and severally
liable vis-à-vis third parties: the exercise of partner prerogatives, the providing of opinions or
advice to the partnership, to its affiliates or to their managers, the carrying out of any control
or supervisory measures, the granting of loans, guarantees or securities or the giving of any
other type of assistance to the partnership or its affiliates, as well as the giving of any
authorisation to the managers in the cases provided for in the partnership agreement for
acts outside their powers.
The limited partner may act as a member of a management body or as agent of a manager of
the partnership, even if that manager is an unlimited partner, or may execute documents on
the manager’s behalf under the latter’s corporate signature, even acting in the capacity of a
representative of the partnership, without incurring as a result unlimited and joint and
severable liability for the obligations of the limited partnership, provided the capacity of
representative in which he acts is indicated.»
25Amendment resulting initialy from Article 20, the “catch all” provision of the Law of 27 May 2016. See footnote
under Article 100-13 (4).
24
15276572_3
Art. 310-4.
«The distributions and repayments to partners as well as the conditions in which the société
en commandite simple may require they be repaid are governed by the partnership
agreement.
Unless otherwise provided in the partnership agreement, profits and losses of the common
limited partnership shall be shared among all partners in proportion to their partnership
interests.»
Art. 310-5
«(1) Unless otherwise provided in the partnership agreement, the voting rights of each
partner shall be in proportion to his partnership interests.
(2) Any amendment of the corporate object as well as the change of nationality, conversion
or liquidation must be decided upon by the partners. The partnership agreement shall
determine among the other resolutions those which need not be adopted by the partners. It
shall also determine the formalities and the conditions for passing such resolutions. In the
absence of such provisions in the partnership agreement:
1° resolutions of partners shall be adopted at general meetings or by way of consultations
in writing during which each partner shall receive the exact wording of the text of the
resolutions or decisions to be adopted and shall cast his vote in writing;
2° resolutions shall be validly adopted by a majority of the votes cast, regardless of the
portion of partnership interests represented, except for resolutions on amendments to
the corporate object, a change of nationality, a conversion of legal form or liquidation
which shall each be adopted only with the consent of partners representing three-
quarters of the partnership interests and in all cases with the consent of all unlimited
partners.
3° such meetings or written consultations may be called or initiated by the manager(s) or
by partners representing more than half of the partnership interests.
(3) Each year at least, the partners shall decide on the annual accounts by special vote which
shall occur on such date as determined in the partnership agreement, but no later than six
months after the end of the financial year. The partnership agreement may provide that the
first special vote may occur within eighteen months after the incorporation of the company.
Fifteen days, or any longer period provided in the partnership agreement before the date on
which the partners must decide on the annual accounts, the partners may inspect and
receive a copy at the registered office of:
1° the annual accounts;
2° the management report, if any;
3° the report of the réviseurs d’entreprises agréés [approved statutory auditors], if any;
4° any other information provided for in the partnership agreement.»
25
15276572_3
Art. 310-6.
«The partnership interests of limited partners may, on pain of nullity, only be transferred,
dismembered or pledged in accordance with the terms and in the manners provided for in
the partnership agreement. In the absence of provisions in the partnership agreement, any
transfer other than a transmission in case of death, any dismemberment and any pledge of a
partnership interest of a limited partner, requires the consent of the unlimited partner(s).
The partnership interests of unlimited partners may, on pain of nullity, only be transferred,
transfer other than a transmission in case of death, any dismemberment and any pledge of a
partnership interest of an unlimited partner requires the consent of the partners who
deliberate in the manner provided for the amendment of the partnership agreement.
Transfers and dismemberments of partnership interests shall not be valid vis-à-vis the limited
partnership or third parties until after they shall have been notified to the limited partnership
or accepted by it. They will however not be valid against third parties with regard to the
obligations of the limited partnership which arose prior to their publication, except if the
third party knew or could not have been unaware of them.
The partnership agreement may authorise management or the partners to reduce or to
redeem, as the case may be upon request of one or more partners, all or part of the
partnership interests of one or more of the partners, and determine the terms of such
reduction or redemption.»
Art. 310-7.
«In the event of the unlimited partner’s death, dissolution, legal incapacity, removal,
resignation, inability to act or bankruptcy or in case the unlimited partner is in another
situation affecting the rights of creditors generally, and there is no other unlimited partner
and it has been provided that [in such an event] the partnership would continue to exist, the
unlimited partner shall be replaced. Unless the partnership agreement contains specific
provisions dealing with such a situation, the judge presiding the chamber of the Tribunal
d’Arrondissement [District Court] dealing with commercial matters may by its order appoint,
at the request of any interested party, a provisional administrator, who may, but need not be
a partner, who shall alone take all urgent and purely administrative measures, until the
partners shall have resolved on the matter, which resolution the administrator shall cause to
be passed within fifteen days following his appointment. The administrator shall be liable
only for the performance of his mandate. Any interested party may object to the order; the
objection shall be notified to the partnership, the person appointed and the person who
applied for the appointment. The proceedings regarding the objection shall be heard as in
urgency matters.»
26
15276572_3
«Chapter II - Sociétés en commandite spéciale (special limited

partnerships)»

«Art. 320-1.
«(1) A société en commandite spéciale is a partnership entered into, for a limited or an
unlimited period of time, by one or more unlimited partners with unlimited and joint and
several liability for all the obligations of the partnership, and one or more limited partners
who only contribute a specific amount constituting partnership interests which may but need
not be represented by instruments as provided in the partnership agreement.
(2) The société en commandite spéciale shall not constitute a legal entity distinct from that of
its partners.
(3) The contributions of the partners to the société en commandite spéciale may be in the
form of contributions in cash, in kind or in the form of services. The contributions, including
the admission of new partners in cases other than a transfer of partnership interests, shall be
made in accordance with the conditions and formalities provided in the partnership
agreement.
(4) The limited partnership may issue debt instruments.
(5) Unless otherwise provided in the partnership agreement, an unlimited partner may also
be a limited partner, provided that there always are at least one unlimited partner and one
limited partner who are legally distinct from each other.
(6) Each société en commandite spéciale must maintain a register containing:
1° a complete and conformed up-to-date copy of the partnership agreement of the limited
partnership;
2° a list of all the partners featuring their first and last names, their professions and their
private or professional addresses, or, in the case of legal entities, their corporate
denominations, their legal forms, their exact addresses and their registration numbers in
the register of commerce and companies if the legislation of the State governing the
relevant legal entity provides for such a number, as well as the partnership interests
held by each of them;
3° a record of all transfers of partnership interests issued by the limited partnership and
the date of notification or acceptance of such transfers.
Each partner may inspect said register, subject to the restrictions provided in the partnership
agreement.
(7) The domicile of a société en commandite spéciale is located at the seat of its central
administration (head office). Until evidence to the contrary shall have been finally brought,
the central administration is deemed to coincide with the place where its registered office is
located as specified in its partnership agreement.
(8) A société en commandite spéciale may be declared void only in the following cases:
27
15276572_3
1° if the constitutive instrument does not state the corporate denomination or its object;
2° if the object is unlawful or contrary to public policy;
if the partnership does not include at least one unlimited partner and one distinct limited
partner who are validly committed. Articles 100-19 to 100-21 shall apply. »
« If the clauses of the constitutive instrument regarding the distribution of profits or the
deemed not to be written. »

«Art. 320-2.
(1) Registrations and other formalities regarding the assets pooled within the société en
commandite spéciale or on which it has any right, shall be made in the name of the société en
commandite spéciale.
(2) The assets pooled within the société en commandite spéciale shall exclusively satisfy the
rights of creditors which arose from the constitution, operation or liquidation of the limited
partnership.»

«Art. 320-3.
The management of a société en commandite spéciale is carried out by one or more
managers, who may but need not be unlimited partners, designated in accordance with the
The partnership agreement may allow the managers to delegate their powers to one or more
agents who are liable only for the performance of their mandate.
Unless otherwise provided in the partnership agreement, each manager may on behalf of the
limited partnership take any action necessary or useful to the fulfilment of the partnership’s
object. Any restrictions provided in the partnership agreement with respect to the powers of
the managers are not valid vis-à-vis third parties, even if they are published. However, the
partnership agreement may authorise one or more managers to represent the limited
partnership, either singly or jointly, and a clause to that effect is valid vis-à-vis third parties
subject to the conditions laid down in «Title I, Chapter Vbis of the amended Law of 19
accounts of undertakings»26.
The limited partnership shall be bound by any acts of the manager(s), even if such acts
exceed the object of the partnership, unless it proves that the third party knew that the act
exceeded the object of the partnership or could not, in view of the circumstances, have been
unaware of it.
26Amendment resulting initialy from Article 20, the “catch all” provision of the Law of 27 May 2016. See footnote
under Article 100-13 (4).
28
15276572_3
Each manager represents the limited partnership vis-à-vis third parties and in legal
proceedings, either as plaintiff or as defendant.
Writs served on behalf of or upon the société en commandite spéciale shall be validly served
in the name of the société en commandite spéciale alone, represented by one of its
managers.»

«Art. 320-4.
A limited partner may enter into any transaction with the société en commandite spéciale
without his capacity as limited partner in itself affecting his rank as general or preferred
A limited partner shall be jointly and severally liable vis-à-vis third parties for any obligations
of the limited partnership in which he participated in violation of the prohibition contained in
the foregoing paragraph.
He shall also be jointly and severally liable vis-à-vis third parties for obligations in which he
parties.
advice to the société en commandite spéciale, to its affiliates or to their managers, the
carrying out of any control or supervisory measures, the granting of loans, guarantees or
securities or the giving of any other type of assistance to the société en commandite spéciale
or its affiliates, as well as the giving of any authorisation to the managers in the cases
provided for in the partnership agreement for acts outside their powers.
The limited partner may act as a member of a management body or as agent of a manager of
the société en commandite spéciale, even if that manager is an unlimited partner, or may
execute documents on the manager’s behalf under the latter’s corporate signature, even
acting in the capacity of a representative of the société en commandite spéciale, without
incurring as a result unlimited and joint and severable liability for the obligations of the
limited partnership, provided the capacity of representative in which he acts is indicated.»

«Art. 320-5.
The distributions and repayments to partners as well as the conditions in which the société
en commandite spéciale may require they be repaid are governed by the partnership
agreement.
Unless otherwise provided in the partnership agreement, profits and losses of the société en
commandite spéciale shall be shared among all partners in proportion to their partnership
interests.»
29
15276572_3
«Art. 320-6.
Unless otherwise provided in the partnership agreement, the voting rights of each partner
shall be in proportion to his partnership interests.
Any amendment of the corporate object, as well as the change of nationality, conversion or
liquidation must be decided upon by the partners. The partnership agreement shall
determine among the other resolutions those which need not be adopted by the partners. It
shall also determine the formalities and conditions for passing such resolutions. In the
absence of such provisions in the partnership agreement:
1° resolutions of partners shall be adopted at general meetings or by way of consultations
in writing during which each partner shall receive the exact wording of the text of the
resolutions or decisions to be adopted and shall cast his vote in writing;
2° resolutions shall be validly adopted by a majority of the votes cast, regardless of the
portion of partnership interests represented, except for resolutions on amendments to
the partnership’s object, a change of nationality, or a conversion or liquidation which
shall be adopted only with the consent of partners representing three-quarters of the
partnership interests and in all cases with the consent of all unlimited partners.
3° such meetings or written consultations may be called or initiated by the manager(s) or
by partners representing more than half of the partnership interests.
Only the information provided for in the partnership agreement must be submitted to the
partners. »

«Art. 320-7.
The partnership interests of limited partners may, on pain of nullity, only be transferred,
transfer other than a transmission in the case of death, any dismemberment and any pledge
of a partnership interest of a limited partner, requires the consent of the unlimited
partner(s).
The partnership interests of unlimited partners may, on pain of nullity, only be transferred,
transfer other than a transmission in the case of death, any dismemberment and any pledge
of a partnership interest of an unlimited partner, requires the consent of the partners who
deliberate in the manner provided for the amendment of the partnership agreement.
Transfers and dismemberments of partnership interests shall not be valid vis-à-vis the limited
partnership or third parties until they shall have been notified to the limited partnership or
accepted by it. They will however not be valid against third parties with regard to the
obligations of the limited partnership which arose before their publication, except if the third
party knew or could not have been unaware of them.
30
15276572_3
The partnership agreement may authorise management or the partners to reduce or to
redeem, as the case may be upon request of one or more partners, all or part of the interests
of one or more partners in the partnership and determine the terms thereof.»

«Art. 320-8.
In the event of the unlimited partner’s death, dissolution, legal incapacity, removal,
resignation, inability to act or bankruptcy or in case the unlimited partner is in another
situation affecting the rights of creditors generally, and there is no other unlimited partner
and it has been provided that [in such an event] the société en commandite spéciale would
continue to exist, the unlimited partner shall be replaced. Unless the partnership agreement
contains specific provisions dealing with such a situation, the judge presiding the chamber of
the Tribunal d’Arrondissement [District Court] dealing with commercial matters may by its
order appoint, at the request of any interested party, a provisional administrator, who may,
but need not be a partner, who shall alone take all urgent and purely administrative
measures, until the partners shall have resolved on the matter, which resolution the
administrator shall cause to be passed within fifteen days following his appointment. The
administrator shall be liable only for the performance of his mandate. Any interested party
may object to the order; the objection shall be notified to the partnership, the person
appointed and the person who applied for the appointment. The proceedings regarding the
objection shall be heard as in urgency matters.»

«Art. 320-9.
The conversion of a société en commandite spéciale into a company of one of the other types
provided for in Article 100-2, paragraph 1, shall give rise to a new legal entity. In addition to
the conditions provided for in the partnership agreement, the substantive and formal
requirements applicable to the incorporation of a company with the corporate form into
which the société en commandite spéciale is converted shall apply.»
31
15276572_3
«Title IV - Sociétés Anonymes and Sociétés Européennes (SE)
(Public companies limited by shares and European Companies)
Chapter Ist - On the nature and classification of sociétés anonymes and

sociétés européennes (SE)»

[EC Regulation 2157/2001, Art. 1, 7, 8, 9, 10, 12.1, 13, 15]
«Art. 410-127.
(1) A société anonyme is a company whose capital is divided into shares and which is formed
by one or more persons who only contribute a specific amount.
In case the company comprises one person only, such person shall be designated as the «sole
shareholder».
The société anonyme may have a sole shareholder at its formation and as a result of all its
shares being subsequently held by a single person.
The death or the dissolution of the sole shareholder does not result in the dissolution of the
company.
(2) The société européenne (SE) is a société anonyme set up in accordance with Article 2 of
Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European
Company (SE), which has established its registered office and its central administration in the
Grand Duchy of Luxembourg.
It has the possibility to transfer its registered office to another Member State28 without loss
of its legal personality.
It shall be governed by the provisions of the present law applicable to the société anonyme
and by the provisions specifically applicable to the société européenne (SE) under Council
Regulation (EC) 2157/2001 of 8 October 2001 on the Statute for a European Company.»
«Chapter II - The incorporation of sociétés anonymes and sociétés

européennes (SE)»
Art. 420-1.
[2017/1132/EU art. 45 and art. 48 1st paragraph]
«(1) The following requirements shall apply to the incorporation of a société anonyme:
27 This Chapter I (previously §1) contained three articles, among which former articles 24 and 25 (on the corporate
denomination) which followed this Article and which were repealed by the Law of 10 August 2016.
32
15276572_3
1° (Law of 25 August 2006) «there must be at least one member;»
2° (Law of 10 August 2016) «the capital must be at least 30 000 euros»; however, that
amount may be increased by Grand Ducal regulation to be adopted upon consultation of
the Conseil d’Etat in order to take into account either variations in national currency in
relation to the unit of account or changes in European regulations; (Law of 25 August
2006) «For a société européenne (SE), the capital must be at least 120 000 euros;»
3° the capital must be subscribed for in its entirety;
4° (Law of 10 August 2016) «at least one fourth of each share must be paid-up in cash or by
means of contributions in kind.»
(2) «(Law of 10 June 2009) The notary, drawing up the instrument, shall verify that these
conditions and those set in Articles 420-10, paragraph 2, 420-12 and 420-14 have been
satisfied and shall expressly ascertain compliance therewith.»

[EC Regulation 2157/2001, Art. 2.1, 2.2., 2.3, 2.5, 24.1]
«Art. 420-2.
(1) A société européenne (SE) may be formed by means of a merger of sociétés anonymes
formed under the laws of a Member State with their registered office and central
administration (head office) within the European Union29 provided at least two of them are
governed by the law of different Member States.
In that case, the law of the Member State30 governing each merging company shall apply as
in the case of a merger of sociétés anonymes, taking into account the cross-border character
of the merger, with regard to the protection of the interests of:
1° creditors of the merging companies;
2° holders of bonds of the merging companies;
3° holders of securities, other than shares, which carry special rights in the merging
companies.
(2) A société européenne (SE) holding (holding SE) may be formed by sociétés anonymes and
sociétés à responsabilité limitée formed under the law of a Member State with their
registered office and central administration (head office) within the European Union31
provided at least two of them:
1° are governed by the law of different Member States, or
2° have for at least two years had a subsidiary company governed by the law of another
Member State or a branch situated in another Member State.
(3) A subsidiary société européenne (SE) may be formed by civil [i.e. non commercial] or
commercial companies with legal personality save for those companies which do not aim to
29 Following the entry into force of the Decision of the EEA Joint Committee No 93/2002 amending Annex XXII
(Company law) to the EEA Agreement, this should be read as including «or in the European Economic Area». See
also the definition «of Member State» in the sixth paragraph of Article 100-2.
31 See the footnote under paragrah (1) above.
33
15276572_3
realise profits, and by other legal bodies governed by public or private law, formed under the
law of a Member State, with their registered office and central administration (head office)
within the European Union32 and who subscribe for its shares, provided at least two of them:
1° are governed by the laws of different Member States, or
2° have for at least two years had a subsidiary company governed by the law of another
Member State or a branch situated in another Member State.
(4) A company the central administration (head office) of which is not in a Member State may
participate in the formation of a société européenne ( SE) provided that company is formed
under the law of a Member State, has its registered office in that same Member State and
has a real and continuous link with a Member State’s economy.»

«Art. 420-3.
A société européenne (SE) holding may be formed in accordance with Article 420-2 paragraph
2.
The companies promoting the formation of a société européenne (SE) shall continue to exist.
Articles 420-4 to 420-8 shall apply.»

«Art. 420-4.
The management bodies of the companies which promote the operation shall draw up draft
terms for the formation of the société européenne (SE).
The draft terms shall include a report explaining and justifying the legal and economic
aspects of the formation and indicating the implications for the shareholders and for the
employees of the adoption of the form of a société européenne (SE).
The draft terms shall also indicate:
1° the corporate denomination and registered office of the companies forming the société
européenne (SE) together with those proposed for the société européenne (SE);
2° the exchange ratio for the shares or corporate units and if applicable the amount of any
cash compensation;
3° the terms for the allotment of shares in the société européenne (SE);
4° the rights conferred by the société européenne (SE) on the shareholders having special
rights and on the holders of securities other than shares or corporate units, or the
measures proposed concerning them;
5° (Law of 7 August 2023) «any special advantage granted to the experts who examine the
draft terms for the formation or to the members of the administrative, management,
supervisory or controlling bodies of the companies which promote the operation ;»
32 See the footnote under paragrah (1) above.
34
15276572_3
6° the articles of incorporation of the société européenne (SE);
7° information on the procedures by which arrangements for employee involvement are
determined in implementation of Directive 2001/86/EC supplementing the Statute for a
European company with regard to the involvement of employees33;
8° the minimum proportion of the shares or corporate units in each of the companies
promoting the operation which the shareholders must contribute in order for the
société européenne (SE) to be formed.
That proportion shall be shares or corporate units conferring more than 50 percent of the
permanent voting rights.

«Art. 420-5.»
«The draft terms for the formation shall be published for each of the companies promoting
the operation in accordance with the provisions of Title I, Chapter Vbis of the amended Law
of 19 December 2002 on the register of commerce and companies and the accounting and
annual accounts of undertakings34 or in the manner laid down in each Member State35’s
national law in accordance with «Article 16 of Directive (EU) 2017/1132 of the European
Parliament and of the Council of 14 June 2017 relating to certain aspects of company law»36,
at least one month before the date of the general meeting called to decide on the draft
terms of formation.»

[EC Regulation 2157/2001, Art. 32.4 and 32.5]
«Art. 420-6.
(1) The draft terms for the formation shall be examined and a written report shall be drawn
up for the shareholders. For each company promoting the operation, such examination shall
be made and such report shall be drawn up by one or more independent experts who shall
be appointed or approved by a judicial or administrative authority in the Member State37 to
which each company is subject in accordance with national provisions adopted in
implementation of «Directive (EU) 2017/1132 of the European Parliament and of the Council
of 14 June 2017 relating to certain aspects of company law»38.
(Law of 23 July 2016) «For companies subject to Luxembourg law, such experts are appointed
by the management body and must be selected among the réviseurs d’entreprises [statutory
auditors].» However, the report may be drawn up by one or more independent experts for all
the companies promoting the operation. In that case, the appointment is made, on the joint
33 This directive has been implemented in Article L. 441-1 et seq. of the Labour Code.
35 See definition in the sith paragraph of Article 100-2.
36 Reference updated by the Grand Ducal Regulation of 5 December 2017.

35
15276572_3
application of the companies concerned, by a judicial or administrative authority in the
Member State to which one of the companies concerned or the proposed société
européenne (SE) is subject to in accordance with national provisions adopted in
implementation of «Directive (EU) 2017/1132 of the European Parliament and of the Council
of 14 June 2017 relating to certain aspects of company law» 39 , which authority in
Luxembourg will be the judge presiding the chamber of the Tribunal d’Arrondissement
[District Court] dealing in commercial matters in the district in which the registered office of
one of the concerned companies is located, sitting as in urgency matters.
(2) In the report referred to in paragraph 1, the experts shall in any case declare whether the
proposed share exchange ratio is or is not fair and reasonable. Such declaration shall:
1° indicate the methods used for the determination of the proposed exchange ratio;
2° indicate whether such methods are adequate in the circumstances and the values
arrived at by each such method, and give an opinion as to the relative importance
attributed to such methods in determining the value actually arrived at.
In addition, the report shall describe any particular difficulties of valuation.
(3) The rules provided in Article 420-10 paragraphs 2 to 9 shall not apply.
(4) Each expert shall be entitled to obtain from the companies promoting the operation all
information and documents and to carry out all necessary verifications.»

«Art. 420-7.
The general meeting of each company promoting the operation as well as, if applicable, the
general meeting of the holders of securities other than shares or corporate units, shall
approve the draft terms for the formation of the société européenne (SE).
Employee involvement in the société européenne (SE) shall be decided pursuant to the
provisions adopted in implementation of the above-mentioned Directive 2001/86 EC40. The
general meeting of each company promoting the operation may reserve the right to make
registration of the société européenne (SE) conditional upon its express ratification of the
arrangements so decided.»

«Art. 420-8.
(1) The shareholders of the companies promoting the operation shall have a period of three
months in which to inform the promoting companies whether they intend to contribute their
shares or corporate units to the formation of the société européenne (SE). That period shall
begin on the date upon which the instrument of incorporation of the société européenne (SE)
shall have been approved by the meetings referenced to in Article 420-7.

36
15276572_3
(2) The société européenne (SE) shall be formed only if, within the period referred to in
paragraph 1, the shareholders of the companies promoting the operation have contributed
the minimum percentage of shares or corporate units in each company provided for in the
draft terms for the formation and if all the other conditions are fulfilled.
(3) The establishment by the notary that all the conditions for the formation of the société
européenne (SE) are fulfilled in accordance with paragraph 2 shall, in respect of each of the
promoting companies, be published in the manner laid down in (Law of 27 May 2016) «the
provisions of Title I, of Chapter Vbis of the amended Law of 19 December 2002 on the
register of commerce and companies and the accounting and annual accounts of
undertakings41 or in the form provided by the national law of each Member State42 adopted
in implementation of «Article 16 of Directive (EU) 2017/1132 of the European Parliament and
of the Council of 14 June 2017 relating to certain aspects of company law» 43.
Shareholders of the companies concerned who have not indicated within the period referred
to in paragraph 1 whether they intend to make their shares or corporate units available to
the promoting companies for the purpose of forming the société européenne (SE) shall have a
further month in which to do so.
(4) Shareholders who have contributed their securities to the formation of the société
européenne (SE) shall receive shares therein.
(5) The société européenne (SE) may not be registered until it is shown that the formalities
referred to in Articles 420-3 to 420-7 and the conditions referred to in paragraph 2 have been
fulfilled.»

«Art. 420-9.
A subsidiary société européenne (SE) may be formed in accordance with Article 420-2
paragraph 3.
Companies and other legal entities referred to in Article 420-2 paragraph 3 participating in
such an operation shall be subject to the provisions governing their participation in the
formation of a subsidiary in the form of a société anonyme under national law.»

[2017/1132/EU art. 48 2nd paragraph]
«Art. 420-10.
(1) Any shares issued against (Law of 10 August 2016) «contributions in kind» must be paid-
up within a period of five years after the time of incorporation.»

37
15276572_3
(Law of 18 December 2009)
[2017/1132/EU art. 49]
«(2) (Law of 10 August 2016) «Contributions in kind» shall, prior to the incorporation, be
reported upon by a réviseur d’entreprises (…)44 [statutory auditor] who shall be appointed by
the founders. »
[2017/1132/EU art. 49]
«(3) This report must give a description of each of the proposed contributions as well as of
the methods of valuation used and shall state whether the values arrived at by the
application of these methods correspond at least to the number and nominal value, or, in the
absence of a nominal value, the accounting par value and, where applicable, the share
premium of the shares to be issued in consideration thereof. The report shall remain
annexed to the instrument provided for in Article 420-15 or the draft instrument provided for
in Article 420-17. The conclusions thereof must be reproduced in the abovementioned
documents.
(Law of 10 June 2009)
[2017/1132/EU art. 50]
«(4) Where, upon a decision of the board of directors or the management board, (Law of 10
August 2016) «the contribution in kind» is made up of transferable securitiesas defined in
(Law of 7 August 2023) «Article 4, paragraph 1, point 44), of Directive 2014/65/EU of the
European Parliament and of the Council of 15 May 2014 on markets in financial instruments
and amending Directive 2002/92/EC and Directive 2011/61/EU» 45 or money-market
instrumentsas defined in (Law of 7 August 2023) «Article 4, paragraph 1, point 17), of the
above-mentioned Directive 2014/65/EU»46 and those securities or instruments are valued at
the weighted average price at which they have been traded on one or more regulated
market(s) as defined in (Law of 7 August 2023) «Article 4, paragraph 1, point 21), of the
above-mentioned Directive 2014/65/EU» 47 during a period of six months preceding the
44 The term «agréé» [approved] was deleted by the Law of 23 July 2016 on the audit profession.
45 «‘Transferable securities’ [within the meaning of MiFid II] means those classes of securities which are
negotiable on the capital market, with the exception of instruments of payment, such as:
(a) shares in companies and other securities equivalent to shares in companies, partnerships or other
entities, and depositary receipts in respect of shares;
(b) bonds or other forms of securitised debt, including depositary receipts in respect of such securities;
(c) any other securities giving the right to acquire or sell any such transferable securities or giving rise to a
cash settlement determined by reference to transferable securities, currencies, interest rates or yields,
commodities or other indices or measures;»
46 «‘Money-market instruments’ [within the meaning of MiFID II] means those classes of instruments which are
normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and
excluding instruments of payment.»
47 «‘Regulated market’,[within the meaning MiFID II] means a multilateral system operated and/or managed by a
market operator, which brings together or facilitates the bringing together of multiple third-party buying and
selling interests in financial instruments [Note: meaning those instruments specified in Section C of Annex I of that
Directive] – in the system and in accordance with its non-discretionary rules – in a way that results in a contracts
in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised
and functions regularly and in accordance with the provisions of Title III of [that] Directive.»
38
15276572_3
effective date of (Law of 10 August 2016) «the contribution in kind», paragraphs 2 and 3 are
not applicable.
However, where that price has been affected by exceptional circumstances that would
significantly change the value of the asset at the effective date of its contribution, including
situations where the market for such transferable securities or money-market instruments
has become illiquid, a revaluation shall be carried out on the initiative and under the
responsibility of the board of directors or the management board. For the purposes of the
aforementioned revaluation, paragraphs 2 and 3 shall apply.
(5) Where, upon a decision of the board of directors or the management board, (Law of 10
August 2016) «the contribution in kind» is made up of assets other than the transferable
securities and money-market instruments referred to in paragraphs 4 to 6 which have
already been subject to a fair value opinion by a réviseur d’entreprises (…)48[statutory
auditor] and where the following conditions are fulfilled:
1° the fair value is determined for a date not more than six months before the effective
date of the contribution;
2° the valuation has been performed in accordance with generally accepted valuation
standards and principles in the Grand Duchy of Luxembourg, which are applicable to the
kind of assets to be contributed,
paragraphs 2 and 3 are not applicable.
In the case of new circumstances49 that would significantly change the fair value of the asset
at the effective date of its contribution, a revaluation shall be carried out on the initiative and
under the responsibility of the board of directors or the management board. For the
purposes of the aforementioned revaluation, paragraphs 2 and 3 shall apply.
In the absence of such a revaluation, one or more shareholders holding an aggregate
percentage of at least 5 percent of the company’s subscribed capital on the day the decision
on the increase in the capital is taken may demand a valuation by a réviseur d’entreprises
(…) 50 [statutory auditor], in which case paragraphs 2 and 3 are applicable. Such
shareholders(s) may submit a demand up until the effective date of the contribution,
provided that, at the date of the demand, the shareholder(s) in question still hold(s) an
aggregate percentage of at least 5 percent of the company’s subscribed capital, as was the
case on the day the decision on the increase in the capital was taken.
(6) Where, upon a decision of the board of directors or the management board, (Law of 10
August 2016) «the contribution in kind» is made of assets other than the transferable
securities and money-market instruments referred to in paragraph 4 whose fair value is
derived for each individual asset from the statutory accounts of the previous financial year,
48 The term « agréé» [approved] included pursuant to Article 103 of the Law of 18 December 2009 on the audit
profession has been removed by the Law of 23 July 2016 on the audit profession.
49 The French version of the Directive (like the law) speaks of «new circumstances» (circonstances nouvelles)
whereas the English version speaks of «new qualifying circumstances» and the German version of «neue
erhebliche Umstände» (i.e. new significative circumstances).This can be compared to the consistency of the
different language versions of the directive corresponding to the second sub-paragraph of paragraph (4).
39
15276572_3
provided that the statutory accounts have been subject to an audit in accordance with
Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on
statutory audits of annual accounts and consolidated accounts, paragraphs 2 and 3 shall not
apply.
Sub-paragraphs 2 and 3 of paragraph 5, shall apply mutatis mutandis.
[2017/1132/EU art. 51]
(7) Where a (Law of 10 August 2016) «contribution in kind» as referred to in paragraphs 4 to
6 occurs without a report of a réviseur d’entreprises (…)51 [statutory auditor] as referred to in
paragraphs 2 and 3, a declaration containing the following particulars shall be published in
accordance with (Law of 27 May 2016) «the provisions of Title I, Chapter Vbis of the
amended Law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings52» within one month after the effective date
of the contribution:
1° a description of the relevant (Law of 10 August 2016) «contribution in kind»;
2° its value, the source of this valuation and, where appropriate, the method of valuation;
3° a statement whether the value arrived at corresponds at least to the number, to the
nominal value or, where there is no nominal value, the accounting par value and, where
appropriate, to the premium on the shares to be issued against such contribution;
4° a statement that no new circumstances53 with regard to the original valuation have
occurred.
The declaration shall also include indications on the nominal value of the shares or where
there is no such value, the number of shares issued against each c (Law of 7 August 2023)
«contribution in kind », as well as the name of the investor having made the contribution.
[2017/1132/EU art. 51]
(8) Where a (Law of 10 August 2016) «contribution in kind» is proposed to be made without
a report by a réviseur d’entreprises (…)54 [statutory auditor] as referred to in paragraphs 2
and 3 in relation to an increase in the capital which is proposed to be made under Article
420-22, paragraphs 2 and 3, an announcement containing the date when the decision on the
increase was taken and the information listed in paragraph 7 shall be published in
accordance with (Law of 27 May 2016) «the provisions of Title I, Chapter Vbis of the above-
mentioned Law of 19 December 200255» before the contribution of the asset as (Law of 10
August 2016) «contribution in kind» is to become effective. In that event, the declaration
53 Same discrepancy between language versions as described in the footnote under paragraph (3ter).
54 The term «agréé» [approved] included pursuant to Article 103 of the Law of 18 December 2009 on the audit
40
15276572_3
pursuant to paragraph 7, sub-paragraph 1, shall be limited to a statement that no new
circumstances56 have occurred since the aforementioned announcement was published.»
(9) (Law of 10 August 2016) «Paragraphs 2 and 3 are not applicable where at least 90 per
cent of the nominal value or accounting par value of all the shares are issued against
contributions in kind made by one or more companies and where the following requirements
are met»:
1° with regard to the company to which the contributions are made, the natural or legal
persons referred to in Article 420-15 have agreed to dispense with the expert's report;
2° a record of the dispense remains annexed to the instrument;
3° the companies making such contributions have reserves which under law or their
articles may not be distributed and which are at least equal to the nominal value, or in
the absence of a nominal value, the accounting par value, of the shares issued against
(Law of 10 August 2016) «contributions in kind»;
4° the companies making such contributions guarantee, up to an amount equal to that
indicated in point 3°, the debts of the recipient company arising between the time the
shares are issued against (Law of 10 August 2016) «contributions in kind» and one year
after publication of that company’s annual accounts for the financial year during which
those contributions were made. Any transfer of these shares is prohibited within this
period;
5° the guarantee referred to under point 4° must be given in an annex to the instrument
provided for in Article 420-15;
6° the companies making these contributions shall place a sum equal to that indicated in
point 3° into a reserve which may not be distributed until three years after publication
of the annual accounts of the recipient company for the financial year during which the
contributions were made or, where applicable, until such later date as all the claims
relating to the guarantee referred to in point 4° which are submitted during that period
shall have been settled.»

[2017/1132/EU art. 52]
«Art. 420-11.
(1) The acquisition by a company, within the two years following its incorporation, of any
asset belonging to a natural or legal person, by whom or on whose behalf the constitutive
instrument was signed, for a consideration of not less than one tenth of the subscribed
capital, shall be subject to a verification and publication in the manner provided by Article
420-10 and shall be subject to approval by the general meeting of shareholders.»
The réviseur d’entreprises [statutory auditor] is appointed by the board of directors or by the
management board, as the case may be.»
56 The French and German versions of the directive coincide as they speak of «no new circumstances» («aucune
circonstance nouvelle», «keine neuen Umstände»). The English version speaks of «no new qualifying
circumstances».
41
15276572_3
«(2) Paragraph 1 shall not apply to acquisitions made in the normal course of the company's
business nor to acquisitions made at the instance or under the supervision of an
administrative or judicial authority or to stock exchange acquisitions.»

[2017/1132/EU art. 46]
«Art. 420-12.
«Contributions other than in cash may be remunerated by shares only if they consist of
assets capable of economic assessment, other than assets consisting of undertakings to
perform work or supply services.
Such contributions shall be referred to as contributions in kind.»

[2017/1132/EU art. 53]
«Art. 420-13.
Subject to the provisions concerning the reduction of the subscribed capital, shareholders
may not be released from their obligation to pay-up their contribution.»

[2017/1132/EU art. 47]
«Art. 420-14.
«(1) Shares may not be issued for an amount lower than their nominal value. In the absence
of a nominal value, shares may be issued below their accounting par value, subject to
compliance with the conditions provided for in Article 420-22, paragraphs 6 and 7.
(2) However, notwithstanding Article 420-22, paragraphs 6 and 7, those persons who,
professionally, undertake the placing of shares, may, with the consent of the company, pay
less than the total price of the shares subscribed by them during such a transaction.
(3) The minimum amount to be paid by the subscribers referred to in paragraph 2 shall be
fixed at 90 per cent of the total subscription price of the shares subscribed by them.»

[2017/1132/EU art. 3 and 4]
«Art. 420-15.
The instrument constituting the company shall indicate:
1° (Law of 25 August 2006) «the identity of the natural or legal person or persons by whom
or on whose behalf it has been signed»;
2° the form of the company and its denomination;
3° the registered office;
4° the corporate object;
5° the amount of the subscribed capital and, where applicable, of the authorised capital;
42
15276572_3
6° the amount of the subscribed capital initially paid-up;
7° the classes of shares, where several classes exist, the rights attaching to each class, the
number of shares subscribed to and, in the case of an authorised capital, the shares to
be issued in each such class and the rights concerning each class, as well as:
a) the nominal value of the shares or the number of shares for which no nominal value
is specified;
b) any special conditions restricting the transfer of shares;
8° (Law of 6 April, 2013) «whether the shares are in registered, bearer, or dematerialised
form and of any provision supplemental to, or derogating from, the law;»
9° (Law of 23 July 2016) «particulars of each contribution in kind, the conditions on which it
is made, the name of the contributor and the conclusions of the report of the réviseur
d’entreprises [statutory auditor] provided for in Article 420-10;»
10° the reason for, and the extent of, any special advantages conferred at the time of
incorporation of the company upon any person who participated in the incorporation of
the company;
11° if applicable, the number of securities or units which do not represent the stated capital,
as well as the rights attaching thereto, in particular the right to vote at general meetings;
12° insofar as they are not provided for by law, the rules determining the number and
method of appointment of the members of the corporate bodies responsible for
representing the company with regard to third parties, administration, management,
supervision or control of the company and the allocation of powers among such
corporate bodies;
13° the duration of the company;
14° at least the approximate amount of the costs, expenses and remuneration or charges of
whatever form, which are payable by the company or chargeable to it by reason of its
incorporation.»

«Art. 420-16.
The company may be constituted by means of one or more notarial instruments to which all
the members are parties, either in person or by representative(s) holding notarised or private
proxies.
The parties to those instruments shall be deemed to be the founders of the company.
However, if the instruments designate as founder(s) one or more shareholders who together
hold at least one third of the capital of the company, the other parties who merely subscribe
for shares in cash and are not granted, directly or indirectly, any special advantage, shall be
regarded as mere subscribers.
If the payments have been made in application of Article 420-1 before the execution of any
of the constitutive instruments, the proof thereof may be furnished in the form of a private
receipt, to be drawn up in duplicate.»
43
15276572_3
«Art. 420-17.
«(1) The company may also be constituted by means of subscriptions.
(2) The constitutive instrument shall be drawn up in advance in the form of a notarial
instrument and shall be published as a draft. The parties to that instrument shall be deemed
to be the founders of the company.
(3) Subscriptions shall contain a notice convening the subscribers to a meeting to be held
within three months for the purpose of the final incorporation of the company.

«Art. 420-18.
(1) On the scheduled date, the founder(s) shall present to the meeting, which shall be held in
the presence of a notary, proof, together with supporting documents, that the conditions laid
down by Article 420-1 have been satisfied.
(2) If the majority of the subscribers present in person or represented by the holder(s) of
notarised or private proxies, other than the founder(s), have no objection to the
incorporation of the company, the founder(s) shall declare that it is finally incorporated.
(3) If the targeted capital has not been subscribed for in its entirety, the company may
nevertheless be incorporated with an amount of capital corresponding to the total amount
subscribed for, provided that the instrument published in accordance with (Law of 27 May
2016) «the provisions of Title I, Chapter Vbis of the amended Law of 19 December 2002 on
the register of commerce and companies and the accounting and annual accounts of
undertakings57» has allowed for such a possibility.
(4) The notarised minutes of the meeting of the subscribers, which shall contain a list of the
subscribers and a statement of the payments made, shall finally incorporate the company.

«Art. 420-19.
(1) The founders shall be jointly and severally liable towards all interested parties,
notwithstanding any provision to the contrary for:
1° any portion of the capital which will not have been validly subscribed for, and any
outstanding balance between the minimum capital provided for by Article 420-1 and the
amount subscribed for; they shall ipso jure be deemed to be subscribers thereof;
2° the full and complete payment of one fourth of the shares subscribed for, and the
payment within a period of five years of the shares issued against contributions (Law of
10 August 2016) «in kind»; they shall likewise be under a joint and several obligation for
the full and complete payment of the portion of the capital of which they are deemed to
be the subscribers pursuant to the foregoing paragraph;
3° the indemnification of the damage which is the immediate and direct result of either the
avoidance of the company or the omission or incorrectness in the instrument or draft
44
15276572_3
instrument of the company or in the subscription forms of the statements prescribed by
Articles 420-15 and 420-17.
(2) Any person who enters into a commitment for a third party mentioned by name in the
instrument and acting either as agent or as surety shall be deemed to be personally
committed if they have no valid mandate or the commitment is not ratified within two
months of the commitment.
The founders shall be jointly and severally liable for these commitments.»

[EC Regulation 2157/2001, Art. 66.3, 66.4, 66.5, 66.6]
«Art. 420-2058.
The following procedure shall be observed in case of conversion of a société européenne (SE)
into a société anonyme in accordance with Article 100-3:
1° the management body of the société européenne (SE) shall draw up draft terms of
conversion in writing and a report explaining and justifying the legal and economic
aspects of the conversion and indicating the implications for the shareholders and for
the employees of the adoption of the form of a société anonyme;
2° the draft terms of conversion shall be published in accordance with (Law of 27 May
2016) «the provisions of Title I, Chapter Vbis of the amended Law of 19 December 2002
on the register of commerce and companies and the accounting and annual accounts of
undertakings59» at least one month before the date of the general meeting called to
decide on the draft terms of conversion;
3° «prior to the general meeting referred to in paragraph 4, one or more réviseurs
d’entreprises [statutory auditors] appointed by the management body shall certify that
the company has (Law of 7 August 2023) «net assets» at least equivalent to its capital;
4° the general meeting of the société européenne (SE) shall approve the draft terms of
conversion together with the articles of the société anonyme. The decision of the
general meeting requires that the conditions as to quorum and majority laid down for
the amendments to the articles are fulfilled.»

[EC Regulation 2157/2001, Art. 37.3 -37.7, Art. 37.9]
«Art. 420-21.
The following procedure shall be observed in case of conversion of a société anonyme into a
société européenne (SE) in accordance with Article 100-3:
1° the management body of the société anonyme shall draw up draft terms for the
conversion in writing and a report explaining and justifying the legal and economic
58This Article was preceded by an Article 31-1 regarding the conversion into a société anonyme which was
abrogated by the Law of 10 August 2016.
45
15276572_3
aspects of the conversion and indicating the implications for the shareholders and for
the employees of the adoption of the form of a société européenne (SE);
2° the draft terms of conversion shall be published in accordance with (Law of 27 May
2016) «the provisions of Title I, Chapter Vbis of the amended Law of 19 December 2002
undertakings60» at least one month before the date of the general meeting called to
decide on the draft terms of conversion;
3° «prior to the general meeting referred to in paragraph 4, one or more réviseurs
d’entreprises [statutory auditors] appointed by the management body shall certify that
the company has net assets at least equivalent to its capital plus the reserves which may
not be distributed under law or by virtue of the articles;»
4° the general meeting of the société anonyme shall approve the draft terms of conversion
together with the articles of the société européenne (SE). The decision of the general
meeting requires that the conditions as to quorum and majority laid down for the
amendments to the articles are fulfilled;
5° the rights and obligations of the company to be converted on terms and conditions of
employment arising from national law, practice and individual employment contracts or
employment relationships and existing at the date of the registration shall, by reason of
such registration, be transferred to the société européenne (SE);
6° the registered office may not be transferred to another Member State61 pursuant to
Chapter IX of the present Title, at the same time as the conversion is effected.»

[2017/1132/EU art. 68.1 and 68.2]
«Art. 420-22.
(1) Any increase of capital shall be decided upon by the general meeting at the conditions
provided for amendments to the articles62.
(2) (Law of 25 August 2006) «The constitutive instrument may, however, authorise the board
of directors or the management board to increase the capital on one or more occasions up to
a specified amount.»
(3) The general meeting may also grant such authorisation by means of an amendment to the
articles.
(4) The rights attaching to the new shares shall be defined in the articles.
(5) (Law of 10 August 2016) «The authorisation shall be valid only for a period of up to five
years from publication of the constitutive instrument or the amendment of the articles, or, if

62 This principle has been set aside for certain conversions of share capital expressed in one of the currencies of
one of the member states of the European Community having adopted the common currency into euro carried
out no later than 31 December 2001 (or in one scenario, 30 June 2002) under the Law of 10 December, 1998 (as
amended with effect from 1 January 2002 by the Law of 1 August 2001);
46
15276572_3
so provided by the articles, from the date of the constitutive instrument or the instrument
amending the articles». It may be renewed on one or more occasions by the general meeting
deliberating in accordance with the requirements for amendments to the articles, for a
period which, for each renewal, may not exceed five years.»
«(6) In case the issue of shares without nominal value at below the par value of the existing
shares of the same category is on the agenda of a general meeting, this must be expressly
specified in the convening notice.
The transaction must be the subject of a detailed report from the board of directors or the
management board, as the case may be, on, in particular, the issue price and the financial
consequences of the transaction for the shareholders. A report shall be drawn up by a
réviseur d’entreprises [statutory auditor] appointed by the board of directors or the
management board, in which he certifies that the financial and accounting information
contained in the report from the board of directors or the management board is fair and
adequate to inform the general meeting called to vote on the proposal.
These reports shall be filed in accordance with the provisions of Title I, Chapter Vbis of the
accounting and annual accounts of undertakings63. They shall be announced in the agenda.
Every shareholder shall be entitled to obtain a copy of the reports free of charge, upon
production of his title, eight days before the meeting. A copy thereof shall be sent to the
registered shareholders at the same time as the convening notice.
The failure to provide the report by the réviseur d’entreprises [statutory auditor] as provided
for in sub-paragraph 2 shall invalidate the decision of the general meeting, unless all the
shareholders of the company have waived the report.»
«(7) Notwithstanding paragraph 6, the issue of shares without nominal value at below the
par value of the existing shares of the same category may also be carried out within the
authorised capital, provided however that the delegation to the board of directors or, as the
case may be, the management board in accordance with paragraphs 2 or 3 includes an
authorisation to issue new shares below the par value of the existing shares of the same
category.
Where the proposal to authorise the board of directors or, as the case may be, the
management board to issue new shares below the par value of the existing shares of the
same category is on the agenda of a general meeting, the conditions referred to paragraph 6,
sub-paragraphs 1 to 3 must be complied with.
The report of the board of directors or, as the case may be, the management board, referred
to paragraph 6, sub-paragraph 2, shall, in that case, mention the minimum subscription price
of the shares to be issued within the authorised capital.»
47
15276572_3
[2017/1132/EU art. 70]
«Art. 420-23.
«(1) The formalities and conditions provided for the incorporation of companies shall apply
to increases of capital by means of new contributions, subject to the following provisions.
(2) The members of the board of directors or of the management board, as the case may be,
shall jointly and severally have the liability imposed on founders by Article 420-19.
(3) If the proposed increase of capital is not entirely subscribed for, the capital shall be
increased by the amount of subscriptions received provided the conditions of the issue
expressly provided for that possibility.
(4) The increase of capital shall be recorded in a notarial instrument, prepared at the request
of the board of directors or of the management board, as the case may be, against
presentation of the documents proving the subscriptions and payments in the case of an
increase carried out by way of subscriptions or where it is effected pursuant to the
authorisation provided for in Article 420-22. The notarial instrument must be drawn-up
within one month from the end of the subscription period or within three months from the
day on which that period commenced.
(5) At least one fourth of each share must be paid up, either by way of a contribution in cash,
including by way of a set-off against claims on the company which are certain, of a fixed
amount and due and payable or by way of a contribution in kind, or by way of incorporation
of reserves, profits or share premium.
(6) In the case of contributions in kind, the shares must be paid up in full within five years
from the time the increase of capital was resolved. A report shall be drawn up by a réviseur
d’entreprises [statutory auditor] in accordance with Article 420-10; this réviseur d’entreprises
[statutory auditor] shall be appointed by the board of directors or by the management board,
as the case may be. The report of the réviseur d’entreprises [statutory auditor] shall be filed
in accordance with the provisions of Title I, Chapter Vbis of the amended Law of 19
accounts of undertakings64.»

«Art. 420-24.
In the event of a capital increase by way of incorporation of reserves, the new shares shall
belong to the bare owner, subject to the rights of the usufructuary.»

[2017/1132/EU art. 69]
«Art. 420-25.
Where a share premium is provided for, the amount thereof must be paid up in full.»
48
15276572_3
[2017/1132/UE art. 72.1, 2, 3, 4, 5 et 7]
«Art. 420-26.
(1) Shares to be subscribed for in cash shall be offered on a pre-emptive basis to
shareholders in the proportion of the capital represented by their shares.
(2) The articles may provide that paragraph 1 shall not apply to shares which have different
rights to participate in distributions or in the assets in the event of liquidation. The articles
may also provide that, where the subscribed capital of a company with several classes of
shares is increased by the issue of new shares of only one class, the pre-emptive right of the
holders of shares of the other classes may not be exercised until after that right has been
exercised by the holders of the shares of the class in which the new shares are issued.
(3) (Law of 10 August 2016) «The right to subscribe may be exercised within a period
determined by the board of directors or by the management board, as the case may be,
which may not be less than fourteen days from the publication of the offer on the Recueil
électronique des sociétés et associations and in one newspaper published in the Grand Duchy
of Luxembourg. However where all the shares are in registered form, the shareholders may
be notified by registered letter, without prejudice to other means of communication which
need to be accepted individually by their addressees and which warrant notification.»
(4) (Law of 10 August 2016) «The right to subscribe shall be transferable throughout the
subscription period, and no restrictions may be imposed on such transferability.
By way of exception to the first sub-paragraph, the restrictions applicable to the securities in
respect of which the subscription right arises shall also apply to such right.»
(5) (Law of 25 August 2006) «The articles may not withdraw or restrict pre-emption rights.
They may nevertheless authorise the board of directors or the management board, as the
case may be, to withdraw or restrict these rights in relation to an increase of capital made
within the authorised capital provided for in accordance with Article 420-22. Such
authorisation shall not be valid for a longer period than the period provided for in Article
420-22, paragraph 5.
(Law of 10 August 2016) «A general meeting called upon to resolve, at the conditions
prescribed for amendments to the articles, either upon an increase of capital or upon the
authorisation to increase the capital in accordance with Article 420-22, paragraph 1, may
limit or withdraw pre-emptive subscription rights or authorise the board of directors or the
management board, as the case may be, to do so. Any proposal to that effect must be
specifically announced in the convening notice. Detailed reasons therefor must be set out in
a report prepared by the board of directors or by the management board, as the case may
be, and presented to the meeting, dealing in particular with the proposed issue price. The
failure to provide that report shall invalidate the decision of the general meeting, unless all
the shareholders of the company have waived such report.»
«(6) The articles may authorise the board of directors or the management board, as the case
may be, to allocate existing shares or new shares to be issued free of charge, to salaried staff
members of the company, or to certain categories of staff. Where the authorisation relates
to shares to be issued, the provisions of paragraph 5 shall apply subject to the provisions of
49
15276572_3
the present paragraph, and the authorisation granted by the general meeting shall by
operation of law, operate as a waiver by the existing shareholders of their preferential
subscription right for the benefit of the recipients of the shares allotted free of charge.
The general meeting may determine or authorise the board of directors or the management
board, as the case may be, to determine the terms and conditions of the allocation, which
may comprise a period [after which] the allocation is final and a minimum holding during
which the recipients must retain the shares.
Shares may be allocated under the same conditions:
1° to salaried staff members of companies or economic interest groupings, at least 10 per

cent of the capital or voting rights of which is directly or indirectly held by the company
allocating the shares;
2° to salaried staff members of companies or economic interest groupings which directly or

indirectly hold at least 10 per cent of the capital or voting rights of the company allocating
the shares;
3° to salaried staff members of companies or economic interest groupings at least 50 per

cent of the capital or voting rights of which are directly or indirectly held by a company
which itself directly or indirectly holds at least 50 per cent of the capital of the company
allocating the shares;
4° to corporate officers65 of the company allocating the shares or of the companies and
economic interest groupings, mentioned above or to certain categories thereof.»
(7) The pre-emptive subscription rights are not excluded as provided for in paragraph 5
where, in accordance with the decision relating to the increase of the subscribed capital, the
shares are issued to banks or other financial institutions with a view to their being offered to
the shareholders of the company in accordance with paragraphs 1 and 3.»
(8) (Law of 7 August 2023) « In the absence of provisions in the articles, third parties may
take part in the capital increase at the end of the preferential subscription period set out in
paragraph 3, except if the board of directors or, as the case may be, the management board
decides that preferential rights shall be exercised in proportion to the capital represented by
their shares, by the existing shareholders who already exercised their right during the
preferential subscription period. In that case, the subscription terms of the existing
shareholders shall be determined by the board of directors or, as the case may be, the
management board.»
«(9) Where shares are encumbered by usufruct, the preferential subscription right attached
to such shares belongs to the bare owner. If the bare owner sells the subscription rights, the
proceeds of the sale or the property acquired by the bare owner with such proceeds shall be
subject to the usufruct. If the bare owner fails to exercise his right, the usufructuary may
substitute himself to the bare owner to subscribe for the new shares or to sell the rights.
65 This includes directors and members of the management board and supervisory board.
50
15276572_3
In the latter case, the bare owner may demand that the proceeds of the sale be re-invested;
the property so acquired shall be subject to the usufruct. Vis-à-vis the usufructuary, the bare
owner of shares shall be deemed to have failed to exercise the preferential subscription right
for the new shares issued by the company, where he has neither subscribed for new shares,
nor sold the subscription rights, eight days before the expiry of the subscription period
available to the shareholders.
The bare ownership of the new shares belongs to the bare owner and the usufruct of the
new shares belongs to the usufructuary. However, in the event of payment of funds by the
bare owner or the usufructuary in order to make or complete a subscription, the new shares
shall belong to the bare owner and to the usufructuary only up to the value of the
subscription rights; the excess of the new shares shall belong, in full ownership, to the party
who has paid such funds.
The present paragraph shall also apply in the case of allocation of free securities. Where the
bare owner must apply for the allocation of securities, he shall be deemed, vis-à-vis the
usufructuary, to have failed to exercise his right to the allocation of free shares, where he has
neither applied for such allocation nor sold the rights, three months after the start of the
allocation proceedings.
The provisions of the present paragraph shall apply in the absence of provisions in the
agreement between the parties.»

[2017/1132/EU art. 68.4 and art. 72.6]
«Art. 420-27.»
«Articles 420-22, 420-23 excluding its paragraph 6, and 420-26 shall apply to the issue of
convertibles bonds, any other debt instruments convertible into capital and subscription
rights which are separated or attached to another security. Article 420-23, paragraph 6, shall
however apply to the issue of convertible bonds and any other debt instruments convertible
into capital where the subscription price of such instruments is paid up in kind.
Article 420-25 shall apply to the conversion of convertible bonds and any other debt
instruments convertible into capital as well as to the exercise of subscription rights which are
separated or attached to another security. Articles 420-22, 420-23 and 420-26 shall not apply
to the cases referred to in this paragraph.
The conversion of convertible bonds is regarded as a contribution in cash payable by way of a
set-off against a claim on the company, and shall be subject to the same conditions as such a
contribution.
The decision by the board of directors to issue convertible bonds or any other debt
instruments convertible into capital or subscription rights must be passed during the
authorisation period. This decision shall reduce the available amount of the authorised
capital accordingly. The conversion of convertible bonds or the exercise of subscription rights
51
15276572_3
may occur after the end of the authorisation period.»66
Chapter III - The shares and their transfer

«Art. 430-1.»
«(1) The capital of sociétés anonymes shall be divided into shares, with or without an
indication of value.
Securities may be created which do not represent the corporate capital and which are
referred to by the present law as «profit units». The articles shall specify the rights attaching
thereto.
Shares and profit units are in registered, bearer or dematerialised form.
Shares may be issued in denominations of less than one share, an appropriate number
thereof conferring the same rights as a share subject to article 450-4.
Shares and smaller denominations of shares shall bear a serial number, unless they are
dematerialised.»
«(2) The articles, the issue instruments of convertible bonds or of subscription rights may
restrict the transferability inter vivos or the transmissibility upon death of shares of any kind,
profit units, subscription rights or any other securities carrying the right to acquire shares,
including convertible bonds, bonds with subscription rights or bonds redeemable in shares or
any other debt instruments convertible into capital.
Inalienability clauses must be limited in time.
However where the restriction results from an approval clause or a clause providing for a
pre-emption right, the application of such clauses may not result in the extension of the non-
transferability by more than twelve months from the application for approval or the
invitation to exercise the pre-emption right.
Where the clauses referred to in sub-paragraph 3 provide for a time limit exceeding twelve
months, this time limit shall automatically be reduced to twelve months.
If the articles do not specify the terms for determining the sale price of the shares, profit
units, rights or securities referred to in first sub-paragraph, this price shall, in the absence of
agreement between the parties, be determined by the judge presiding the chamber of the
Tribunal d’Arrondissement [District Court] dealing with commercial matters and sitting as in
urgency matters. The value of the shares, profit units, rights or securities referred to in first
sub-paragraph shall be determined on the day of notification of the sale in the event of a sale
inter vivos and on the day of death in the event of a transmission upon death.
Any sale in breach of the provisions of the articles shall be void.»
66 This Article was followed by the four former Articles 33 to 36 repealed by the Law of 10 July 2005.
52
15276572_3
Art. 430-2.
If there are several owners of a share or smaller denomination of one share, the company
shall be entitled to suspend the exercise of the rights attaching thereto until one person is
designated as being the owner, vis-à-vis the company, of the share or smaller denomination.
(Law of 10 August 2016) «Joint owners have nevertheless the right to information provided
for in Article 461-6.»
Art. 430-3.
A register of the registered shares shall be maintained at the registered office and every
shareholder may examine it; the register shall specify:
1° the precise designation of each shareholder and the number of shares or fractional
shares held by him;
2° the payments made on the shares;
3° (Law of 6 April 2013) «transfers and the dates thereof or the conversion of shares into
shares in bearer or dematerialised form, if the articles allow therefor.»
Art. 430-4.
Ownership of registered shares shall be established by an entry in the register prescribed in
the foregoing Article.
(Law of 6 April 2013) «The company must satisfy the request of a person inscribed in the
register to issue a certificate relating to the shares registered under that person’s name.»
Transfers shall be carried out by means of a declaration of transfer entered in the said
register, dated and signed by the transferor and the transferee or by their duly authorised
representatives, and in accordance with the rules on the assignment of claims laid down in
Article 1690 of the Civil Code. The company may accept and enter in the register a transfer
on the basis of correspondence or other documents recording the agreement between the
transferor and the transferee.
Subject to any contrary provisions of the articles, transmission, in the case of death, shall be
validly established vis-à-vis the company, provided that no objection is filed, on production of
a death certificate, the certificate of registration and an affidavit (acte de notoriété) attested
by a juge de paix or a notary.
Art. 430-5.
«Bearer shares shall be signed by two directors or two members of the management board,
as the case may be, or where the company comprises a single director or where the
management board is composed of a single person, by such person. Subject to contrary
provisions of the articles, the signature may be manual, in facsimile or affixed by means of a
stamp.
However, one of the signatures may be affixed by a person delegated for that purpose by the
board of directors or by the management board, as the case may be. In such case, it must be
manual.
53
15276572_3
A certified true copy of the instrument delegating authority to such a person who is not a
member of the board of directors or of the management board, as the case may be, shall be
filed in advance in accordance with the provisions of Title I, Chapter Vbis of the amended Law
annual accounts of undertakings67.
The share shall indicate:
1° the date of the constitutive instrument of the company and the date of publication
thereof;
2° the capital of the company, the number and type of each class of shares and the
nominal value of the securities or the interest in the company which they represent;
3° a brief description of the contributions made to the company and the conditions on
which they are made;
4° any special advantages conferred upon the founders;
5° the duration of the company.
The preceding paragraph is not applicable to global share certificates taking the form of
global bearer certificates deposited with a securities settlement system. The number of (Law
of 7 August 2023) «shares represented» by these certificates must be determined or be
capable of being determined.»
Art. 430-6.
(1) Bearer shares shall be deposited with a depositary appointed by the board of directors or
the management board, as the case may be, and which meets the conditions set out in
paragraph 2.
(2) The depositary may not be a shareholder of the issuing company. Only the following
professionals established in the Grand Duchy of Luxembourg can be appointed as
depositaries:
1° credit institutions;
2° private portfolio managers;
3° distributors of units in UCIs;
4° specialised professionals of the financial sector (PFS) approved as Family Office,
corporate domiciliary agent, professional providing company incorporation and
management services, registrar agent or professional depositary of financial
instruments;
5° avocats à la Cour registered on List I and European lawyers practising under their
professional home-country titles registered on List IV of the bar roll referred to in Article
8, paragraph 3 of the amended Law of 10 August 1991 on the legal profession;
6° notaries;
54
15276572_3
7° réviseurs d’entreprises [statutory auditors] and réviseurs d’entreprises agréés [approved
statutory auditors];
8° chartered accountants.
(3) The depositary shall maintain a register of bearer shares in the Grand Duchy of
Luxembourg; the register shall specify:
1° the precise designation of each shareholder and the number of shares or fractional
shares;
2° the deposit date;
3° transfers and the dates thereof or the conversion of shares into registered shares.
Each bearer shareholder has the right to examine only the registrations which concerns
him/her.
(4) The depositary shall hold the shares deposited in accordance with paragraph 1 on behalf
of the shareholder who owns them. The ownership of the bearer share shall be registered in
the register. Upon written request by the bearer shareholder, a certificate recording all
registrations regarding him/her shall be delivered to him/her by the depositary.
Transfers are effective vis-à-vis third parties upon registration thereof on the register by the
depositary. The depositary may for these purposes accept any document or notification
recording the transfer of ownership between the transferor and the transferee.
Unless otherwise provided in the articles, the notification of a transfer in case of death shall
be validly established vis-à-vis the depositary, provided no objection has been filed, on
production of a death certificate, the registration certificate and a witness affidavit (acte de
notoriété) passed before a juge de paix or a notary.
(5) The rights attaching to bearer shares may only be exercised on deposit of the bearer
share with the depositary and on registration of all particulars in the register in accordance
with paragraph 3.
(6) The depositary may not release bearer shares, except in the following cases where it must
deliver the bearer shares:
1° to its successor in its capacity as depositary, in the event of termination of its
appointment;
2° to the company, in the event of conversion of the bearer shares into registered shares,
in the event of repurchase by the company of its own shares in accordance with Articles
430-15 and 430-16 and in the event of amortisation of the capital in accordance with
Article 450-6.
(7) The liability of the depositary, insofar as it derives from its obligations under paragraphs
3, 4 and 6, shall be determined according to the same rules as those applicable to the liability
of directors or of the members of the management board, as the case may be.»68
68Article 6 of the Law of 28 July 2014 regarding the immobilisation of bearer shares and units and the keeping of
the register of registered shares and the register of bearer shares, published on 14th August 2014:
55
15276572_3
«Art. 430-7.
Dematerialised shares are materialised by way of an inscription in a securities account in the
name of the accountholder held at a settlement institution, a central account keeper, an
accounts’ keeper or a foreign accounts’ keeper. Transfers shall be carried out by way of book
entry69.»
«(1) Sociétés anonymes, sociétés en commandite par actions and management companies of undertakings for
collective investment set up in the form of common funds (fonds commun de placement) having issued bearer
shares or units prior to the entry into force of this law, shall appoint a depositary within six months from the entry
into force of this law.
(2) Bearer shares or units issued by sociétés anonymes, sociétés en commandite par actions and management
companies of undertakings for collective investment set up in the form of common funds (fonds commun de
placement) having issued bearer shares or units prior to the entry into force of this law must be deposited with
the appointed depositary within eighteen months from the entry into force of this law.
(3) Voting rights attached to bearer shares or units which have not been immobilised within six months from the
entry into force of this law shall automatically be suspended at the end of that period until their immobilisation.
When this same period expires, distributions shall be deferred until the date of immobilisation, subject to the
distribution rights not being time-barred, and such deferral shall not give rise to the payment of any interest.
(4) Those shares or units whose voting rights have been suspended shall not be taken into account when
calculating the quorum and majority during general meetings. Holders of such shares or units shall not be
admitted to these general meetings.
(5) Bearer shares or units which have not been immobilised within eighteen months from the entry into force of
this law, shall be cancelled and the subscribed capital shall be reduced by a corresponding amount.
The cancellation of the shares or units shall be carried out at price obtained by dividing the amount of equity in
the company, resulting from the company’s latest balance sheet drawn up as at a date which may not be earlier
than two months prior to the cancellation decision, by the number of shares or units of the company in issue,
such price being reduced by the amount of share premium and reserves which, according to the law and the
articles, may not be distributed as well as by the fees and commissions relating to the deed of capital reduction.
The funds corresponding to the shares or units so cancelled or, in the absence thereof, other assets with a value
equal to the cancelled shares or units shall be deposited with the Caisse de consignation (Consignment Office)
until such time as a person who has been able to prove his/her capacity as holder applies for their remittance.
(6) Managers or directors are punishable by a fine of 5,000 to 125,000 euros in case they knowingly:
1° fail to appoint a depositary in accordance with the provisions of paragraph 1;
2° recognise rights attaching to bearer shares or units, in breach of the provisions of paragraphs 3 and 4;
3° fail to cancel non-immobilised bearer shares or units, to reduce the subscribed capital and to deposit the
corresponding funds pursuant to the provisions of paragraph 5.»
69 Certain terms used in this Article are defined in Article 1 of the Law of 6 April 2013 on dematerialised securities:
- «accountholder» means «a person, a common fund or a securitisation fund in whose name a settlement
institution, a central account keeper or an accounts’ keeper keeps a securities account irrespective of
whether such person is acting on its own account or on account of a third party»;
- «accounts’ keeper» means «a person who is authorised under Luxembourg law to keep securities
accounts, including domestic or international public institutions established in Luxembourg and operating
in the financial sector»;
- «central account keeper» means «any person authorised by the Minister with responsibility for the CSSF
as a central account keeper in accordance with the provisions of the amended Law of 5 April 1993 on the
financial sector»;
- «foreign accounts’ keeper» means «any person, other than [a Luxembourg accounts keeper] whose
securities accounts’ keeping activity is subject to foreign law»;
- «securities account» means «an account at a settlement institution, a central account keeper or an
accounts’ keeper on which securities may be credited or from which securities may be debited. The
56
15276572_3
Art. 430-870.
Shares shall be in registered form until they are fully paid-up.
«The owners of shares or securities71 in bearer form may, at any time, request that they be
converted, at their expense, into shares or securities in registered form or, if the articles so
provide, into shares or securities in dematerialised form72. In the latter case, costs are to be
borne by the person provided for in the law on dematerialised securities73.
Unless the articles expressly provide otherwise, the owners of shares or securities in
registered form may, at any time, request conversion thereof into shares or securities in
bearer form.
If the articles so provide, the owners of shares or securities in registered form may request
conversion thereof into shares or securities in dematerialised form. Costs are to be borne by
the person provided for in the law on dematerialised securities.
The holders of dematerialised shares or securities may, at any time, request that they be
converted, at their expense, into shares or securities in registered form unless the articles
provide for mandatory dematerialisation of shares or securities.»74

«Art. 430-9.»
(1) «Non-voting shares may be issued:
issuance account at a settlement institution or a central account keeper does not constitute a securities
account»;
- «settlement institution» means «a securities settlement system within the meaning of the law on
payment services, designated as such by the Luxembourg Central Bank and notified to the European
Commission by the Minister responsible for the financial center, and where the operator of the system is
established in Luxembourg».
70 This Article included a first sub-paragraph repealed by the Law of 10 August 2016.
71 This term is defined in Article 1 of the Law of 6 April 2013 on dematerialised securities as follows:
«securities» means «in the broadest sense:

(a) equity securities issued by joint-stock corporations governed by Luxembourg law including shares, profit units,
subscription rights and units of common funds;
(b) debt securities governed by Luxembourg law, such as financial instruments which may be in bearer form, and
instruments representing public debt.
(c) For the purposes of the present law, the following are not considered securities:
– bills of exchange
– securities which are redeemable by drawing of numbered lots
– shares issued by pension savings companies with variable capital.»
72 This term is defined in Article 1 of the Law of 6 April 2013 on dematerialised securities as follows:
«dematerialised securities» means «securities of an issuer issued or converted exclusively by way of registration
in an issuance account held at a settlement institution or a central account keeper»
73 Article 18(1) of the Law of 6 April 2013 on dematerialised securities states that: «If the conversion of equity
securities is optional, the conversion costs incurred by the issuer shall be borne by the person designated in the
articles or the management regulations of the issuer. If there is no indication in the articles or the management
regulations, the costs shall be borne by the issuer.»
74 This Article was followed by an Article 44 repealed by the Law of 10 August 2016.
57
15276572_3
1° at the incorporation of the company if provided for by the articles;
2° by an increase of capital;
3° by the conversion of ordinary shares into non-voting shares.
In the latter two cases, the general meeting shall deliberate in accordance with the rules laid
down in Article 450-3, paragraphs 1 and 2.
(2) Non-voting shares may be issued only if the right to a dividend in the event of distribution
of profits, the right to reimbursement of the contribution and, as the case may be, the right
to distribution of liquidation proceeds are determined by the articles.
(3) The general meeting shall determine the maximum amount of such shares to be issued.
(4) If non-voting shares are created by the conversion of ordinary shares in issue or, where
authority for that purpose is included in the articles if non-voting shares are converted into
ordinary shares, the general meeting shall determine the maximum amount of shares to be
converted and the conditions for conversion.
The offer for conversion shall be made at the same time to all shareholders in proportion to
the amount of capital held. The right to subscribe may be exercised within a period to be
determined by the board of directors or by the management board, as the case may be,
which may not be less than thirty days from the start of the subscription period which shall
be announced by means of a notice determining the subscription period which shall be
published on the Recueil électronique des sociétés et associations and in one newspaper
published in the Grand Duchy of Luxembourg.
However, where all shares are in registered form, the shareholders may be notified by
registered letter without prejudice to other means of communication which need to be
accepted individually by their addressees and must guarantee [their] information. »

«Art. 430-10.»
«(1) Non-voting shares shall be entitled to vote where the deliberation of the general
meeting is such that it may result in an amendment of the rights attaching to the non-voting
shares as well as in any general meeting called upon to decide on the reduction of capital or
on the early dissolution of the company.
(2) Save where they have voting rights, no account shall be taken of non-voting shares in
determining the conditions as to quorum and majority at general meetings.»

«Art. 430-11.»
«The convening notices, reports and documents which, by virtue of the provisions of this law,
must be sent or notified to the shareholders of the company shall likewise be sent or notified
to the holders of non-voting shares within the periods prescribed for that purpose.»
58
15276572_3
Art. 430-12.
A statement regarding the capital of the company shall be published once each year, at the
end of the balance sheet.
[2017/1132/EU art. 4]
«It shall comprise:
1° the number of shares subscribed for;
2° the amounts paid-up;
3° a list of the shareholders who have not yet paid-up their shares, specifying the sums
remaining due from them.»
The publication of this list shall, as regards the changes of the shareholders recorded therein,
have the same effect as a publication made in accordance with Article 100-13.
In the event of an increase of capital, the statement shall indicate a mention of the portion of
the capital which shall not yet have been subscribed for.
Art. 430-13.
Notwithstanding any provision to the contrary, shareholders shall be liable for the total
amount of their shares.
However, a valid transfer of the shares shall release them, vis-à-vis the company, from the
obligation to make any contribution to debts arising after the transfer, and vis-à-vis third
parties they shall be released from the obligation to make any contribution to debts arising
after publication of the transfer.
Every transferor shall have a right of recourse jointly and severally against his immediate
transferees and the subsequent transferees.

[2017/1132/EU art. 59]
«Art. 430-14.
(1) The shares of a company may not be subscribed for by the company itself.
(2) If the shares of a company have been subscribed for by a person acting in his own name
but on behalf of the company, the subscriber shall be deemed to have subscribed for them
for his own account.»
(3) (Law of 10 August 2016) «The natural or legal persons referred to in Article 420-15, point
1°, as well as the parties to the instrument referred to in Article 420-17, paragraph 2 or, in
the case of an increase of the subscribed capital, the members of the board of directors or of
the management board, as the case may be, shall be jointly and severally obliged to pay-up
any shares subscribed for in contravention of the present Article.
However, the above-mentioned persons may be released from that obligation on proving
that no misconduct is attributable to them personally.»
59
15276572_3
[2017/1132/EU art. 60]
«Art. 430-15.
(1) (Law of 10 June 2009) Without prejudice to the principle of equal treatment of all
shareholders who are in the same position, (…)75 the company may acquire its own shares,
either itself or through a person acting in its own name but on the company’s behalf, only
subject to the following conditions:
1° the authorisation to acquire shares shall be given by the general meeting, which shall
determine the terms and conditions of the proposed acquisition and in particular the
maximum number of shares to be acquired, the duration of the period for which the
authorisation is given and which may not exceed 5 years and, in the case of acquisition
for value, the maximum and minimum consideration. The board of directors or the
management board shall satisfy themselves that, at the time of each authorised
acquisition, the conditions referred to in points 2° and 3° are respected;
2° the acquisitions, including shares previously acquired by the company and held by it,
and shares acquired by a person acting in his own name but on the company’s behalf,
may not have the effect of reducing the net assets below the amount mentioned in
Article 461-2, paragraphs 1 and 2;
3° only fully paid-up shares may be included in the transaction;»
4° «the acquisition offer must be made on the same terms and conditions to all the
shareholders who are in the same position, except for acquisitions which were
unanimously decided by a general meeting at which all the shareholders were present
or represented: in addition, listed companies may repurchase their own shares on the
stock exchange without an acquisition offer having to be made to the shareholders.»
(2) (Law of 25 August 2006) «Where the acquisition of the company's own shares is
necessary in order to prevent serious and imminent harm to the company, the condition
under paragraph 1, point 1°, above shall not apply.
In such a case, the next general meeting must be informed by the board of directors or by
the management board, as the case may be, of the reasons for and the purpose of the
acquisitions made, the number and nominal values, or in the absence thereof, the accounting
par value, of the shares acquired, the proportion of the subscribed capital which they
represent and the consideration paid for them.»
(3) (Law of 10 August 2016) «The condition under paragraph 1, point 1°, shall likewise not
apply in the case of shares acquired by either the company itself or by a person acting in its
own name but on behalf of the company for the distribution thereof to the staff of the
company or to the staff of a company with which it is in a control relationship. For the
purposes of this Article, control relationship means the relationship existing between a
parent company and a subsidiary in the cases referred to in Article 1711-1.»
60
15276572_3
The distribution of any such shares must take place within twelve months from the date of
their acquisition.»

[2017/1132/EU art. 61]
«Art. 430-16.
(1) (Law of 10 August 2016) «Article 430-15 shall not apply to:
1° shares acquired pursuant to a decision to reduce the capital or in the circumstances
referred to in Article 430-22;
2° shares acquired as a result of a universal transfer of assets;
3° fully paid-up shares acquired free of charge or acquired by banks and other financial
institutions pursuant to a purchase commission contract76;
4° shares acquired by reason of a legal obligation or a court order for the protection of
minority shareholders, in the event, particularly of a merger, the division of the
company, a change in the company’s object or form, the transfer abroad of the
registered office or the introduction of restrictions on the transfer of shares;
5° shares acquired from a shareholder in the event of failure to pay them up;
6° fully paid-up shares acquired pursuant to an allotment by court order for the payment of
a debt owed to the company by the owner of the shares;
7° fully paid-up shares issued by an investment company with fixed capital as defined in
Article 461-4 and acquired at the investor’s request by that company or by a person
acting in his own name but on behalf of that company.»
These acquisitions may not have the effect of reducing the net assets below the aggregate of
the subscribed capital and the reserves which may not be distributed under law.
(2) Shares acquired in the cases indicated under paragraph 1, points 2° to 6° of paragraph 1
must however be disposed of within a maximum period of three years after their acquisition,
unless the nominal values, or, in the absence of nominal value, the accounting par value of
the shares acquired, including shares which the company may have acquired through a
person acting in its own name, but on behalf of the company, does not exceed 10 percent of
the subscribed capital.
(3) If the shares are not disposed of within the period prescribed in paragraph 2, they must
be cancelled. The subscribed capital may be reduced by a corresponding amount. Such a
reduction shall be compulsory where the acquisitions of shares to be cancelled results in the
net assets having fallen below the amount referred to in Article 461-2.»
76 The directive speaks of « fully paid up shares (…) acquired by banks (…) as purchasing commission. »
61
15276572_3
[2017/1132/EU art. 62]
«Art. 430-17.
Any shares acquired in contravention of Articles 430-15 and 430-16 paragraph 1, point 1°,
must be disposed of within a period of one year after the acquisition. Should they not be
disposed of within that period, Article 430-16 paragraph 3 shall apply.»

[2017/1132/EU art. 63]
«Art. 430-18.
(1) In those cases where the acquisition by the company of its own shares is permitted in
accordance with Articles 430-15 and 430-16, the holding of such shares shall be subject to
the following conditions:
1° (Law of 10 August 2016) «voting rights in respect of the shares held by the company
shall be suspended. Repurchased shares shall not be taken into account when
calculating the quorum and majority in meetings.
If the board of directors decides to suspend the right to dividends of the shares held by
the company, the dividend coupons shall remain attached thereto. In that case, the
distributable profit shall be reduced according to the number of securities held and the
sums which should have been allocated shall be retained until the sale of the shares
with coupons attached. The company may also maintain the distributable profit at the
same amount and allocate it among the shares in respect of which the exercise of rights
is not suspended. In the latter case, matured coupons shall be cancelled.
If the company holds repurchased profit units, it may not exercise attached voting
rights.
If the company holds profit units entitled to dividends, the provisions of the second sub-
paragraph shall apply;»
2° if the said shares are included among the assets shown in the balance sheet, a non-
distributable reserve of the same amount shall be created among the liabilities.
(2) Where a company has acquired its own shares in accordance with Articles 430-15 and
430-16, the management report must indicate:
1° the reasons for acquisitions made during the financial year;
2° the number and the nominal value, or in the absence of nominal value, the accounting
par value, of the shares acquired and disposed of during the financial year and the
proportion of the subscribed capital which they represent;
3° in the case of acquisition or disposal for value, the consideration for the shares;
4° the number and nominal value, or, in the absence of nominal value, the accounting par
value, of all the shares acquired and held in the company's portfolio as well as the
proportion of the subscribed capital which they represent.»
62
15276572_3
[2017/1132/EU art. 64]
«Art. 430-19.
(1) (Law of 10 June 2009) «A company may not directly or indirectly, advance funds or make
loans or provide security with a view to the acquisition of its shares by a third party except
under the following conditions:
1° «These transactions take place under the responsibility of the board of directors or of
the management board at fair market conditions, especially with regard to interest
received by the company and with regard to security provided to the company for the
loans and advances referred to above.» The credit standing of the third party or, in the
case of multiparty transactions, of each counterparty thereto shall have been duly
investigated.
2° «The transactions shall be submitted by the board of directors or the management
board for prior approval to the general meeting deliberating under the same conditions
as for amendments to the articles. The board of directors or the management board
shall present a written report to the general meeting, indicating the reasons for the
transaction, the interest of the company in entering into the transaction, the conditions
on which the transaction is entered into, the risks involved in the transaction for the
liquidity and solvency of the company and the price at which the third party is to acquire
the shares. This report shall be deposited at the register of commerce and companies in
accordance with the provisions of Title I, Chapter Vbis of the amended Law of 19
December 2002 on the register of commerce and companies and the accounting and
annual accounts of undertakings77 and will be published on the Recueil électronique des
sociétés et associations in accordance with Article 100-13, paragraph 3. »
3° The aggregate financial assistance granted to third parties shall at no time result in the
reduction of the net assets below the amount specified in Article 461-2, paragraphs 1
and 2, taking into account also any reduction of the net assets that may have occurred
through the acquisition, by the company or on behalf of the company, of its own shares
in accordance with Article 430-15, paragraph 1. The company shall include, among the
liabilities in the balance sheet, a reserve, unavailable for distribution, of the amount of
the aggregate financial assistance.
4° Where a third party, by means of financial assistance from a company, acquires that
company’s own shares within the meaning of Article 430-15 paragraph 1), or subscribes
for shares issued in the course of an increase in the subscribed capital, such acquisition
or subscription shall be made at a fair price.
(2) (Law of 10 August 2016) «Paragraph 1 shall not apply to transactions concluded by banks
and other financial institutions in the normal course of business nor to transactions effected
with a view to the acquisition of shares by or for the staff of the company or a company
63
15276572_3
related to the latter by a controlling relationship. However, such transactions may not have
the effect of reducing the net assets of the company below the aggregate of the capital and
the reserves which may not be distributed under law or the articles.»
(3) Paragraph 1 shall not apply to transactions carried out with a view to acquire shares as
described in Article 430-16, paragraph 1, point 7°.»

[2017/1132/EU art. 65]
«Art. 430-20.
In those cases where members of the board of directors or of the management board of the
company being party to a transaction referred to in Article 430-19, paragraph 1 or of a parent
company, or such parent company itself, or third parties acting in their own name but on
behalf of the members of the board of directors or of the management board or on behalf of
such company, are counterparties to a transaction referred to in Article 430-19, the
commissaire(s) [supervisory auditor(s)] or the réviseur d’entreprises (…)78[statutory auditor]
shall provide a special report on the transaction to the general meeting who shall decide on
that report.»

[2017/1132/EU art. 66]
«Art. 430-21.
(1) The acceptance of the company’s own shares as security either by the company itself or
by a person acting in his own name, but on behalf of the company, shall be treated as an
acquisition for the purposes of Articles430-15, 430-16, paragraph 1 and Articles 430-18 and
430-19.»
(2) (Law of 10 August 2016) «Paragraph (1)79» shall not apply to transactions concluded by
banks and other financial institutions in the normal course of business.

[2017/1132/EU art. 82]
«Art. 430-22.
By way of derogation from the foregoing, the issue of redeemable shares shall be authorised
provided that the redemption thereof is subject to the following conditions:
1° the redemption must be authorised by the articles before the redeemable shares are
subscribed for;
2° the shares must be fully paid-up;
3° the terms and conditions for the redemption must be laid down in the articles;
78 The term «agréé» [approved], included pursuant to Article 103 of the Law of 18 December 2009 on the audit
79 The law of 10 August 2016 corrected the erroneous reference in French to «paragraph 1er» by a reference to
«paragraph (1) ».The consolidated version of the law resulting from Grand-Ducal Regulation of 5 December 2017
again contains the erroneous reference to «paragraph 1er» which is not reflected herein.
64
15276572_3
4° redemption can only be made by using sums available for distribution in accordance
with Article 461-2 or the proceeds of a new issue made with a view to carry out such
redemption;
5° an amount equal to the nominal value, or, in the absence thereof, the accounting par
value, of all the shares redeemed must be included in a reserve which cannot be
distributed to the shareholders except in the event of a reduction in the subscribed
capital; the reserve may only be used to increase the subscribed capital by capitalisation
of reserves;
6° sub-paragraph 5° shall not apply to a redemption using the proceeds of a new issue
made with a view to carry out such redemption;
7° where provision is made for the payment of a premium to shareholders in consequence
of a redemption, the premium may be paid only from sums which are available for
distribution in accordance with Article 461-2, paragraph 1.
8° the redemption shall be published in accordance with (Law of 27 May 2016) «the
provisions of Title I, Chapter Vbis of the amended Law of 19 December 2002 on the
undertakings80».
(Law of 12 March, 1998)

[2017/1132/EU art. 67]
«Art. 430-23.81
«(1) The subscription, acquisition or holding of shares in a société anonyme by another
company within the meaning of «Annex II of Directive (EU) 2017/1132 of the European
Parliament and of the Council of 14 June 2017 relating to certain aspects of company
law»82,83 in which the société anonyme directly or indirectly holds a majority of the voting
rights or on which it can directly or indirectly exercise a dominant influence shall be regarded
as having been effected by the société anonyme itself. Article 430-18, paragraph 1,point 2°,
shall however not apply where the company is directly controlled by the société anonyme.
The first sub-paragraph shall also apply where the other company is governed by the law of a
third country and has a legal form comparable to those listed in «Annex II of Directive (EU)
2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain
aspects of company law »84. »

81 Article IV of the Law of 12 March 1998 specifies:
«Article 49bis [now : art. 430-23] does not apply to acquisitions made before the entry into force of this law.
However, the voting rights attached to those share are suspended and those shares shall be taken into account in
order to determine whether the condition laid-down in Article 49-2, paragraph (1) 2° [now : art. 430-15 (1) 2°] is
fulfilled.»
83 For Luxembourg, these are sociétés anonymes, sociétés en commandite par actions and sociétés à
responsabilité limitée.
65
15276572_3
(2) However, where the société anonyme holds a majority of the voting rights only indirectly
or can exercise a dominant influence only indirectly, paragraph 1 does not apply, but in such
case the voting rights attached to the shares in the société anonyme held by the other
company are suspended.
(3) For the purpose of this Article:
1° a société anonyme is deemed to be able to exercise a dominant influence if it:
a) has the right to appoint or dismiss a majority of the members of the administrative
organ, of the management organ or of the supervisory organ, and is at the same
time a shareholder or member of the other company
or
b) is a shareholder or member of the other company and has sole control of the
majority of the voting rights of the other company's shareholders or members
under an agreement concluded with other shareholders or members of that
company.
2° a société anonyme is deemed to indirectly hold voting rights where such voting rights
are held by a company having one of the legal forms referred to in paragraph 1 in which
the société anonyme directly holds a majority of the voting rights
3° a société anonyme is deemed to be able to indirectly exercise a dominant influence on
another company where the société anonyme directly holds the majority of the voting
rights in a company having one of the legal forms referred to in paragraph 1 which
a) has the right to appoint or dismiss the majority of the members of the
administrative organ, of the management organ or of the supervisory organ and is,
at the same time, a shareholder or member of the other company
or
b) is a shareholder or member of the other company and has sole control of the
majority of the voting rights of the other company's shareholders or members
under an agreement concluded with other shareholders or members of that
company.
4° a société anonyme is deemed to hold voting rights where, in application of the articles,
the law or an agreement, it is entitled to exercise the voting rights attached to the
shares of the company and can in fact exercise them.
(4) Paragraph 1 shall not apply where
1° a subscription, acquisition or holding is effected on behalf of a person other than the
person subscribing, acquiring or holding the shares and who is neither the société
anonyme referred to in paragraph 1 nor another company in which the société anonyme
directly or indirectly holds a majority of the voting rights or on which it can directly or
indirectly exercise a dominant influence;
2° (Law of 10 August 2016) «the subscription, acquisition or holding is effected by the
other company referred to in paragraph 1 in its capacity and in the context of its
66
15276572_3
activities as a professional dealer in securities, provided that it is a member of a stock
exchange situated or operating within a (Law of 7 August 2023) «Member State»85, or is
authorised or supervised by an authority of a (Law of 7 August 2023) «Member State»
competent to supervise professional dealers in securities which, within the meaning of
this Article, may include credit institutions.»
(5) Paragraph 1 does not apply where the holding of shares in the société anonyme by the
other company referred to in paragraph 1 results from an acquisition made before the
relationship between the two companies corresponded to the criteria laid down in paragraph
1.
However, the voting rights attached to those shares shall be suspended and those shares
shall be taken into account in order to determine whether the condition laid down in Article
430-15, paragraph 1, point 2° is fulfilled.
(6) Article 430-16 , paragraphs 2 and 3, and Article 430-17 shall not apply where shares in a
société anonyme are acquired by the other company referred to in paragraph 1 provided:
1° the voting rights attached to the shares in the société anonyme held by the other
company are suspended
and
2° (Law of 25 August 2006) «the members of the management body of the société
anonyme are obliged to buy back from the other company the shares referred to in
Article 430-16, paragraphs 2 and 3, and in Article 430-17 at the price at which the other
company acquired them; this sanction shall be inapplicable only where such members
prove that the société anonyme played no part whatsoever in the subscription for or
acquisition of the shares in question.»
«Chapter IV - Management and supervision of sociétés anonymes and of

«Section 1 - The board of directors»
Art. 441-1.
Sociétés anonymes are managed by agents appointed for a specific period, who may, but are
not required to be shareholders, who may be removed from office and who may receive a
salary or not.
85
Until 31 December 2020, the United Kingdom will be considered as part of the EU in accordance with the EU-UK
Withdrawal Agreement. See also the definition of «Member State» in the sixth paragraph of Article 100-2.
67
15276572_3
«Art. 441-2.
There must be at least three directors86.
However, where the company has been formed by a single shareholder or where it has been
established at a general meeting of shareholders that the company has a single shareholder,
the board of directors can be made up by one member until the ordinary general meeting
following the establishment of the existence of more than one shareholder.
In the société européenne (SE), the number of directors or the rules for determining it shall
be laid down in its articles. However, there must be at least three directors where employee
participation in the société européenne (SE) is regulated in implementation of Council
Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European company
with regard to the involvement of employees87.
They shall be appointed for a term set by the general meeting of shareholders88,89; however,
the first appointment may be made in the constitutive instrument of the company. 90 This
provision shall apply to the société européenne (SE) without prejudice to the employee
participation arrangements determined in implementation of above-mentioned Directive
2001/86/EC91.
86 This number is increased to a minimum of nine for companies which fall within the scope of application of
Article L.426-2 et seq. of the Labour Code which also contain specific derogatory provisions regarding the method
of appointment of such directors.
88 See Title II of Book IV of the Labour Code, Representation of staff in sociétés anonymes.
89 Law of 25 July 1990 concerning the status of directors representing the State or a public legal entity in a société
anonymeas amended by the Law of 25 August 2006):

«Sole Article.
In société anonymes in which the State or a public legal entity is a shareholder, the individuals who, on proposal
by the State or such legal entity, are appointed as directors or as member of the management board or of the
supervisory board, as the case may be, represent respectively the State or the public legal entity who caused their
appointment and they execute their instructions. To that end, they must transmit all necessary information which
they may have acquired respectively to the State or the public legal entity.
Their appointment ends at the time where the public legal entity who has caused their appointment will have
notified the withdrawal of their appointment to the board of directors or to the management board or the
supervisory board, as the case may be.
The public legal entity assumes the responsibilities, in their capacity as directors or as members of the
management board or supervisory board, as the case may be, of the persons appointed at its request, without
prejudice to its recourse against such individuals in case of serious personal misconduct. Any fees payable to such
persons in any form whatsoever are paid to the State or the public legal entity who caused their appointment; the
government sitting in council or the governing body of the public legal entity will determine the amounts to be
paid to these directors or members of the management board or supervisory board for the fulfilment of their
duties. »
90 For undertakings established in Luxembourg in the form of a société anonyme and (i) generally employing a
staff of at least 1,000 during the last three years or (ii) where the government has a financial participation of at
least 25% or has granted a concession for the main activity: see also Article L.426-1 et seq. of the Labour Code.
See also the Law of 25 July 1990 concerning the status of directors representing the government or a public legal
entity in a société anonyme set out in the footnote above.
91 See footnote under preceding paragraph.
68
15276572_3
Their term of office may not exceed six years; they may at any time be removed from office
by the general meeting.
In case of vacancy of the office of a director appointed by the general meeting, the remaining
directors so appointed may, unless the articles provide differently, fill the vacancy on a
provisional basis. In such circumstances, the next general meeting shall make the final
appointment. »

«Art. 441-3.
Where a legal entity is appointed as director, (Law of 10 August 2016) «member of the
management committee or directeur général (managing executive officer)», it shall designate
a permanent representative to exercise that duty in the name and for the account of the
legal entity.
Such representative shall be subject to the same conditions and shall incur the same civil
responsibility as if he fulfilled such duty in his own name and for his own account, without
prejudice to the joint and several liability of the legal entity which he represents. The
revocation by such legal entity of its representative is conditional upon the simultaneous
appointment of a successor.
The appointment and termination of the position of a permanent representative are subject
to the same publicity rules as if he acted in his own name and for his own account.»
Art. 441-4.
Unless the constitutive instrument provides differently, directors may be re-elected : in the
event of a vacancy before the end of a director's term of office, the director appointed shall
serve for the remainder of the term of office of the director whom he replaces.

[2017/1132/EU art. 9.2 and 9.3]
Art. 441-5.
The board of directors shall have the power to take any action necessary or useful to realise
the corporate object, with the exception of the powers reserved by law or by the articles to
the general meeting. (Law of 25 August 2006) [EC Regulation 2157/2001, Art. 48.1] «In a
société européenne (SE), the articles shall list the categories of transactions which require an
express decision of the board of directors.»
It shall represent the company vis-à-vis third parties and in legal proceedings, either as
plaintiff or as defendant. Writs served on behalf of or upon the company shall be validly
served in the name of the company alone.
Any limitations to the powers conferred upon the board of directors by the preceding
paragraphs resulting either from the articles of the company or from a decision of the
competent corporate bodies are not valid vis-à-vis third parties, even if they are published.
However, the articles may authorise one or more directors to represent the company in any
instrument or in legal proceedings, either singly or jointly. A clause to that effect is valid vis-à-
vis third parties (Law of 27 May 2016) «subject to the conditions laid down in Title I, Chapter
69
15276572_3
Vbis of the amended Law of 19 December 2002 on the register of commerce and companies
and the accounting and annual accounts of undertakings92».
«Where in a société européenne (SE) a delegation of powers has been validly granted and
where the holder of such delegation passes a deed which is within the limits of such
delegation but belongs to a category of transactions which under the articles of the société
européenne (SE), require an express decision of the board of directors, such holder shall bind
the company without prejudice to damages, where applicable.»
Art. 441-6.
«The board of directors may decide to create committees, the composition and duties of
which it shall determine and which shall exercise their activities under its responsibility.»93
Art. 441-7.
«Any director having a direct or indirect financial interest conflicting with that of the
company in a transaction which has to be considered by the board of directors , must advise
the board thereof and cause a record of his statement to be included in the minutes of the
meeting. He may not take part in these deliberations.
At the next following general meeting, before any other resolution is put to vote, a special
report shall be made on any transactions in which any of the directors may have had an
interest conflicting with that of the company.
By derogation to the first sub-paragraph, where the company comprises a single director, the
transactions made between the company and its director having an interest conflicting with
that of the company is only mentioned in minutes.
Where, because of conflicts of interest, the number of directors required by the articles to
decide and vote on the relevant matter is not reached, the board of directors may, unless
otherwise provided for by the articles, decide to refer the decision on that matter to the
general meeting of shareholders.
The preceding paragraphs shall not apply where the decision of the board of directors or by
the single director relates to ordinary business entered into under normal conditions.»
Art. 441-8.
The directors shall not incur any personal obligation by reason of the commitments of the
company.

93 Former articles 55 and 56 have been repealed by the Law of 8 March 1999.
70
15276572_3
Art. 441-9.
«The directors, the members of the management committee and the directeur général
(managing executive officer) shall be liable to the company in accordance with general law
for the execution of the mandate given to them and for any misconduct in the management
of the company’s affairs.
The directors and members of the management committee shall be jointly and severally
liable towards either the company or any third parties for damages resulting from the
violation of this law or the articles.
The directors and members of the management committee shall be discharged from such
liability in the case of a violation to which they were not a party provided no misconduct is
attributable to them and they have reported such violation, as regards members of the board
of directors, to the first general meeting and, as regards members of the management
committee, during the first meeting of the board of directors after they had acquired
knowledge thereof.

[2017/1132/EU art. 9.3]
«Art. 441-10.
The day-to-day management of the business of the company and the power to represent the
company with respect thereto may be delegated to one or more directors, officers, managers
or other agents, who may but are not required to be shareholders, acting either alone or
jointly94.
Their appointment, their removal from office and their powers and duties shall be governed
by the articles or by a decision of the competent corporate bodies; however, no restrictions
placed upon their powers to represent the company in the day-to-day management will be
valid vis-à-vis against third parties, even if they are published.
The clause by virtue of which the day-to-day management is delegated to one or more
persons acting either alone or jointly will be valid vis-à-vis third parties» (Law of 27 May
2016) «under the conditions referred to in Title I, Chapter Vbis of the amended Law of 19
accounts of undertakings95».»
«The delegation to of a member of the board of directors shall entail the obligation for the
board to report each year to the ordinary general meeting on the salary, fees and any
advantages granted to the delegate.»
94 In accordance with Article V, paragraph 3) of the Law of 10 August 2016, companies among which a
management body was created upon the entry into force of this law with the name of «comité de direction»
(management committee) must comply with the provisions of Articles 441-11 and 441-12 within 24 months of its
entry into force (i.e. by 24 August 2018).
71
15276572_3
(Law of 10 August 2016) «The liability of persons entrusted with day-to-day management for
such management shall be governed by the general rules on mandates.»
«The persons entrusted with day-to-day management shall be subject to the provisions of
Article 441-7,which shall apply by analogy. Where only one delegate is faced with a conflict
of interests, the decision shall be referred to the board of directors. In the event of a breach
of Article 441-7, the liability of the persons entrusted with day-to-day management may be
incurred pursuant to Article 441-9, sub-paragraph 2, provided that, for the purposes of that
provision, they shall only be discharged from such liability in the case of a violation to which
they were not a party provided no misconduct is attributable to them and they have
reported such violation to the board of directors when they acquired knowledge thereof.»

«Art. 441-1196.
The articles may authorise the board of directors to delegate its management powers to a
management committee or to a directeur général (managing executive officer) , but this
delegation may not comprise the general policy of the company or the whole of the actions
reserved to the board of directors pursuant to other provisions of the law. If a management
committee is established or if a directeur général (managing executive officer) is appointed,
the board of directors is entrusted with its supervision.
The management committee shall consist of several members, who may but need not be
directors.
The conditions for appointing members of the management committee or the directeur
général (managing executive officer) , their removal, their remuneration and the term of
their office as well as the rules of operation of the management committee shall be
determined by the articles or, in the absence of provisions in the articles, by the board of
directors.
The articles may grant the power to represent the company to the directeur général
(managing executive officer) or to one or more members of the management committee,
either singly or jointly.
The appointment of a directeur général (managing executive officer) and the establishment
of a management committee and the articles clause referred to in sub-paragraph 3, as well as
the power of representation of the directeur général (managing executive officer) and of the
members of the management committee shall be valid vis-à-vis third parties in the conditions
provided for in Title I, Chapter Vbis of the amended Law of 19 December 2002 on the register
of commerce and companies and the accounting and annual accounts of undertakings97.
The articles or a decision of the board of directors may restrict the management power
which may be delegated in application of the first sub-paragraph. Such restrictions, as well as
the possible allocation of duties agreed by the members of the management committee,
shall not be valid vis-à-vis third parties, even if they are published.»

72
15276572_3
«Art. 441-1298.
Each member of the management committee having a direct or indirect financial interest
conflicting with that of the company in a transaction which has to be considered by the
committee must advise the committee thereof and cause a record of his statement to be
included in the minutes of the meeting. He may not take part in these deliberations.
At the next following meeting of the board of directors, before any other resolution is put to
vote, a special report shall be made on any transactions in which any of the members of the
management committee may have had an interest conflicting with that of the company.
A copy of the minutes shall be transmitted to the board of directors at its next following
meeting.
Where, because of a conflicts of interest, the number of members of the management
committee required to decide and vote on the relevant matter is not reached, the
management committee may decide to refer the decision on that matter to the board of
directors.
Where the directeur général (managing executive officer) has a direct or indirect financial
interest conflicting with that of the company in the context of a decision or a transaction
falling within the scope of his powers and duties, he shall refer the decision to the board of
directors.
The provisions of the preceding sub-paragraphs shall not apply where the decisions of the
management committee relate to ordinary business entered into under normal conditions. »

[2017/32/EU art. 9.1]
«Art. 441-13.
The company shall be bound by any acts of the board of directors or the directors with
authority to represent the company in accordance with Article 441-5 sub-paragraph 4, (Law
of 10 August 2016) «by the members of the management committee having the capacity to
represent the company in accordance with «Article 441-11, sub-paragraph 4»99, by the
directeur général (managing executive officer).» or by the person entrusted with day-to-day
management, even if such acts exceed the corporate object, unless it proves that the third
party knew that the act exceeded the corporate object or could not in view of the
circumstances have been unaware of it, without the mere publication of the articles
constituting such proof.»

99Reference corrected by the Law of 7 August 2023.
73
15276572_3
«Section 2 - The management board and the supervisory board100»

«Art. 442-1.
(1) The articles of any société anonyme may provide that it shall be governed by the
provisions of the present Section. In such case, the company shall remain subject to all the
provisions applicable to sociétés anonymes, except those contained in Articles 441-1 to 441-
13.
(2) The introduction or deletion from the articles of such a provision may be decided during
the existence of the company.»
«Sub-section 1 - The management board»

«Art. 442-2.
(1) The société anonyme is managed by a management board. The number of its members or
the rules for determining it, shall be laid down in the articles in case of a société européenne
(SE). In a société anonyme, they are laid down in the articles, failing which they are
determined by the supervisory board.
(2) In single-shareholder sociétés anonymes or in sociétés anonymes whose capital is less
than 500,000 euros, a single person may exercise the functions incumbent on the
management board.
(3) The management board fulfils its duties under the supervision of a supervisory board.»

«Art. 442-3.
The members of the management board shall be appointed by the supervisory board.
The articles may nevertheless provide that the members of the management board shall be
appointed by the general meeting. In such case the general meeting will have sole authority
therefor.»
100 The Law of 25 August 2006 has introduced the possibility for a société anonyme to adopt the two tier system
(management board plus supervisory board) as an alternative to the one tier system (board of directors). Article
VIII of such law generally provides that any legal or regulatory provision concerning commercial companies and
which contain a reference to the «board of directors» of a société anonyme must be understood, in the context of
a société anonyme with a management board and a supervisory board to be a reference to the management
board of that company, unless, in consideration of the duties allocated it must be understood as a reference to
the supervisory board.
74
15276572_3
«Art. 442-4.
Where a legal entity is appointed as member of the management board (Law of 10 August
2016) «or the supervisory board», it shall designate a permanent representative to exercise
that duty in the name and for the account of the legal entity.
Such representative is subject to the same conditions and shall incur the same civil
The appointment and termination of the position of a permanent representative are subject
to the same publicity rules as if he acted in his own name and for his own account.»

«Art. 442-5.
The members of the management board may be removed by the supervisory board and,
where provided for in the articles, by the general meeting.

«Art. 442-6.
(1) The members of the management board shall be appointed for a term provided in the
articles not exceeding six years. They may be reappointed.
(2) In case of vacancy of the office of a member of the management board, the remaining
members may, unless the articles provide differently, fill the vacancy on a provisional basis.
(3) In such a case, the supervisory board or the general meeting, as the case may be, shall
make the final appointment at the next meeting. The appointed member of the management
board shall serve the term of office of the member whom he replaces.»

«Art. 442-7.
(1) The management board shall have the power to take any action necessary or useful to
realise the corporate object, with the exception of those powers reserved by law or the
articles to the supervisory board and to the general meeting.
(2) The articles of a société européenne (SE) shall list the categories of transactions which
require authorisation of the management board by the supervisory board.
Where a transaction requires the authorisation of the supervisory board and such
authorisation is denied, the management board may submit the dispute to the general
meeting.
(3) The management board shall represent the company vis-à-vis third parties and in legal
proceedings, either as plaintiff or as defendant. Writs served on behalf of or upon the
company shall be validly served in the name of the company alone.
75
15276572_3
(4) Any limitations to the powers conferred upon the management board by the preceding
paragraphs resulting either from the articles of the company or from a decision of the
competent corporate bodies are not valid vis-à-vis third parties, even if they are published.
However, the articles may authorise one or more members of the management board to
represent the company in any instrument or in legal proceedings, either singly or jointly. A
clause to that effect is valid vis-à-vis third parties (Law of 27 May 2016) «subject to the
conditions laid down in Title I, Chapter Vbis of the amended Law of 19 December 2002 on the
undertakings101».
Where in a société européenne (SE) a delegation of powers has been validly granted and
where the holder of such delegation passes a deed which is within the limits of such
delegation but belongs to a category of transactions which under the articles of the société
européenne (SE), require an authorisation of the management board by the supervisory
board, such holder shall bind the company, without prejudice to damages, if any.»
«(5) The management board may decide to create committees, the composition and duties
of which it shall determine and which shall exercise their activities under its responsibility.»

«Art. 442-8.
The day-to-day management of the business of the company and the power to represent the
company with respect thereto may be delegated to one or more members of the
management board, officers, officers managers or other agents, who may but are not
required to be shareholders, acting either alone or jointly, except such persons who are
members of the supervisory board.
valid vis-à-vis third parties, even if they are published.
persons acting either alone or jointly will be valid vis-à-vis third parties (Law of 27 May 2016)
«under the conditions referred to in Title I, Chapter Vbis of the amended Law of 19
accounts of undertakings102».
The delegation in favour of a member of the management board shall entail the obligation
for the management board to report each year to the ordinary general meeting on the salary,
fees and any advantages granted to the delegate.
The liability of persons entrusted with day-to-day management for such management shall
be governed by the general rules on mandates.»

76
15276572_3
«The persons entrusted with day-to-day management shall be subject to the provisions of
Article 442-18 which shall apply by analogy. In case of a sole delegate faced with a conflict of
interests, the decision shall be referred to the management board. In the event of a breach
of Article 442-18, the liability of the persons entrusted with day-to-day management may be
incurred pursuant to Article 442-10, sub-paragraph 2, provided that, for the purposes of that
provision, they shall only be discharged from such liability in the case of a violation to which
they were not a party provided no misconduct is attributable to them and they have
reported such violation to the management board when they acquired knowledge thereof.»

«Art. 442-9.
The company shall be bound by any acts of the management board, of the members of the
management board with authority to represent the company in accordance with Article 442-
7 paragraph 4 or of the person entrusted with day-to-day management, even if such acts
exceed the corporate object, unless it proves that the third party knew that the act exceeded
the corporate object or could not in view of the circumstances have been unaware of it,
without the mere publication of the articles constituting such proof.»

«Art. 442-10.
The members of the management board shall be liable to the company in accordance with
general law for the execution of the mandate given to them and for any misconduct in the
management of the company’s affairs.
(Law of 10 August 2016) «They shall be jointly and severally liable towards the company and
any third parties for damages resulting from the violation of this law or the articles.» They
shall be discharged from such liability in the case of a violation to which they were not a
party provided no misconduct is attributable to them and they have reported such violation
to the first general meeting after they had acquired knowledge thereof.
The authorisation given by the supervisory board in accordance with Article 442-7, paragraph
2 shall not relieve the members of the management board from their liability.»
«Sub-section 2 - The supervisory board»

[EC Regulation 2157/2001; Art. 40.1]
«Art. 442-11.
(1) The supervisory board shall carry out the permanent supervision of the management of
the company by the management board, without being authorised to interfere with such
management.
(2) It shall grant or deny the authorisations required pursuant to Article 442-7, paragraph 2.»
77
15276572_3
[EC Regulation 2157/2001; Art. 41]
«Art. 442-12.
(1) The supervisory board shall have an unlimited right to inspect all the transactions of the
company; it may inspect, but not remove, the books, correspondence, minutes and in
general all the records of the company.
(2) The management board shall, at least every three months, make a written report to the
supervisory board on the progress and foreseeable development of the company’s business.
(3) In addition, the management board shall promptly pass to the supervisory board any
information on events likely to have an appreciable effect on the company’s situation.
(4) The supervisory board may require the management board to provide information of any
kind which it needs to exercise supervision in accordance with Article 442-11.
(5) The supervisory board may undertake or arrange for any investigations necessary for the
performance of its duties.»

«Art. 442-13.
Each year, the supervisory board shall receive from the management board all documents
listed in Article 461-1 at the time set in such article for their delivery to the commissaires
[supervisory auditors] and shall present to the general meeting its observations on the report
of the management board and on the annual accounts.»

«Art. 442-14.»
«The provisions of Articles 441-2, 441-3, 441-4 and 441-6 shall apply to the supervisory
board.» 103

«Art. 442-15.
(1) The supervisory board may entrust one or more of its members with special mandates for
one or more specific purposes.
(2) It may decide to create commissions whose composition and duties it shall determine and
who shall exercise their activities under its responsibility. The attribution of such duties may
however not consist in a delegation to a commission of the powers reserved by law or by the
articles to the supervisory board itself or result in a reduction or limitation of the powers of
the management board.»
103 See the footnotes under Article 441-2.
78
15276572_3
«Art. 442-16.
The members of the supervisory board shall be liable to the company in accordance with
general law for the execution of the mandate given to them and for any misconduct in the
supervision of the company’s affairs.
(Law of 10 August 2016) «They shall be jointly and severally liable both towards the company
and any third parties for any damage resulting from the violation of this law or the articles.»
They shall be discharged from such liability in the case of a violation to which they were not a
to the first general meeting after they had acquired knowledge thereof.»
«Sub-section 3 - Rules common to the management board and the supervisory

board»

«Art. 442-17.
(1) No person may at the same time be a member of the management board and the
supervisory board.
(2) However, in the event of a vacancy in the management board, the supervisory board may
appoint one of its members to act as a member of the management board. During such a
period, the functions of the person concerned as a member of the supervisory board shall be
suspended.»

«Art. 442-18»
«Each member of the management board or supervisory board having a direct or indirect
financial interest conflicting with that of the company in a transaction which has to be
considered by the management board or the supervisory board, must advise the
management board or the supervisory board thereof and cause a record of his statement to
be included in the minutes of the meeting. He may not take part in these deliberations.
At the next following general meeting, before any other resolution is put to the vote, a
special report shall be made on any transactions in which any of the members of the
management board or the supervisory board may have had an interest conflicting with that
of the company.
By derogation to the first sub-paragraph , where the management board or the supervisory
board of the company comprises a single member, the transactions made between the
company and the member of the management board or the supervisory board having an
interest conflicting with that of the company, is only mentioned in minutes.
79
15276572_3
Where, because of a conflict of interest, the number of members required by the articles to
decide and vote on the relevant matter is not reached, the management board or the
supervisory board may, unless otherwise provided for by the articles, decide to refer the
decision on that matter to the general meeting of shareholders.
Where the transaction referred to in the first sub-paragraph gives rise to a conflict of interest
between the company and a member of the management board, it shall in addition require
the authorisation of the supervisory board.
The provisions of the preceding sub-paragraphs shall not apply where the decisions under
consideration relate to ordinary business entered into under normal conditions.»

«Art. 442-19.
The members of the management board and of the supervisory board may receive fees in
that capacity. The type of remuneration and the amount of the fees payable to the members
of the management board are determined by the supervisory board. The type of
remuneration and the amount of the fees payable to the members of the supervisory board
are determined by the articles, failing which by the general meeting.»
80
15276572_3
«Section 3 - Supervision by the commissaires [supervisory auditors]»
Art. 443-1.104,105
104 In accordance with Article 69 of the Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings, the institution of commissaire aux comptes (supervisory
auditor) is removed for companies which have their accounts audited by a réviseur d’entreprises agréé (approved
statutory auditor).
105 The provisions of Article 52 of the Law of 23 July 2016 apply to companies which constitute «public-interest
entities»:
Article 1 (20) of the Law of 23 July 2016 [2006/43/EC Art. 2.13] defines «public interest entities» as follows:
«(a) entities governed by the law of a Member State whose transferable securities are admitted to trading on a
regulated market [for a definition of these terms, see the footnote under Art.420-10 (4)] of any Member State
within the meaning of point 21 of paragraph 1 of Article 4 of Directive 2014/65/EU [MiFID II],
b) credit institutions as defined in point 12 of Article 1 of the amended Law of 5 April 1993 on the financial sector,
other than those referred to in Article 2 of Directive 2013/36/EU,
c) insurance and reinsurance undertakings as defined in Article 32, paragraph 1, points 5 and 9 of the Law of 7
December 2015 on the insurance sector, except for those undertakings and entities referred to in Articles 38, 40
and 42, pension funds referred to in Article 32, paragraph 1, point 14, captive insurance undertakings referred to
in Article 43, point 8, and captive reinsurance undertakings referred to in Article 43, point 9, of the Law of 7
December 2015 on the insurance sector:»
[2006/43/EC Art. 39]
Art. 52. [of the Law of 23 July 2016] «Audit committee»
«(1) Each public-interest entity shall have an audit committee. The audit committee shall be either a stand-alone
committee or a committee of the administrative body or supervisory body of the audited entity. It shall consist of
non-executive members of the administrative body and/or members of the supervisory body of the audited entity
and/or members appointed by the general meeting of shareholders or, for entities which have no shareholders,
by an equivalent body.
The audit committee shall include at least one member who shall have competence in accounting and/or auditing.
The members of the commmitte as a whole shall have competence relevant to the sector in which the audited
entity is operating.
The majority of the members of the audit committee shall be independent from the audited undertaking. The
chairman of the audit committee shall be appointed by the members of the committee or by the supervisory body
of the audited entity, and shall be independent from the audited entity.
(2) In public-interest entities which meet the criteria of Article 2, paragraph 1, points f) and t) of Directive
2003/71/EC [which correspond to Article 2.1 points r) and tbis) of the Law of 10 July 2005 on prospectuses for
securities. These are small and medium sized enterprises and companies with reduced market capitalisations], the
functions assigned to the audit committee may be performed by the administrative or supervisory body as a
whole, provided that when the chairman of such a body is an executive member, he or she is not the chairman of
the audit committee.
(3) Public-interest entities which have a body performing equivalent functions to an audit committee may not
apply paragraph 1 in the conditions determined by the CSSF.
(4) Where all members of the audit committee are members of the administrative or supervisory body of the
audited entity, the audit committee shall be exempted from the independence requirements provided for in
paragraph 1, sub-paragraph 4.
(5) The following are exempted from the obligation to have an audit committee:
a) any public-interest entity which is a subsidiary undertaking within the meaning of Article 2, point 10, of
Directive 2013/34/EU [see Article 1711-1(2) of the Law of 1915], if the entity complies with the requirements
in paragraphs 1 to 4, of Article 11, paragraphs 1 and 2, and Article 16, paragraph 5, of Regulation (EU) No
537/2014 [on specific requirements regarding statutory audit of public-interest entities], at group level;
81
15276572_3
The supervision of the company must be entrusted to one or more commissaires 106
[supervisory auditors], who may but are not required to be members.
They shall be appointed by the general meeting of shareholders107.
b) any public-interest entity which is a Luxembourg collective investment undertaking as defined in Article 2
paragraph 2 of the amended Law of 17 December 2010 relating to undertakings for collective investment, or
an alternative investment fund (AIF) within the meaning of Article 1, point 39, of the Law of 12 July 2013 on
alternative investment fund managers;
c) any public-interest entity the sole business of which is to act as issuer of asset backed securities as defined in
Article 2 point 5 of [Commission] Regulation (EC) No 809/2004 [Prospectus Regulation]. In this instance, the
entity shall explain to the public the reasons for which it considers it not appropriate for it to have either an
audit committee or to entrust an administrative or supervisory body with the functions of an audit
committee;
d) any Luxembourg credit institution whose shares are not admitted to trading on a regulated market of any
Member State within the meaning of point 21 of paragraph 1 of Article 4 of Directive 2014/65/EU [MiFID II]
and which has, in a continuous or repeated manner, issued only debt securities, provided that the total
nominal amount of all such debt securities remains below EUR 100,000,000 and that it has not published a
prospectus under Directive 2003/71/EC [Prospectus Directive].
(6) Without prejudice to the responsibility of the members of the administrative or supervisory bodies, or of other
members who are appointed by the general meeting of shareholders of the audited entity, the audit committee
shall, inter alia:
a) inform the administrative or supervisory body of the audited entity of the outcome of the statutory audit and
explain how the statutory audit contributed to the integrity of financial reporting and what the role of the
audit committee was in that process;
b) monitor the financial reporting process and submit recommendations or proposals to ensure its integrity;
c) monitor the effectiveness of the undertaking’s internal quality control and risk management systems and,
where applicable, its internal audit, regarding the financial reporting of the audited entity, without breaching
its independence;
d) monitor the statutory audit of the annual and consolidated financial statements, in particular, its
performance, taking into account any findings and conclusions by the CSSF pursuant to Article 26(6) of
Regulation (EU) No 537/2014 [on specific requirements regarding statutory audit of public-interest entities];
e) review and monitor the independence of the réviseurs d’entreprises agréés [approved statutory auditors] or
the cabinets de révision agréés [approved audit firms] or, where applicable, the cabinets d’audit [audit firms]
in accordance with Articles 19 to 25 of this law [Law of 23 July 2016] and Article 6 of Regulation (EU) No
537/2014 [on specific requirements regarding statutory audit of public-interest entities], and in particular the
appropriateness of the provision of non-audit services to the audited entity in accordance with Article 5 of
that Regulation;
f) be responsible for the procedure for the selection of the réviseur(s) d’entreprises agréé(s) [approved
statutory auditor(s)] or cabinet(s) de révision agréé(s) [approved audit firm(s)] or, where applicable,
cabinet(s) d’audit [audit firm(s)] and formulate recommendations as regards the réviseur(s) d’entreprises
agréé(s) [approved statutory auditor(s)] or cabinet(s) de révision agréé(s) [approved audit firm(s)] or, where
applicable, the cabinet(s) d’audit [audit firm(s)] to be appointed in accordance with Article 16 of Regulation
(EU) No 537/2014 except when Article 16(8) of that Regulation is applied.
The CSSF may specify implementing measures with respect to points a) to f) of this paragraph.»
106 The traditionally used English term for «commissaire aux comptes» was «statutory auditor». The latter term is
however used by the English version of Directive 2006/43/EC to designate the audit professionals approved under
such directive and who are exclusively authorised to carry out statutory audits. In Luxembourg, these
professionals are the «réviseurs d’entreprises agréés» [approved statutory auditors]. This translation will feature
the French terms «commissaire» or «commissaires aux comptes» followed by its proposed translation,
«supervisory auditor», which refers to the duties of the commissaire (i) to supervise management and (ii) to
review the accounts.
82
15276572_3
Unless otherwise provided in the constitutive instrument, commissaires [supervisory
auditors] may be re-elected.
Their term of office may not exceed six years; they may be removed at any time by the
general meeting.
The general meeting shall determine the number of commissaires [supervisory auditors] and
their fees.
«If the number of commissaires [supervisory auditors] falls, as a result of death or otherwise,
to less than one half of the commissaires [supervisory auditors] appointed, the board of
directors or the management board, as applicable, must immediately convene a general
meeting in order to fill the vacancies.»
Art. 443-2.
The commissaires [supervisory auditors] shall have unlimited power of supervision and
control over all of the operations of the company. They may inspect, but not remove, the
books, correspondence, minutes and, in general, all the records of the company.
«Semi-annually, the board of directors or the management board, as applicable, shall provide
them with a statement summarising the assets and liabilities. The commissaires [supervisory
auditors] must report to the general meeting on the results of the mandate entrusted to
them, making such recommendation as they consider fit, and must inform the meeting of the
method adopted by them for verification of the inventories.
Their liability, insofar as it derives from their duties of supervision and control, shall be
determined according to the same rules as those applicable to the liability of directors or of
the members of the management board.»
The commissaires [supervisory auditors] may arrange to be assisted by an expert for the
purpose of verifying the books and accounts of the company.
The expert must be approved by the company. Failing such approval, the president of «the
Tribunal d’Arrondissement [District Court] dealing with commercial matters» 108 , upon
application by the commissaires [supervisory auditors] served in the form of a writ on the
company, shall select the expert. The president shall hear the parties in chambers and shall
107 For undertakings established in Luxembourg in the form of a société anonyme and (i) generally employing a
staff of at least 1,000 during the last three years or (ii) where the government has a financial participation of at
least 25% or has granted a concession for the main activity: see also Article L.426-12 of the Labour Code: «The
members of the board of directors or of the supervisory board in companies within the scope of Article L.426-1,
including those representing staff, will unanimously appoint a commissaire-réviseur (independent supervisory-
statutory auditor) who will be in addition to the number of supervisory auditors provided for by Article 61 [now
443-1] of the amended Law of 10 August 1915 on commercial companies. He will be appointed for a period
equivalent to the duration of the appointment of the other supervisory auditors; his appointment may be
renewed.»
108 Amended by the Law of 11 August 1996 on the preparation and instruction of private cases (Mém. A - 53 of 20
August 1996, p. 1660; doc. Parl. 3771).
83
15276572_3
issue his ruling as to the appointment of the expert in open court. This ruling need not be
served on the company and is not subject to appeal.
«Section 4 - Rules common to the management bodies, the supervisory board and
the commissaires [supervisory auditors]»

«Art. 444-1.
The general meeting which has resolved to exercise the corporate action provided for by
Articles 441-9, 442-10, 442-16 and 443-2, sub-paragraph 3, against the directors, the
members of the management or supervisory board or the commissaires [supervisory
auditors] in office may entrust the implementation of their resolution to one or more
agents.»

«Art. 444-2.
An action may be brought against the directors or the members of the management board or
the supervisory board, as the case may be, on behalf of the company by minority
shareholders or holders of profit units.
This minority action may be brought by one or more shareholders or holders of profit units
who, at the general meeting which decided upon discharge of such directors or members,
owned securities with the right to vote at such meeting representing at least 10 per cent of
the votes attaching to all such securities.»

«Art. 444-3.
(1) (Law of 10 August 2016) «The directors, the members of the management board or of the
supervisory board and the commissaires [supervisory auditors] form collegiate bodies which
shall deliberate in accordance with the articles and, in the absence of provisions in that
respect, in accordance with the ordinary rules for deliberating assemblies.
Decisions of the board of directors, management board and supervisory board may be made,
if permitted by the articles of incorporation, by unanimous written consent of the directors
or of the members of the management board or of the supervisory board.
Decisions adopted in accordance with this procedure shall be deemed to have been adopted
at the registered office of the company.»
(2) (Law of 10 August 2016) «Except in the case of a société européenne (SE) for which such
an appointment is mandatory, the board of directors, the management board and the
supervisory board may elect a chairman among their members.»
(3) he board of directors or the management board of a société européenne (SE) shall meet at
least once every three months at intervals laid down by the articles to discuss the progress
and foreseeable development of the business of the société européenne (SE).
84
15276572_3
(4) Each member of the board of directors, of the management board and of the supervisory
board shall be entitled to examine all information submitted to the relevant board.»
(5) (Law of 10 August 2016) «In a société européenne (SE), the supervisory board shall
convene upon notice of its chairman.»

«Art. 444-4.
(1) Unless otherwise provided by the articles and without prejudice to specific legal
provisions, the internal rules relating to quorum and decision-taking in the board of directors,
the supervisory board and the management board of the company shall be as follows:
1° quorum: at least half of the members must be present or represented.
2° decision-taking: a majority of the members present or represented.
(2) (Law of 10 August 2016) «Unless otherwise provided for by the articles and to the extent
that a chairman has been elected, the chairman of each corporate body shall have a casting
vote in the event of tie.»
(3) (Law of 10 August 2016) «Unless otherwise provided for by the articles, » for the
calculation of quorum and majority, the directors or members of the management board
participating in the board of directors or management board meeting by video conference or
by telecommunication means permitting their identification are deemed to be present. Such
means shall satisfy technical characteristics which ensure an effective participation in the
meeting of the board of directors or of the management board, whose deliberations shall be
on-line without interruption.
The meeting held at a distance by way of such communication means shall be deemed to
have taken place at the registered office of the company.»
Art. 444-5.
The articles may provide that the directors and the commissaires [supervisory auditors]
together constitute the general board; they shall determine the powers and duties thereof.

«Art. 444-6.»
(Law of 10 August 2016) «The directors, the members of the management board and of the
supervisory board, the members of the management committee, the directeur général
(managing executive officer) as well as» any person invited to attend the meetings of such
corporate bodies, shall be under a duty, even after they have ceased to hold office, not to
divulge any information which they have concerning the société anonyme, the disclosure of
which might be prejudicial to the company's interests, except where such disclosure is
required or permitted by a legal or regulatory provision applicable to sociétés anonymes or is
in the public interest.»
85
15276572_3
Chapter V - General meetings

«Art. 450-1.
(1) (Law of 25 August 2006) «The general meeting of shareholders shall have the widest
powers to adopt or ratify any action relating to the company.
Where the company comprises a single shareholder, he shall exercise the powers reserved to
the general meeting.
(Law of 23 March 2007) «The general meeting of a «société européenne (SE)»» shall decide
on matters for which it is given sole responsibility by:
- the present law in accordance with Council Regulation 2157/2001/EC of 8 October 2001
on the statute for a European société européenne (SE),
- the provisions of Luxembourg law adopted in implementation of Council Directive
2001/86/EC of 8 October 2001 supplementing the Statute for a European company with
regard to the involvement of employees, to the extent that the registered office of the
société européenne (SE) is located in the Grand Duchy of Luxembourg109.
Furthermore, the general meeting of a société européenne (SE) shall decide on matters for
which responsibility is given to the general meeting:
- of a société anonyme governed by Luxembourg law to the extent that the registered
office of the société européenne (SE) is situated in the Grand Duchy of Luxembourg or
- by its articles in accordance with that law.»
(2) (Law of 25 August 2006) «The articles shall contain provisions governing proceedings at
general meetings and the formalities necessary for admission thereto. 110 In the absence of
109This directive has been implemented in Articles L. 441-1 et seq. of the Labour Code.
110Article 8 of the Law of 1 August 2001 on the circulation of securities and other fungible instruments, as
amended, provides:
«Art. 8. (1) The investor may exercise or cause the exercise of the corporate rights attaching to securities and the
rights of action resulting from the holding of securities upon presentation of a certificate issued by the relevant
accounts’ keeper certifying the number of securities registered in its securities account.
(2) For the purpose of participation to their general meetings, Luxembourg companies may not require the
presentation of securities in bearer form, registration in the register of registered shares or a specific transfer of
dematerialised securities where such securities are registered in a securities account. Evidence of the rights on
the securities results in that case from a certificate issued by the relevant accounts’ keeper certifying the number
of securities held in the securities account and, as the case may be, their blockage until a certain date. The
company may, in its rules regarding the holding of shareholder meetings, provide that investors must, upon
request, produce documentary evidence of the registration of the securities throughout the chain of holding of
the securities.
(3) If an accounts’ keeper, or as the case may be, a foreign accounts’ keeper, or a third party designated by such
accounts’ keeper is registered in the register of registered shares of the issuer, such accounts’ keeper or
designated third party may, based on the instructions it receives, exercise the voting rights attaching to the
securities for which it is inscribed in the register.
(4) If a third party, other than the investor, intends to participate in the vote, the issuer may, if its articles, the
terms and conditions of the issue or the conditions for convening the shareholder meeting provide therefor,
require the identification of the investor(s) who gave the voting instructions. Should the issuer’s request not be
satisfied, the bureau of the meeting may deprive the relevant person of the exercise of the voting right.
86
15276572_3
such provisions, appointments shall be made and resolutions shall be adopted in accordance
with the ordinary rules of deliberating assemblies; minutes shall be signed by the bureau of
the meeting and by the shareholders who request to do so; copies to be delivered to third
parties shall be certified as conforming to the original by the notary having custody of the
relevant original deed, in case the proceedings of the meeting have been recorded in a
notarial deed, or by the person designated for that purpose by the articles, failing which by
the chairman of the board of directors or of the management board, as the case may be, or
by the person replacing him, such persons being liable for any damage which may result from
their incorrect certification.
(Law of 10 August 2016) «An attendance list shall be drawn up at each general meeting.»
If the company comprises only one shareholder, his decisions shall be recorded in minutes.»
(3) (Law of 25 August 2006) «Every shareholder shall, notwithstanding any provision to the
contrary, but in conformity with the provisions of the articles, be entitled to vote personally
or by proxy. Subject to the articles providing therefor, shareholders participating in the
meeting by way of video conference or by way of telecommunication means permitting their
identification, shall be deemed to be present for the calculation of quorum and majority.
Such means shall satisfy technical characteristics which ensure an effective participation in
the meeting whose deliberations shall be on-line without interruption.
(4) The articles may authorise any shareholder to cast its vote by mail by means of a voting
form the mentions of which shall be laid down in the articles.
Voting forms which indicate neither the direction of a vote nor an abstention are void.
For the calculation of the quorum, only those voting forms shall be taken into account which
have been received by the company prior to the general meeting of shareholders, within the
period provided by the articles.»
The issuer does not have an obligation to verify the existence or the content of the instructions given to the third
party who casts a vote.»
The terms below are defined as follows by Art. 2 of the Law of 1 August 2001:
«accountholder»: «a person on whose behalf an accounts’ keeper keeps a securities account, whether such
person acts on his or her behalf or on behalf of third parties»;
«accounts’ keeper»: is defined in an identical manner in Article 1 of the Law of 2013, see footnote under Art.
42bis;
«foreign accounts’ keeper»: is defined in an identical manner in Article 1 of the Law of 2013, see footnote under
Art. 42bis;
«investor»: «the accountholder who does not act as an accounts’ keeper on behalf of another person»;
«relevant accounts’ keeper»: «designates, with respect to a securities account, the accounts’ keeper or, as the
case may be, the foreign accounts’ keeper who keeps the securities account for the accountholder»;
«securities account»: «an account held by the accounts’ keeper on which securities may be credited and from
which securities may be debited. The issuance account held by a settlement institution or a central account
keeper does not constitute a securities account».
Also, the terms «securities», «dematerialised securities» and «issuer» used in Article 8 of the Law of 1 August
2001 as reproduced above are not defined in the Law of 1 August 2001 but in the Law of 6 April 2013, without
there being any formal reference to the latter in the Law of 2001. For the definitions of «dematerialised securities
»and «securities», see footnotes sub art. 430-8 and 430-12, respectively, «issuer» being defined as: «any person,
including a common fund, which issues securities».
87
15276572_3
(5) Every shareholder may, notwithstanding any clause to the contrary in the (Law of 10
August 2016) «articles», take part in the deliberations, with a number of votes equal to the
number of shares held by him, without limitation111.
«Where shares do not have an equal value or where there is no indication of value, each
share, unless otherwise provided for in the articles, shall ipso jure carry the right to a number
of votes proportionate to the corporate capital represented by it with one vote being
allocated to the share which represents the lowest proportion; fractions of votes shall not be
taken into account, except in the cases provided for in Article 450-4.»
(6) (Law of 25 August 2006) «The board of directors or the management board, as applicable,
is entitled to adjourn a meeting, while in session, to four weeks112. (Law of 10 August 2016)
«It must do so at the request of one or more shareholders representing at least one-tenth of
the capital of the company.» Any such adjournment, which shall also apply to general
meetings called for the purpose of amending the articles, shall cancel any resolution passed.
The second meeting shall be entitled to pass final resolutions provided that, in cases of
amendments to the articles, the conditions as to quorum laid down in Article 450-3 are
fulfilled.»
(7) If an ordinary general meeting, which is adjourned, was convened for the same day as a
general meeting convened to amend the articles and if the latter is not quorate, the first
meeting may be adjourned to a sufficiently remote date for it to be possible to reconvene the
two meetings for the same day, provided however that the period of the adjournment may
not exceed six weeks.
(8) The exercise of voting rights attached to shares in respect of which calls have not been
paid shall be suspended until such time as those calls which have been duly made and are
payable, shall have been paid.»
«(9) The articles may provide that the board of directors or the management board, as the
case may be, may suspend the voting rights of each shareholder who is in default of his
obligations under the articles or his deed of subscription or deed of commitment.
Each shareholder, in his personal capacity, may undertake not to exercise all or part of his
voting rights for a period of time or indefinitively. Such an undertaking binds the waiving
shareholder and will bind the company upon its notification to the company.»
«Voting rights which have been suspended and voting rights whose waiver has been notified
to the company in accordance with this Article shall not be taken into account when
calculating the quorum and majorities in general meetings. »
111 See however Art. 28 of the Law of 11 January 2008 on transparency requirements on issuers of securities,
Article 11(1) and (2) of the Law of 6 April 2013 on dematerialised instruments and Article 430-6(5) above as well
as Art. 6(3) and (4) of the Law of 28 July 2014 regarding the immobilisation of bearer shares and units as set forth
in the footnote under Article 430-6 (7).
112 See also Art. 29 of the Law of 11 January 2008 on transparency requirements on issuers of securities.
88
15276572_3
«Art. 450-2.
(1) The exercise of voting rights may be the subject of agreements among shareholders.
But the following shall be void:
1° agreements which are in violation of the provisions of the present law or are contrary to
the corporate interest;
2° agreements by virtue of which a shareholder undertakes to vote in accordance with the
directions given by the company, by a subsidiary or by any of the corporate bodies of
such companies;
3° agreements by virtue of which a shareholder undertakes towards those same companies
or those same corporate bodies to approve the proposals made by the corporate bodies
of the company.
(2) Votes cast in a general meeting pursuant to the agreements referred to in paragraph 1,
sub-paragraph 2, shall be void. Such votes shall invalidate any resolutions passed unless such
votes have no impact on the result of the vote. The action for nullity shall lapse six months
after the vote.»

«Art. 450-3.
(1) (Law of 10 August 2016) «Unless otherwise provided by the articles, an extraordinary
general meeting, resolving as hereinafter provided, may amend any provisions of the articles.
However, the commitments of the shareholders may be increased only with the unanimous
consent of the members113.
The articles may authorise the board of directors or the management board, as the case may
be, to transfer the registered office of the company from one municipality to another or
within the same municipality and to amend the articles accordingly.»
(2) (Law of 10 August 2016) «The general meeting shall not validly deliberate unless at least
one half of the capital is represented114 and the agenda indicates the proposed amendments
to the articles and, where applicable, the text of those which relate to the objects or the form
of the company. If the first of these conditions is not satisfied, a second meeting may be
convened, in the manner prescribed by the articles, by means of notices filed with the
register of commerce and companies and published on the Recueil électronique des sociétés
et associations and in a newspaper published in the Grand Duchy of Luxembourg at least
fifteen days before the meeting. Such a convening notice shall reproduce the agenda and
indicate the date and the results of the previous meeting. The second meeting shall validly
deliberate regardless of the proportion of the capital represented115. At both meetings,
resolutions, in order to be adopted, must be carried by at least two-thirds of the votes cast.
113 See Article 6(3) and (4) of the Law of 28 July 2014 regarding the immobilisation of bearer shares and units, as
set forth in the footnote under Article 430-6 (7)
114 See preceding footnote.
115 See footnote under Article 420-22 (1) referring to the case of capital conversion into euro as well as the
footnote under Article 450-3 (1).
89
15276572_3
Cast votes shall not include votes attaching to shares in respect of which the shareholder has
not taken part in the vote or has abstained or has returned a blank or invalid vote.»116
Art. 450-4.
Where there is more than one class of shares and the resolution of the general meeting is
such as to change the respective rights thereof, the resolution must, in order to be valid, fulfil
the conditions as to attendance and majority laid down in the foregoing Article with respect
to each class.

[2017/1132/EU art. 73]
«Art. 450-5.
(1) The general meeting, acting in accordance with the conditions prescribed for the
amendment of the articles, may decide to reduce the subscribed capital. The convening
notice shall specify the purpose of the reduction and how it is to be carried out.»
[2017/1132/EU art. 75.1 and 75.3]
«(2) If the reduction is to be carried out by means of a repayment to shareholders or a waiver
of their obligation to pay up their shares, creditors whose claims predate the publication in
the (Law of 27 May 2016) «Recueil électronique des sociétés et associations» of the minutes
of the meeting may, within thirty days from such publication, apply for the constitution of
security to the judge presiding the chamber of the Tribunal d'Arrondissement [District Court]
dealing with commercial matters and sitting as in urgency matters. The president may only
reject such an application if the creditor already has adequate safeguards or if such security
is unnecessary, having regard to the assets of the company.»
[2017/1132/EU art. 75.2]
«(3) No payment may be made or waiver given to the shareholders until such time as the
creditors have obtained satisfaction or until the judge presiding the chamber of the Tribunal
d’Arrondissement [District Court] dealing with commercial matters and sitting as in urgency
matters, has ordered that their application should not be acceded to.
[2017/1132/EU art. 76.1]
(4) The provisions of paragraphs 2 and (3) shall not apply in the case of a reduction in the
subscribed capital whose purpose is to offset losses incurred which are not capable of being
covered by means of other own funds or to include sums of money in a reserve, provided
that the reserve does not exceed 10 percent of the reduced subscribed capital.
Except in the event of a reduction in the subscribed capital in accordance with paragraphs (2)
and (3), it may not be distributed to shareholders or be used to release shareholders from
their obligation to make their contributions. It may be used only for off-setting losses
incurred or for increasing the subscribed capital by the capitalisation of reserves.
116 This paragraph was followed by a paragraph repealed by the Law of 10 August 2016.
90
15276572_3
(5) Where the reduction of capital results in the capital being reduced below the legally
prescribed minimum, the meeting must at the same time resolve to either increase the
capital up to the required level or transform the company.»

[2017/1132/EU art. 78]
«Art. 450-6.
(1) The articles may provide that, by resolution of the general meeting to be published in
accounting and annual accounts of undertakings117», all or some of the profits and reserves
other than those which may not be distributed under law or the articles, shall be used to
amortise the capital by means of the repayment at par of all the shares or of a portion of the
shares drawn by lot, without the stated capital being reduced. (Law of 10 August 2016) «If
the redeemed shares are encumbered with usufruct, the usufructuary shall be entitled to the
irregular usufruct of the repaid sum.»
(2) Shares repaid shall be cancelled and replaced by bonus shares which shall carry the same
rights as the cancelled shares, except the right to reimbursement of the contribution and the
right to participate in the distribution of a first dividend allocated to the unamortised
shares.»

[2017/1132/EU art. 80]
«Art. 450-7.
(1) In the case of a reduction in the subscribed capital by the withdrawal of shares acquired
by the company itself or by a person acting in its own name but on behalf of the company,
the withdrawal must always be resolved by the general meeting.
(2) Article 450-5, paragraphs 2 and 3 shall apply except in the case of fully paid-up shares
which are acquired free of charge or by the application of distributable sums pursuant to
Article 461-2; in such case, an amount equal to the nominal value, or in the absence thereof,
the accounting par value, of all the withdrawn shares must be incorporated in a reserve. Such
reserve may not, except in the event of a reduction of the subscribed capital, be distributed
to shareholders; it may be used for offsetting losses incurred or for increasing the subscribed
capital by capitalisation of reserves.
(3) In the case referred to in paragraph 1 the decision of the general meeting shall be subject
to a separate vote for each class of shares the rights of which are affected by the operation.
Moreover, the provisions of Articles 420-19, paragraph 1 and 450-5, paragraph 4 shall not
apply.»
91
15276572_3
Art. 450-8.
«At least one general meeting must be held in the Grand Duchy of Luxembourg every year.
The meeting must be held within six months of the end of the financial year and the first
general meeting may be held within eighteen months following the incorporation of the
company.
The board of directors, the management board, as the case may be, as well as the
supervisory board and the commissaires [supervisory auditors] may convene the general
meeting. They shall be obliged to convene it so that it is held within a period of one month,
where shareholders representing one-tenth of the corporate capital request them to do so
by means of a written request with an indication of the agenda.
The directors, the members of the management board and of the supervisory board, as the
case may be, and the commissaires [supervisory auditors] may be convened to meetings
which they shall not have convened themselves and shall in any case be authorised to take
part in such meetings. The réviseurs d'entreprises agréés [approved statutory auditors]
appointed by the general meeting may be convened to take part in the meetings. These
convening notices shall be made in the manner and within the time limits provided for in this
Article.
Where, in accordance with Article 450-1, the meeting is held with shareholders who are not
physically present, the meeting shall be deemed to be held at the registered office of the
company.
If, following the request made by the shareholders pursuant to the second sub-paragraph,
the general meeting is not held within the prescribed period, the meeting may be convened
by an agent appointed by the judge presiding the chamber of the Tribunal d’Arrondissement
[District Court] dealing with commercial matters and sitting as in urgency matters on the
application of one or more shareholders who together hold the aforementioned proportion
of the corporate capital.
One or more shareholders who together hold at least 10 percent of the subscribed capital
may request that one or more additional items be put on the agenda of any general meeting.
This request shall be sent to the registered office by registered mail at least five days prior to
the holding of the meeting.
The convening notices for every general meeting shall contain the agenda and shall take the
form of announcements filed with the register of commerce and companies and published
on the Recueil électronique des sociétés et associations and in a newspaper published in the
Grand Duchy of Luxembourg at least fifteen days before the meeting.
The convening notices shall be communicated to registered shareholders at least eight days
before the meeting. This communication shall be made by post unless the addressees have
individually agreed to receive the convening notices by way of another means of
communication. No proof need be given that this formality has been complied with.»
92
15276572_3
«Art. 450-9.
Where all the shares are in registered form, the company may for any general meeting
communicate the convening notices at least eight days before the meeting by registered
letters only, without prejudice to other means of communication which need to be accepted
on an individual basis by their addressees and to warrant notification. The provisions of the
law prescribing the publication of the convening notices on the Recueil électronique des
sociétés et associations or in a newspaper of the Grand Duchy of Luxembourg shall not apply
in that case.»

«Art. 450-10.
Holders of dematerialised shares or securities118 may take part in the general meeting and
exercise their rights only if they hold such dematerialised shares or securities at the latest on
the fourteenth day prior to the general meeting at midnight, Grand-Duché of Luxembourg
time.»
Chapter VI - Inventories, annual accounts and specific information to be

included in documents
«Section 1 - Inventories and balance sheets»
«Art. 461-1.
«Each year, (Law of 23 March 2007) «the board of directors» or the management board, as
applicable, must prepare an inventory indicating the value of all the movable and immovable
assets of, and all the debts owed to and by, the company, with an annex summarising all its
commitments, and the debts of the officers, directors, members of the management board,
as applicable, members of the supervisory board and commissaires [supervisory auditors] of
the company.
(Law of 23 March 2007) «The board of directors» or the management board, as applicable,
prepares the annual accounts in which the necessary depreciation charges must be made.
The balance sheet shall separately mention fixed assets and current assets and, on the
liability side, the debts of the company towards itself, bonds, indebtedness secured by
mortgages or pledges and indebtedness without the benefit of security on assets.
Each year at least one-twentieth of the net profits shall be allocated to the creation of a
reserve; this allocation shall cease to be compulsory when the reserve has reached an
amount equal to one-tenth of the corporate capital, but shall again be compulsory if the
reserve falls below such one-tenth.
118 For a definition of this term, see footnote under Article 430-12.
93
15276572_3
One month before the ordinary general meeting, (Law of 23 March 2007) «the board of
directors or the management board, as applicable, shall deliver documentary evidence,
together with a report on the business of the company, to the commissaires [supervisory
auditors] who must prepare a report setting forth their proposals.»

[2017/1132/EU art.56.1, 2, 3 and 4]
«Art. 461-2.
(1) Except for cases of reductions of subscribed capital, no distributions to shareholders may
be made when on the closing date of the last financial year the net assets as set out in the
annual accounts are, or following such a distribution would become, lower than the amount
of the subscribed capital plus the reserves which may not be distributed under law or by
virtue of the articles119.
(2) The amount of the subscribed capital referred to paragraph 1 shall be reduced by the
amount of subscribed capital remaining uncalled if the latter amount is not included as an
asset in the balance sheet.
(3) The amount of a distribution to shareholders may not exceed the amount of the profits at
the end of the last financial year plus any profits carried forward and any amounts drawn
from reserves which are available for that purpose, less any losses carried forward and sums
to be placed to reserve in accordance with the law or the articles.
(4) The term «distribution» as used in the foregoing provisions includes in particular the
payment of dividends and of interest relating to shares.»

[2017/1132/EU art. 56.5]
«Art. 461-3.
(1) «No interim dividends may be paid unless the articles authorise the board of directors or
the management board, as applicable, to do so. Any such payment shall in addition be
subject to the following conditions:
1° interim accounts shall be drawn-up showing that the funds available for distribution are
sufficient;
2° the amount to be distributed may not exceed total profits made since the end of the last
financial year for which the annual accounts have been approved, plus any profits
carried forward and sums drawn from reserves available for this purpose, less losses
carried forward and any sums to be placed to reserve pursuant to the requirements of
the law or of the articles120;
119 Articles 53, 59 and 72ter of the Law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings set out in Annex I which contain further limitations may also be
relevant.
120 See note under Art. 461-2 (1).
94
15276572_3
3° the decision of the board of directors or the management board, as applicable, to
distribute an interim dividend may not be taken more than two months after the date at
which the interim accounts referred to in point 1° above have been made up;121
4° (Law of 18 December 2009) «in their report to the board of directors or the
management board, as applicable, the commissaires [supervisory auditors] or the
réviseur d’entreprises (…) 122 [statutory auditor] shall verify whether the above
conditions have been satisfied.»
(2) Where the payments on account of interim dividends exceed the amount of the dividend
subsequently decided upon by the general meeting, they shall, to the extent of the
overpayment, be deemed to have been paid on account of the next dividend.»»

[2012/30/EU Art. 17.7][2017/1132/EU art. 56.7]
«Art. 461-4.
(1) Article 461-2, paragraph 1, shall not apply to investment companies with fixed capital.
(2) The following sociétés anonymes shall be regarded as investment companies with fixed
capital:
1° the exclusive object of which is to invest their funds in various transferable securities,
real estate or other assets with the sole purpose of spreading the investment risks and
giving their shareholders the benefit of the results of the management of their
assets,and
2° which offer their own shares for subscription to the public, provided that:
a) they include the words «société d'investissement» in their instruments, notices,
publications, letters and other documents;
b) their total assets as set out in the annual accounts, at the closing date of the last
financial year are or following such distribution would become less than one and a
half times the company’s total liabilities to creditors as set out in the annual
accounts;
c) the annual accounts must contain a note to that effect. 123 »
(Law of 14 April, 1983)

[2017/1132/EU art. 57]
«Art. 461-5.
«Any distribution made in violation of Articles 461-2, 461-3 and 461-4 as well as Article 72ter
of the amended Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings must be repaid by the shareholders who
121 The following sub-paragraph has been repealed by the Law of 23 March 2007.
122 The term «agréé» [approved] was deleted by the Law of 23 July 2016 on the audit profession.
123 Article 56.7 of Directive 2017/1132/EU provides that a note to that effect is to be included in the annual
accounts of the company in case of a distribution by it «when its net assets fall below the amount specified» in
Article 461-2 (1).
95
15276572_3
have received it if the company proves that the shareholders knew of the irregularity of the
distributions made in their favour or could not, in the circumstances, have been unaware of
it.»

«Art.461-6.»
«Eight days before the general meeting, shareholders may inspect the following at the
registered office:
1° the annual accounts124 and the list of directors or of members of the management board
and of the supervisory board as well as the list of the commissaires [supervisory
auditors] or the réviseur d’entreprises agréé [approved statutory auditor];»
2° the list of sovereign debt, shares, bonds and other company securities making up the
portfolio;
3° the list of shareholders who have not paid-up their shares, with an indication of the
number of their shares and their domicile;
4° the management report125 of the board of directors or of the management board, as
applicable, and the observations of the supervisory board;
5° «the report of the commissaires [supervisory auditors] or of the réviseur d’entreprises
agréé [approved statutory auditor]126;
6° in case of amendments to the articles, the text of the proposed amendments and the
draft of the resulting consolidated articles.
Each shareholder shall be entitled to obtain free of charge, upon request and against
evidence of his title, eight days before the meeting, a copy of the annual accounts, as well as
the report of the commissaires [supervisory auditors] or of the réviseur d’entreprises agréé
[approved statutory auditor], the management report and the observations of the
supervisory board.
The right to obtain documents also belongs to each of the co-owners of jointly held shares, to
the bare-owner and to the usufructuary of shares. They may attend general meeting either
with a right to vote or with a right to speak only, as applicable. »
124 See Chapter II of Title II of the Law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings.
125 See Article 68 and Article 68bis of the Law of 19 December 2002 on the register of commerce and companies
and the accounting and annual accounts of undertakings.

126 With respect to the report of the réviseur d’entreprises agréé [approved statutory auditor] see Article 69bis of
the Law of 19 December 2002 on the register of commerce and companies and the accounting and annual
accounts of undertakings.
96
15276572_3
«Art. 461-7.
The general meeting shall hear the reports of the directors or of the management board, as
applicable, as well as the report of the commissaires [supervisory auditors] and shall discuss
the annual accounts.
After adoption of the annual accounts, the general meeting shall vote specifically as to
whether discharge is given to the directors or to the members of the management board and
of the supervisory board, as applicable, as well as to the commissaires [supervisory auditors].
Such discharge shall be valid only if the annual accounts contain no omission or false
information concealing the true situation of the company and, with regard to any acts carried
out which fall outside the scope of the articles, if they have been specifically indicated in the
convening notice.»

«Art. 461-8.
The annual accounts, bearing at the commencement thereof the date of publication of the
constitutive instruments of the company, must within one month after approval thereof be
published by the directors or by the management board, as applicable, at the expense of the
company in accordance with Article 100-13.
At the end of the annual accounts there shall be published the names, first names,
occupations and domicile of the directors, the members of the management board, as
applicable, and the commissaires [supervisory auditors] for the time being in office, as well as
a table indicating the use and allocation of the net profits in accordance with the resolutions
of the general meeting.»
Section 2 - Specific information to be included in documents

«Art. 462-1.
[2017/1132/EU art. 26]
«All instruments, invoices, notices, publications, letters, order forms and other documents
issued by sociétés anonymes and sociétés européennes (SE) must state:
1° the corporate denomination of the company;
2° (Law of 10 August 2016) «the words «société anonyme» or, as the case may be, «société
par actions simplifiée», reproduced legibly and in full or the initials «SA» or, as the case
may be, the initials «SAS» or «SE», immediately before or after the denomination of the
company;»
3° a precise indication of the registered office;
97
15276572_3
4° «the words «Registre de commerce et des sociétés, Luxembourg» or the initials «R.C.S.
Luxembourg» followed by the registration number127.
If the above documents state the capital of the company, that statement shall take into
account any decrease which it may have suffered according to the results of the various
successive balance sheets and shall indicate both the portion not yet paid-up and, in the case
of an increase of capital, the portion which has not yet been subscribed to.
Any change of the registered office shall be published by the directors or the members of the
management board, as applicable, in the (Law of 27 May 2016) «Recueil électronique des
sociétés et associations.»
Art. 462-2.
Any agent acting on behalf of a société anonyme in respect of which the requirements of the
foregoing Article are not fulfilled may, depending on the circumstances, be declared
personally liable for the commitments entered into therein by the company. In the event of
overstatement of the capital or the failure to mention the portion not yet paid-up or
subscribed to or the incorrect mention thereof, the third party, in case of failure by the
company, shall be entitled to claim from such agent, a sum sufficient to ensure that he is
placed in the same position as if the stated capital had been the true capital and had been
paid-up or subscribed to in full or to the extent indicated.

«Art. 462-3.»
«In all instruments by which the company is bound, the signature of directors, members of
the management board, members of the management committee, directeur général
(managing executive officer) and, as applicable, managers and other agents must be
immediately preceded or followed by an indication of the capacity in which they act.»
Chapter VII - The issue of bonds

«Art. 470-1.128
A register of registered bonds shall be kept at the registered office.
(Law of 10 August 2016) «Bearer bonds shall be signed by one director or member of the
management board or a person delegated for that purpose by the board of directors or the
management board, as applicable. Unless otherwise provided in the articles, the signature
may be manual, in facsimile or affixed by means of a stamp.»129
127 See also Art. 34 of the Law of 2 September 2011 regulating the access to the professions of craftsman,
merchant, manufacturer and certain liberal professions.
128 Former article 79 has been repealed by the Law of 10 August 2016 and former Articles 80 to 83 which
preceded this Article 470-1 have been repealed by the Law of 10 July 2005.
129 This sub-paragraph was followed by a sub-paragraph repealed by the Law of 10 August 2016.
98
15276572_3
A certified true copy of the instrument delegating authority to a person who is not a member
of the board of directors or of the management board, as applicable, shall be previously filed
in accordance with (Law of 27 May 2016) «the provisions of Title I, Chapter Vbis of the
accounting and annual accounts of undertakings130».131
«Global bond certificates taking the form of global bearer certificates deposited with a
securities settlement system may be executed by one or more persons authorised to do so
by the issuing company. (Law of 7 August 2023) «The number of bonds represented» by
these certificates must be determined or be capable of being determined.»
(Law of 10 August 2016) «The provisions of Articles430-4, 430-7 and 430-8 sub-paragraphs 2,
3 and 4 are applicable to bonds.»
Art. 470-2.
Holders of bonds shall be entitled to examine the documents filed in accordance with Article
461-6. (Law of 10 August 2016) «Unless otherwise provided for by the articles,» they may
attend general meetings but only with a right to speak.

«Art. 470-3.
Bondholders, holding securities forming part of the same issue, shall form a group (masse)
organised in accordance with the following provisions.»

«Art. 470-4.
(1) One or more representatives of the bondholders' group may be appointed at the time of
the issue by the company or, during the term of the loan, by the general meeting of
bondholders.
(2) If no representative has been appointed in the manner provided for in the foregoing
paragraph, the judge presiding the chamber of the Tribunal d'Arrondissement [District Court]
dealing with commercial matters in the district in which the registered office of the company
is located, and sitting as in urgency matters, may, in case of urgency, at the application of the
company, of any bondholder or of any interested third party, designate one or more
representatives and determine their powers.
(3) The following may not be appointed as representatives of the bondholders' group:
1° the debtor company;
2° companies holding one tenth or more of the capital of the debtor company or in which
the debtor company has a holding of one tenth or more;
3° companies guaranteeing all or part of the obligations of the debtor company;

131 This sub-paragraph was followed by a sub-paragraph repealed by the Law of 23 March 2007.
99
15276572_3
4° (Law of 18 December 2009) «members of the board of directors, of the management
board or of the supervisory board, commissaires [supervisory auditors], réviseurs
d’entreprises agréés [approved statutory auditors], and representatives of the
aforementioned companies.»
(4) The general meeting of bondholders may dismiss the group representatives. They may
also be removed for just cause by the judge presiding the chamber of the Tribunal
d'Arrondissement [District Court] dealing with commercial matters in the district in which the
registered office of the company is located, and sitting as in urgency matters, at the
application of the company or of any bondholder.»

«Art. 470-5.
(1) Where the representative(s) of the bondholders' group are appointed by the company at
the time of the issue, they shall exercise the powers enumerated below:
1° they implement the resolutions adopted by the general meeting of bondholders;
2° they accept on behalf of the bondholders' group, the collateral intended to secure the
company's debt.
They may grant full or partial release of mortgage inscriptions in the event of
reimbursement or payment to them of the sales price of the assets from which the
charge is to be removed, as well as in the event of total or partial repayment of the
bonds;
3° they take conservatory measures to protect the bondholders’ rights;
4° they shall be present at drawings by lot of bonds and shall supervise the proper
execution of the amortisation plan and the payment of interest;
5° (Law of 10 August 2016) «they represent the bondholders in any bankruptcy, suspension
of payments, composition with creditors to prevent bankruptcy, controlled management
and all similar procedures and declare in any such procedure all claims in the name and
in the interest of the bondholders and prove the existence and the amount of such
claims by all legal means.
They may be authorised, upon their appointment, to accept any payment and
distribution to the bondholders;»
6° they may be parties to legal proceedings as plaintiffs or defendants acting in the name
and in the interest of the represented bondholders, without it being necessary for the
latter to be joined to the proceedings.
(2) The general meeting of bondholders may, after a period of six months, restrict or extend
the powers of the representatives of the bondholders' group appointed by the company at
the time of the issue.
(3) Where the representative(s) of the bondholders' group are appointed by the general
meeting of bondholders during the term of the loan, the meeting may freely determine the
powers of such representatives.»
100
15276572_3
«Art. 470-6.
By way of derogation from Article 470-5, first paragraph, the issuer may, at the time of issue,
appoint one or more persons entrusted with specific mandates on behalf of the bondholders'
group, without their powers exceeding those provided for in Article 470-5.»

«Art. 470-7.
The liability of the representatives of the bondholders' group shall be assessed on the same
basis as that of a fee-earning agent.»

«Art. 470-8.
The costs of convening and holding general meetings of bondholders and the costs of any
conservatory measures taken by the representatives of the group shall be borne and
advanced by the company.
The fees of the representatives shall be borne by the company. The company may make
application for such fees to be reviewed by the judge presiding the chamber of the Tribunal
d'Arrondissement [District Court] dealing with commercial matters in the district where the
registered office of the company is located.
Other costs and expenses decided by the meeting or incurred by the representatives shall be
borne by the bondholders without prejudice to the right of the court, at which litigation has
been brought to which the bondholders are parties, to direct that they are to be joined in
respect of costs. The meeting shall determine the manner in which they are to be paid. It
may decide that the company is to advance the amount thereof and withhold that amount
from the interest payable to the bondholders. In such case, the amount advanced by the
company may not exceed one-tenth of the net annual interest. In the event of any dispute as
to the appropriateness or amount of the advance, the judge presiding the chamber of the
Tribunal d'Arrondissement [District Court] dealing with commercial matters in the district
where the registered office of the company is located, shall resolve the matter upon
application of the representatives, the parties having been heard or duly summoned to
attend.»

«Art. 470-9.
The representatives of the bondholders' group, the board of directors or the management
board, as applicable, as well as the commissaire [supervisory auditor] or the board of
commissaires [supervisory auditors] may convene the general meeting of bondholders.
The representatives of the group, provided an advance of expenses has been made to them
in accordance with Article 470-8, and the other corporate bodies must (Law of 10 August
2016)«convene such a meeting so that it is held within a month» if they are called upon to do
so by bondholders representing one twentieth of the bonds of the same issue outstanding.»
101
15276572_3
«Art. 470-10.
The meeting shall comprise the bondholders forming part of the same group. However,
where a matter is common to bondholders belonging to several groups, they shall be
convened to a single meeting.»

«Art. 470-11.»
Meetings shall be convened in the manner and within the time limits provided for in Articles
450-8 and 450-9.»

«Art. 470-12.
All bondholders, notwithstanding any provision to the contrary, but subject to compliance
with the terms and conditions of the issue, shall be entitled to vote personally or by proxy.
The voting rights attaching to the bonds shall be commensurate with the portion of the loan
which they represent. Each bond shall carry the right to at least one vote.
Members of the corporate bodies of the company and any persons authorised to do so by
the meeting to attend the meeting with the right to speak but not to vote.
The meeting shall be presided over by the representatives of the bondholders' group, if any
have been appointed.
Any person who has complied with the legal requirements and with the terms and conditions
of the issue with a view to taking part in the meeting may, if his right to do so is contested,
take part in the vote as to whether he is to be admitted. His agent, bearing a written proxy,
shall have the same right.
The company must make available to the bondholders at the commencement of the meeting
a statement of the bonds outstanding.
The manner in which meetings are to be conducted shall be determined by the articles of the
company, the terms and conditions of the issue and the provisions of Article 450-1.»

«Art. 470-13.
«The meeting may:
1° in accordance with Article 470-4, appoint or remove the representatives of the group;
2° remove the special agents referred to in Article 470-6;
3° resolve as to the conservatory measures to be taken in the common interest;
4° modify or waive the specific collateral granted to bondholders;
5° postpone one or more interest payment dates, agree to a reduction of the interest rate
or change the conditions of payment thereof;
6° extend the amortisation period, suspend the same and consent to changes in the
conditions thereof;
102
15276572_3
7° agree to the substitution of bonds by shares of the company;
8° agree to the substitution of bonds by shares or bonds of other companies;
9° resolve to constitute a fund for the purpose of protecting common interests;
10° adopt any other measures whose purpose is to ensure the defence of the common
interests of the bondholders or the exercise of their rights.
The decisions provided for under points 5°, 6°, 7° and 8°, may be taken only if the capital of
the company has been fully called. (Law of 18 December 2009) «In the same case, and in the
circumstances envisaged under point 4°, the meeting may adopt decisions only if there has
been tabled before it a statement, audited and certified by the commissaires [supervisory
auditors] or the réviseurs d’entreprises agréés [approved statutory auditors], summarising
the assets and liabilities of the company as at a date which shall not be more than two
months before the date of the decision, accompanied by a report of the board of directors or
of the management board, as applicable, justifying the proposed measures.»
Where the substitution of shares for bonds implies an increase in the capital of the company,
it may take effect only if the said increase is resolved upon by the general meeting of
shareholders no later than three months after the decision of the meeting of bondholders.
The adopted resolutions shall be published in the form of extracts in accordance with Article
100-13.»

«Art. 470-14.
(1) «Where the general meeting is called upon to resolve upon the matters provided for
under Article 470-13, points 1°, 2° and 3°, decisions shall be adopted by a simple majority of
the votes cast by the represented security holders.
(2) In all other cases, the meeting may validly deliberate only if the members thereof
represent at least one half of the value of the securities outstanding.
If this condition is not fulfilled, it is necessary to convene a new meeting which shall validly
deliberate regardless of the proportion of the value of the securities outstanding which is
represented.
Resolutions are adopted by a majority of two thirds of the votes cast by the security-holders
represented. Votes cast shall not include votes attaching to bonds in respect of which the
bondholder has not taken part in the vote or has abstained or has returned a blank or invalid
vote. »

«Art. 470-15.
Where a resolution may change the respective rights of several groups of bondholders it
must, in order to be valid, fulfil, as regards each group, the conditions as to attendance and
majority provided for by Article 470-14.»
103
15276572_3
«Art. 470-16.
Where one or more representatives of the bondholders' group have been appointed in
accordance with Article 470-4, bondholders may no longer exercise their rights individually.
Where one or more representatives of the bondholders' group are appointed during the
term of the loan, individual actions already commenced shall terminate unless the
representative or representatives of the group continue the same within six months after
their appointment.
Bondholders shall retain the right to pursue the enforcement of final judgements obtained
before the appointment of one or more representatives of the bondholders' group.»

«Art. 470-17.
(1) The company may create a mortgage in order to secure bonds in issue or to be issued.
Any such mortgage shall be registered in the normal form in favour of the bondholders'
group or future bondholders, subject to the two restrictions below:
1° the designation of the creditor shall be replaced by that of the securities representing
the secured debt;
2° the provisions as to the election of an address for service shall not apply.
The mortgage shall rank as of the date of inscription irrespective of the date of issue of the
bonds.
(2) The registration shall not require any renewal during the term of the loan.
(3) The registration shall be reduced or cancelled upon the company's commitments having
terminated or upon the consent of the meeting of bondholders.
Any procedure for removal of the mortgage, the expropriation of the charged property or the
reduction or cancellation of the mortgage registration shall be brought against the
representatives of the group. If no representative has been appointed by the general
meeting of bondholders, the procedure provided for in Article 470-4, sub-paragraph 2 shall
be followed.
(4) The representatives of the group are obliged, within eight days of receiving any amounts
paid to them as a result of the proceedings referred to in the foregoing paragraph, to deposit
the same either at the (Law of 23 March 2007) «caisse de consignation» or, with the
authorisation of the court, with an authorised credit institution established in the Grand
Duchy of Luxembourg. A Grand Ducal regulation shall determine the rate of interest to be
paid, which may exceed the maximum fixed by the Law of «29 April 1999 on payments
deposited in escrow with the State »132.
The sums thus held in escrow on behalf of the bondholders may be withdrawn on the basis
of proxies bearing specific names or proxies appointing the bearer, issued by the
representatives of the group and countersigned by the judge presiding the chamber of the
132 Updated of the cross reference to the current law made by the Grand Ducal Regulation of 5 December 2017.
104
15276572_3
Tribunal d'Arrondissement [District Court] dealing with commercial matters. Payment in
respect of the proxies bearing specific names shall be made against a receipt given by the
payees; bearer mandates shall be paid upon a receipt having been given by the
representatives of the group.
No proxies may be issued by the representatives of the group unless the bond is presented.
The representatives shall mark on the bond the sum in respect of which they issue a proxy.»

«Art. 470-18.
A company indebted on account of bonds which have been called for total or partial
redemption and where a holder of such bonds has failed to present himself within the year
following the date of payment, is authorised to deposit the sums due in escrow. Such deposit
shall be made with the Luxembourg (Law of 23 March 2007) «caisse de consignation» or,
with the authorisation of the court, with an authorised credit institution established in the
Grand Duchy of Luxembourg.»

«Art. 470-19.
The bankruptcy of the company shall not bring to an end the operation or role of the general
meeting of bondholders. Article 470-4, paragraphs 2 and 3, shall continue to apply even after
the judgement declaring the bankruptcy.»

«Art. 470-20. »
(abrogated by the Law of 7 August 2023)
Art. 470-21.
(Law of 7 August 2023) «Except if expressly provided differently in the deed of issue or the
loan agreement in the form of bonds, a termination condition is implicitly included in y the
deed of issue or the loan agreement where they are governed by Luxembourg law, in the
event either of the parties faills to satisfy its obligations.»
In such case, the contract shall not be terminated ipso jure. The party against whom the
obligation is in default shall have the option either of enforcement in kind of the agreement
where this is possible or to apply for termination thereof with damages.
Such termination must be sought by application to the courts and the defendant may be
granted a grace period, depending on the circumstances.
105
15276572_3
(Law of 23 March 2007)
«Chapter VIII - The duration and dissolution of sociétés anonymes and of


«Art. 480-1.
Sociétés anonymes may be incorporated for a limited or an unlimited period.
In the former case, the duration of the company may be successively extended in accordance
with the condition of Article 450-3.
In the latter case, Articles 1865, 5° and 1869 of the Civil Code shall not apply. Application for
dissolution of the company for just cause may however be made to the court. Except in the
case of dissolution by court order, dissolution of the company may take place only pursuant
to a resolution adopted by the general meeting in accordance with the conditions laid down
for amendments of the articles.» (Law of 10 August 2016) «Article 1865bis, sub-paragraph 2
et seq. of the Civil Code shall also apply.»

[2017/1132/EU art. 58]
«Art. 480-2.»
«Without prejudice to stricter provisions in the articles, if as a result of losses, net assets fall
below half the corporate capital, the board of directors or the management board, as
applicable, shall convene a general meeting so that it is held within a period not exceeding
two months from the time at which the loss was or should have been ascertained by them
and such meetings shall resolve, where applicable in accordance with the conditions
provided for in Article 450-3, on the possible dissolution of the company and possibly on
other measures announced in the agenda.
The board of directors or the management board, as the case may be, shall set out the
causes of that situation and shall justify its proposals in a special report which must be made
available to the shareholders at the registered office of the company eight days before the
general meeting. If it proposes to continue to conduct business, it shall set out in its report
the measures which it intends to take in order to remedy the financial situation of the
company. The report shall be announced in the agenda. Any shareholder shall be entitled to
obtain a copy of the report, free of charge, upon request and upon evidence of his title, eight
days before the meeting. A copy thereof shall be sent to the registered shareholders at the
same time as the notice of the meeting.
Failure to draw up the report referred to in sub-paragraph 2 shall invalidate the decision of
the general meeting, unless all the shareholders of the company have waived such report.
The same rules shall be observed if, as a result of losses, net assets fall below one-quarter of
the corporate capital provided that in such case, dissolution shall take place if approved by
one-fourth of the votes cast at the meeting.
106
15276572_3
In the event of any infringement of the foregoing provisions, the directors or the members of
the management board, as applicable, may be declared personally and jointly and severally
liable vis-à-vis the company for all or part of the increase of the loss.»

«Art. 480-3.
(1) The Tribunal d’Arrondissement [District Court] dealing with commercial matters, may, at
the application of the procureur d’État (public prosecutor), order the dissolution and the
liquidation of a société européenne (SE), with its registered office in the Grand Duchy of
Luxembourg but where its central administration (head office) is not located there.
The application and the procedural deeds shall be served through the greffe. If the company
cannot be contacted at its legal domicile in the Grand Duchy of Luxembourg, the application
is published by way of extract in two newspapers printed in Luxembourg.
The company concerned shall, however, be granted a period of six months by the competent
court in order to regularise its position, either:
1° by re-establishing its central administration (head office) in the Grand Duchy of
Luxembourg or;
2° by transferring the registered office by means of the procedure laid down in Chapter IX
of the present Title.
The action to cause the dissolution is directed against the company.
The decision ordering the dissolution shall take effect as of its date.
However, vis-à-vis third parties, it shall only be valid (Law of 27 May 2016) «in the conditions
provided by Title I, Chapter Vbis of the amended Law of 19 December 2002 on the register of
commerce and companies and the accounting and annual accounts of undertakings133».
The tribunal may either order the immediate closing of the liquidation, or determine the
method of liquidation and appoint one or more liquidators. It may render applicable to such
extent as it may determine, the rules governing the liquidation of a bankruptcy. Upon the
closing of the liquidation, the liquidator shall report to the court and submit a statement on
the corporate assets and their application.
(2) Where it is established either by the court at the application of the procureur d'État
(public prosecutor), or any interested party that a société européenne (SE) has its central
administration (head office) within the territory of the Grand Duchy of Luxembourg, without,
however, its registered office being situated there, the procureur d'État shall immediately
inform the Member State134 in which the registered office of the société européenne (SE) is
situated.»

107
15276572_3
«Chapter IX - Transfer of the registered office of a société européenne (SE)»

[EC Regulation 2157/2001, Art. 8.1.]
«Art. 490-1.
The registered office of a société européenne (SE) may be transferred from the Grand Duchy
of Luxembourg to another Member State135 and from another Member State to the Grand
Duchy of Luxembourg in accordance with the present Chapter. Such a transfer shall not result
in the dissolution of the société européenne (SE) or in the creation of a new legal person.»
Section 1 - Procedure for the transfer of the registered office from the Grand Duchy
of Luxembourg to another Member State.»

«Art. 491-1.
(1) The board of directors or the management board, as applicable, of the société
européenne (SE) transferring its registered office, shall draw up a transfer proposal in writing.
(2) The proposal shall indicate:
1° the corporate denomination, registered office and registration number of the société
européenne (SE);
2° the proposed registered office of the société européenne (SE);
3° the proposed articles of the société européenne (SE) including, where appropriate, its
new corporate denomination;
4° any implication the transfer may have on employees' involvement in the société
européenne (SE);
5° the proposed transfer timetable;
6° any rights provided for the protection of shareholders and/or creditors or holders of
securities other than shares.»

«Art. 491-2.
«The transfer proposal shall be published in accordance with (Law of 27 May 2016) «the
108
15276572_3
of commerce and companies and the accounting and annual accounts of undertakings136»,
two months at least before the date of the general meeting called upon to decide on the
transfer proposal.»

«Art. 491-3.
The board of directors or the management board, as applicable, shall draw up a report
explaining and justifying the legal and economic aspects of the transfer and explaining the
implications of the transfer for shareholders, creditors and employees.»

«Art. 491-4.
The shareholders and creditors of the société européenne (SE) shall be entitled, at least one
month before the general meeting called upon to decide on the transfer, to examine, at the
registered office of the société européenne (SE), the transfer proposal, the report drawn up
pursuant to Article 491-3 and on request, to obtain copies of those documents free of
charge.»

«Art. 491-5.
The transfer requires the approval of the general meeting of the société européenne (SE). The
decision of the general meeting shall be passed in accordance with the quorum and majority
rules as prescribed for the amendment of the articles. No decision may be taken for two
months after publication of the proposal pursuant to Article 491-2.»

«Art. 491-6
Creditors of a société européenne (SE) which is transferring its registered office, whose claims
predate the publication of the transfer proposal pursuant to Article 491-2, may,
notwithstanding any agreement to the contrary, within two months of such publication,
apply to the judge presiding the chamber of the Tribunal d'Arrondissement [District Court]
dealing with commercial matters in the district in which the registered office of the debtor
company is located and sitting as in urgency matters, for the constitution of security for
matured or unmatured claims, in case the transfer would have as an effect to jeopardise the
general lien of such creditors or to impede the enforcement of their claims. The president
shall reject such application, where the creditor already has adequate safeguards or if such
security is not necessary having regard to the position of the company after the transfer. The
debtor company may cause the application to be turned down by paying the creditor even if
his claim has not matured.
136 See footnote under Article -100-13 (1).
109
15276572_3
If the security is not provided within the time limit prescribed, the claim shall become
immediately due and payable.»

«Art. 491-7.
Without prejudice to the rules governing the collective exercise of their rights, Article 491-6
shall apply to holders of bonds of the company transferring its registered office, unless the
transfer has been approved by a meeting of the bondholders or by the bondholders
individually. »

«Art. 491-8.
(1) The holders of securities, other than shares, to which special rights are attached, must be
given rights in the company which has transferred its registered office at least equivalent to
those conferred to them in the company prior to such transfer.
(2) Paragraph 1 shall not apply if the alteration to those rights has been approved by a
meeting of such holders passed in accordance with the quorum and majority rules provided
for in Article 491-5.
«(3) In the event the meeting provided for in the preceding paragraph is not convened or, in
case such a meeting refuses the proposed alteration, the securities concerned shall be
repurchased at the price corresponding to their valuation in the transfer proposal and
verified by an independent expert appointed by the management body and chosen among
the réviseurs d'entreprises [statutory auditors].»»

«Art. 491-9.
(1) The minutes of the meeting which resolves on the transfer shall be established as a
notarial deed.
(2) The notary shall verify and certify the existence and legality of the deeds and formalities
incumbent on the company for which he draws up his deed and of the transfer proposal.
(3) The notary shall issue a certificate attesting in a conclusive manner as to the completion
of the acts and formalities which need to be accomplished prior to the transfer.»
110
15276572_3
«Section 2 - The effectiveness of the transfer of the registered office»

«Art. 492-1.
The transfer of the registered office of a société européenne (SE) and the resulting
amendment of its articles shall take effect on the date of registration which in the Grand
Duchy of Luxembourg is carried out at the register of commerce and companies.»

«Art. 492-2.
Where a société européenne (SE) transfers its registered office to the Grand Duchy of
Luxembourg, the registration at the register of commerce and companies may not be
effected until presentation of the certificate issued by the competent authority of the
Member State137 in which the société européenne (SE) previously had its registered office
attesting the conclusive completion of the acts and formalities to be accomplished prior to
the transfer.»

«Art. 492-3.
A société européenne (SE) which has transferred its registered office to another Member
State shall be considered, in respect of any cause of action litigation arising prior to the
transfer as determined pursuant to Article 492-1, as having its registered office in the
Member State where the société européenne (SE) was registered prior to the transfer, even if
the société européenne (SE) is sued after the transfer.»

«Art. 492-4.
The transfer of the registered office of the société européenne (SE) will be effective vis-à-vis
third parties, excluding shareholders, as from the date of the publication of the new
registration of the société européenne (SE). However, as long as the deletion of the
registration from the register for its previous registered office has not been publicised, third
parties may continue to rely on the previous registered office, unless the société européenne
(SE) proves that such third parties were aware of the new registered office.»
111
15276572_3
«Art. 492-5.
When the new registration of the société européenne (SE) has been effected, the registry for
its new registration shall notify the registry for its old registration.
Deletion of the old registration shall be effected on receipt of that notification, but not
before.»

«Art. 492-6.
The new registration and the deletion of the old registration shall be publicised, Articles 100-
11 and 100-13 (Law of 27 May 2016) «as well as the provisions of Title I, Chapter Vbis of the
accounting and annual accounts of undertakings138» being applicable.

«Art. 492-7.
A société européenne (SE) which is subject to proceedings for dissolution, liquidation,
bankruptcy, composition with creditors or other similar proceedings such as suspension of
payments, controlled management or proceedings instituting a special management or
supervision may not transfer its registered office.»

«Title V - Sociétés par actions simplifiées»
(Simplified joint stock companies)

«Art. 500-1.
A société par actions simplifiée is a company whose capital is divided into shares and which is
formed by one or more persons who only contribute a specific amount. It is subject to the
provisions of this Title.
The sole shareholder shall exercise the powers reserved to the shareholders where this title
provides for collective decision-making.
To the extent that they are consistent with the specific provisions of this Title, the rules
regarding sociétés anonymes, except Sections 1 and 2 of Chapter IV of Title IV, subject to the
provisions of Article 500-6, as well as Articles 444-3 to 450-4, 450-8 to 450-10 of this law shall
apply to sociétés par actions simplifiées. For the application of such rules, the powers and
112
15276572_3
duties of the board of directors or of the person(s) entrusted with the day-to-day
management shall be exercised and performed by the president of the société par actions
simplifiée or by the officer(s) who is(are) designated by the articles for that purpose.»

«Art. 500-2.
The société par actions simplifiée may not make a public issue of shares.»

«Art. 500-3.
The articles shall determine the governance rules of the company.»

«Art. 500-4.
The company shall be represented towards third parties and in legal proceedings, either as
plaintiff or as defendant, by a president appointed as provided by the articles. Writs served
on behalf of or upon the company shall be validly served in the name of the company alone.
The president shall be vested with the widest powers to act in all circumstances on behalf of
the company within the corporate object.
With respect to third parties, the company shall even be bound by deeds of the president
which are outsidethe corporate object, unless it proves that the third party knew that the
deed exceeded the corporate object or could not, in view of the circumstances, have been
unaware of it; publication of the articles shall not of itself be sufficient proof thereof.
The articles may provide for the conditions under which one or more persons, other than the
president and which shall have the title of directeur (executive officer), may exercise the
powers entrusted to the president by the present article.
The provisions of the articles of incorporation which limit the powers of the president shall
not be valid vis-à-vis third parties. The directeur (executive officer) shall, towards third
parties, have the same powers as the president.»

«Art. 500-5.
Where a legal entity is appointed as president or directeur (executive officer) of a société par
actions simplifiée, it shall designate a permanent representative to exercise that duty in the
name and for the account of the legal entity.
Such representative shall be subject to the same conditions and shall incur the same civil
The appointment and termination of the position of a permanent representative shall be
subject to the same publicity rules as if he was acting in his own name and for his own
account.»
113
15276572_3
«Art. 500-6.
The president or the directeurs (executive officers) of the société par actions simplifiée shall
not incur any personal obligation by reason of the commitments of the company.
The rules which determine the liability of the members of the board of directors or of the
management board of sociétés anonymes shall apply to the president and to the directeurs
(executive officers) of sociétés par actions simplifiées.»

«Art. 500-7.
The articles shall determine the decisions which must be adopted collectively by the
members and the form and the conditions in which they must be so adopted.
However, the powers and duties reserved to general meetings of sociétés anonymes,
regarding the increase, amortisation or reduction of capital, mergers, demergers, dissolution,
conversion into a company of another form, appointment of commissaires [supervisory
auditors], annual accounts and profits shall be exercised collectively by the members, under
the conditions provided for by the articles.
If the company comprises only one member, his decisions shall be recorded in minutes or
drawn up in writing.»

«Art. 500-8.
Where the president has a direct or indirect financial interest in a transaction to be decided
by him conflicting with that of the company, mention thereof shall be made in the minutes of
the transaction.
Where a directeur or directeurs (executive officer or officers) has(have) a direct or indirect
financial interests conflicting with that of the company, the decision shall be made by the
president. Mention thereof shall be made in the minutes of the decision.
At the next following general meeting, before any other resolution is put to vote, a special
report shall be made on any transactions in which the president may have had an interest
conflicting with that of the company.
These provisions shall not apply to ordinary business entered into under normal conditions.»

«Art. 500-9.
Any transfer of shares in breach of the articles shall be void.»
114
15276572_3
Title VI - Sociétés en commandite par actions
(Corporate Partnerships Limited By Shares)
Art. 600-1.
«A société en commandite par actions is a company established by contract, for a limited or
an unlimited period, between one or more shareholders who are indefinitely and jointly and
severally liable for the obligations of the company and one or more shareholders who only
contribute a specific share of capital.»

«Art. 600-2.
The provisions regarding sociétés anonymes shall apply to sociétés en commandite par
actions subject to the modifications indicated in this Title.
Furthermore, a société en commandite par actions shall not be subject to the provisions
specifically applicable to the «sociétés européennes (SE)»139.»140

[2017/1132/EU art. 26]
«Art. 600-3.
All instruments, invoices, notices, publications, letters, order forms and other documents
issued by sociétés en commandite par actions must contain:
1° the corporate denomination»;
2° the words «société en commandite par actions» reproduced legibly and in full;
4° «the words «Registre de commerce et des sociétés, Luxembourg» or the initials «R.C.S.
Luxembourg» followed by the registration number.» 141
«If the above documents state the capital of the company, that statement shall take into
account any decrease which it may have suffered according to the results of the various
successive balance sheets and shall indicate both the portion not yet paid-up and in the case
of an increase of capital, the portion which, has not yet been subscribed to.
Any change of the registered office shall be published on the (Law of 27 May 2016) «Recueil
électronique des sociétés et associations, such publication to be arranged by the
management.
139 The plural « les sociétés européennes »has been reintroduced by the Law of 7 August 2023.
140 Former article 104 which followed this Article has been repealed by the Law of 12 July 2013.
115
15276572_3
The penalties provided for in Article 462-2 shall apply to any agent acting on behalf of the
company in circumstances where these provisions are not complied with.»

«Art. 600-4.
Bearer shares shall be signed by the managers. Save if otherwise provided for in the articles,
such signatures or one of them may be manual, in facsimile, printed or affixed by means of a
stamp.»
Art. 600-5.
«Management of the company is carried out by one or more managers, who may but need
not be unlimited members, designated in accordance with the articles. (Law of 10 August
2016) «Where one or more managers are legal entities, they shall not be obliged to appoint
an individual as permanent representative.»
The articles may allow the managers to delegate their powers to one or more proxies who
are liable only for the performance of their mandate.
Unless otherwise provided in the articles, each manager may on behalf of the company take
any action necessary or useful to the fulfilment of the corporate object. Any restrictions
provided in the articles with respect to the powers of the managers are not valid vis-à-vis
third parties, even if they are published. However, the articles may authorise one or more
managers to represent the company, either singly or jointly, and a clause to that effect is
valid vis-à-vis third parties subject to the conditions laid down in «Title I, Chapter Vbis of the
accounting and annual accounts of undertakings»142.
The company shall be bound by any acts of the manager(s), even if such acts exceed the
corporate object, unless it proves that the third party knew that the act exceeded the
corporate object or could not, in view of the circumstances, have been unaware of it.
Each manager represents the company vis-à-vis third parties and in legal proceedings, either
as plaintiff or as defendant.
Writs served on behalf of or upon the company shall be validly served in the name of the
company alone.»
Art. 600-6.
«A limited partner may enter into any transaction with the société en commandite par
actions without his capacity as limited partner affecting his rank as unsecured or preferred
142Amended by Article 20, the “catch all” provision of the Law of 27 May 2016. See footnote under Article 100-13
(4).
116
15276572_3
A limited partner shall be jointly and severally liable, vis-à-vis third parties, for any
commitments of the company in which he participated in violation of the prohibition
contained in the foregoing paragraph.
He shall also be jointly and severally liable vis-à-vis third parties for commitments in which he
parties.
advice to the company, to its affiliates or to their managers, the carrying out of any control or
supervisory measures, the granting of loans, guarantees or securities or the giving of any
other type of assistance to the partnership or its affiliates, as well as the giving of any
authorisation to the managers in the cases provided for in the articles, for acts outside their
powers.
The limited partner may act as a member of a management body or as a proxy of a manager
of the company, even if that manager is an unlimited partner, or may execute documents on
the manager’s behalf under the latter’s corporate signature, even acting in the capacity of a
representative of the company, without incurring as a result unlimited and joint and
severable liability for the obligations of the partnership, provided that the capacity in which
he acts as representative is indicated.»
Art. 600-7.
Supervision of the company must be entrusted to at least three commissaires [supervisory
auditors].
Art. 600-8.
The supervisory board may give its opinion on any matters which the managers refer to it
and it may authorise acts which fall outside their powers.
Art. 600-9.
«Subject to any contrary provision of the articles, the general meeting of shareholders shall
adopt and ratify measures affecting the interests of the company vis-à-vis third parties or
amending the articles with the agreement of the unlimited partners only.»
Art. 600-10.
In the event of death, dissolution, legal incapacity, removal, resignation, inability to act,
bankruptcy or other situations of the unlimited partner, if there is no other one and if it has
been provided that the company is to continue to exist, the vacancy shall be filled. Unless
otherwise specifically provided for (Law of 7 August 2023) «in the articles», the judge
presiding the chamber of the Tribunal d’Arrondissement [District Court] dealing with
commercial matters may appoint, at the request of any interested parties, a temporary
administrator, who may but need not be a partner, who shall take all urgent and purely
administrative measures alone, until the resolution of the partners, which this administrator
shall have passed within two weeks following his appointment. The administrator shall be
117
15276572_3
liable only for the performance of his mandate. Any interested party may object to the order;
the objection shall be notified both to the company as well as to the person appointed and to
the person who applied for the appointment. The proceedings regarding the objection shall
be heard as in the urgency court.»

«Title VII - Sociétés à responsabilité limitée»
(Private Limited Companies)
«Chapter I - General Provisions »

«Art. 710-1.
(1) Sociétés à responsabilité limitée are those in which a limited number of members
contribute a specific amount, and the corporate units of which, exclusively represented by
non-negotiable securities, may be transferred only in accordance with the terms and
conditions provided for in this Title.»
[2009/102/EC Art. 2.]
«(2) A société à responsabilité limitée may have one sole member at incorporation or when
all of its corporate units come to be held by a single person (single-member company).
If all of the corporate units are held by a single person, this does not result in the dissolution
of the company. Moreover, the death of the sole member does not result in the dissolution
of the company.»

«Art. 710-2.
«They may be incorporated to pursue any object whatsoever.
However, insurance, capitalisation and savings companies may not be constituted in that
form.» 143

«Art. 710-3.
Sociétés à responsabilité limitée may be incorporated for a limited or unlimited duration.
In the first case, the duration of the company may be successively extended in accordance
with Article 710-26.
143 Neither may credit institutions, see Art. 4 of the Law of 5 April 1993 on the financial sector.
118
15276572_3
In the second case, articles 1865, 5° and 1869 of the Civil Code shall not apply. Application for
dissolution of the company may however be made to the court for just cause. Except in the
case of dissolution by court order, dissolution of the company may take place only pursuant
to a decision adopted by the general meeting in accordance with the conditions laid down for
amendments to the articles.» (Law of 10 August 2016) «Article 1865bis, sub-paragraphs 2 et
seq. of the Civil Code shall apply.»

«Art. 710-4.»
(Law of 10 August 2016) «The number of members shall be limited to one hundred. In case
the number of members exceeds the limit of one hundred for any reason whatsoever, the
company will have to be converted within one year from the time where the limit was
exceeded.»144
«The legal guardian of a minor of age or of an incapacitated person may not, without the
consent of the family council, participate on behalf of the minor or of the incapacitated
person in a private limited company.
The legal representatives may not, even jointly, allocate the assets of a minor of age to a
participation in a société à responsabilité limitée unless authorised to do so by the juge des
tutelles (court of protection).
A company in which the minor of age or the incapacitated person or the person having
authority over them are members, is lawful.»

«Art. 710-5.»
«(1) The corporate capital must be at least 12 000 euros. It shall be divided into corporate
units, with or without mention of value.
Securities may be created which do not represent the corporate capital and are issued to a
specified person and which are referred to by the present law as “parts bénéficiaires” (profit
units). The articles shall specify the rights attaching thereto.
(2) Without prejudice to the possibility of a repurchase of corporate units as decided by the
company with the consent of the relevant members, the corporate capital may be made up
in full or in part by redeemable corporate units, whose redemption terms and conditions
shall be provided for in the articles. The redemption must be authorised by the articles
before the redeemable units have been subscribed for.
(3) The redemption of corporate units cannot result in the nominal value or, as the case may
be, the aggregate accounting par value of the units held by persons other than the company
becoming less than the minimum corporate capital referred to in paragraph 1.
144This sub-paragrah was followed by two sub-paragraphs repealed by the Law of 18 December 1992 and the Law
of 10 August 2016, respectively.
119
15276572_3
(4) The managers of the company may decide not to pay all or part of the distributions due
upon redemption of units if, as a result thereof, the company is likely not to be able to meet
its obligations when these become due. The decision of the managers of the company not to
pay distributions in accordance with the foregoing shall suspend, until otherwise decided by
the managers, the relevant obligation of the company towards the members concerned.
(5) A redemption of corporate units by the company may only be carried out in accordance
with the principle of equal treatment of all the members who are in the same position.
(6) The voting rights and the financial rights attaching to redeemed units shall be suspended
during the period where they are held by the company. The same shall apply if the company
causes its units to be redeemed by a subsidiary undertaking within the meaning of Article
1711-1, paragraph 2. (Law of 7 August 2023) «Redeemed shares are not taken into account
for the calculation of quorums and majorities in meetings or written consultations. »
(7) The articles may authorise the managers to cancel corporate units redeemed by the
company and to decide a corresponding capital reduction. In that case, the managers shall
cause the capital reduction to be recorded by notarial deed. The notarial deed shall be drawn
up within one month of the cancellation and the corresponding capital reduction decided by
the managers.»

«Art. 710-6.»
«(1) The incorporation of a société à responsabilité limitée requires:
1° that the capital be subscribed for in full;
2° that the corporate units be fully paid-up at the time of incorporation of the company.
Where a share premium is provided for, the amount thereof must be fully paid up.
The subscribers to the constitutive instrument shall be deemed to be founders of the
company. However, the constitutive instrument may designate as founder(s) one or more
subscribers who together hold at least one third of the capital of the company. In such case,
the other parties to the instrument who merely subscribe for corporate units for cash
without directly or indirectly receiving any specific advantage shall be regarded as mere
subscribers.
(2) The notary, drawing up the instrument shall verify that these conditions, and those set
out in Article 710-7, paragraph 1 have been satisfied and shall expressly ascertain compliance
therewith.
(3) If relevant, the articles shall determine the terms according to which corporate units may
be subscribed for against a contribution of industry.
Contributions in the form of industry shall not be reflected in the formation of the corporate
capital but shall give rise to the allocation of units entitling to a share in profits and net assets
and participating in losses.
Units allocated against contributions in the form of industry may not be assigned or
transmitted.»
120
15276572_3
«Art. 710-7.
«(1) The instrument constituting the company shall indicate:
1° the identity of the natural or legal person or persons by whom or on whose behalf it has
been signed;
2° the form of the company and its denomination;
3° the registered office;
4° the corporate object;
5° the amount of the subscribed capital;
6° the classes of units, where several classes exist, the rights attaching to each class and
the number of units subscribed for;
7° particulars of each contribution in kind, the conditions on which it is made, the name of
the contributor;
8° the reason for, and the extent of, any special advantages conferred at the time of
incorporation of the company upon any person who participated in its incorporation;
9° if applicable, the number of securities or units which do not represent the stated capital,
as well as the rights attaching thereto, in particular the right to vote at general meetings;
10° insofar as they are not provided for by law, the rules determining the number and
method of appointment of the members of the corporate bodies responsible for
representing the company with regard to third parties, managers, supervision or control
of the company and the allocation of powers among such corporate bodies;
11° the duration of the company;
12° at least the approximate amount of the costs, expenses and remuneration or charges of
whatever form, which are payable by the company or chargeable to it by reason of its
incorporation.
(2) Contributions in kind may be remunerated by units which represent the corporate capital
only if they consist of assets capable of economic assessment, excluding assets consisting of
undertakings to perform work or provide services.
(3) The founders within the meaning of Article 420-16, sub-paragraph 2, and, in the event of
an increase of the corporate capital, the managers, shall be jointly and severally liable
towards all interested parties, notwithstanding any provision to the contrary for:
1° any portion of the capital which will not have been validly subscribed for as well as for
any outstanding balance between the minimum capital required by Article 710-5 and
the amount subscribed for; they shall ipso jure be deemed to be subscribers thereof;
2° the full and complete effective payment of the corporate units and of the portion of the
capital for which they are deemed to be subscribers pursuant to point 1°;
3° the indemnification of any damage which is the immediate and direct result of either the
avoidance of the company by application of Article 100-18 or the omission or
incorrectness of the statements prescribed by paragraph 1.
Any person who enters into a commitment for a third party mentioned by name in the
instrument, either as agents or as surety, shall be deemed to be personally committed if he
121
15276572_3
has no valid mandate or if the commitment is not ratified within two months of the
commitment. The founders shall be jointly and severally liable for such commitments. »

«Art. 710-8.
(…)145 Every société à responsabilité limitée must maintain a register containing completed
and conformed copies:
1° of the constitutive instrument of the company;
2° of the instruments amending said instrument.
A list of the names, professions and addresses of the members, a record of transfers of
corporate units and the date of service or acceptance thereof shall appear thereafter.
Every member may inspect said register.»

«Art. 710-9.»
«If there are several owners of a unit, the company shall be entitled to suspend the exercise
of the rights attaching thereto, with the exception of the right to information provided for in
Article (Law of 7 August 2023) «710-24», until one person is designated as being, vis-à-vis the
company, the owner of the unit.»

[2017/1132/EU art. 26]
«Art. 710-10.»
«All instruments, invoices, notices, publications, letters, order notes and other documents
issued by sociétés à responsabilité limitée must state:
1° the corporate denomination of the company;
2° the words «société à responsabilité limitée» in full or the abbreviation «SARL»
reproduced legibly, placed immediately before or after the corporate denomination;
4° the words «Registre de commerce et des sociétés, Luxembourg» or the abbreviation
«R.C.S. Luxembourg» followed by the registration number.
Articles 462-1, sub-paragraphs 2 and 3, 462-2 and 462-3, shall also apply.»

«Art. 710-11.»
«No corporate units or profit units may be the subject of a public issue.
122
15276572_3
Neither the corporate units nor profit units may be represented by negotiable instruments
whether in registered or bearer form or to order, but only by participation certificates in the
name of a specific person. They may only be transferred in accordance with the substantive
and procedural conditions provided for in the two following Articles.»

«Art. 710-12.»
«(1) Neither corporate units nor profit units with voting rights may be transferred inter vivos
to persons other than members or holders of profit units with voting rights without the
consent given in accordance with Article 710-17 by members representing at least three-
quarters of the corporate units. The articles may however lower this majority down to half of
the corporate units. The same rule shall apply where :
1° an usufruct should be created on corporate units; or
2° the bare-ownership or usufruct on corporate units should be transferred.
A proposed transfer must be notified to the company.
(Law of 7 August 2023) «If approval is refused», the members may within three months of
such refusal acquire the units or cause them to be acquired at a price determined in the
conditions provided for in paragraph 3, unless the transferor abandons the proposed transfer
of his units. The costs of the expert’s report shall be borne by the company. At the request of
the manager, this period may be extended by the judge presiding the chamber of the
Tribunal d’Arrondissement [District Court] dealing with commercial matters and sitting as in
urgency matters, without the extension being able to exceed six months.
(Law of 7 August 2023) «Unless the transferor renounces to the transfer of his shares, the
Company may also within the same period decide to repurchase such member’s units at the
price determined in accordance with paragraph 3, with or without a reduction of capital. »
Payment terms of up to two years may be granted by court decision to the company if it can
provide grounds to justify such terms. The amounts due shall bear interest at the legal rate in
commercial matters.
If none of the solutions provided for in sub-paragraphs 3 and 4 above complete before the
expiry of the relevant period, the member may carry out the initially proposed transfer.
(2) The full or bare ownership of corporate units and profit units with voting rights may not
be transmitted by reason of death to persons, other than members or holders of profit units
with voting rights, without the approval (Law of 7 August 2023) « given in accordance with
Article 710-17 by» members representing at least three-quarters of the corporate units
owned by the survivors. The articles however may reduce this majority down to half of the
corporate units owned by the survivors.
Unless otherwise provided for by the articles, no approval shall be required where the units
are transferred either to heirs compulsorily entitled to a portion of the estate or to the
surviving spouse or partner and, insofar as the articles so provide, to other legal heirs.
Heirs or beneficiaries of last will provisions or contractual instruments affecting the estate
who have not been approved and who have not found a transferee fulfilling the requisite
conditions may cause the company to be prematurely dissolved, three months after giving
123
15276572_3
formal notice, served on the manager by process-server and notified to the members by
registered mail.
However, during the said period of three months, the corporate units and the profit units
with voting rights of the deceased may be acquired either by the members, subject to the
requirements of the last sentence of sub-paragraph 1 of Article 710-26, or by a third party
approved by them, or by the company itself.
The repurchase price of the corporate units or profit units with voting rights shall be
calculated on the basis of the average balance sheet for the last three years and, if the
company has not been operating for three financial years, on the basis of the balance sheet
of the last year or of the last two years.
If no profit has been distributed, or if no agreement is reached as to the application of the
basis for repurchase referred to in the foregoing sub-paragraph, the price shall, in the event
of disagreement, be determined by the courts.
(Law of 7 August 2023) «The exercise of the rights attached » to the corporate units and the
profit units carrying voting rights of the deceased shall be suspended until the transfer of
such rights has become valid vis-à-vis the company.
(3) The terms and conditions of the repurchase shall be determined by the articles. In the
event of disagreement between the parties as to the transfer price, it shall be determined by
the judge presiding the chamber of the Tribunal d’Arrondissement [District Court] dealing
with commercial matters and sitting as in urgency matters. The value of the units shall be
determined as at the day of notification of the transfer in the event of a transfer inter vivos
and as at the day of death in the event of a transmission by reason of death.
(4) For the purposes of paragraphs 1 and 2, where profit units with voting rights have been
issued, they shall be counted as if they were corporate units and their holders shall benefit
from the same rights as members.
(5) Any clause contrary to the provisions of this Article shall be deemed to be unwritten.»

«Art. 710-13.
Transfers of corporate units must be recorded by a notarial instrument or by a private
document.»
«Transfers shall not be valid vis-à-vis the company or third parties until they shall have been
notified to the company or accepted by it in accordance with the provisions of Article 1690 of
the Civil Code.»

«Art. 710-14.
Sociétés à responsabilité limitée shall be managed by one or more agents, who may but are
not required to be members and who may receive a salary or not.
They shall be appointed by the members, either in the constitutive instrument or in a
subsequent instrument, for a limited or undetermined period. Unless otherwise provided for
124
15276572_3
in the articles, they may be removed, regardless of the method of their appointment, for
legitimate reasons only. »

[2017/1132/EU art. 9]
«Art. 710-15.»
«(1) Each manager may take any actions necessary or useful to realise the corporate object,
with the exception of those reserved by law or the articles to be decided upon by the
members. Subject to sub-paragraph 4, the articles may however provide that in case of
several managers, these shall form a board.
Each manager shall represent the company vis-à-vis third parties and in legal proceedings,
either as plaintiff or as defendant.
Writs served on behalf of or against the company shall be validly served in the name of the
company alone. Any limitations to the powers granted to the managers by the preceding
sub-paragraphs and resulting either from the articles or from a decision by the competent
corporate bodies, shall not be valid vis-à-vis third parties, even if they have been published.
However, the articles may authorise one or more managers to represent the company in any
instruments or in legal proceedings, either alone or jointly. That clause shall be valid vis-à-vis
third parties subject to the conditions laid down in Title I, Chapter Vbis of the amended Law
annual accounts of undertakings146.
(2) Decisions of the board of managers may be made, if permitted by the articles, by
unanimous written consent of the members of the board.
Decisions adopted in accordance with that procedure shall be deemed to have been adopted
at the registered office of the company.
(3) In the event a board of managers has been established, and unless otherwise provided for
by the articles, for the calculation of quorum and majority, the managers participating in the
meeting of the board of managers by video conference or by telecommunication means
permitting their identification are deemed to be present. Such means shall satisfy technical
characteristics which ensure an effective participation in the meeting of the board, whose
deliberations shall be online without interruption.
The meeting held at a distance by way of such communication means shall be deemed to
have taken place at the registered office of the company.
(4) The day-to-day management of the business of the company and the power to represent
the company with respect thereto may be delegated to one or more managers, officers and
other agents, who may but are not required to be shareholders, acting either alone or jointly.
125
15276572_3
valid vis-à-vis third parties, even if they are published.
persons acting either alone or jointly shall be valid vis-à-vis third parties under the conditions
referred to in Title I, Chapter Vbis of the amended Law of 19 December 2002 on the register
of commerce and companies and the accounting and annual accounts of undertakings147.
The delegation to a manager shall entail the obligation for the managers to report each year
to the general meeting or to the members on the salary, fees and any advantages granted to
the delegate.
The liability of persons entrusted with day-to-day management for such management shall
be governed by the general rules on mandates.
(5) The company shall be bound by any acts of the managers, the manager authorised to
represent it in accordance with paragraph 1, sub-paragraph 4, or the person entrusted with
day-to-day management, even if such act exceed the corporate object, unless it proves that
the third party knew that the acts exceeded the corporate object or could not, in view of the
circumstances, have been unaware of it, without the mere publication of the articles being
sufficient to constitute such proof148.
(6) Articles 441-7 and 444-6 apply to managers.»

«Art. 710-16.
The managers shall be liable in accordance with Article 441-9.»

«Art. 710-17.
Resolutions of members shall be adopted at general meetings.»
(Law of 10 August 2016) «Except in the event of amendments to the articles, the holding of
general meetings shall not be compulsory where the number of members does not exceed
sixty. In such case, each member shall receive the precise wording of the text of the
resolutions or decisions to be adopted and shall give his vote in writing.»

148 The transitory provisions of the Law of 10 August 2016 (Art. V. 3)) erroneously refer to this paragraph (5) as
follows: «Companies which, at the time of entry into force of the present law, had a management body named
“management committee”, must within [24 months from 23 August 2016] comply with the provisions of Articles
60-1, 60-2 and 191bis, paragraph (5) [today : art. 441-11, 441-12 and 710-15,paragraph (5)] of the amended Law
of 10 August 1915 on commercial companies.» Initially Bill of Law 5730 provided for a paragraph (5) within Article
191bis [today :art. 710-15], the purpose of which was to organise a management committee for sociétés à
responsabilité limitée and this is the provision that was then referred to by the transitory provisions in the bill of
law. That paragraph (5) was deleted by a parliamentary amendment (Bill of Law 57305, pp. 66-67) following
comments by the Conseil d’État (Bill of Law 57304, pp. 35-36) resulting also in paragraph (6) of the bill of law
becoming paragraph (5).
126
15276572_3
«Art. 710-18.
No decision shall be validly adopted in the two cases envisaged in the foregoing Article unless
it has been adopted by members representing more than half of the corporate capital.
Unless otherwise provided for in the articles, if that figure is not reached at the first meeting
or first written consultation, the members shall be convened or consulted a second time, by
registered letter, and decisions shall be adopted by a majority of the votes cast, regardless of
the portion of capital represented149.»

«Art. 710-19.»
«Notwithstanding any provision to the contrary in the articles, every member shall be
entitled to take part in the resolutions. Each member shall have a number of votes equal to
the number of corporate units held by him.
The articles may provide that the managers may suspend the voting rights of each member in
default of his obligations under the articles or his deed of subscription or deed of
commitment.
Each member, in his personal capacity, may undertake not to exercise all or part of his voting
rights for a period of time or indefinitively. Such an undertaking binds the waiving member
and will bind the company upon notification thereof to it.»
«Units in respect of which voting rights have been suspended in this manner and units in
respect of which the member has notified the company of a waiver of voting rights shall not
be taken into account when calculating the quorum and majorities in general meetings or
when determining whether written resolutions have been validly adopted. »

«Art. 710-20.
(1) The exercise of voting rights may be the subject of agreements among members.
However, the following shall be void:
1° agreements which are in violation of the provisions of the present law or are contrary to
the corporate interest;
2° agreements by virtue of which a member undertakes to vote in accordance with the
directions given by the company, by a subsidiary or by any of the corporate bodies of
such companies;
3° agreements by virtue of which a member undertakes towards those same companies or
those same corporate bodies to approve the proposals from the corporate bodies of the
company.
149
See footnote under Article 420-22 (1) in case of conversion of share capital expressed in one of currencies of
one of the member states of the European Community having adopted the common currency into euro.
127
15276572_3
(2) Votes cast in a general meeting or in the written procedure provided for in Article 710-17,
sub-paragraph 2, pursuant to the agreements referred to in paragraph 1, sub-paragraph 2,
shall be void. Such votes shall invalidate any resolution passed unless they have no impact on
the result of the vote.
The action for nullity shall lapse six months after the vote.»

«Art. 710-21»
«(1) In companies with more than sixty members, at least one annual general meeting must
be held each year at the time determined in the articles.
Other general meetings may always be convened by the manager or managers, failing which
by the supervisory board, if it exists, failing which by members representing more than half
the capital.»
«(2) If provided for by the articles, the members participating in the meeting by video
conference or by telecommunication means permitting their identification are deemed
present for the calculation of quorum and majority. Such means shall satisfy technical
characteristics which ensure an effective participation in the meeting whose deliberations
shall be online without interruption. (…)150
Where, in accordance with the sub-paragraph above, the meeting is held with members who
are not physically in attendance, the meeting shall be deemed to take place at the registered
office of the company.
(3) The articles may authorise any member to cast its vote by mail, by means of a voting form
the mentions of which shall be laid down in the articles.
Voting forms which indicate neither the direction of a vote nor an abstention shall be void.
For the calculation of the quorum, only those voting forms shall be taken into account which
have been received by the company prior to the general meeting, within the period provided
for by the articles.
An attendance list shall be drawn-up at each general meeting.»

«Art. 710-22.
Where there is more than one class of corporate units and the resolution of the general
meeting is such as to change the respective rights thereof, the resolution must, in order to be
valid, fulfil the conditions as to attendance and majority laid down in Article 710-26 with
respect to each class.»
150 Sentence repealed by the Law of 7 August 2023.
128
15276572_3
«Art. 710-23.
Each year, management must prepare an inventory indicating all the movable and
immovable assets of and all debts owed to and by the company, with an annex summarising
all its commitments, and the debts of the managers, commissaires [supervisory auditors] and
members towards the company.
Management prepares the balance sheet and the profit and loss account in which the
necessary depreciation charges must be made.
The balance sheet shall separately mention fixed assets and the current assets and, on the
liability side, the debts of the company towards itself, bonds, indebtedness secured by
mortgages or pledges and indebtedness without the benefit of securities on assets. It shall
specify on the liability side the amount of the indebtedness towards members.
Each year, at least one-twentieth of the net profits shall be allocated to the creation of a
reserve; the allocation shall cease to be compulsory when the reserve has reached an
amount equal to one-tenth of the corporate capital, but shall again become compulsory if
the reserve falls below such one-tenth.
The balance sheet and profit and loss account shall be submitted to the members for
approval who shall vote specifically as to whether discharge is to be given to the
management and the members of the supervisory board, if any.»

«Art. 710-24.
Every member, either personally or through an appointed agent, may obtain communication
at the registered office of the inventory, the balance sheet and the report of the supervisory
board set-up in accordance with Article 710-27.»
(Law of 10 August 2016) «In companies with more than sixty members, such communication
shall be permitted only during the fifteen days preceding the said general meeting.»
«The right to communication of documents also belongs to each of the co-owners of jointly
held units, to the bare-owner and to the usufructuary of corporate units and profit units.»

«Art. 710-25.
(1) «No interim dividends may be paid unless the articles authorise the managers to do so.
Any such payment shall in addition also be subject to the following conditions151:
1° interim accounts shall be drawn up showing that the funds available for distribution are
sufficient;
2° the amount to be distributed may not exceed total profits made since the end of the last
financial year for which the annual accounts have been approved, plus any profits
151Articles 53 and 72ter of the Law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings set out in Annex I which contain further limitations may also be
relevant.
129
15276572_3
carried forward and sums drawn from reserves available for this purpose, less losses
carried forward and any sums to be placed to reserve pursuant to the requirements of
the law or of the articles;
3° the decision of the managers to distribute an interim dividend may not be taken more
than two months after the date at which the the interim accounts referred to under
point 1° above have been drawn up;
4° the commissaire [supervisory auditor] or the réviseur d'entreprises [statutory auditor], if
any, shall verify whether the above conditions have been satisfied.
(2) Where the payments on account of interim dividends exceed the amount of the dividend
subsequently decided upon by the members, they shall, to the extent of the overpayment,
be deemed to have been paid on account of the next dividend.»

«Art. 710-26.»
«Unless otherwise provided for in the articles, the members representing three-quarters of
the corporate capital may amend any provisions of the articles. However, the commitments
of the members may be increased only with the unanimous consent of the members.
The articles may authorise the managers to transfer the registered office of the company
from one municipality to another or within the same municipality and to amend the articles
accordingly.
The provisions of Article 420-22, paragraph 2 et seq. shall apply provided that the corporate
units so issued are issued to the existing members or to third parties who have been
approved in accordance with the provisions of Article 710-12.»

«Art. 710-27.
(Law of 10 August 2016) «In all sociétés à responsabilité limitée with more than sixty
members, supervision of the company must be entrusted to a supervisory board comprising
one or more commissaires [supervisory auditors], who may or may not be members.
The board shall be appointed in the constitutive instrument of the company. It shall be
subject to re-election at the times specified in the articles.
The powers of the members of the supervisory board and their responsibility shall be
determined in accordance with Article 443-2, sub- paragraphs 1 and 3.»
(Law of 28 December1992)
[2009/102/EC Art. 4]
«Art. 710-28. »
«Article 710-12, Articles 710-18 to 710-21, paragraph 1, sub-paragraph 1, Article 710-22 and
Article 710-26, sub-paragraph 1, are not applicable to companies with one sole member.»
130
15276572_3
[2009/102/EC Art. 4 and 5]
«Art. 710-29.
The sole member exercises the powers of the general meeting.
The decisions of the sole member which are taken in the scope of the first sub-paragraph are
recorded in minutes or drawn-up in writing.
Also, contracts entered into between the sole member and the company represented by him
are recorded on minutes or drawn-up in writing. This provision is not applicable to current
operations entered into under normal conditions.»

«Art. 710-30.
An action for recovery of dividends not corresponding to profits actually earned may be
taken against the members who have received them. The action for recovery shall prescribe
five years after the date of distribution.»

«Art. 710-31.
Unless otherwise provided in the articles, the company shall not be dissolved by the fact that
any of its members becomes subject to such order of restraint or is declared bankrupt, or his
insolvency or death.
Article 812-10 shall apply to sociétés à responsabilité limitée.»
«Chapter II - Specific provisions applicable to the société à responsabilité

limitée simplifiée »

«Art. 720-1.
The provisions concerning the société à responsabilité limitée are applicable to the sociétés à
responsabilité limitée simplifiées except for the modifications provided in this Chapter».

«Art. 720-2.
(1) On pain of nullity, only natural persons may be members of a société à responsabilité
limitée simplifiée.
(2) A natural person may not at the same time be a member in more than one société à
responsabilité limitée simplifiée, unless the units are transferred to him by reason of death.
The natural person who is a member of a société à responsabilité limitée simplifiée will be
deemed to be a joint surety of the obligations of any other société à responsabilité limitée
simplifiée of which such person subsequently became a member to the extent these
obligations originated after such person became a member thereof, unless the units are
transferred to him by reason of death.
131
15276572_3
Such natural person will no longer be deemed to be the joint surety of the obligations of the
companies referred to in the preceding paragraph from the moment the provisions of this
Chapter are no longer applicable or the dissolution of those companies has been published. »

«Art. 720-3.
The corporate object of the société à responsabilité limitée must be within the scope of
application of the amended law of 2 September 2011 regulating the access to the professions
of craftsman, merchant, manufacturer and certain liberal professions. »

«Art. 720-4.
The corporate capital must be comprised between 1. euro and 12,000. euros.
The contribution of the members to the company must take the form of contributions in cash
or contributions in kind.
Each year, at least one twentieth of the net profit shall be allocated to the creation of a
reserve; this allocation shall cease to be compulsory when the amount of the capital
increased by such reserve has reached the amount referred to in Article 710-5. »

«Art. 720-5.
Sociétés à responsabilité limitée simplifiées must feature, after their corporate denomination,
the mention « société à responsabilité limitée simplifiée » or the abriged form, «SARL-S ». On
the document referred to in Article 710-10, the mention « société à responsabilité limitée
simplifiée » or «SARL-S » must be reproduced legibly. »

«Art. 720-6.
The managers must be natural persons. »
Title VIII - Sociétés coopératives

(Co-operative Societies)
«Chapter I - On sociétés coopératives in general»152
Section 1 - On the nature and incorporation of sociétés coopératives
Art. 811-1.
A société coopérative is a company made up of members the number and the contributions
of which are variable and the corporate units of which may not be sold to third parties.
152 Title introduced by Law of 10 June 1999.
132
15276572_3
(Law of 10 August 2016) «It is with limited or unlimited liability.»
Art. 811-2.
«A société coopérative must be made up of at least two persons.
It shall be managed by one or more agents, who may or may not be members and who shall
only be liable for the performance of the duties entrusted to them.
A société coopérative which has not adopted the form of a société coopérative européenne
(SEC) may opt for one of the governance models provided in Articles 833-1 to833-19.
The supervision of the company shall be entrusted to one or more commissaires [supervisory
auditors], who may or may not be members.»
Art. 811-3.
«(1) The constitutive instrument of the company must determine the following items:
1° the corporate denomination of the company and its registered office;
2° the object of the company;
3° whether the company is with limited or unlimited liability;
4° the manner in which the corporate capital is or will subsequently be made up, and the
minimum amount to be subscribed for immediately. In sociétés coopéeratives with
limited liability, the articles must determine the fixed portion of the capital.
(2) In addition to cases of breach of Article 100-4, a société coopérative may be declared void
only in the following cases:
1° if the constitutive instrument does not contain any indication on the items listed in
paragraph 1;
3° if there is not at least one founder who is validly committed;
4° if, within one year from the time where the number of members fell to less than two,
the company has not increased the number of members to a number equal to or greater
than two.
deemed not to be written.»
Art. 811-4.
The instrument shall also indicate:
1° «The duration of the company, which may be limited or unlimited.
In the former case, the duration of the company may be successively extended in
accordance with the conditions of Article 450-3.
133
15276572_3
In the latter case, Articles 1865, 5° and 1869 of the Civil Code shall not apply. Application
for dissolution of the company for just cause may however be made to the court. Except
in the case of dissolution by court order, dissolution of the company may take place only
pursuant to a resolution adopted by the general meeting in accordance with the
conditions laid down for amendments to the articles.» (Law of 10 August 2016) «Article
1865bis, sub-paragraph 2 et seq. of the Civil Code shall also apply;»
2° the conditions for admission to, and resignation from, membership and for exclusion of
members and withdrawal of contributions;
3° «how and by whom the business of the company is to be managed and controlled and, if
appropriate, the method of appointment and removal of the(…) 153 , directors,
commissaires [supervisory auditors] or réviseurs d’entreprises agréés [approved
statutory auditors], the extent of their powers and their term of office;»
4° the powers of the general meeting, the rights conferred upon members thereat, the
procedure for convening meetings, the majority required for the validity of resolutions
and the procedures for voting;
5° the sharing in profits and losses;
6° (Law of 10 August 2016) «a precise designation of the members.»
Art. 811-5.
In the absence of provisions regarding the matters set out in the foregoing Article, the
following provisions shall apply:
1° (Law of 10 August 2016) «the company shall be incorporated for an unlimited
period154;»
2° «members may only be excluded from the company in the case of non-performance of
the contract; the general meeting shall declare exclusions and shall authorise
withdrawals of contributions»;
«3° the company shall be managed by a director and supervised by a commissaire
[supervisory auditor] or shall be subject to a statutory audit of its accounts by a réviseur
d’entreprises agréé [approved statutory auditor] which shall be appointed, removed and
which shall deliberate, in the same manner as in a société anonyme;»
4° all members may vote at the general meeting; they shall have equal votes; convening
notices shall be in the form of registered letters, signed by management; the powers of
153Terms deleted by the Law of 10 August 2016.

154In accordance with Article V, paragraph 2) of the Law of 10 August 2016, sociétés coopératives incorporated
before the entry into force of this law (i.e. 23 August 2016) shall benefit, in the absence of provisions in the
articles regarding their duration, from the provision contained in Article 811-5..
134
15276572_3
the meeting shall be determined and its resolutions shall be adopted in accordance with
the rules provided for sociétés anonymes155;
5° profits and losses shall be shared each year, as to one-half in equal parts between the
members and as to one-half in proportion with their respective contributions;
6° all members shall be indefinitely and jointly and severally liable.

«Art. 811-6.
«(1) The subscribers to the constitutive instrument shall be deemed to be founders of the
company. However, the constitutive instrument may designate as founder(s) one or more
subscribers who together hold at least one third of the fixed portion of the corporate capital.
In that case, the other parties to the instrument who merely subscribe for corporate units for
cash and are not directly or indirectly granted any special advantage shall be regarded as
mere subscribers.
(2) The founders of a société coopérative with limited liability shall be jointly and severally
liable towards all interested parties, notwithstanding any provision to the contrary for:
1° the fixed portion of the corporate capital which will not have been validly subscribed for
and any outstanding balance between the minimum amount of capital determined in
accordance with Article 811-3, paragraph 1, point 4° to be immediately subscribed for,
and the amount actually subscribed for; they shall ipso jure be deemed to be the
subscribers thereof;
2° the indemnification of any damage which is the immediate and direct result of either the
avoidance of the company, or the omission or incorrectness in the constitutive
instrument of the statements prescribed by Article 811-3, paragraph 1.
(3) Each person who enters into a commitment for a third party mentioned by name in the
instrument, either as agent or as surety shall be deemed to be personally committed if such
person has no valid mandate or the commitment is not ratified within two months of it
having been given.
The founders shall be jointly and severally liable for such commitments.»
Art. 811-7.
Every société coopérative must keep a register containing on the first page thereof the
constitutive instrument of the company, and indicating thereafter:
1° the names, professions and addresses of society members;
2° the date of their admission, resignation or exclusion;
3° a statement of account of the sums paid or withdrawn by each of them;
155See footnote to Article 420-22 (1) in case of conversion of share capital expressed in one of currencies of one
of the member states of the European Community having adopted the common currency into euro.
135
15276572_3
«4° the date of audits carried out and the names of the commissaires [supervisory auditors]
or réviseurs d’entreprises agréés [approved statutory auditors].»156
Statements as to withdrawals of contributions shall be signed by the society member who
made them.
Section 2 - Changes in membership and in the corporate fund
Art. 812-1.
The status of society member as well as the number of corporate units for the time being
held by any member shall be evidenced, without prejudice to any other means of evidence
under commercial law, by the affixing of their signature, against their name, preceded by the
date, in the register of the company.

«Art. 812-2.
Members are always entitled to resign under the conditions and on the terms which may be
provided for in the articles. They may resign only during the first six months of the company’s
financial year.»
Art. 812-3.
The resignation shall be evidenced by indication of that fact on the member's certificate and
on the register of the company, against the name of the resigning member.
Such indications shall be dated and signed by the member and by a director.
Art. 812-4.
If the directors refuse to record the resignation or if the resigning member does not know
how or is unable to sign, the said resignation shall be recorded at the registry (greffe) of the
magistrate court (justice de paix) of the registered office.
The registrar shall prepare an affidavit and give notice thereof to the company by registered
letter to be sent within twenty-four hours.
The affidavit shall be on unstamped paper and shall be registered free of charge.
Art. 812-5.
The exclusion from the company shall be recorded in a memorandum prepared and signed
by a director. The memorandum shall describe the facts which confirm that the exclusion was
ordered in accordance with the articles : it shall be transcribed in the register of members of
the company and a conformed copy thereof shall, within two days, be forwarded to the
excluded member by registered letter.
156
The second and third paragraphs provided initially by this Article have been abrogated by the law of 10 August
2016.
136
15276572_3
«Art. 812-6.
The resigning or excluded member may not cause the company to be liquidated.
Unless the articles provide differently, he is entitled to receive only the par value of his
corporate units. In no circumstances can any part of the balance sheet which represents
public funds granted to the société coopérative be distributed to him. If it results from the
balance sheet of the financial year during which the resignation was given or the exclusion
has occurred, that the value of the corporate units is below their par value, the rights of the
member will be reduced in that proportion.»
Art. 812-7.
In the event of the death or bankruptcy of a member or of a composition with his creditors,
the insolvency of a member or if he is subject to an order of restraint, his heirs, creditors or
representatives shall receive his share in accordance with Article 812-6.
They may not cause the company to be liquidated.
Art. 812-8.
Any resigning or excluded member shall remain personally liable, within the limits of his
commitment and for a period of five years from publication of his resignation or exclusion,
except where a shorter prescription period is provided for by law, for all obligations entered
into before the end of the year during which his withdrawal was published.
The same rules shall apply in the circumstances provided for in Article 812-7.
Art. 812-9.
«In addition to corporate units representing the corporate capital, securities not representing
the corporate capital may be created and shall be referred to by this law as “profit units”.
The articles shall specify the rights attaching thereto.
The corporate units or profit units in a société coopérative are in registered form. They shall
bear a serial number.
The issue of bonds and the rights attaching thereto shall be determined by the articles.»
Art. 812-10.
The personal creditors of a member may only arrest the interest and dividends to which he is
entitled and the portion of the assets allotted to him upon dissolution of the company.
Section 3 - Measures in the interest of third parties
Art. 813-1.
Each year, at the time determined in the articles, management shall prepare an inventory
and the balance sheet and the profit and loss account in the form laid down in Article 461-1.
A reserve shall be constituted in the manner laid down in that Article.
137
15276572_3
Art. 813-2.
All instruments, invoices, notices, publications and other documents issued by sociétés
coopératives, the corporate denomination of the company must appear immediately
preceded or followed by the following words, written legibly and in full: «Société
coopérative»157.
Art. 813-3.
Any agent acting on behalf of a société coopérative in an instrument in respect of which the
requirements of the foregoing Article are not fulfilled may, depending on the circumstances,
and in case of default by the company itself, be declared personally liable for the
commitments entered into therein by the company.

«Art. 813-4.
The annual accounts, as defined by the amended Law of 19 December 2002 concerning the
undertakings shall be filed within one month of their approval at the register of commerce
and companies158. »
Art. 813-5.
The persons managing the company must lodge at the «register of commerce and
companies»every six months a list, in alphabetical order, of the names, professions and
addresses of all members, dated and certified as being true and correct by the signatories.
The signatories shall be liable for any incorrect information in the said lists.

«Art. 813-6.
Within one month days of their appointment, the managers must lodge at the register of
commerce and companies, an extract of the instrument recording their appointment and
their powers.
They must appear in person at the register of commerce and companies to record their
signature or forward to the register of commerce and companies a notarised form thereof.»
Art. 813-7.
The public shall be allowed to inspect the lists of members, the instruments conferring
management powers and the «annual accounts» free of charge. Any person may request a
copy thereof, on unstamped paper, against payment of the «administrative costs».159
158 Article 26(1) of the Law of 19 December 2002 on the register of commerce and companies and the accounting
and annual accounts of undertakings provides that the annual accounts comprise the balance sheet, the profit
and loss account and the notes to the accounts.
159 Both changes result from the Law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings.
138
15276572_3
Art. 813-8.
Sociétés coopératives may form federations in order to jointly pursue, in full or in part, the
objects provided for in their articles or in order to ensure the fulfilment of their obligations
under the laws and regulations applicable to them.
Federations shall constitute a legal entity distinct from that of the societies comprised
therein.
They shall be subject to the provisions applicable to sociétés coopératives, except that the
said provisions may be supplemented or amended by government regulations, to the extent
they apply to federations.
Art. 813-9.
«Article 69, paragraphs 1, 2 and 4 of the amended Law of 19 December 2002 on the register
of commerce and companies and the accounting and annual accounts of undertakings is
applicable.
The institution of the commissaires [supervisory auditors] provided for in Articles 811-2, 811-
4, point 3°, and 811-5, point 3°, shall not apply to those coopératives whose annual accounts
are audited by a réviseur d’entreprises agréé [approved statutory auditor] in accordance with
the first sub-paragraph.»
In the event of infringement of the provisions regarding the auditing, the directors of the
federations and of the companies shall be personally and jointly and severally liable for any
damage resulting from such infringement.
«Chapter II - Sociétés coopératives organised as sociétés anonymes

«Art. 820-1.
(1) The société coopérative may also be organised as a société anonyme.
(2) The société coopérative organised as a société anonyme is subject to the provisions
concerning sociétés coopératives except for the amendments contained in this Chapter.
(3) The société coopérative organised as a société anonyme is also subject to the provisions
concerning sociétés anonymes contained in this law except for the amendments contained in
this Chapter.»
«It shall not be subject to the provisions specifically applicable to the «sociétés européennes
(SE)»160.»161
160 The plural « sociétés européennes » has been reintroduced by the Law of 7 August 2023.
161 This paragraph (3) was followed by a paragrah (4) repealed by the Law of 10 August 2016.
139
15276572_3
«Art. 820-2.
The capital of a société coopérative organised as a société anonyme is made up of shares. All
references to «corporate units» in the Chapter I of this Title are deemed to be references to
«shares» to the extent the provisions of Chapter I apply to the société coopérative organised
as a société anonyme and to the extent the two terms are used with the same meaning.»

«Art. 820-3.
Article 100-4, sub-paragraph 2 does not apply to the société coopérative organised as a
société anonyme.»

«Art. 820-4.
(1) Without prejudice to the provisions of Article 820-5, paragraph 1, Article 410-1 does not
apply to the société coopérative organised as a société anonyme.
(2) Article 420-1, paragraph 1, points 2°, 3° and 4°, and paragraph 2 do not apply to the
société coopérative organised as a société anonyme.
The incorporation of a société coopérative organised as a société anonyme requires in
addition to what is mentioned in Article 420-1, paragraph 1, point 1°, the immediate
subscription of the corporate fund specified in the corporate deed.
(3) Articles 420-10 to 420-13 are not applicable to the société coopérative organised as a
société anonyme.
(4) Article 420-15, points 5°, 8°, 9°, 10°, and 14°, does not apply to the société coopérative
organised as a société anonyme.
Instead of the provisions set out in Article 420-15, points 6° and 7°, the corporate deed shall
indicate:
1° the manner in which the corporate fund is or will subsequently be made up, and the
minimum amount to be subscribed for immediately; and
2° the number of shares subscribed to, the category of shares if more than one category
exists, and the rights of each of such categories.
The corporate deed shall in addition indicate the conditions for admission to, and resignation
from, membership and for exclusion of the members and withdrawal of contributions.
(5) Articles 420-16 to 420-27 are not applicable to the société coopérative organised as a
société anonyme.
(6) (Law of 10 August 2016) «In Article 430-1, paragraph 1, sub-paragraph 1, the shares
mentioned are only registered or dematerialised shares in the société coopérative organised
as a société anonyme.
In Article 430-1, paragraph 1, sub-paragraph 2, the profit units mentioned may be in
registered, bearer or dematerialised form in case of a société coopérative organised as a
société anonyme.
Article 430-1, paragraph 1, sub-paragraph 3, is not applicable to a société coopérative
organised as a société anonyme.»
140
15276572_3
(7) Articles 430-3 and 430-4 are not applicable to the société coopérative organised as a
société anonyme.
(8) For a société coopérative organised as a société anonyme, articles 430-5 and 430-6 will
only apply to profit units and similar securities referred to in paragraph 6 above.
(9) Article 430-8 does not apply to the société coopérative organised as a société anonyme.162
(10) (Law of 10 August 2016) «Article 430-10, paragraph 1, shall apply except in the case of
deliberations on a reduction of capital.»
(11) Article 430-12 does not apply to the société coopérative organised as a société anonyme.
(12) Articles 430-14 to 430-23 do not apply to the société coopérative organised as a société
anonyme.
anonyme.
anonyme.
(15) In Article 462-1, sub-paragraph 1, point 2°, the reference to «société anonyme» is
replaced by «société coopérative organisée comme une société anonyme».»

«Art. 820-5.
(1) (Law of 10 August 2016) «Articles 811-2 to 811-5 are not applicable to the société
coopérative organised as a société anonyme.»
(2) Any member may consult the register referred to in Article 811-7. (…)163
(3) The second sentence of Article 812-2 does not apply to the société coopérative organised
as a société anonyme.
(4) Articles 812-8 and 813-1 to 813-7 do not apply to the société coopérative organised as a
société anonyme.
(5) Article 813-8 will apply both to the sociétés coopératives and the sociétés coopératives
organised as a société anonyme.»

«Art. 820-6.
Title XIV - Rights Of Action And Prescription Periods and Title XV - . - Criminal Law Provisions
are applicable to the société coopérative organised as a société anonyme.»164

«Art. 820-7.
(1) Title X, Chapter II - Mergers applies to the société coopérative organised as a société
anonyme subject to the following provisions.
162 Two paragraphs following this paragraph 9 were repealed by the Law of 10 August 2016.
164 Former article 137-7 which followed this Article has been repealed by the Law of 23 July 2016.
141
15276572_3
(2) A société coopérative organised as a société anonyme may not acquire by way of merger a
société anonyme or a société coopérative organised as a société anonyme unless the
shareholders or members of such other company fulfil the conditions required to become a
member of the acquiring company.
(3) In sociétés coopératives organised as sociétés anonymes, each member has the right,
notwithstanding any provision to the contrary of the articles, to withdraw at any time during
the financial year and without having to satisfy any other condition, upon the calling of the
general meeting for the purpose of resolving on the merger of the company with an
acquiring company having the form of a société anonyme.
The withdrawal must be notified to the company by registered mail deposited at the post
five days at least before the day of the meeting. It will only be effective if the merger is
approved.
The notices to the general meeting will contain the text of paragraphs 1 and 2 of this
paragraph.
(4) The provisions of paragraphs 2 and 3 of apply to the merger by incorporation of a new
company.»

«Art. 820-8
(1) Title X, Chapter III - Division applies to the société coopérative organised as a société
anonyme subject to the following provisions.
(2) A société coopérative organised as a société anonyme may not participate in a division as
a recipient company unless the shareholders or members of the company being divided fulfil
the conditions required to become a member in the recipient company.
(3) In sociétés coopératives organised as a société anonyme, each member has the right,
notwithstanding any provision to the contrary of the articles, to withdraw at any time during
the financial year and without having to satisfy any other condition, upon calling of the
general meeting for the purpose of deciding on the division of the company for the benefit of
the recipient companies of which one at least has another legal form.
The withdrawal must be notified to the company by registered mail deposited at the post
five days at least before the day of the meeting. It will only be effective if the division is
approved.
The notices to the general meeting will contain the text of paragraphs 1 and 2 of this
paragraph.
(4) The provisions of paragraphs 2 and 3 apply to the division by incorporation of new
companies».

«Art. 820-9.
Title XVII – Consolidated Accounts does not apply to the société coopérative organised as a
société anonyme.»
142
15276572_3
(Law of 10th March 2014)
«Chapter III - Sociétés coopératives européennes (SEC) (European

Cooperative Societies) (SCE)
Section 1 - General provisions.
Art. 831-1.
For the purposes of this Chapter, «Regulation (EC) No 1435/2003» means: Council Regulation
(EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE).
[EC Regulation 1435/2003, Art. 5.3., 4.6]

Art. 831-2.
(1) The société coopérative européenne (SEC) shall be formed by a special notarial deed
drawn up and published in accordance with the regulations applicable to the sociétés
anonymes.
(2) Regarding contributions in kind, Articles 420-10 to 420-12 shall apply by analogy to the
société coopérative européenne (SEC).

Art. 831-3.
Where it is established that only the central administration (head office) is located in the
Grand Duchy of Luxembourg, the procureur d’État shall without delay inform the Member
State165 in which the registered office of the société coopérative européenne (SEC) is situated.
[EC Regulation 1435/2003, Art. 14.1, paragraph 2]

Art. 831-4.
The articles may provide that persons who do not expect to use or produce goods and
services of the société coopérative européenne (SEC) may be admitted as investor (non-user)
members.
Section 2 - Incorporation.
Sub-section 1 - Incorporation by way of a merger.

Art. 832-1.
The draft terms of merger shall be drawn up by the board of directors or by the management
board, as the case may be.
143
15276572_3
Art. 832-2.
The draft terms of merger and the particulars referred to in Article 24 of Council Regulation
(EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE)
shall be published in accordance with Article 1021-2, paragraph 1.

Art. 832-3.
The scrutiny of the legality of the merger and the issue of the certificate required pursuant to
Article 29 of the above-mentioned Regulation (EC) No 1435/2003 shall be performed by the
relevant notary in accordance with Article 1021-12.

Art. 832-4.
The scrutiny of the legality of the merger required pursuant to Article 30 of the above-
mentioned Regulation (EC) No 1435/2003 shall be performed by the relevant notary.
Sub-section 2 - Conversion of a société coopérative into a société coopérative

européenne (SEC).

Art. 832-5.
The draft terms of conversion of a société coopérative into a société coopérative européenne
(SEC) shall be drawn up by the management body.
[EC Regulation 1435/2003, Art.35.4]

Art. 832-6.
The draft terms of conversion shall be published in accordance with Title I, Chapter Vbis of
the amended Law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings166.

Art. 832-7.
The independent expert(s), referred to in Article 35, paragraph 5, of Council Regulation (EC)
No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE) shall
be one or more réviseurs d'entreprises [statutory auditors] appointed by the management
body among the members of the Institut des réviseurs d’entreprises.
(1).
144
15276572_3
Sub-section 3 - Participation in a société coopérative européenne (SEC) by a company
the central administration (head office) of which is not in the European Union.

Art. 832-8.
A company, the central administration (head office) of which is not in a Member State167,
may participate in the incorporation of a société coopérative européenne (SEC) provided that
company is formed under the law of a Member State, has its registered office in that same
Member State and has a real and continuous link with a Member State’s economy.
Section 3 - Corporate bodies.
Sub-section 1 - Management.
Rules common to the one-tier and the two-tier systems.
Art. 833-1.
Any legal or regulatory provision concerning commercial companies and which contain a
reference to the «board of directors», «director(s)» or «manager(s)» of a société coopérative
must be understood, in the context of a société coopérative européenne (SEC) with a
management board and a supervisory board, to be a reference to the management board of
that company, unless, in consideration of the duties allocated, it must be understood as a
reference to the supervisory board.

Art. 833-2.
To the extent provided for by the articles, the members of the management, supervisory and
administrative bodies may be legal entities, in which case Articles 441-3 and 442-4 shall
apply.

Art. 833-3.
The société coopérative européenne (SEC) shall be bound by any acts of the corporate bodies
with authority to represent the company, even if such acts exceed the corporate object,
unless it proves that the third party knew that the act exceeded the corporate object or could
not in view of the circumstances have been unaware of it, without the mere publication of
the articles constituting such proof.
145
15276572_3
One-tier system.

Art. 833-4.
The management body is the board of directors.
It may delegate the day-to-day management in accordance with Article 441-10.
Where, in a société coopérative européenne (SEC), a delegation of powers has been validly
granted and where the holder of such delegation passes a deed which is within the limits of
such delegation but belongs to a category of transactions which under the articles of the
société coopérative européenne (SEC), require an express decision of the board of directors,
such holder shall bind the company without prejudice to damages, where applicable.

Art. 833-5.
The minimum number of directors is three.
Two-tier system.
[EC Regulation 1435/2003, Art. 37.4 and 39.4]

Art. 833-6.
The management body is the management board. It shall be made up of one or more
members. The supervisory body shall be the supervisory board. It shall be made up of at least
three members.
Art. 833-7.
Subject to the limitations provided by Council Regulation (EC) No 1435/2003 of 22 July 2003
on the Statute for a European Cooperative Society (SCE), this law or the articles, the powers
of the management board and of its members shall be the same as the powers of the board
of directors and of the directors.
Art. 833-8.
Any report to be drawn up by the board of directors pursuant to this Law, shall be drawn up
by the management board. Save as provided by law or by more stringent provisions in the
articles, it shall be notified to the supervisory board in a timely manner and will be subject to
the same information and publication rules as those applicable to the reports of the board of
directors.

Art. 833-9.
The management board shall have the power to take any actions necessary or useful to
realise the corporate object, with the exception of those powers reserved by law or the
articles to the supervisory board or the general meeting. It may delegate the day-to-day
management in accordance with Article 442-8. The articles shall list the categories of
transactions which require an authorisation of the management board by the supervisory
board.
146
15276572_3
The absence of authorisation of the supervisory board shall have no effect vis-à-vis third
parties.
Where in a société coopérative européenne (SEC) a delegation of powers has been validly
granted and where the holder of such delegation passes a deed which is within the limits of
such delegation but belongs to a category of transactions which under the articles of the
société coopérative européenne (SEC), require an authorisation of the management board by
the supervisory board, such holder shall bind the company, without prejudice to damages, if
any.

Art. 833-10.
The members of the management board shall be appointed by the supervisory board.
The articles may nevertheless provide that the members of the management board shall be
appointed by the general meeting.
In such case the general meeting will have sole authority therefor.
The members of the management board may be removed by the supervisory board and,
where provided for in the articles, by the general meeting.
Art. 833-11.
Where there are several members in the management board, they shall form a collegiate
body which shall deliberate in accordance with the articles.

Art. 833-12.
Any limitations to the powers of the management board resulting either from the articles or
a decision of the competent corporate bodies shall not be valid vis-à-vis third parties, even if
they are published.

Art. 833-13.
The management board shall represent the company vis-à-vis third parties and in legal
proceedings, either as plaintiff or as defendant, subject to the application of Article 39,
paragraph 1, of the above-mentioned Regulation (EC) No 1435/2003. Writs served on behalf
of or upon the company shall be validly served in the name of the company alone.
The articles may authorise one or more members of the management board to represent the
company in any instrument or in legal proceedings, either alone or jointly. A clause in the
articles to that effect is valid vis-à-vis third parties subject to the conditions laid down in Title
I, Chapter Vbis of the amended Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings168. The articles may limit
(4).
147
15276572_3
such powers to represent the company. Such restrictions shall not be valid vis-à-vis third
parties, even if they are published.
Art. 833-14.
The provisions of Articles 441-2, 441-3 and 441-4 apply to the supervisory board.
[EC Regulation 1435/2003, Art. 39 and 40]

Art. 833-15.
(1) The supervisory board shall form a collegiate body which shall deliberate in accordance
with the articles.
(2) The supervisory board shall carry out the permanent supervision of the management of
the company by the management board, without being authorised to interfere with such
management.
(3) The supervisory board may require the management board to provide information of any
kind which it needs to exercise supervision in accordance with paragraph 2.

Art. 833-16.
The supervisory board shall convene upon notice of its chairman.
The chairman must convene it on the request of at least two of its members or upon request
of the management board. The board shall meet at intervals laid down by the articles.
The supervisory board may invite the members of the management board to be present at
the meetings of the board, in which case they shall have an advisory role only.
Art. 833-17.
The members of the management board and of the supervisory board may receive fees in
that capacity. The type of remuneration and the amount of the fees payable to the members
of the management board shall be determined by the supervisory board. The type of
remuneration and the amount of fees payable to the members of the supervisory board are
determined by the articles, failing which by the general meeting.

Art. 833-18.
The members of the board of directors, of the management board and of the supervisory
board shall be liable to the company, in accordance with general law, for the execution of the
mandate given to them and for any misconduct in the performance of their duties.
[EC Regulation 1435/2003, Art. 37, 42, 47 and 51]

Art. 833-19.
The members of the board of directors, of the management board and of the supervisory
board shall be jointly and severally liable towards the company and any third parties for
damages resulting from the violation of the above-mentioned Regulation (EC) No 1435/2003,
this law or the articles of the company.
148
15276572_3
They shall be discharged from such liability in the case of a violation to which they were not a
to the first general meeting after they had acquired knowledge thereof.
Sub-section 2 - General meeting of shareholders.

Art. 833-20.
The board of directors or as the case may be, the management board as well as the
supervisory board and the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)]
appointed to carry out the statutory audit of the annual accounts and, as the case may be, of
the consolidated accounts, may convene the general meeting.

Art. 833-21.
The general meeting shall be held once a year within six months of the end of the financial
year. However, the first general meeting may be held within eighteen months following
incorporation.
Art. 833-22.
In the two-tier system, the general meeting shall vote as to whether discharge is given to the
members of the supervisory board and of the management board in accordance with Article
461-7.

Art. 833-23.
(1) The articles may provide for a member to have a number of votes determined by his/her
participation in the cooperative activity other than by way of capital contribution. This
attribution shall not exceed five votes per member or 30 percent of total voting rights,
whichever is the lower.
The articles of sociétés coopératives européennes (SEC) involved in financial or insurance
activities may provide for the number of votes to be determined by the member’s
participation in the cooperative activity including his/her participation in the capital of the
société coopérative européenne (SEC). This attribution shall not exceed five votes per
member or 20 percent of total voting rights, whichever is the lower.
The articles of the sociétés coopératives européennes (SEC), the majority of members of
which are cooperatives, may provide for the number of votes to be determined in
accordance with the members’ participation in the cooperative activity including their
participation in the capital of the société coopérative européenne (SEC) and/or by the number
of members of each comprising entity.
(2) The investor members as determined in Article 831-4 may not hold more than 25 percent
of total voting rights.
(3) The articles of the sociétés coopératives européennes (SEC) may provide for the
participation of employees’ representatives in the general meetings or in the section or
149
15276572_3
sectorial meetings, provided that the employees’ representatives do not together control
more than 15 percent of total voting rights. Such rights shall cease to apply as soon as the
registered office of the société coopérative européenne (SEC) is transferred to a Member
State whose law does not provide for such participation.
[Regulation EC 1435/2003, Art. 63.1]

Art. 833-24.
In accordance with Article 63, paragraph 1, of Council Regulation (EC) No 1435/2003 of 22
July 2003 on the Statute for a European Cooperative Society (SCE), the articles may provide
for section or sectorial meetings.
(…) 169
Section 4 - Transfer of the registered office.
[Regulation EC 1435/2003, Art. 7 and 12]

Art. 834-1.
The transfer proposal shall be drawn up by the board of directors or by the management
board, as the case may be. Such proposal shall be published in accordance with «Title I,
Chapter Vbis of the amended Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings»170.

Art. 834-2.
The board of directors or the management board, as the case may be, shall draw up the
report referred to in Article 7, paragraph 3, of Council Regulation (EC) No 1435/2003 of 22
July 2003 on the Statute for a European Cooperative Society (SCE).
Art. 834-3.
Creditors of a société coopérative européenne (SEC) which is transferring its registered office,
whose claims predate the publication of the transfer proposal pursuant to Article 834-3, may,
notwithstanding any agreement to the contrary, within two months of such publication,
apply to the judge presiding the chamber of the Tribunal d'Arrondissement [District Court]
dealing with commercial matters in the district in which the registered office of the debtor
company is located and sitting as in urgency matters, for the constitution of security for
matured or unmatured claims, in case the transfer would have as an effect to jeopardise the
general lien of such creditors or to impede the enforcement of their claims. The president
shall reject such application where the creditor already has adequate safeguards or if such
security is not necessary having regard to the position of the company after the transfer. The
debtor company may cause the application to be turned down by paying the creditor even if
his claim has not matured.
169Article
833-25 and the Title «Sub-section 3 - Corporate liability action» have been repealed by the Law of 7
August 2023 because they overlaped with Articles 833-18 and 833-19.
170 Amended by Article 20, the “catch all” provision of the Law of 27 May 2016. See footnote under Article 100-13
(1).
150
15276572_3
If the security is not provided within the time limit prescribed, the claim shall become
immediately due and payable.

Art. 834-4.
In accordance with Article 7, paragraph 8, of the above-mentioned Regulation (EC) No
1435/2003, the relevant notary shall issue a certificate attesting in a conclusive manner as to
the completion of the acts and formalities which need to be accomplished prior to the
transfer.

Art. 834-5.
The new registration and the deletion of the old registration shall be publicised, Articles 100-
11 and 100-13 as well as «Title I, Chapter Vbis of the amended Law of 19 December 2002 on
undertakings» [as well as] Articles (…), 100-11 and 100-13 of this law being applicable»171.

Art. 834-6.
The transfer to the Grand Duchy of Luxembourg of the registered office of a société
coopérative européenne (SEC) shall be recorded by notarial deed.
The registration at the register of commerce and companies may not be effected until
presentation of the certificate issued by the competent authority of the Member State172 in
which the société coopérative européenne (SEC) previously had its registered office attesting
the conclusive completion of the acts and formalities to be accomplished prior to the
transfer.
Section 5 - Annual accounts and consolidated accounts, and audit thereof. Specific
provisions applicable to the two-tier system.
Art. 835-1.
Each year, the supervisory board shall receive from the management board all documents
listed in Article 461-1, which shall be applicable by analogy to the société coopérative
européenne (SEC), at the time set in such article for their delivery to the commissaires
[supervisory auditors] and shall present to the general meeting its observations on the report
of the management board and on the annual accounts.
171 Wording resulting from Article 20, the “catch all” provision of the Law of 27 May 2016 and the Grand Ducal
Regulation of 5 December 2017. See footnotes under Article 100-13.
151
15276572_3
Section 6 - Winding up, liquidation, insolvency and cessation of payments.
[EC Regulation 1435/2003, Art. 73.2, 3 and 4]

Art. 836-1.
Article 480-3, paragraph 1, shall apply to a société coopérative européenne (SEC) with its
registered office in the Grand Duchy of Luxembourg but where its central administration
(head office) is not located there.

Art. 836-2.
Regarding the principle of disinterested allocation of the net assets referred to in Article 75
of Council Regulation (EC) No 1435/2003 of 22 July 2003 on the Statute for a European
Cooperative Society (SCE), derogations may be made from such principle by way of an
alternative arrangement provided for in the articles of the société coopérative européenne
(SEC).
Section 7 - Conversion of a société coopérative européenne (SEC) into a société

coopérative

Art. 837-1.
The draft terms of conversion shall be drawn up by the management body. It shall be
published in accordance with «Title I, Chapter Vbis of the amended Law of 19 December
undertakings»173.

Art. 837-2.
The independent expert(s) referred to in Article 76, paragraph 5, of Council Regulation (EC)
No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative Society (SCE)shall
be one or more réviseurs d’entreprises agréés [approved statutory auditors] appointed by the
management body among the members of the Institut des réviseurs d’entreprises.

Art. 837-3.
The general meeting of the société coopérative européenne (SEC) shall decide on the
conversion.
173Wording resulting from Article 20, the “catch all” provision of the Law of 27 May 2016. See footnote under
Article 100-13 (1).
152
15276572_3
Section 8 - Criminal law provisions.
Art. 838-1.
Title XI – Criminal law provisions shall apply to the société coopérative européenne.
Art. 838-2.
In the two-tier system, the criminal law provisions applicable to the members of the board of
directors shall apply to the members of the management board.
Section 9 - Final provisions.
Art. 839-1.
Article 462-1 shall apply by analogy to the société coopérative européenne (SEC).»
«Title IX - Sociétés commerciales momentanées and sociétés

commerciales en participation»
(Temporary Companies and Companies by Participation)174
Art. 900-1.
(Law of 10 August 2016) «A société» momentanée is a company whose object it is to
undertake (…)175, without using a firm name, one or more specific commercial transactions.
The members are jointly and severally liable vis-à-vis the third parties with whom they have
dealt with.
Art. 900-2.
(Law of 10 August 2016) «A société» en participation is a company by which one or more
persons take an interest in transactions managed by one or more other persons in his or their
own name.
The managers are jointly and severally liable vis-à-vis the third parties with whom they have
dealt with.
Art. 900-3.
(Law of 10 August 2016) «Sociétés» momentanées and (Law of 10 August 2016) «sociétés» en
participation are made between their members for such purposes, in such form, with such
respective interests and on such conditions as may be agreed between them.
174 Title modified by the Law of 7 August 2023.

153
15276572_3
«Title X - Restructurings
Chapter Ist- Conversion»

«Art. 1010-1.
(1) This section governs the various types of conversion referred to in Article 100-3, with the
exception of:
1° the conversion of a société européenne (SE) into a société anonyme and the conversion
of a société anonyme into a société européenne (SE) referred to in Articles 420-20 and
420-21 respectively; and
2° the conversion of a société coopérative into a société coopérative européenne (SEC) and
the conversion of a société coopérative européenne (SEC) into a société coopérative
referred to in Articles «832-5 to 832-7»and «837-1 to 837-3»176 respectively.
For the purposes of the provisions below, the société coopérative organised as a société
anonyme shall be subject to the rules governing the société coopérative.
(2) Articles 1010-3 to 1010-5 shall only apply to conversions of:
1° a société civile, an economic interest grouping, a société en nom collectif, a société en
commandite simple or a société coopérative into a société anonyme or into a société en
commandite par actions, and
2° a société à responsabilité limitée into a société anonyme or into a société en commandite
par actions where the société à responsabilité limitée has benefited from a contribution
in kind or a quasi-contribution as referred to in Article 420-11 within a period of two
years prior to the members’ decision to proceed with the conversion into a société
anonyme or into a société en commandite par actions and where that contribution in
kind or quasi-contribution has not been the subject of a report by a réviseur
d’entreprises [statutory auditor] drawn up in accordance with the provisions of Article
420-10, paragraph 2 or Article 420-11 and where such a report would be required for a
société anonyme or a société en commandite par actions.»

«Art. 1010-2.
Prior to the conversion, a statement summarising the assets and liabilities of the company
shall be drawn up as at a date no earlier than six months prior to the date of the general
meeting called upon to decide on the conversion. If the latest annual accounts relate to a
financial year ending less than six months before the date of the meeting deciding upon the
conversion, such annual accounts shall be used as the statement summarising the assets and
liabilities of the company.
176 References corrected by the Law of 7 August 2023.
154
15276572_3
In case Articles 1010-3 to 1010-5 do not apply pursuant to the provisions of Article 1010-1,
the accounting statement provided for in the preceding sub-paragraph shall not be required
if so agreed by all the members and holders of other securities conferring the right to vote.
Where in companies other than sociétés en nom collectif, sociétés coopératives à
responsabilité illimitée, sociétés civiles and economic interest groupings, the net assets are
less than the corporate capital referred to in the above mentioned statement, the statement
shall in its conclusion mention the amount of the difference.
In sociétés en nom collectif, sociétés coopératives à responsabilité illimitée, sociétés civiles
and economic interest groupings, the statement shall indicate the amount of the corporate
capital of the company after its conversion. That capital may not exceed the net assets
resulting from the above mentioned statement.»

«Art. 1010-3.
A réviseur d’entreprises [statutory auditor] appointed by the management body or, in
sociétés en nom collectif, sociétés coopératives à responsabilité illimitée, economic interest
groupings and sociétés civiles, by the general meeting, shall report on this statement and
shall indicate in particular whether net assets have been overestimated.
If, in the case referred to in Article 1010-2, sub-paragraph 3, the net assets are less than the
corporate capital indicated in the statement summarising the assets and liabilities of the
company, the report shall mention the amount of the difference in the conclusion.»

«Art. 1010-4.
Unless waived by all the members and holders of other securities conferring the right to vote,
the proposed conversion shall be the subject of an explanatory report drawn up by the
management body and which shall be announced in the agenda of the meeting called upon
to resolve on the matter. The statement summarising the assets and liabilities of the
company or the latest annual accounts, as the case may be, shall be attached to this report.»

«Art. 1010-5.
Each member and any other person authorised by law to attend the meeting and who has
complied with all the formalities required by the articles to be admitted thereto, shall have
the right to obtain free of charge, fifteen days before the meeting, in case they are required
to be drawn up, a copy of the accounting statement or of the latest annual accounts, a copy
of the report by the management body and the report by the réviseur d’entreprises
[statutory auditor], as well as the proposed amendments to the articles.»

«Art. 1010-6.
The absence of any of the reports required pursuant to Articles 1010-3 and 1010-4 shall
cause the decisions of the general meeting to be void.»
155
15276572_3
«Art. 1010-7.
(1) Without prejudice to the specific provisions set forth in this Article and subject to stricter
provisions of the articles, the general meeting may decide upon the conversion of the
company only in compliance with the following quorum and majority rules:
1° a proposed conversion shall only be accepted if it meets the quorum and majority
requirements prescribed for amendments to the articles;
2° in sociétés en commandite simple and in sociétés coopératives, the voting rights of
members are in proportion to their share in the corporate assets and the quorum shall
be calculated by reference to these corporate assets.
(2) If there is more than one category of shares or units, whether representing capital or not,
and if the conversion results in a modification to their respective rights, Article 450-4 shall
apply.
(3) The conversion of a société en commandite simple or of société en commandite par
actions shall also require the approval of all the unlimited members.
For the conversion into a société en commandite par actions or into a société en commandite
simple, the approval of all the members appointed as unlimited members shall be required.
(4) The approval of all the members shall also be required:
1° for the decision to convert a company into a société en nom collectif, a société en
commandite simple, an economic interest grouping or a société civile;
2° for the decision to convert a société en commandite simple, a société en commandite
par actions, a société à responsabilité limitée or a société anonyme into a société
coopérative à responsabilité illimitée;
3° (Law of 7 August 2023) «for the decision to convert a société en nom collectif, a société
coopérative à responsabilité illimitée, or an economic interest grouping ;»
4° if the articles provide that it may not adopt another form. Such a clause in the articles
may be amended only under the same conditions.
(5) In sociétés coopératives, each member has the right, notwithstanding any provision to the
contrary of the articles, to resign at any time during the financial year without having to
satisfy any other condition, as from the time the general meeting is convened to resolve on
the conversion of the company.
The resignation must be notified to the company by registered letter with recorded delivery
deposited at least five days before the date of the meeting. It will only be effective if the
proposed conversion is adopted.
The notices to the meeting shall contain the text of this paragraph, sub-paragraphs 1 and 2.»

«Art. 1010-8.
Immediately after the conversion decision, the articles of the company in its new form shall
be approved under the same quorum and majority requirements as those required for the
conversion.
Failing that, the decision to convert shall remain without effect.»
156
15276572_3
«Art. 1010-9.
The conversion shall on pain of nullity be recorded by way of a notarial deed, except in the
case of conversion between two forms of companies or groupings which may be
incorporated under private deed. The conversion deed shall include the conclusion of the
report drawn up by the réviseur d’entreprises [statutory auditor].
The conversion deed shall be published in full and the articles shall be published
simultaneously, in full or by way of extracts, in accordance with Articles 100-7 to100-10.
The conversion shall be valid against third parties under the conditions provided for in Title I,
Chapter Vbis of the amended Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings177.
In the case of a conversion into an economic interest grouping, Article 7 of the amended Law
of 25 March 1991 on economic interest groupings shall apply.»

«Art. 1010-10.
Provisions relating to the description and verification of contributions in kind (Law of 7
August 2023) «and those on» the liability of the founders or the managers in the event of a
capital increase or the incorporation of the company by means of subscriptions shall not
apply to the conversion into a société à responsabilité limitée, a société coopérative à
responsabilité limitée, a société anonyme or a société en commandite par actions.»

«Art. 1010-11.
The members of a société en nom collectif, a société coopérative à responsabilité illimitée, an
economic interest grouping or a société civile and the members of the management body of
the company to be converted shall be liable, severally or jointly, as applicable, vis-à-vis
interested parties, notwithstanding any provision to the contrary, of the overvaluation of the
net assets shown in the statement provided for by Article 1010-2.»

«Art. 1010-12.
In the event of conversion of a société en nom collectif, a société en commandite simple, a
société en commandite par actions, a société coopérative à responsabilité illimitée, an
economic interest grouping or a société civile, the members of the société en nom collectif,
the unlimited members of the société en commandite simple or société en commandite par
actions, the members of the société coopérative, the members of the economic interest
grouping or the members of the société civile shall remain liable, severally or jointly, as
applicable, vis-à-vis third parties for the obligations of the company which predate the
effectiveness of the conversion deed against third parties pursuant to the provisions of Title I,
Chapter Vbis of of the amended Law of 19 December 2002 on the register of commerce and
157
15276572_3
companies and the accounting and annual accounts of undertakings178.
In the event of conversion into a société en nom collectif, a société en commandite simple, a
société en commandite par actions, a société coopérative à responsabilité illimitée, an
economic interest grouping or a société civile, the members of the société en nom collectif,
the unlimited members of the société en commandite simple or société en commandite par
actions, the members of the société coopérative, the members of the economic interest
grouping or the members of the société civile shall be liable, severally or jointly, as applicable,
vis-à-vis third parties for the obligations of the company which predate the conversion.
In the event of conversion into a société coopérative à responsabilité limitée of a société
anonyme, a société en commandite par actions or a société à responsabilité limitée, the fixed
portion of the capital shall be equal to the amount of the capital of the company before its
conversion.»
«Chapter II - Mergers179, 180

[2017/1132/EU art. 87]
«Art. 1020-1.
«The present Chapter shall apply to all companies with legal personality pursuant to this Law
and to economic interest groupings.
A merger can also occur where one or more of the companies or economic interest groupings
which are acquired or will cease to exist are the subject of bankruptcy proceedings,
proceedings relating to composition with creditors or a similar procedure such as the
suspension of payments, controlled management or proceedings instituting special
management or supervision of one or more of such companies.»
[2017/1132/EU art. 121.2]
«A company or an economic interest grouping as referred to in the first sub-paragraph may
also enter into a merger transaction with a foreign company or a foreign-law-governed
economic interest grouping, provided the latter’s’ national law does not prohibit such a
transaction and such foreign company or economic interest grouping complies with the

179 The Law of 10 June 2009 inter alia on cross-border merger of limited liability companies amends a number of
provisions and formalities concerning mergers. Article 32 of that law provides for the application of the new rules
for all mergers for which the common draft terms of merger referred to in Article 262 [now Art. 1021-2] of the
Law of 1915 has been published the first day of the first month following the entry into force of the new law i.e.
all draft terms of merger published on or after 1 August 2009.
180 The amendments to this Chapter by the Law of 3 August, 2011 do not apply to merger transactions where the
draft terms have been published before 15 August, 2011.
158
15276572_3
provisions and formalities of the national law by which it is governed, without prejudice to
the provisions of Article 21 of Regulation (EC) No 139/2004 of 20 January 2004 on the control
of the concentrations between undertakings. These mergers shall hereafter be referred to as
«cross-border mergers».
The foreign law provisions and formalities referred to in the previous paragraph in particular
concern the decision-making process relating to the merger and, taking into account the
cross-border nature of the merger, the protection of creditors of the merging companies,
holders of bonds and holders of securities or corporate units, as well as employees with
respect to rights other than those concerning employee participation.
Where one of the merging companies is operating under an employee participation system
and the company resulting from the cross-border merger is a Luxembourg-law-governed
company governed by such a system in accordance with the provisions referred to in Articles
L.426-13 and L. 426-14 of the Labour Code181, that company shall be required to take the
form of a société anonyme».
«Where in the provisions below a reference is made to a «company» or to the «companies»,
such term shall be understood, save where specified differently, as also referring to (an)
«economic interest grouping(s)».»

[2017/1132/EU art. 88]
«Art. 1020-2.
A merger shall be carried out by the acquisition of one or more companies by another or by
the incorporation of a new company.»

[2017/11/32/EU art. 89]
«Art. 1020-3.
(1) «Merger by acquisition is the operation whereby one or more companies, following their
dissolution without liquidation, transfer to another pre-existing company, all their assets and
liabilities in exchange for the issue to the members of the company or companies being
acquired of shares or corporate units in the acquiring company and a cash payment, if any,
not exceeding 10 percent of the nominal value of the shares or corporate units so issued or,
in the absence of a nominal value, of their accounting par value.»
(2) «Merger by acquisition may also take place where one or more of the companies being
acquired are in liquidation, provided that those companies have not yet begun to distribute
their assets to their members.»
181 These articles are included in Section 4: «Employee participation in case of cross border merger» of Chapter VI,
Title II of Book IV of the Labour Code.
159
15276572_3
(3) «Where a société européenne (SE) is formed by way of a merger by acquisition, the
acquiring company shall take the form of a société européenne (SE) when the merger takes
place.»

[2017/1132/EU art. 90]
«Art. 1020-4.
«(1) Merger by incorporation of a new company is the operation whereby several companies,
following their dissolution without liquidation, transfer to a company which they incorporate,
all their assets and liabilities in exchange for the issue to their members of shares or
corporate units in the new company and a cash payment, if any, not exceeding 10 percent of
the nominal value of the shares or corporate units so issued or, in the absence of a nominal
value, of their accounting par value.
(2) Merger by incorporation of a new company may also take place where one or more of the
companies which are ceasing to exist are in liquidation, provided that those companies have
not yet begun to distribute their assets to their members.»
(3) «Where a société européenne (SE) is formed by way of a merger by the formation of a
new company, the société européenne (SE) shall be the newly formed company.»
«Section 1 - Merger by acquisition»

[2017/1132/EU art. 91] [EC Regulation 2157/2001, Art. 20.1]
«Art. 1021-1.
[2017/1132/EU art. 122]
«(1) The administrative or management bodies of the merging companies shall draw up
common draft terms of merger in writing.
(2) The common draft terms of merger shall specify:
1° the form, corporate denomination, and registered office of the merging companies and
those proposed for the company resulting from the merger;
2° the share or corporate unit exchange ratio and, where appropriate, the amount of any
cash payment;
3° the terms for the delivery of the shares or corporate units in the acquiring company;
160
15276572_3
4° the date as from which those shares or corporate units shall carry the right to
participate in the profits and any special condition regarding that right;
5° irrespective of the effective date of the merger pursuant to Articles 1021-13, 1021-14,
1021-15 and1021-16, the date from which the operations of the company being
acquired shall be treated for accounting purposes as being carried out on behalf of the
acquiring company;
6° the rights conferred by the acquiring company to shareholders having special rights and
to the holders of securities other than shares or corporate units, or the measures
proposed concerning them;
7° any special advantages granted to the experts referred to in Article 1021-6, to the
members of the administrative, management, supervisory or control bodies of the
merging companies.
(3) Where a société européenne (SE) is formed by way of a merger, the draft terms shall also
include:
1° the articles of the société européenne (SE);
2° information on the procedures by which arrangements for employee involvement are
determined in implementation of Council Directive 2001/86/EC of 8 October 2001
supplementing the Status for a European company with regard to the involvement of
employees182.
(4) In case of a cross-border merger, the common draft terms of merger shall also include:
1° the articles of the acquiring company;
2° a description of the likely repercussions of the merger on employment;
3° where appropriate, information on the procedures by which arrangements for the
involvement of employees, are determined by the implementation of «Directive (EU)
2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to
certain aspects of company law»183;184
4° information on the evaluation of the assets and liabilities which are transferred to the
acquiring company;
5° dates of the merging companies’ accounts used to establish the conditions of the
merger.»
182 This directive has been implemented in Articles L. 441-1 et seq. of the Labour Code.
184 See Section 4: «Employee participation in case of cross border merger» of Chapter VI, Title II of Book IV of the
Labour Code and Article 133 of Directive 2017/1132/EU.
161
15276572_3
[2017/1132/EU art. 92] [EC Regulation 2157/2001]
«Art. 1021-2.
[2017/1132/EU art. 123]
«(1) The common draft terms of merger shall be published in accordance with (Law of 27
May 2016) «the provisions of Title I, Chapter Vbis of the amended Law of 19 December 2002
undertakings185» and in the national gazette of each other Member State186 concerned, for
each of the merging companies at least one month before the date of the general meeting
convened to decide on the common draft terms of merger.
(2) In case of a cross-border merger, the publication shall also include following particulars:
1° the type, name and registered office of the merging company;
2° (Law of 10 August 2016) «the register of commerce and companies in which the
documents referred to in the provisions of Title I, Chapter Vbis of the above-mentioned
Law of 19 December 2002 are filed by the acquiring company and the number of the
entry in that register, if it is a Luxembourg company; if the legislation of the State of the
foreign law governed company provides for a register, the register in which the
documents referred to in «Article 16, paragraph 3 of Directive (EU) 2017/1132 of the
European Parliament and of the Council of 14 June 2017 relating to certain aspects of
company law» 187have been filed by the foreign law governed company and if the
legislation of the State of the foreign law governed company provides for a registration
number in that registry, the registration number in that register;»
3° an indication, for each of the merging companies, of the arrangements made for the
exercise of the rights of creditors of such company and the address at which complete
information on those arrangements may be obtained free of charge.»

[2017/1132/EU art. 93.1]
«Art. 1021-3.
[2017/1132/EU art. 126.1]
«(1) A merger shall require the approval of the general meetings of each of the merging
companies and, where appropriate, of the holders of securities other than shares or
corporate units, after examination of the reports referred to in by Articles 1021-5 and 1021-
6. That decision requires that the conditions as to quorum and majority laid down for
amendments of the articles are fulfilled.»

162
15276572_3
«(2) In sociétés en commandite simple and in sociétés coopératives, the voting rights of
members are in proportion to their share in the corporate assets and the quorum will be
calculated by reference to the corporate assets.
(3) The consent of all members is required:
1° in acquiring companies and in companies being acquired which are sociétés en nom
collectif, sociétés coopératives the members of which have unlimited and joint liability,
civil companies or economic interest groupings;
2° in the companies being acquired where the acquiring company is:
a) a société en nom collectif;
b) a société en commandite simple;
c) a société coopérative the members of which have unlimited and joint liability;
d) a civil company;
e) an economic interest grouping.
In the cases referred to in the first sub-paragraph, point 1° and point 2°, letters a), b) and c),
the unanimous consent of the holders of corporate units not representing capital will be
required.
(4) In sociétés en commandite simple and in sociétés en commandite par actions, the consent
of all the unlimited members will in addition be required.
(5) If there is more than one category of shares, securities or corporate units, whether
representing capital or not, and if the merger results in a modification to their respective
rights, Article 450-4 shall be applicable.»
(6) «Where a société européenne (SE) is formed by way of a merger, employee involvement
in the société européenne (SE) shall be decided pursuant to the provisions implementing
Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European
company with regard to the involvement of employees188. The general meeting of each of the
merging companies may reserve the right to make registration of the SE conditional upon its
express ratification of the arrangements so decided.»
[2017/1132/EU art. 126.2]
«(7) In case of a cross-border merger, the general meeting of each of the merging companies
may reserve the right to make implementation of the cross-border merger conditional on
express ratification by it of the arrangements decided on with respect to the participation of
employees in the company resulting from the cross-border merger.»
188 This directive has been implemented by Articles L. 441-1 and s. of the Labour Code.
163
15276572_3
[2017/1132/EU art. 94] [2017/1132/EU art. 126.3]
«Art. 1021-4.
(Law of 23 March 2007) «Except in the cases referred to in Article 1021-3, paragraphs 2 to
4,» approval of the merger by the general meeting of the acquiring company is not necessary
if the following conditions are fulfilled:
1° (Law of 10 June 2009) «the publication provided for by Article 1021-2 is made, on behalf
of the acquiring company, at least one month before the date of the general meeting of
the company or companies being acquired convened to decide on the common draft
terms of merger»
2° all the (Law of 23 March 2007) «members» of the acquiring company are entitled, at
least one month before the date indicated in point 1°, to examine at the registered
office of that company the documents indicated in Article 1021-7, paragraph 1;
3° one or more (Law of 23 March 2007) «members» of the acquiring company holding at
least 5 percent of the shares (Law of 23 March 2007) or «corporate units» in the
subscribed capital are entitled up to the day following the holding of the general
meeting of the company being acquired to require the convening of a general meeting
of the acquiring company to decide whether to approve the merger. The meeting must
be convened in such a manner as to be held within one month of the request for it to be
held.»
«For the purposes of the first paragraph, point 2°, Article 1021-7, paragraphs 2, 3 and 4 shall
apply.»

[2017/1132/EU art. 95]
«Art. 1021-5.
[2017/1132/EU art. 124]
«(1) The administrative and management bodies of each of the merging companies shall
draw up a detailed written report addressed to the members explaining the common draft
terms of merger and setting out the legal and economic grounds for them, in particular for
the share or corporate unit exchange ratio.
That report shall also indicate any special valuation difficulties which have arisen.
In case of a cross-border merger, the report shall be made available to the members and
representatives of the employees, or where there are no such representatives, to the
employees themselves, no less than one month before the date of the general meeting
which shall decide on the common draft terms of merger. The report shall explain the
implications of that merger for members, creditors and employees. Where the management
or administrative body of any of the merging companies receives, in good time, an opinion
from the representatives of their employees, that opinion shall be appended to the report.»
(2) The administrative or management bodies of each of the companies involved shall inform
the general meeting of their company and the administrative or management bodies of the
164
15276572_3
other companies involved so that the latter may inform their respective general meetings of
any material change in the assets and liabilities between the date of preparation of the draft
common terms of merger and the date of the general meetings which are to decide on the
draft common terms of merger.
(3) However, the report referred to in paragraph 1 and the information referred to in
paragraph 2, shall not be required if all the members and the holders of other securities
conferring the right to vote of each of the companies involved in the merger have so
agreed.»

[2017/1132/EU art. 96] [2017/1132/EU art. 125]
«Art. 1021-6.
(1) (Law of 23 July 2016) «The common draft terms of merger must be the subject of an
examination and of a written report to the members. The examination shall be carried out
and the report shall be drawn up for each of the merging companies by one or more
independent experts to be appointed by the administrative or management body of each of
the merging companies. The experts must be chosen among the réviseurs d’entreprises
[statutory auditors]. However, it is possible to cause the report to be drawn up by one or
more independent experts for all the merging companies. In such case, the appointment
shall be made, at the joint request of the merging companies, by the judge presiding the
chamber of the Tribunal d'Arrondissement [District Court] dealing with commercial matters,
in the district in which the registered office of the acquiring company is located, sitting as in
urgency matters.»
(Law of 10 June 2009) «In case of a cross-border merger, that report must be made available
one month before the date of the general meeting called to decide on the common draft
terms of merger.
In case of formation of a société européenne (SE) by way of merger or in case of a cross-
border merger, the merging companies may jointly apply for the appointment of one or more
independent experts to the judge presiding the chamber of the Tribunal d'Arrondissement
[District Court] dealing with commercial matters in the district in which the registered office
of one of the companies is located, sitting as in urgency matters or, to a judicial or
administrative authority in another State of one of the merging companies189 or mandate one
or more independent experts approved by such an authority.»
(2) In the report mentioned in paragraph l, the experts must in any case state whether, in
their opinion, the share exchange ratio is or is not fair and reasonable. Their statement must:
1° indicate the method or methods used to arrive at the proposed share exchange ratio;
2° indicate whether such method or methods are adequate in the circumstances and
indicate the values arrived at by each of such methods, and give an opinion as to the
relative importance attributed to such methods in determining the value actually
adopted.
189The directive also allows application to the court and authorities of the Member State of the new company
resulting from the merger.
165
15276572_3
In addition, the report shall describe any special valuation difficulties which may have arisen.
(3) (Law of 3 August 2011) «The rules laid down in Article 420-10, paragraphs 2 to 9 shall not
apply in case an expert report is drawn up on the draft common terms of merger or if the
circumstances envisaged by Article 420-10, paragraphs 2 to 9 do not exist.»
(4) Each expert shall be entitled to obtain from the merging companies all relevant
information and documents and to carry out all necessary verifications.»
(5) «Neither an examination of the common draft terms of merger by independent experts
nor an expert report shall be required if all the members and holders of other securities
conferring voting rights of each of the companies involved in the merger have so agreed.»

[2017/1132/EU art. 97]
«Art. 1021-7.
«(1) Every (Law of 23 March 2007) «member» shall be entitled to inspect the following
documents at the registered office at least one month before the date of the general
meeting called to decide on the common draft terms of merger:
1° the common draft terms of merger;
2° the annual accounts and the management reports of the merging companies for the last
three financial years;
3° (Law of 3 August, 2011) «where applicable, an accounting statement drawn up as at a
date which must not be earlier than the first day of the third month preceding the date
of the common draft terms of merger, if the last annual accounts relate to a financial
year which ended more than six months before that date;»
4° (Law of 3 August 2011) «where applicable, the reports of the administrative or
management bodies of the merging companies referred to in Article 1021-5;»
5° where applicable, the reports referred to in Article 1021-6.»
«For the purposes of paragraph 1, point 3°, an accounting statement shall not be required if
the company publishes a half-yearly financial report in accordance with Article 4 of the
amended Law of 11 January 2008 on transparency requirements for issuers of securities and
makes it available to members in accordance with this paragraph or if all the members and
holders of other securities conferring the right to vote of each of the companies involved in
the merger have so agreed.»
(2) The accounting statement provided for in paragraph 1, point 3° shall be drawn up using
the same methods and the same presentation as the last annual balance sheet.
It shall however not be necessary to take a fresh physical inventory.
Moreover, the valuations shown in the last balance sheet shall be altered only to reflect
entries in the books of account; the following shall nevertheless be taken into account:
1° interim depreciation and provisions;
166
15276572_3
2° material changes in actual value not shown in the books.
(3) A full copy or, if so desired, a partial copy, of the documents referred to in paragraph 1
may be obtained by any (Law of 23 March 2007) «member» upon request and free of
charge.»
«Where a member has consented to the use by the company of electronic means for
conveying information, such copies may be provided by electronic mail.»
«(4) A company shall be exempt from the requirement to make the documents referred to in
paragraph 1 available at its registered office if, for a continuous period beginning at least one
month before the day fixed for the general meeting which is to decide on the draft common
terms of merger and ending not earlier than the conclusion of that meeting, it makes them
available on its website.
Paragraph 3 shall not apply if the website gives members the possibility, throughout the
period referred to in the first sub-paragraph of this paragraph, of downloading and printing
the documents referred to in paragraph 1. However, in that case the company shall make
those documents available at its registered office for consultation by the members.»

«Art. 1021-8.
(1) A société à responsabilité limitée, a société coopérative or an economic interest grouping
can only acquire another company or economic interest grouping if the shareholders or
members of such other company or economic interest grouping fulfil the conditions to
become shareholder or member of the acquiring company or economic interest grouping.
(2) In sociétés coopératives, each member has the right, notwithstanding any provision to the
contrary of the articles of incorporation, to resign at any time and without having to satisfy
any other condition, as from the time the general meeting is called in order to resolve on the
merger of the company with an acquiring company having a different legal form.
The resignation must be notified to the company by registered mail, deposited at the post
office five days at least before the date of the meeting. Such resignation will only be effective
if the merger is approved.
The notice to the meeting must include the provisions of the first and second paragraph of
this paragraph.

[2017/1132/EU art. 99]
«Art. 1021-9.
«(1) Creditors of the merging companies, whose claims predate the date of publication of the
deeds recording the merger provided for by Article 1021-14 may, notwithstanding any
agreement to the contrary, apply within two months of that publication to the judge
presiding the chamber of the Tribunal d'Arrondissement [District Court] dealing with
commercial matters in the district in which the registered office of the debtor company is
167
15276572_3
located and sitting as in urgency matters, to obtain adequate safeguards for any matured or
unmatured debts, where they can credibly demonstrate that due to the merger the
satisfaction of their claims is at stake and that no adequate safeguards have been obtained
from the company. The president of the court shall reject the application if the creditor is
already in possession of adequate safeguards or if such safeguards are unnecessary, having
regard to the financial situation of the company after the merger. The debtor company may
cause the application to be turned down by paying the creditor, even if it is a term debt.
If the safeguards are not provided within the time limit prescribed, the debt shall
immediately fall due.»
«(2) If the company being acquired is a société en nom collectif, a société en commandite
simple, a société en commandite par actions, a société coopérative the members of which
have unlimited and joint liability, a civil company or an economic interest grouping, the
members of the société en nom collectif, the unlimited members of the société en
commandite simple or of the société en commandite par actions or the members of the
société coopérative, of the civil company or of the economic interest grouping remain
severally or jointly liable, as applicable, vis-à-vis third parties for the obligations of the
dissolved company which predate the effectiveness against third parties of the merger deed
pursuant to Article 1021-14.
(3) If the acquiring company is a société en nom collectif, a société en commandite simple, a
société en commandite par actions, a société coopérative the members of which have
unlimited and joint liability, a civil company or an economic interest grouping, the members
of the société en nom collectif, the unlimited members of the société en commandite simple
or société en commandite par actions or the members of the société coopérative, of the civil
company or of the economic interest grouping will be severally or jointly liable, as applicable,
vis-à-vis third parties for the obligations of the dissolved company which pre-date the
merger. They may nevertheless be relieved of such liability by an express provision included
in the draft terms of the merger and in the merger deed, which will be effective vis-à-vis third
parties in accordance with Article 1021-14.»

[2017/1132/EU art. 100]
«Art. 1021-10.
Without prejudice to the rules governing the collective exercise of their rights, Article 1021-9
shall apply to the holders of bonds of the merging companies, unless the merger has been
approved by a meeting of the bondholders or by the bondholders individually.»

[2017/1132/EU art. 101]
«Art. 1021-11.
«(1) The holders of securities other than shares or corporate units to which special rights are
attached must be given rights, in the acquiring company, at least equivalent to those they
possessed in the acquired company.»
168
15276572_3
(2) Paragraph l shall not apply if the alteration to those rights was approved by a meeting of
the holders of such securities proceeding in accordance with the conditions as to quorum
and majority provided for in Article 1021-3.»
«(3) «In the event of failure to convene the meeting provided for in the foregoing paragraph
or if such a meeting refuses to accept the proposed alteration, the securities concerned shall
be repurchased at the price corresponding to their valuation in the common draft terms of
merger, as verified by the independent experts provided for in Article 1021-6.»

[2017/1132/EU art. 102, art. 127 and 128]
«Art. 1021-12.
«(1) The minutes of the general meetings which decide upon the merger shall be drawn up in
the form of a notarial instrument; the same shall apply to the common draft terms of merger
where the merger need not to be approved by the general meetings of all the merging
companies.
(2) The notary must verify and certify the existence and the validity of the legal acts and
formalities required of the company in respect of which he is acting and of the common draft
terms of merger.
[EC Regulation 2157/2001, Art. 25.2 and 26]
In case of formation of a société européenne (SE) by way of a merger or in case of a cross-
border merger, the notary shall, without delay, issue a certificate conclusively attesting the
correct completion of the pre-merger acts and formalities for the part of the procedure
relating to the Luxembourg-law-governed company.
Where a société européenne (SE), formed by way of a merger, is intended to establish its
registered office in the Grand Duchy of Luxembourg, or where the cross-border merger is
carried out through the acquisition by a Luxembourg-law-governed company of a foreign-
law-governed company, the notary, in order to carry out the legality control incumbent upon
him, shall receive from each merging company, the certificate referred to in the foregoing
paragraph established by a notary or the competent authority in accordance with the
national legislation of each merging company within a period of six months from its issuance,
together with a copy of the common draft terms of merger approved by each company. The
notary specially verifies that the merging companies have approved the common draft terms
of merger in the same terms, and where appropriate that arrangements relating to employee
participation have been adopted in accordance with legal provisions implementing Council
Directive 2001/86/EC of 8 October 2001 supplementing the Status for a European company
with regard to the involvement of employees190 «or » 191 «Article 133 of Directive (EU)
190 This directive has been implemented in Article L.441-1 et seq. of the Labour Code.
191 Law of 7 August 2023.
169
15276572_3
aspects of company law» 192.
(3) In case of a cross-border merger, if the law of a State to which a merging company is
subject provides for a procedure to scrutinise and amend the ratio applicable to the
exchange of securities or corporate units, or a procedure to compensate minority members
without preventing the registration of the cross-border merger, such procedure shall only
apply if the other merging companies situated in a State which does not provide for such
procedure explicitly accept, when approving the draft terms of the cross-border merger, the
possibility for the members of that merging company to have recourse to such procedure to
be initiated before the authority having jurisdiction over that merging company. In such
cases, the notary or the competent authority referred to in the previous paragraph may issue
the certificate referred to in the previous paragraph even if such procedure has commenced.
The certificate must, however, indicate that the procedure is pending. The decision in the
procedure shall be binding on the company resulting from the cross-border merger and all its
members.»

[2017/1132/EU art. 103]
«Art. 1021-13.
The merger shall take effect when the concurring decisions of the companies involved shall
have been adopted.»

[2017/1132/EU art. 104]
«Art. 1021-14.
(1) (Law of 10 June 2009) «The merger shall have no effect vis-à-vis third parties until after
the publication in accordance with (Law of 27 May 2016) «the provisions of Title I, Chapter
and the accounting and annual accounts of undertakings193» of the minutes of the general
meetings who decide on the merger for each merging company has been made or, in the
absence of such a meeting, after the publication in accordance with (Law of 27 May 2016)
«the provisions of Title I, Chapter Vbis of the above-mentioned Law of 19 December 2002 »of
a notary certificate drawn up at the request of the company concerned, recording that the
conditions of Article 1023-2 or of Article 1023-4 are fulfilled, has been made.»
(2) The acquiring company may carry out the publication formalities in respect of the
acquired company or companies.»

170
15276572_3
«Art. 1021-15.
(1) By way of exception to Articles 1021-13 and 1021-14, the merger and simultaneous
formation of a société européenne (SE) shall take effect on the date on which the société
européenne (SE) is registered at the register of commerce and companies.
(2) The société européenne (SE) may not be registered until the formalities provided in Article
1021-12 have been completed.»194

[2017/1132/EU art. 129 and 130]
«Art. 1021-16.
(1) By derogation to Articles 1021-13 and 1021-14, the merger by acquisition of a foreign-
law-governed company shall take effect and shall be effective against third parties, from the
date of the publication in accordance with (Law of 27 May 2016) «the provisions of Title I,
Chapter Vbis of the above-mentioned Law of 19 December 2002195» of the minutes of the
general meeting of the acquiring company which decides on the merger. This date must be
after the verifications referred to in Article 1021-12 have been made.
(2) The register of commerce and companies, shall without delay notify to the register in
which each merging company was required to file documents, that the cross-border merger
has taken effect.
(3) In case of a merger by acquisition of a Luxembourg law governed company, it shall be de-
registered on receipt, by the register of commerce and companies, of the notification of the
effectiveness of the merger by the register having jurisdiction over the acquiring Company,
but not before.»

[2017/1132/EU art. 105]
«Art. 1021-17.
«(1) The merger shall have the following consequences ipso jure and simultaneously:
1° the universal transfer, both as between the company being acquired and the acquiring
company and vis-à-vis third parties, of all of the assets and liabilities of the company
being acquired to the acquiring company;
2° the members of the company being acquired shall become members of the acquiring
company;
3° the company being acquired shall cease to exist;
4° the cancellation of the shares or corporate units of the company being acquired held by
the acquiring company or the company being acquired or by any person acting in his
own name but on behalf of either of those companies.
194 This sub-paragraph was followed by a sub-paragraph which has been repealed by the Law of 10 June 2009.
171
15276572_3
(2) By way of exception to paragraph 1, point 1°, the transfer of industrial and intellectual
property rights and of ownership or other rights on assets other than collateral established
on movable and immovable property will be valid vis-à-vis third parties on the conditions
provided for in the specific laws governing such operations. The formalities may be
completed within a period of six months after the date on which the merger takes effect.»
(3) «The rights and obligations of the participating companies on terms and conditions of
employment arising from national law, practice and individual employment contracts or
employment relationships and existing at the date of the registration shall, by reason of such
registration, be transferred to the société européenne (SE) following its registration.»
[2017/1132/EU art. 131.4]
«(4) In case of cross-border mergers, the rights and obligations of the merging companies
arising from contracts of employment or from employment relationships and existing at the
date on which the cross-border merger takes effect in accordance with Article 1021-16,
paragraph 1 are transferred to the acquiring company at the date on which the cross-border
merger takes effect.»

[2017/1132/EU art. 107]
«Art. 1021-18.
«The shareholders of the acquired company may individually take proceedings and exercise a
liability action against the members of the administrative or management bodies and the
experts provided for in Article 1021-6 to obtain indemnification for any damage which they
may have suffered as a result of the misconduct of the members of the administrative or
management bodies in preparing for and carrying out the merger or of the experts in the
discharge of their duties. Any liability shall be joint and several for the members of the
administrative or management bodies or the experts of the acquired company or, where
appropriate, for all combined. However, each of them may relieve himself of any liability if he
proves that no misconduct is attributable to him personally.»

[2017/1132/EU art. 108]
«Art. 1021-19.
«(1) The avoidance of a merger may only occur in the following circumstances:
1° the avoidance must be ordered by a court decision;
2° where a merger has taken effect pursuant to Article 1021-13, it may only be avoided on
the grounds that there was no notarial instrument or private deed, as the case may be,
or if it is established that the resolution of the general meeting of either of the
companies participating in the merger is void;
172
15276572_3
3° an action for an avoidance may not be brought after the expiry of a period of six months
as from the date on which the merger took effect vis-à-vis the person alleging nullity
thereof, or if the situation has been rectified;
4° where it is possible to remedy a defect liable to render a merger void, the competent
court shall grant the companies involved a period of time within which to rectify the
situation;
5° any court order declaring a merger void shall be published in the manner prescribed by
(Law of 27 May 2016) «Titel I, Chapter Vbis of the amended Law of 19 December 2002
undertakings196»;
6° third party objections to the court order declaring a merger void shall not be admissible
after the expiry of six months from the publication of the court order made in
accordance with (Law of 27 May 2016) «Title I, Chapter Vbis of the above-mentioned
Law of 19 December 2002 »;
7° the court order declaring a merger void shall not of itself affect the validity of obligations
owed by or to the acquiring company which arose before the publication of the court
order and after the date referred to in Article 1021-13;
8° the companies which have been party to the merger shall be jointly and severally liable
for the obligations of the acquiring company referred to in point 7°.
(2) In derogation to paragraph 1, point 2°, a merger intended for the formation of a société
européenne (SE) may not be declared null and void once the société européenne (SE) has
been registered at the register of commerce and companies.
The société européenne (SE) may be dissolved in case of absence of scrutiny of the legality of
the merger pursuant to Article 1021-12, paragraph 2.
[2017/1132/EU art. 134]
(3) In derogation to paragraph 1, point 3°, the avoidance of a merger by acquisition of a
foreign law governed company which has become effective in accordance with Articles 1021-
16 may not be ordered.»
«Section 2 - Merger by incorporation of a new company»

[2017/1132/EU art. 109]
«Art. 1022-1.
(1) Articles 1021-1, 1021-2 and 1021-3 as well as Articles 1021-5 to 1021-19 shall apply to
mergers by the incorporation of a new company. For such purpose, «merging companies» or
173
15276572_3
«company being acquired» shall describe the companies which cease to exist and «acquiring
company» shall refer to the new company.
(2) Article 1021-1, paragraph 2, point 1°, shall also apply to the new company.
(3) (Law of 10 June 2009) «The common draft terms of merger containing the draft
constitutive instrument of the new company must be approved by the general meeting of
each of the companies which will cease to exist. The new company shall exist as from the last
approval.»
(4) (Law of 3 August 2011) «The rules laid down in Article 420-10, paragraphs 2 to 9 shall not
apply to the incorporation of the new company in case an expert report is drawn up on the
draft common terms of merger or if the circumstances envisaged by Article 420-10,
paragraphs 2 to 9 do not exist.»
«(5) Where the new company resulting from a cross-border merger is a Luxembourg-law-
governed company, the legality control of the notary referred to in Article 1021-12,
paragraph 2 also covers the part of the procedure regarding the formation of that company».
«Section 3 - Acquisition of one company by another which holds 90 percent or more

of the shares, corporate units and securities conferring voting rights in the first
company»

[2017/1132/EU art. 110]
«Art. 1023-1.
[2017/1132/EU art. 132.1]
«If the acquiring company holds all the shares, all the corporate units and all other securities
conferring voting rights in the companies to be acquired, those companies transfer all of
their assets and liabilities to the acquiring company at the moment of their dissolution
without liquidation. The operation shall be subject to the provisions of Title X, Chapter II,
Section 1., with the exception of Article 1021-1, paragraph 2, points 2°, 3° and 4°, Articles
1021-5 and 1021-6, Article 1021-7, paragraph 1, points 4° and 5°, Article 1021-17, paragraph
1, point 2° and Article 1021-18.
Sub-paragraph 1 shall not apply to sociétés européennes (SE).
In case of a cross-border merger, the provisions of Article 1021-5 and 1021-7, paragraph 1,
point 4°, remain applicable.»
174
15276572_3
[2017/1132/EU art. 111]
Art. 1023-2.
(1) (Law of 23 March 2007) «Article 1021-3, paragraph 1 shall not apply where, in the
circumstances described in the foregoing Article,
1° the publication provided for by Article 1021-2 is made as regards each of the companies
involved in the operation at least one month before the operation takes effect as
between the parties;
2° all the members in the acquiring company are entitled, at least one month before the
operation takes effect as between the parties, to inspect, at the registered office of that
company, the documents specified in Article 1021-7, paragraph 1, points 1°, 2° and 3°;
(…)197
3° one or more members of the acquiring company holding at least 5 percent of the shares
or corporate units in the subscribed capital are entitled during the period provided for
point 2° to require that a general meeting of the acquiring company be called in order to
decide whether to approve the merger. The meeting must be convened in such a
manner so as to be held within one month of the request for it to be held.»
«For the purpose of paragraph 1, point 2°, Article 1021-7, paragraphs 2, 3 and 4 of are
applicable.»
[2017/1132/EU art. 132.1]
«(2) In case of a cross-border merger, Article 1021-3, paragraph 1 shall not apply to the
company or the companies being acquired.»

[2017/1132/EU art. 112]
«Art. 1023-3.
«Articles 1023-1 and 1023-2 shall also be applicable to the acquisition operations where all
the shares, corporate units and other securities referred to in Article 1023-1 in the company
or companies being acquired belong to the acquiring company or to persons holding such
shares, corporate units and securities in their own name but on behalf of that company.»
175
15276572_3
[2017/1132/EU art. 113]
«Art. 1023-4.
«(1) Where a merger by acquisition is carried out by a company which holds 90 percent or
more, but not all, of the shares, corporate units and other securities conferring the right to
vote at general meetings of the company or companies being acquired, the approval of the
merger by the general meeting of the acquiring company shall not be necessary if the
following conditions are fulfilled:
1° the publication prescribed in Article 1021-2 is made, for the acquiring company, at least
one month before the date of the general meeting of the company or companies being
acquired which have been convened to decide whether to approve the draft terms of
merger;
The provisions of this point 1° shall not apply to cross-border mergers of companies.
2° all the members in the acquiring company are entitled, at least one month before the
date indicated under point 1°, to inspect, at the company’s registered office, the
documents indicated in Article 1021-7, paragraph 1, points 1°and 2° and where
applicable in Article 1021-7, paragraphs 1, points 3°, 4°, and 5°.
3° Article 1021-4 3. shall apply.
For the purpose of paragraph 1, point 2°, Article 1021-7, paragraphs 2, 3 and 4 are applicable.
(2) Where a cross-border merger by acquisition is carried out by a company which holds 90
percent or more but not all of the shares, corporate units and other securities conferring the
right to vote at general meetings of the company or companies being acquired, the reports
by an independent expert or experts and the documents necessary for verification shall be
required only to the extent that the national law governing either the acquiring company or
the company being acquired so requires.»

[2017/1132/EU art. 114]
«Art. 1023-5.
«Articles 1021-5, 1021-6 and 1021-7 shall not apply in case of a merger referred to in the
foregoing Article if the following conditions are fulfilled:
1° the minority members of the company being acquired are entitled to have their shares
or corporate units acquired by the acquiring company;
2° in those circumstances, they shall be entitled to receive consideration corresponding to
the value of their shares or corporate units;
3° in the event of disagreement regarding such consideration, it shall be determined by the
judge presiding the chamber of the Tribunal d'Arrondissement [District Court] dealing
with commercial matters, in the district in which the registered office of the acquiring
company is located and sitting as in urgency matters.»
176
15276572_3
[2017/1132/EU art. 115]
«Art. 1023-6.
«Articles 1023-4 and 1023-5 shall also apply to acquisition operations where 90 percent or
more, but not all, of the shares or corporate units and other securities referred to in Article
1023-4 in the company or companies being acquired are held by the acquiring company
and/or to persons who hold such shares, corporate units and securities in their own name,
but on behalf of that company.»
«Section 4 - Other operations assimilated to mergers»

[2017/1132/EU art. 116]
«Art. 1024-1.
«Where, notwithstanding the provisions of Articles 1020-3 and 1020-4, the cash balance
exceeds 10 percent, Sections 1 and 2, and Articles 1023-4, 1023-5 and 1023-6 shall continue
to apply.
They shall also apply where one or more companies enter into liquidation and transfer their
assets and liabilities to another company against the issue of shares or corporate units in the
latter company to the members of the former company, with or without a cash balance. »
«Chapter III - Divisions198»

[2017/1132/EU art. 135]
«Art. 1030-1.
«The present Chapter shall apply to all companies with legal personality pursuant to this Law
A division can also occur where the company or economic interest grouping which is
acquired or will cease to exist is the subject of bankruptcy proceedings, proceedings relating
to composition with creditors or a similar procedure such as the suspension of payments,
controlled management or a similar procedure instituting special management or supervision
198The amendments to this Section by the Law of 3 August 2011 do not apply to divisions where the draft terms
have been published before 15 August, 2011.
177
15276572_3
of one or more of those companies or economic interest groupings.
A company or an economic interest grouping as referred to in the first sub-paragraph may
also enter into a division transaction with a foreign company or economic interest grouping,
provided the latter’s’ national law does not prohibit such a transaction.
Where in the provisions below a reference is made to a «company» or to the «companies»,
«economic interest grouping(s).»»

[2017/1132/EU art. 135]
«Art. 1030-2.
A division shall be carried out by acquisition, by the incorporation of new companies or by a
combination of the two procedures.»

[2017/1132/EU art. 136]
«Art. 1030-3.
(1) (Law of 10 June 2009) «Division by acquisition is the operation whereby a company,
following its dissolution without liquidation, either transfers all of its assets and liabilities to
more than one company, or transfers, without dissolution, to one or more than one company
part or all of its assets and liabilities in exchange for the allocation to the members of the
company being divided of shares or corporate units in the companies receiving contributions
as a result of the division and a cash payment, if any, not exceeding 10 percent of the
nominal value of the shares or corporate units allocated or, in the absence of a nominal
value, of their accounting par value.»
(2) (Law of 23 March 2007) «Division by acquisition may also take place where the company
being acquired is in liquidation, provided that it has not yet begun the distribution of its
assets amongst its members.»
[2017/1132/EU art. 155]

«Art. 1030-4.
«(1) Division by the incorporation of new companies is the operation whereby a company,
either transfers following its dissolution without liquidation, all of its assets and liabilities to
more than one newly incorporated company, or transfers, without dissolution, part or all of
its assets and liabilities to one or more than one newly- incorporated company in exchange
for the allocation to its members of shares or corporate units in the recipient companies and
a cash payment, if any, not exceeding 10 percent of the nominal value of the shares or
corporate units allocated or, in the absence of a nominal value, of their accounting par
value.»
«(2) Division by the incorporation of new companies may also take place where the company
which will cease to exist is in liquidation, provided that it has not yet begun distribution of its
assets amongst its members.»
178
15276572_3
«Section 1 - Division by acquisition»

[2017/1132/EU art. 137]
«Art. 1031-1.
(1) «The management bodies of the companies involved in the division shall draw up draft
terms of division.
(2) The draft terms of division shall specify:
1° the form, corporate denomination and registered office of the companies involved in
the division;
2° the share or corporate unit exchange ratio and, where appropriate, the amount of the
cash payment;
3° the terms for the delivery of shares or corporate units in the recipient company;
4° the date as from which those shares or corporate units shall carry the right to
participate in the profits and any special conditions relating to that right;
5° the date from which the operations of the company being divided shall be treated, for
accounting purposes, as being carried out on behalf of one or other of the recipient
companies;
6° the rights conferred by the recipient company to members having special rights and to
the holders of securities other than shares or corporate units, or the measures proposed
concerning them;
7° any special advantage granted to the experts referred to in Article 1031-6, to the
members of the management bodies and to the commissaires aux comptes [supervisory
auditors] of the companies involved in the division;
8° the precise description and allocation of the assets and liabilities to be transferred to
each of the recipient companies;
9° the allocation amongst the members of the company being divided of shares or
corporate units in the recipient companies, and the criterion upon which such allocation
is based.
(3) Where an asset is not allocated in the draft terms of division and where the interpretation
of these terms does not make a decision on its allocation possible, the asset or the amount
corresponding to the value thereof shall be allocated to all the recipient companies in the
proportion to the assets199 allocated to each of them in the draft terms of division.
199 The English version of the directive refers to: «net assets» as does the German version (Nettoaktivvermögen).
179
15276572_3
Where a liability is not allocated in the draft terms of division and where the interpretation of
these terms does not make a decision on its allocation possible, each of the recipient
companies shall be jointly and severally liable therefor.
The joint and several liability of the recipient companies shall however be limited to the net
assets allocated to each of them.»

[2017/1132/EU.art. 138]
«Art. 1031-2.
Draft terms of division shall be published in accordance with (Law of 27 May 2016) «the
of commerce and companies and the accounting and annual accounts of undertakings200» for
each of the companies involved in the division, at least one month before the date of the
general meeting convened to decide on the draft terms of division.»

[2017/1132/EU art. 139.1]
«Art. 1031-3.
«(1) A division shall require the approval of the general meeting of each of the companies
involved in the division and, where appropriate, of the holders of securities other than shares
or corporate units. That decision requires that the conditions as to quorum, presence and
majority laid down for amendments to the articles are fulfilled.»
(2) In sociétés en commandite simple and in sociétés coopératives, the voting rights of
members are in proportion to their share in the corporate assets and the quorum will be
calculated by reference to the corporate assets.
(3) The consent of all members is required:
1° in the companies being divided and in the recipient companies which are sociétés en
nom collectif, sociétés coopératives the members of which have unlimited and joint
liability, civil companies or economic interest groupings;
2° in the companies being divided where at least one of the recipient companies is:
a) a société en nom collectif;
b) a société en commandite simple;
c) a société coopérative the members of which have unlimited and joint liability;
d) a civil company;
e) an economic interest grouping.
In the cases referred to in paragraph 3, point 1° and point 2°, letters a), b) and c), the
unanimous consent of the holders of corporate units not representing capital will be
required.
180
15276572_3
(4) In sociétés en commandite simple and in sociétés en commandite par actions, the consent
of all the unlimited members will in addition be required.
(5) If there is more than one category of shares, securities or corporate units, whether
representing capital or not, and if the division results in a modification to their respective
rights, Article 450-4 shall be applicable.»

[2017/1132/EU art. 140]
«Art. 1031-4.
«Except in the cases referred to in Article 1031-3, paragraphs 2 to 4, approval of the division
by the general meeting of a recipient company is not necessary if the following conditions
are fulfilled:
1° the publication provided for by Article 1031-2. is made, for the recipient company, at
least one month before the date of the general meeting of the company being divided
convened to decide on the draft terms of division;
2° all the members of the recipient company are entitled, at least one month before the
date indicated under point 1°, to examine, at the registered office of that company, the
documents indicated in Article 1031-7, paragraph 1;
3° one or more members of the recipient company holding at least 5 percent of the shares
or corporate units of the subscribed capital are entitled, until the day following the
holding of the general meeting of the company being divided, to require the convening
of a general meeting of the recipient company to decide whether to approve the
division. The meeting must be convened so as to be held within one month of the
request for it to be held.»
«For the purposes of point 2° of the first sub-paragraph, Article 1031-7, paragraphs 2, 3 and 4
shall apply.»

[2017/1132/EU art. 141]
«Art. 1031-5.
(1) «The management bodies of each of the companies involved in the division shall draw up
a detailed written report explaining the draft terms of division and setting out the legal and
economic grounds for them and, in particular, the share or corporate unit exchange ratio and
the criterion determining their allocation.
(2) The report shall also indicate any special valuation difficulties which may have arisen. It
shall also disclose the preparation of the report on the verification of the (Law of 10 August
2016) «contributions in kind», referred to in Article 420-10, paragraph 2 and the filing
thereof in accordance with (Law of 27 May 2016) «the provisions of Title I, Chapter Vbis of
181
15276572_3
accounting and annual accounts of undertakings201».
(3) The management bodies of the company being divided must inform the general meeting
of the company being divided and the management bodies of the recipient companies, so
that they can inform the general meetings of their companies, of any material change in the
assets and liabilities which have occurred between the date of the preparation of the draft
terms of division and the date of the general meeting of the company being divided which is
to decide on the draft terms of division.»

[2017/1132/EU art. 142]
«Art. 1031-6.
(1) «The draft terms of division must be the subject of an examination and of a written report
to the members. The examination shall be carried out and the report shall be drawn up for
each of the companies involved in the division by one or more independent experts to be
appointed by the board of directors of each of the companies involved in the division. (Law
of 23 July 2016) «The experts must be chosen among the réviseurs d’entreprises [statutory
auditors].»
However, it is possible to cause the report to be drawn up by one or more independent
experts for all the companies involved in the division. In such case , the appointment shall be
made, at the joint request of the companies involved in the division, by the judge presiding
the chamber of the Tribunal d'Arrondissement [District Court] dealing with commercial
matters in the district where the registered office of the company being divided is located
and sitting as in urgency matters.
(2) In the report mentioned in paragraph 1, the experts must in any case declare whether, in
their opinion, the share exchange ratio is or is not fair and reasonable. Their statement must:
1° indicate the method or methods used to arrive at the proposed share exchange ratio;
2° indicate whether that method or methods are adequate in the circumstances and
indicate the values arrived at by each of such methods, and give an opinion as to the
relative importance attributed to such methods in determining the value adopted.
In addition, the report shall describe any special valuation difficulties, which may have arisen.
(3) (Law of 3 August 2011) «The rules laid down in paragraphs 2 to 9 of Article 420-10 shall
not apply in case an expert report is drawn up on the draft terms of division or if the
circumstances envisaged by paragraphs 2 to 9 of Article 420-10 do not exist.»
(4) Each expert shall be entitled to obtain from the companies involved in the division all
relevant information and documents and to carry out all necessary verifications.»
182
15276572_3
[2017/1132/EU art. 143]
«Art. 1031-7.
(1) «Every member shall be entitled to inspect the following documents at the registered
office, at least one month before the date of the general meeting called to decide on the
draft terms of division:
1° the draft terms of division;
2° the annual accounts and the management reports for the three last financial years of
the companies involved in the division;
3° (Law of 3 August 2011) «where applicable, an accounting statement drawn up as at a
date which must not be earlier than the first day of the third month preceding the date
of the draft terms of division if the last annual accounts relate to a financial year which
ended more than six months before that date; »
4° (Law of 3 August 2011) «where applicable, the reports of the management bodies of the
companies involved in the division, referred to in Article 1031-5, paragraph 1»;
5° (Law of 10 June 2009) «where applicable, the reports referred to in Article 1031-6.»
«For the purposes of point 3° of the paragraph 1, an accounting statement shall not be
required if the company publishes a half-yearly financial report in accordance with Article 4
of the amended Law of 11 January 2008 on transparency requirements for issuers of
securities and makes it available to shareholders in accordance with this paragraph.
(2) The accounting statement provided for in paragraph 1, point 3° shall be drawn up using
the same methods and take the same presentation as the last balance sheet.
It shall not however be necessary to take a fresh physical inventory.
Moreover, the valuations shown in the last balance sheet shall be altered only to reflect
entries in the books of account; the following shall nevertheless be taken into account:
1° interim depreciation and provisions;
2° material changes in actual value not shown in the books.
(3) A full copy, or if so desired, a partial copy of the documents referred to in paragraph 1
may be obtained by any members on request and free of charge.»
«Where a member has consented to the use by the company of electronic means for
conveying information, such copies may be provided by electronic mail.»
«(4) A company shall be exempt from the requirement to make the documents referred to in
paragraph 1 available at its registered office if, for a continuous period beginning at least one
month before the day fixed for the general meeting which is to decide on the draft terms of
division and ending not earlier than the conclusion of that meeting, it makes them available
on its website.
183
15276572_3
Paragraph 3 shall not apply if the website gives members the possibility, throughout the
period referred to in the first sub-paragraph of this paragraph, of downloading and printing
the documents referred to in paragraph 1. However, in that case the company shall make
those documents available at its registered office for consultation by the members.»

[2017/1132/EU art. 144]
«Art. 1031-8.
«(1) An examination of the draft terms of division and the expert report provided for in
Article 1031-6, paragraph 1 shall not be required if all the members and holders of other
securities conferring the right to vote in each of the companies involved in the division have
so agreed.
(2) The requirements of Articles 1031-5 and 1031-7, paragraph 1, points 3° and 4° do not
apply if all the members and the holders of other securities conferring the right to vote in
each of the companies involved in the division have so agreed.»

«Art. 1031-9.
(1) A société à responsabilité limitée, a société coopérative or an economic interest grouping
can only participate in a division transaction as a recipient company or economic interest
grouping, if the shareholders or members of the company or economic interest grouping to
be divided fulfil the conditions required to become shareholder or member of such recipient
company or economic interest grouping.
(2) In sociétés coopératives, each member has the right notwithstanding any provision to the
contrary in the articles of incorporation, to resign at any time and without having to satisfy
any other condition, from the time the general meeting is called in order to resolve on the
division of the company for the benefit of recipient companies of which one at least has a
different legal form.
The resignation must be notified to the company by registered mail, deposited at the post
office five days at least before the date of the meeting. Such resignation will only be effective
if the division is approved.
The notice to the meeting must feature the text of the first and second sub-paragraphs of
this paragraph.»

[2017/1132/EU.art. 146.1]
«Art. 1031-10.
«(1) Creditors of the companies involved in the division, whose claims pre-date the date of
publication of the deeds recording the division provided for in Article 1031-15, may,
notwithstanding any agreement to the contrary, apply within two months of such publication
to the judge presiding the chamber of the Tribunal d'Arrondissement [District Court] dealing
with commercial matters in the district in which the registered office of the debtor company
184
15276572_3
is located and sitting as in urgency matters, to obtain adequate safeguards for any matured
and unmatured debts where they can credibly demonstrate that due to the division the
satisfaction of their claims is at stake and that no adequate safeguards have been obtained
from the company. The application shall be rejected if the creditor already has adequate
safeguards or if such safeguards are not necessary, having regard to the financial situation of
the companies involved in the division. The debtor company may cause the application to be
turned down by paying the creditor, even if it is a term debt.
If the safeguards are not provided within the time limit prescribed, the debt shall
immediately fall due.»
«(2) Insofar as a creditor or bondholder of the company being divided has not obtained
satisfaction from the company to which the obligation has been transferred to in accordance
with the draft terms of division, the recipient companies shall be jointly and severally liable
for that obligation.
The joint and several liability of the recipient companies shall however be limited to the net
assets allocated to each of them.»
(3) If the company being divided is a société en nom collectif, a société en commandite
simple, a société en commandite par actions, a société coopérative the members of which
have unlimited and joint liability, a société civile or an economic interest grouping, the
members of the société en nom collectif, the unlimited members of the société en
commandite simple or société en commandite par actions or the members of the société
coopérative, of the civil company or of the economic interest grouping remain severally or
jointly liable, as applicable, vis-à-vis third parties for the obligations of the dissolved company
which pre-date the effectiveness vis-à-vis third parties of the merger deed pursuant to Article
1031-15.
(4) If the recipient company is a société en nom collectif, a société en commandite simple, a
société en commandite par actions, a société coopérative the members of which have
unlimited and joint liability, a société civile or an economic interest grouping, the members of
the société en nom collectif, the unlimited members of the société en commandite simple or
société en commandite par actions or the members of the société coopérative, of the civil
company or of the economic interest grouping remain severally or jointly liable, as
applicable, vis-à-vis third parties for the obligations of the dissolved company which pre-date
the effectiveness vis-à-vis third parties of the division and which, in this latter case, have
been transferred to the recipient company in accordance with the draft terms of division and
Article 1031-1, paragraph 3, sub-paragraph 2.
They may however be exempted from this liability by an express provision to this effect in
the draft terms of division and the deed of division which will be valid vis-à-vis third parties in
accordance with Article 1031-15.»
185
15276572_3
[2017/1132/EU art. 146.5]
«Art. 1031-11.
Without prejudice to the rules governing the collective exercise of their rights, Article 1031-
10 shall apply to holders of bonds of the companies involved in the division, unless the
division has been approved by a meeting of the bondholders or by the bondholders
individually.»

[2017/1132/EU art. 147]
«Art. 1031-12.
«(1) The holders of securities, other than shares or corporate units, to which special rights
are attached must be given rights in the recipient companies against which such securities
may be invoked in accordance with the draft terms of division at least equivalent to those
they possessed in the company being divided.
(2) Paragraph 1 shall not apply if the alteration to those rights was approved by a meeting of
the holders of such securities, proceeding in accordance with the conditions as to quorum
and majority provided for in Article 1031-3.
(3) In the event of failure to convene the meeting provided for in the foregoing paragraph or
if such a meeting refuses to accept the proposed alteration, the securities concerned shall be
repurchased at the price corresponding to their valuation in the draft terms of division, and
verified by the experts provided for in Article 1031-6.»

[2017/1132/EU art. 148]
«Art. 1031-13.
(1) «The minutes of the general meetings which decide upon the division shall be drawn up in
the form of a notarial instrument; the same shall apply to the draft terms of division where
the division does not need to be approved by the general meetings of all the companies
involved in the division.
(2) The notary must verify and certify the existence and validity of the legal acts and
formalities required of the company in respect of which he is acting and of the draft terms of
division.
(3) Sociétés en nom collectif, sociétés en commandite simple, sociétés coopératives, civil
companies and economic interest groupings shall, for the adoption of the deeds referred to
in paragraph 1, adopt the form of a notarial instrument or of a private deed, as is provided
for in relation to their incorporation.»
186
15276572_3
[2017/1132/EU art. 149]
«Art. 1031-14.
The division shall take effect when the concurring decisions of the companies involved shall
have been adopted.»

[2017/1132/EU art. 150]
«Art. 1031-15.
(1) The division shall have no effect vis-à-vis third parties until after the publication in
accounting and annual accounts of undertakings 202 » has been made for each of the
companies involved in the division.
(2) Any recipient company may carry out the publication formalities in respect of the
company being divided.»

[2017/1132/EU art. 151]
«Art. 1031-16.
(1) «The division shall have the following consequences, ipso jure and simultaneously:
1° the transfer, both as between the company being divided and the recipient companies
and vis-à-vis third parties, of all of the assets and liabilities of the company being divided
to the recipient companies; such transfer shall be made with the assets and liabilities
being divided in accordance with the allocation provided for in the draft terms of
division or in Article 1031-1, paragraph 3;
2° the members of the company being divided become members of one or more of the
recipient companies in accordance with the allocation provided for in the draft terms of
division;
3° the company being divided ceases to exist;
4° the cancellation of the shares or corporate units of the company being divided held by
the recipient company or companies or by the company being divided or by a person
acting in his own name but on behalf of those companies.
(2) By way of exception to paragraph 1, point 1°, the transfer of industrial and intellectual
property rights and of ownership or other rights on assets other than collateral established
on movable and immovable property will be valid vis-à-vis third parties under the conditions
provided for in the specific laws governing such operations. The recipient company or
companies may complete such formalities.»
187
15276572_3
[2017/1132/EU art. 152]
«Art. 1031-17.
«The shareholders of the company being divided may individually take proceedings and
exercise a liability action against the members of the management bodies and the experts of
the company being divided to obtain compensation for any damage which they may have
suffered as a result of the misconduct of the members of the management bodies in
preparing for and carrying out the division or of the experts in the discharge of their duties.
Any liability shall be joint and several for the members of the management bodies or the
experts of the company being divided or, where appropriate, for all combined. However,
each of them may relieve himself of any liability if he proves that no misconduct is
attributable to him personally.»

[2017/1132/EU art. 153]
«Art. 1031-18.
«The avoidance of a division may occur in the following circumstances:
2° where the division has taken effect pursuant to Article 1031-14, it may only be avoided
on the grounds that there was no notarial instrument or private deed, as applicable, or if
it is established that the resolution of the general meeting of either of the companies
involved in the division is void;
3° an action for avoidance may not be brought after the expiry of a period of six months as
from the date on which the division took effect vis-à-vis the person alleging nullity, or if
the situation has been rectified;
4° where it is possible to remedy a defect liable to render the division void, the competent
court shall grant the companies concerned a period of time within which to rectify the
situation;
5° a court order declaring a division void shall be published in the manner prescribed by
(Law of 27 May 2016) «Title I, Chapter Vbis of the amended Law of 19 December 2002
undertakings203»;
6° third party objections to the court order declaring a division void shall not be admissible
after the expiry of six months from publication of the court order in accordance with
(Law of 27 May 2016) «the provisions of Title I, Chapter Vbis, of the above-mentioned
Law of 19 December 2002 »;
188
15276572_3
7° the court order declaring a division void shall not of itself affect the validity of
obligations owed by or to the recipient companies which arose before publication of the
court order and after the date referred to in Article 1031-14;
8° each of the recipient companies shall be liable for its obligations which arose after the
date on which the division took effect and before the date on which the court order
declaring the division void was published. The company being divided shall also be liable
for such obligations. The liability of the recipient company shall however be limited to
the net assets allocated to it204.»

[2017/1132/EU art. 154]
«Art. 1031-19.
«Without prejudice to Article 1031-4, where the recipient companies are together the
holders of all the shares or corporate units in the company being divided and of all other
securities conferring the right to vote at general meetings, the approval of the division by the
general meeting of the company being divided in accordance with Article 1031-3 paragraph
1shall not be necessary if the following conditions are fulfilled:
1° the publication prescribed in Article 1031-2 is made as regards each of the companies
involved in the operation, at least one month before the operation takes effect between
the parties;
2° all the members of the companies involved in the operation are entitled, at least one
month before the operation takes effect between the parties, to inspect at the
registered office of their company the documents indicated in Article 1031-7, paragraph
1;
3° where a general meeting of the company being divided is not convened in order to
decide whether to approve the division, the information provided for by Article 1031-5,
paragraph 3, shall cover any material change in the assets and liabilities occurring after
the date of preparation of the draft terms of division.
For the purpose of point 2° of the first sub-paragraph, Article 1031-7, paragraphs 2, 3 and 4
as well as Article 1031-8 are applicable.»
204The directive (Art. 153.1 (h)) provides Member States may limit the liability of the company being divided to
the share of net assets transferred to the recipient company on which account the obligations arose.
189
15276572_3
«Section 2 - Division by the incorporation of new companies»

[2017/1132/EU art. 156]
«Art. 1032-1.
(1) «Articles 1031-1, 1031-2, 1031-3, 1031-5 as well as 1031-6 paragraphs 1, 2 and 4 and
Articles 1031-7 to 1031-18 shall apply to divisions by the incorporation of new companies.
For such purpose, «companies involved in the division» shall refer to the company being
divided and the expression «recipient company» shall refer to each of the new companies.
(2) The draft terms of division shall indicate, in addition to the information referred to in
Article 1031-1, paragraph 2, the form, corporate denomination and registered office of each
of the new companies.
(3) The draft terms of division containing the draft constitutive instrument of each of the new
companies must be approved by the general meeting of the company being divided.»
(4) (Law of 3 August 2011) «The rules laid down in paragraphs 2 to 9 of Article 420-10 shall
not apply in case an expert report is drawn up on the draft terms of division or if the by
circumstances envisaged by paragraphs 2 to 9 of Article 420-10 do not exist.»
(5) (Law of 3 August 2011) «The rules laid down in Articles 1031-5, 1031-6 and 1031-7,
paragraph 1, points 3°, 4° and 5.shall not apply to the incorporation of new companies where
the shares or corporate units in each of the new companies are allocated to the members of
the company being divided in proportion to their rights in the capital of that company.»
«Section 3 - Other operations assimilated to division»

[2017/1132/EU art. 158]
«Art. 1033-1.
«Where, notwithstanding the provisions of Articles 1030-3 and 1030-4, the cash payment
exceeds 10 percent, Sections 1 and 2 shall continue to be applicable.
The same shall apply where a company enters into liquidation and transfers its assets and
liabilities to more than one company against the issue of shares or corporate units in the
latter companies to the members of the former company, with or without a cash payment.»
190
15276572_3
«Chapter IV - Transfers of assets, branch of activity transfers and all assets

and liabilities transfers »

«Art. 1040-1.
The present Chapter shall apply to all companies with legal personality pursuant to this Law
Where in the provisions below a reference is made to a «company» or to the «companies»,
«economic interest grouping(s).»»

«Art. 1040-2.
The company contributing a part of its assets to another company and the receiving company
may jointly determine to submit such transaction to the provisions of Chapter III of the
present Title, with the exception of Article 1031-16. In such case, the contribution results
ipso jure in the transfer to the receiving company of the assets and of the liabilities attaching
thereto.»

«Art. 1040-3.
The contribution of a branch of activity is a transaction by which a company contributes,
without dissolution, to another company, one of its branches of activity as well as the
liabilities and assets attaching thereto in exchange for the issue of shares or corporate units
of the receiving company.
The company which contributes a branch of activity to another company and the receiving
company may jointly determine to submit the transaction to the provisions of Chapter III of
the present Title, with the exception of Article 1031-16. In such case, the contribution results
ipso jure in the transfer to the receiving company of the assets and of the liabilities attaching
thereto.
A branch of activity is a division which from a technical and organisational point of view
exercises an independent activity and is capable of functioning by its own means205.»
205 Council Directive 2009/133/EC inter alia on the common system of taxation applicable to mergers and division,
defines a branch of activity as: «all the assets and liabilities of a division of a company which from an
organisational point of view constitute an independent business, that is to say an entity capable of functioning by
its own means.»
191
15276572_3
«Art. 1040-4.
An all assets and liabilities contribution is a transaction by which a company contributes,
without dissolution, all its assets and liabilities to one or more existing or new companies in
exchange for the issue of shares or corporate units in the receiving company(ies).
The company making the all assets and liabilities contribution to another company and the
receiving company may submit the transaction to the provisions of Chapter III of the present
Title, with the exception of Article 1031-16. In such case, the contribution results ipso jure in
the transfer to the receiving company of the assets and of the liabilities attaching thereto.»

«Art. 1040-5.
In the case of a transfer of assets or a branch of activity transfer or an all assets and liabilities
transfer, with or without consideration, falling within the definitions of Articles 1040-3 and
1040-4, the parties may determine to submit the transaction to the regime provided for by
Chapter III of the present Title, with the exception of Article 1031-16. In such case the
transfer results ipso jure in the transfer to the receiving company of all of the assets and of
the liabilities attaching thereto.
This determination is expressly mentioned in the draft terms of transfer established pursuant
to Article 1031-1 and in the transfer deed filed pursuant to Article 1031-15. Such draft terms
and such deed are, if applicable, drawn up in the form of a notarial deed.»
«Chapter V - Transfers of professional assets»

«Art. 1050-1.
Companies, economic interest groupings and natural persons may transfer all or part of their
professional assets, comprising all assets and liabilities, to another person206 within the
framework of a professional assignment.
Chapter III of the present Title, with the exception of Article 1031-16, shall apply where the
transferring and the receiving persons are companies with legal personality pursuant to this
Law or economic interest groupings and where the members of the transferring company or
grouping receive shares or corporate units in the receiving company or grouping.
A company, an economic interest grouping or a natural person referred to in the first sub-
paragraph, may also enter into a transfer transaction of their professional assets with a
foreign company, economic interest grouping or natural person provided the latter’s’
national law does not prohibit such a transaction.
206 A literal translation would be «to another legal subject».
192
15276572_3
The transfer of professional assets results ipso jure in the transfer to the receiving company
of the assets and liabilities attaching thereto.»

«Art. 1050-2.
The persons participating in the transfer enter into the transfer agreement, if applicable
following approval of their general meeting, resolving at the quorum, presence and majority
provided for the amendment of the articles. The provisions of Article 1031-3, paragraphs 2 to
5 as well as of Article 1031-4 shall, as the case may be, be complied with.
Such agreement must be in writing. The provisions of Article 1031-13 must be complied
with.»

«Art. 1050-3.
(1) The management bodies of the persons involved in the transfer shall draw up draft terms
of transfer.
(2) The draft terms of transfer shall specify:
1° the form, corporate denomination or name, and the registered office or domicile of the
persons involved in the transfer;
2° an inventory which shall clearly indicate the assets and liabilities to be transferred;
3° the total value of the assets and liabilities to be transferred;
4° the consideration, if any.
(3) The transfer of the professional assets is only authorised if the inventory shows an excess
of assets.
(4) Where an asset cannot be allocated on the basis of the draft terms of transfer and where
the interpretation of these terms does not make a decision on its allocation possible, such
asset shall remain with the transferring person.
Where a liability cannot be allocated on the basis of the draft terms of transfer and where
the interpretation of those terms does not make a decision on its allocation possible, the
transferring person and the receiving person shall be jointly and severally liable therefor.
The joint and severable liability of the receiving person shall however be limited to the net
assets allocated to it.»

«Art. 1050-4.
Draft terms of transfer shall be published in accordance with (Law of 27 May 2016) «the
of commerce and companies and the accounting and annual accounts of undertakings207» for
each of the persons involved in the transfer, at least one month before the execution of the
transfer agreement meaning, if applicable, one month at least before the date of the general
meeting convened to decide on the draft terms of transfer.»
193
15276572_3
«Art. 1050-5.
The management bodies of each of the persons involved in the transfer shall draw up, in
order to allow the decision to be taken, a detailed written report explaining the drafts terms
of transfer and setting up the legal and economic grounds for them namely:
1° the purpose and consequences of the transfer of the professional assets;
2° the transfer agreement;
3° the consideration for the transfer.»

«Art. 1050-6.
(1) The transferring person shall be jointly and severally liable during three years with the
receiving person for the satisfaction of the debts which pre-date the transfer of the
professional assets.
(2) Any action against the transferring person prescribe at the latest three years after the
publication of the transfer of the professional assets. If the claim matures after that
publication, the prescription runs as from that maturity.
(3) The persons involved in the transfer of the estate must upon the request of their creditors
referred to in paragraph 1, provide security:
1° if the joint and severable liability terminates before the end of the three year period; or
2° if the creditors establish it is likely that the joint and severable liability is an insufficient
safeguard.
Creditors shall formulate their claim to that end in accordance with the procedure provided
in Article 1031-10 which shall be applicable by analogy.
(4) The creditors of the transferring person and of the receiving person whose claims are not
comprised in the transferred professional assets and which pre-date the date of the
publication of the transfer provided for in Article 1050-7, may also apply for the provision of
security in accordance with the procedure provided in Article 1031-10.
(5) The persons involved in the transfer of the professional assets who are ordered to provide
security may instead pay the claim to the extent that this does not cause any damage to the
other creditors.»

«Art. 1050-7.
The transfer of the professional assets shall take effect when the concurring decisions of the
persons concerned shall have been adopted.
The transfer of the professional assets shall have no effect vis-à-vis third parties until after
the publication in accordance with (Law of 27 May 2016) «the provisions of Title I, Chapter
194
15276572_3
and the accounting and annual accounts of undertakings208» has been made for each of the
persons involved in the transfer.»

«Art. 1050-8.
(1) The transfer of the professional assets shall have the consequence, ipso jure, of the
transfer to the receiving person(s) of all the assets and liabilities specified in the inventory.
(2) By way of exception to paragraph 1, the transfer of industrial and intellectual property
rights and the ownership or other rights on assets other than collateral, established on
moveable and immoveable property, will be valid vis-à-vis third parties under the conditions
provided for in the specific laws governing such operations. The receiving person(s) may
complete such formalities.»

«Art. 1050-9.
The avoidance of a transfer of professional assets may occur only in the following
circumstances:
2° when the transfer of the professional assets has taken effect pursuant to Article 1050-7,
first paragraph, it may only be avoided on the grounds that there was no written deed
or, if applicable, in case of breach of the provisions of Article 1031-13, or if it is
established that the resolution of the general meeting of either of the companies
involved in the transfer of the professional assets is void;
3° an action for avoidance may not be brought after the expiry of a period of six months as
from the date on which the transfer of professional assets took effect vis-à-vis the
person alleging nullity, or if this situation has been rectified;
4° where it is possible to remedy a defect liable to render the transfer of professional
assets void, the competent court shall grant the companies concerned a period of time
within which to rectify the situation;
5° a court order declaring a transfer of professional assets void shall be published in the
manner prescribed by (Law of 27 May 2016) «Title I, Chapter Vbis of the amended Law
of 19 December 2002 on the register of commerce and companies and the accounting
and annual accounts of undertakings209»;
6° third party objections to the court order declaring a transfer of professional assets void
shall not be admissible after the expiry of six months from publication of the court order
in accordance with (Law of 27 May 2016) «the provisions of Title I, Chapter Vbis of the
above-mentioned Law of 19 December 2002 »;
7° the court order declaring a transfer of professional assets void shall not of itself affect
the validity of obligations owed by or to the receiving person which arose before

195
15276572_3
publication of the court order and after the date referred to in Article 1050-7, first sub-
paragraph;
8° the receiving person shall be liable for its obligations which arose after the date on
which the transfer of professional assets took effect and before the date on which the
court order declaring the transfer of professional assets void was published. The
receiving person shall also be liable for such obligations. The liability of the receiving
person shall however be limited to the net assets allocated to it.»
Title XI - The liquidation of companies

Art. 1100-1.
«(1) Civil and commercial companies, other than sociétés commerciales momentanées and
sociétés commerciales en participation, shall, after dissolution, be deemed to exist for the
purpose of their liquidation.
The société européenne (SE) with its registered office in the Grand Duchy of Luxembourg is
subject to the rules applicable to sociétés anonymes.
All documents emanating from a dissolved company shall indicate that it is in liquidation.
(2) The instrument recording a voluntary dissolution through the fact that all the corporate
units have come to be held by a single holder must, on pain of nullity, be accompanied by
certificates issued by:
1° the Centre d’informatique, d’affiliation et de perception des cotisations commun aux
institutions de sécurité sociale [the Central Social Security Office],
2° the Administration des contributions directes [the direct tax administration],
3° the Administration de l’enregistrement et des domaines [the registration tax and VAT
administration],
such certificates confirming that the company is in compliance with its obligations relating to
the payment of social security contributions, taxes and duties as at a date which may not be
earlier than three months before the date of the instrument of dissolution nor later than the
instrument of dissolution.
(3) Civil and commercial companies which comply with the payment deadlines they have
been granted by one of the authorities referred to in paragraph 2, points 2° and 3°, in
accordance with applicable laws or regulations, shall be regarded as being compliant and
may require delivery to them of the certificate referred to in paragraph 2.»
Art. 1100-2.
In the absence of any agreement to the contrary, the method of liquidation shall be
determined and the liquidators shall be appointed by the general meeting of members. (Law
of 7 September 1987) «Where several classes of shares exist in sociétés anonymes and
sociétés en commandite par actions, and the resolution of the general meeting is such as to
change the respective rights thereof, the resolution must, in order to be valid, fulfil the
conditions as to attendance and majority laid down in Article 450-3 with respect to each
196
15276572_3
class.» (Law of 7 August 2023) «In sociétés en nom collectif, resolutions shall be validly
adopted only with the consent of half of the members holding three-quarters of the
corporate assets and in sociétés à responsabilité limitée, decisions can only be validly taken
with the consent of shareholders holding three quarters of the share capital; in the absence
of such a majority, the matter shall be settled by the courts.» (Law of 12 July 2013) «In
sociétés en commandite simple, unless otherwise provided in the partnership agreement,
resolutions shall be validly adopted only with the consent of partners representing three
quarters of partnership interests.»210
«Where there are several liquidators, they shall form a committee which shall deliberate in
accordance with Article 444-3.»
«If the liquidator is a legal entity, the individual who represents the liquidator must be
designated in the instrument of appointment.
Any amendment to the appointment of that individual must be decided upon in accordance
with the first sub-paragraph, and must be filed and published in accordance with Article 100-
13, paragraph 1, point 1°, letter c».
«The liquidation of the société en commandite spéciale shall be carried out in the manner laid
down in the partnership agreement and, in the absence thereof, pursuant to the rules
applicable to the liquidation of sociétés en commandite simple.
Articles 1865 3°, 4° and 5° of the Civil Code shall apply neither to the société en commandite
simple nor to the société en commandite spéciale.»

«Art. 1100-3.
If no liquidators are appointed, the managing members in sociétés en nom collectif or in
sociétés en commandite, the managers in sociétés à responsabilité limitée and the directors
or members of the management board, as applicable, in sociétés anonymes and sociétés
coopératives shall, vis-à-vis third parties, be deemed to be liquidators.»
Art. 1100-4.
Unless the articles or the instrument of appointment provide otherwise, the liquidators may
bring and defend any action on behalf of the company, receive any payments, grant releases
with or without receipt, realise all securities of the company, endorse any negotiable
instrument and transact or compromise on any disputes. They may dispose of immovable
property of the company by public auction if they consider the sale thereof necessary to pay
the debts of the company (…)211.
210 This sub-paragraph was followed by a sub-paragraph which has been repealed by the Law of 23 November
1972.
197
15276572_3
Art. 1100-5.
They may, but only with the authorisation of the general meeting of members, given in
accordance with Article 1100-2, continue, until the sale thereof, with the industrial and/or
commercial activity of the company, borrow moneys to pay the debts of the company, issue
negotiable instruments, mortgage and pledge the assets of the company, dispose of the
immovable property thereof, even by private contract, and contribute the assets of the
company to other companies.
Art. 1100-6.
The liquidators may require members to pay-up amounts which they have undertaken to pay
to the company and which the liquidators consider necessary for the completion of the
liquidation.

«Art. 1100-7.
The liquidators must convene the general meeting of members so that it is held within a
period of one month where members representing one-tenth of the corporate capital
require them to do so by means of a written request with an indication of the agenda, and
they must convene the general meeting of bondholders so that it is held within a period of
one month, where they are required to do so by bondholders representing one twentieth of
the bonds outstanding forming part of the same issue.»
Art. 1100-8.
Without prejudice to the rights of creditors benefiting from liens or mortgages, the
liquidators shall pay all the debts of the company, proportionally and without distinction
between debts which have matured and those that have not matured, subject to a discount
in the case of the latter.
They may, however, under their personal guarantee, first pay the debts which have matured
if the assets significantly exceed the liabilities or if the term debts have the benefit of
adequate safeguards and without prejudice to the right of creditors to take recourse to the
courts.
Art. 1100-9.
After the payment or the deposit in escrow of the sums necessary for payment of the debts,
the liquidators shall distribute to the (Law of 10 August 2016) «members» those amounts or
assets capable of forming equal shares; they shall deliver to them any property which may
have been retained for the purpose of apportionment.
They may, subject to the authorisation referred to in Article 1100-5, repurchase the shares or
the corporate units of the company either on the Stock Exchange or by subscription or
tender, in which all the (Law of 10 August 2016) «members» shall be entitled to participate.

«Art. 1100-10.»
«By way of derogation from the provisions of Article 1100-8 and the first sub-paragraph of
Article 1100-9, where a société anonyme has contributed all of its assets and liabilities to
198
15276572_3
another société anonyme, the liquidators of the contributing company may, complying as
appropriate with «Article 420-10»212 of this law, distribute amongst the shareholders the
shares allotted in consideration of the contribution, without having to first reimburse the
bonds or deposit in escrow the amounts required for such reimbursement, the company
receiving the contribution being directly liable for the performance of the obligations of the
contributing company, in the same way as the latter was liable, all special collateral being
maintained for the benefit of the bondholders.»
«The company which has received and the company which has made the contribution shall
both have the Luxembourg nationality, unless the legislation of the jurisdiction of the
contributing company allows the contribution to be made in such conditions even to a
foreign company.»
«In case all of the assets and liabilities of a société anonyme is taken over by the
Government, it may pay the shareholders without being required to previously reimburse the
bondholders or deposit the necessary amounts for such a reimbursement in escrow.»

«Art. 1100-11. »
«By way of derogation from the provisions of Article 1100-8 and the first sub-paragraph of
Article 1100-9, where the shareholders of a civil or commercial company vested with legal
personality have unanimously decided to continue their company within a société en
commandite spéciale, which shall take over all the assets and liabilities, the liquidators may
distribute amongst the shareholders the partnership interests in the société en commandite
spéciale without having to first reimburse the bonds or deposit in escrow the amounts
required for such reimbursement, the société en commandite spéciale being directly liable
for the performance of the obligations of the civil or commercial company, in the same way
as the latter was liable, all special collateral being maintained for the benefit of the
creditors.»

«Art. 1100-12.
In sociétés anonymes and sociétés européennes (SE), the member of the board of liquidators
or the sole liquidator having a direct or indirect financial interest conflicting with that of the
company in a transaction which has to be considered upon by the board of the liquidators or
is within the scope of his/her powers and duties, must comply with Article 441-7.»
212This reflects a clean-up of the Law of 1915 by the Grand Ducal Regulation of 5 December 2017, the law having
contained a reference to an abrogated article .
199
15276572_3
Art. 1100-13.
The liquidators shall be liable, both to third parties and to the company, for the execution of
the mandate given to them and for any misconduct in the management of the liquidation.
Art. 1100-14.
Each year, the results of the liquidation shall be submitted to the general meeting of the
company, together with a statement as to the reasons which have prevented completion of
the liquidation. In the case of sociétés anonymes, the balance sheet shall also be published.
Art. 1100-15.
When the liquidation is completed, the liquidators shall make a report to the general
meeting regarding the employment of the corporate assets and shall present supporting
accounts and documents. The meeting shall appoint auditors213 to examine such documents
and shall determine a further meeting which, after the auditors shall have issued their report,
shall deliberate on the management of the liquidators. (…)214
Notice of completion of the liquidation shall be published in accordance with (Law of 27 May
2016) «the provisions of Title I, Chapter Vbis of the amended Law of 19 December 2002 on
undertakings215».
Such publication must also include:
1° an indication of the place designated by the general meeting where the corporate books
and documents are to be filed and retained for at least five years;
2° an indication of the measures taken for the deposit in escrow of the sums and assets
due to creditors or to members, which it has not been possible to deliver to them216.
213 The French version uses the terms «commissaires» but the duties of the «commissaires» under this Article are
different from the duties of the «commissaires aux comptes» referred to in Article 61 et seq.
214 Sentence repealed by the Law of 23 July 2016.
216 Additionally, in accordance with Article 17 (4) of the Law of 13 January 2019 creating a Register of beneficial
owners, the company must at the time of its deregistration from the Register of commerce and companies
indicate the place where information on its beneficial owners and supporting documentation will be retained
during five years following the date of deregistration. These indications must be published in the Recueil
électronique des sociétés et associations in the same manner as the publication of the completion of the
liquidation.
200
15276572_3
«Title XII - Court-ordered dissolution and close-down of commercial
companies»
«Art. 1200-1.»
«(1) The Tribunal d’Arrondissement [District Court] dealing with commercial matters, may, at
the application of the Procureur d’État (Public Prosecutor), order the dissolution and the
liquidation of any company governed by Luxembourg law which pursues activities contrary to
criminal law or which seriously contravenes the provisions of the Commercial Code or the
laws governing commercial companies including those laws governing authorisations to do
business.217
(2) The application and the procedural deeds shall be served through the greffe. If the
company cannot be contacted at its legal domicile in the Grand Duchy of Luxembourg, the
application is published by way of extract in two newspapers published in the Grand Duchy of
Luxembourg.
(3) Upon ordering the liquidation, the court shall appoint a supervisory judge and one or
more liquidators. It shall determine the method of liquidation. It may render applicable to
such extent as it may determine, the rules governing the liquidation of a bankruptcy. The
method of liquidation may be changed by subsequent decision, either of the court's own
motion or at the request of the liquidator or liquidators.
(4) Court decisions ordering the dissolution and liquidation of a company shall be published
by extract on the Recueil électronique des sociétés et associations, in accordance with the
provisions of Title I, Chapter Vbis, of the amended Law of 19 December 2002 on the register
of commerce and companies and the accounting and annual accounts of undertakings218. The
court, may, in addition, and regardless of the publications to be made in newspapers
published in the Grand Duchy of Luxembourg, order publication thereof, by extract, in such
foreign newspapers as it may designate.
The publications shall be arranged by the liquidator or liquidators.
(5) The court may decide that the judgement ordering dissolution and liquidation shall be
enforceable on a provisional basis.
(6) In case the absence or an insufficiency of assets is ascertained by the supervisory judge,
the expenses and fees of the liquidators, which shall be ruled upon by the court, shall be
borne by the State and be paid as legal expenses.
(7) The time limit for lodging an appeal against a judgement ordering the liquidation of a
commercial company governed by Luxembourg law is forty days from the date of service.
217 A serious violation of the Law of 31 May 1999 on, inter alia the domiciliation of companies shall constitute a
ground of application of Articles 1200-1 and1200-2 (Article 5 of the Law of 31 May 1999).
201
15276572_3
The appeal shall be lodged by writ served by bailiff and contain a summons to appear on a
fixed date, and it shall be heard and judged promptly by oral procedure.
(8) Actions against liquidators shall prescribe five years after publication of the completion of
the liquidation.»

«Art. 1200-2.»
«(1) The Tribunal d’Arrondissement [District Court] dealing with commercial matters, may, at
the application of the Procureur d’État (Public Prosecutor), order the close-down of any
establishment of a foreign company which pursues activities contrary to criminal law or
which seriously contravenes the provisions of the commercial code or the laws governing
commercial companies including those laws governing authorisations to do business.
(2) The application and the procedural deeds shall be served through the greffe. If the
company cannot be contacted at its legal domicile in the Grand Duchy of Luxembourg, the
application is published by way of extract in two newspapers published in the Grand Duchy of
Luxembourg. The court may in addition order publication thereof, by extract, in such foreign
newspapers as it may designate.
(3) Court decisions ordering the close-down of the establishment of a foreign company shall
be published by extract on the Recueil électronique des sociétés et associations, in
accordance with the provisions of Title I, Chapter Vbis, of the amended Law of 19 December
undertakings219. The court, may, in addition, and regardless of the publications to be made in
newspapers published in the Grand Duchy of Luxembourg, order publication thereof, by
extract, in such foreign newspapers as it may designate. The publications shall be arranged
by the Procureur d'État.
(4) The court may decide that the judgement ordering the close-down of the establishment
of a foreign company shall be enforceable on a provisional basis.
(5) The time limit for lodging an appeal against a judgement ordering the close-down of the
establishment of a foreign company is forty days from the date of service. The appeal shall be
lodged by writ served by bailiff and contain a summons to appear on a fixed date, and it shall
be heard and judged promptly by oral procedure.
(6) Shall be subject to a jail term of eight days to five years and a fine of one thousand two
hundred and fifty to one hundred and twenty-five thousand euros or to one of those
penalties, any person who shall be in breach of a judgement ordering a close-down pursuant
to this Article.»
202
15276572_3
«Art. 1200-3.
(1) If assets appear after completion of the liquidation, the Tribunal d’Arrondissement
[District Court] dealing with commercial matters may, at the application of the Procureur
d'État (Public Prosecutor), revoke the decision to close the liquidation.
(2) The application shall be published by way of extract in two newspapers published in the
Grand Duchy of Luxembourg.
(3) Upon ordering the liquidation, the court shall appoint a supervisory judge and one or
more liquidators. It shall determine the method of liquidation. It may render applicable to
such extent as it may determine, the rules governing the liquidation of a bankruptcy. The
method of liquidation may be changed by subsequent decision, either of the court’s own
motion or at the request of the liquidator or liquidators.
(4) The company shall be deemed to exist for the purpose of its liquidation.
(5) Court decisions ordering the liquidation of a company shall be published by extract on the
Recueil électronique des sociétés et associations, in accordance with the provisions of Title I,
Chapter Vbis, of the amended Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings220. The court, may, in
addition, and regardless of the publications to be made in newspapers published in the
Grand Duchy of Luxembourg, order publication thereof, by extract, in such foreign
newspapers as it may designate.
The publications shall be arranged by the liquidator or liquidators.
(6) The court may decide that the judgement ordering the liquidation shall be enforceable on
a provisional basis.
(7) The time limit for lodging an appeal against a judgement ordering the liquidation of a
commercial company governed by Luxembourg law is forty days from the date of publication
of the judgement in the Recueil électronique des sociétés et associations, in accordance with
the provisions of Title I, Chapter Vbis, of the amended Law of 19 December 2002 on the
undertakings221. The action shall be brought and heard as in urgency matters, and Articles
934, 935, 936, 937 and 939 of the New Code of Civil Procedure shall be applied. By way of
derogation from Article 934, paragraph 1, of the New Code of Civil Procedure, the claim may
be brought at a hearing specifically scheduled for these cases.
(8) Actions against liquidators shall prescribe five years after publication of the completion of
the liquidation.»

203
15276572_3
Title XIII - Companies constituted in a foreign jurisdiction
Art. 1300-1.
All companies or associations constituted or having their registered office in a foreign
jurisdiction may carry on business and act in the courts in the Grand Duchy of Luxembourg.
Art. 1300-2.
«Any company whose central administration (head office) is in the Grand Duchy of
Luxembourg shall be subject to Luxembourg law, even though the constitutive instrument
may have been executed in a foreign jurisdiction.»
«In case the domicile of a company is located in the Grand Duchy of Luxembourg, it is of
Luxembourg nationality and Luxembourg law is fully applicable to it.
In case the domicile of a company is located abroad but such company has in the Grand
Duchy of Luxembourg one or more locations where it conducts operations, the place of its
most important establishment in the Grand Duchy of Luxembourg, which it shall indicate for
that purpose in the documents whose publication is required by law, shall constitute the
secondary domicile of that company in the Grand Duchy of Luxembourg.
The absence of a known domicile of a company constitutes a serious contravention of the
law, which may lead to its dissolution and court-ordered close-down in application of articles
1200-1 and 1200-2.»
Art. 1300-3.
The Articles relating to the publication of instruments and balance sheets and Articles462-1,
600-3 and 813-2, shall apply to foreign commercial companies or companies constituted in
one of the forms of commercial companies, which establish a branch or any operational seat
in the Grand Duchy of Luxembourg.
The persons entrusted with the management of the Luxembourg branch or office shall be
subject to the same liability towards third parties as if they were managing a Luxembourg
company.
The Articles mentioned in the first sub-paragraph shall also apply to foreign companies with a
branch or operational seat in the Grand Duchy of Luxembourg at the time of coming into
force of the present law.

«Art. 1300-4.
For the companies referred to in Articles 1300-5 and 1300-9, Article 1300-3, first sub-
paragraph is replaced by Articles 1300-5 to 1300-14.»
204
15276572_3
[2017/1132/EU art. 29 and art. 30]
«Art. 1300-5.
«Branches opened in the Grand Duchy of Luxembourg (Law of 7 August 2023) «by a company
which is governed by the law of another Member State»222 and to which «Directive (EU)
aspects of company law»223 applies shall disclose, in accordance with Title I, Chapter Vbis of
accounting and annual accounts of undertakings 224 , the following documents and
particulars:»
1° the address of the branch;
2° particulars on the activities of the branch;
3° (Law of 10 August 2016) «the register in which the company file mentioned in «Article
16 of Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June
2017 relating to certain aspects of company law» 225,226 is kept together with the
registration number in that register;»
4° the corporate denomination and legal form of the company and the name of the branch
if it is different from the corporate denomination of the company;
5° (Law of 10 August 2016) «the appointment, termination of office and particulars of the
persons who are authorised to represent the company in dealings with third parties and
in legal proceedings:
a) as a company organ constituted pursuant to law or as members of any such organ, in
accordance with the disclosure by the company as provided for in «Article 14, letter
(d) of the above-mentioned Directive (EU) 2017/1132»227 ;
b) as permanent representatives of the company for the activities of the branch, with
an indication of the extent of their powers;»
6° (Law of 10 August 2016)
a) «the dissolution of the company, the appointment of liquidators, particulars
concerning them and their powers and the termination of the liquidation as provided
for in Article 14, letters (h), (j) and (k) of the «above-mentioned Directive (EU)
2017/1132»228;
b) bankruptcy proceedings, arrangements, compositions, or any analogous proceedings
to which the company is subject;»
222 Until 31 December 2020, the United Kingdom will be considered as part of the EU in accordance with the EU-
UK Withdrawal Agreement. See also the definition of «Member State» in the sixth paragraph of Article 100-2.
223 Updated by the Grand Ducal Regulation of 5 December 2017.
226 The file is mentioned in paragraph 1 of Article 16 of Directive (EU) 2017/1132.
205
15276572_3
7° the accounting documents in accordance with Article 1300-6;
8° the closure of the branch.»

[2017/1132/EU art. 31 and art. 32]
«Art. 1300-6.»
«The compulsory disclosure provided for by Article 1300-5, point 7°, shall be limited to the
accounting documents of the company as drawn up, audited and disclosed pursuant to the
law of the Member State229 by which the company is governed in accordance with Directive
2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual
financial statements, consolidated financial statements and related reports of certain types
of undertakings and Directive 2006/43/EC of the European Parliament and of the Council of
17 May 2006 on statutory audits of annual accounts and consolidated accounts.
The accounting documents referred to in the preceding paragraph must be published in the
following languages: French, German, English.»

[2017/1132/EU art. 33]
«Art. 1300-7.
Where a company has opened more than one branch in the Grand Duchy of Luxembourg, the
disclosure referred to in Article 1300-6 may be made in the file of the branch of the
company’s choice.
In that case, the disclosure obligations by the other branches shall consist «in the number of
that branch in that register.»

[2017/1132/EU art. 35]
«Art. 1300-8.»
(Law of 10 August 2016) «Letters and order forms used by a branch shall state, in addition to
the information prescribed by «Article 26 of Directive (EU) 2017/1132 of the European
Parliament and of the Council of 14 June 2017 relating to certain aspects of company law»230,
the register in which the file in respect of the branch is kept together with the registration
number of the branch in that register.»

206
15276572_3
[2017/1132/EU art. 36 and art. 37]
«Art. 1300-9.
«Branches opened in the Grand Duchy of Luxembourg (Law of 7 August 2023) «of companies
which are not governed by the law of a Member State»231 but which are of a legal form
comparable with the types of company to which the «above-mentioned Directive (EU)
2017/1132»232 applies, shall disclose the following documents and particulars in accordance
with Title I, Chapter Vbis of the amended Law of 19 December 2002 on the register of
commerce and companies and the accounting and annual accounts of undertakings233:»
1° the address of the branch;
2° particulars on the activities of the branch;
3° the law of the State by which the company is governed;
4° where that law so provides, the register in which the company is entered and the
registration number of the company in that register;
5° the constitutive instrument and the articles of association if they are contained in a
separate instrument, with all the amendments to these documents;
6° the legal form of the company, its registered office and its object and, at least annually,
the amount of subscribed capital if these particulars are not given in the documents
referred to in point 5°;
7° the corporate denomination of the company and the name of the branch if that is
different from the corporate denomination of the company;
8° the appointment, termination of office and particulars of the persons who are
authorised to represent the company in dealings with third parties and in legal
proceedings:
a) as a company organ constituted pursuant to law or as members of any such organs;
b) as permanent representatives of the company for the activities of the branch;
The extent of the powers of those persons must be stated, together with whether they
may act alone or must act jointly.
9° a) the dissolution of the company and the appointment of liquidators, particulars
concerning them and their powers and the termination of the liquidation;
b) bankruptcy proceedings, arrangements, compositions, or any analogous proceedings
to which the company is subject;
10° the accounting documents in accordance with Article 1300-10;
11° the closure of the branch.»
231
Until 31 December 2020, the United Kingdom will be considered as part of the EU in accordance with the EU-
207
15276572_3
[2017/1132/EU art. 38]
«Art. 1300-10.
«The compulsory disclosure provided for by Article 1300-9, point 10°, shall apply to the
accounting documents of the company as drawn up, audited and disclosed pursuant to the
law of the State which governs the company.
Where these documents are not drawn up in accordance with, or in a manner equivalent to,
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the
annual financial statements, consolidated financial statements and related reports of certain
types of undertakings, accounting documents relating to the activities of the branch shall be
drawn up and disclosed in accordance with Luxembourg law. Where the branch exceeds the
criteria for a small company, as set out in Article 35 of the Law of 19 December 2002 on the
undertakings, the audit of the accounting documents by one or more réviseurs d’entreprises
agréés [approved statutory auditors] is compulsory. Article 36 of the Law of 19 December
undertakings also applies.
The appointment of the réviseur(s) d’entreprises agréé(s) shall be made by the person
entrusted with the management of the branch.
Article 1300-6, second sub-paragraph, and Article 1300-7 apply to the documents referred to
in the first sub-paragraph of Article 1300-10, sub-paragraph 1 and the documents referred to
in Article 1300-9, point 5°.»
Where these documents are not drawn up in accordance with or in a manner equivalent to
the above-mentioned Directive 2013/34/EU, accounting documents relating to the activities
of the branch shall be drawn up and disclosed in accordance with Luxembourg law. Where
the branch exceeds the criteria for a small company, as set out in Article 35 of the above-
mentioned Law of 19 December 2002, the audit of the accounting documents by one or
more réviseurs d’entreprises agréés [approved statutory auditors] is compulsory. Article 36 of
the above-mentioned Law of 19 December 2002 also applies.

[89/666/EEC Art. 10][2017/1132/EU art. 39]
«Art. 1300-11.
Article 1300-8 shall apply to letters and order forms used by the branches covered by Article
1300-9.»

«Art. 1300-12.
The persons entrusted with the management of the Luxembourg branches are responsible
for compliance with the obligations provided for by Articles 1300-5 to 1300-11.»
208
15276572_3
«Art. 1300-13.
Where the disclosure made at the branch is different from the disclosure made at the
company, the former shall prevail for dealings made with the branch.»

«Art. 1300-14.
Article 1300-6, first sub-paragraph, and Article 1300-10, sub-paragraph 1 and 2, do not apply
to Luxembourg branches set up by credit institutions and financial institutions subject to
Directive 89/117/EEC on the obligations of branches established in a Member State234 of
credit institutions and financial institutions having their head offices outside that Member
State regarding the publication of annual accounting documents.
The same applies to branches established by foreign insurance companies.»235
Title XIV - Rights of action and prescription periods

Art. 1400-1.
«No court order in connection with commitments of the company ruling that members who
are jointly and severally liable in a société en nom collectif, a société en commandite simple, a
société en commandite spéciale, a société en commandite par actions and a société
coopérative with unlimited liability, shall be personally liable may be delivered before an
order has been made against the company itself.»
Art. 1400-2.
Creditors may, in all companies, obtain a court decision ordering the making of the payments
provided for in the articles and which are necessary for safeguarding their rights; the
company may cause the action to be dismissed by reimbursing its debts vis-à-vis such
creditors at their value, after deduction of a discount.
«The managers, directors or members of the management board, as applicable, are
personally obliged to execute any order given for that purpose.»
Creditors may, in accordance with Article 1166 of the Civil Code, exercise against the
members or shareholders the rights of the company as regards any outstanding payments
which are due by virtue of the articles, corporate resolutions or court orders.
Art. 1400-3.
«One or more members representing at least 10 per cent of the corporate capital or 10 per
cent of the votes attached to all existing securities, may, either individually or by acting

235 The former article 161 which followed this Article has been repealed by the Law of 10 July 2005.
209
15276572_3
together in any manner whatsoever, ask the management body questions in writing on one
or more [acts of management] of the company and as the case may be, of the controlled
companies within the meaning of Article 1711-1 of this law. In the latter case, the request
must be assessed in view of the interest of the companies included within the consolidation.
A copy of the answer must be provided to the person in charge of the statutory audit of the
accounts.
In the absence of an answer within a period of one month, these members may apply to the
judge presiding the chamber of the Tribunal d’Arrondissement [District Court] dealing with
commercial matters and sitting as in urgency matters to appoint one or more experts
instructed to submit a report on the act(s) of management targeted in the written question.
If the application is accepted, the court decision shall determine the scope of the assignment
and the powers of the experts. It may allocate costs to the company.
The judge shall determine whether the report should be published.
The usufructuary of shares or corporate units shall also benefit from the rights set forth in
this Article.»
Art. 1400-4.
Members of associations momentanées shall be summoned directly and individually.
There shall be no direct right of action between third parties and a participant who has
confined himself to mere participation.
Art. 1400-5.
Actions against companies shall be prescribed after the same period as actions against
individuals.
Art. 1400-6.
The following prescribe after five years:
1° all actions by third parties against members or shareholders, from the publication either
of their withdrawal from the company or of an instrument of dissolution or the expiry of
its contractual term;
2° all actions by third parties for the recovery of dividends improperly distributed, from the
distribution thereof;
3° all actions against liquidators, in such capacity, from the publication prescribed by
Article 1100-15;
4° all actions against managers, directors, members of the management board, members
of the management committee, directeurs généraux (managing executive officers),
members of the supervisory board, (Law of 7 August 2023) «presidents and directeurs
(executive officers) of sociétés par actions simplifiées,» commissaires [supervisory
210
15276572_3
auditors] or liquidators, for action taken by them in that capacity, as from the time of
such action, or if they were fraudulently concealed, from the discovery thereof236;
5° all actions for the avoidance of a société anonyme, a société à responsabilité limitée or a
société en commandite par actions, a civil company, a société en nom collectif, a société
en commandite simple, a société en commandite spéciale and a société coopérative
based on Articles100-4, 100-18, paragraph 1, points 1° or 2°, and paragraph 2, point 2°,
320-1, paragraph 8, point 1° and 811-3, paragraph 2, point 1°, from publication, where
the contract has been performed for at least five years, without prejudice to any
damages which may be due;
6° all actions for the avoidance of a société coopérative, from publication where the
contract has been performed for at least five years, without prejudice to any damages
which may be due.
However, the avoidance of sociétés coopératives whose existence is contrary to law may be
applied for, even after expiry of the prescription period.
All actions for the avoidance of deeds and deliberations subsequent to the incorporation of
the company shall lapse six months after the date from which the decisions made are valid
against the person who applies for the avoidance, or from which they are, or, in view of the
circumstances, should have been, known by this person.»
Title XV - Criminal law provisions

Art. 1500-1.
«Any person who, purporting to be the owner of shares or bonds which do not belong to it,
participates in a company constituted under the present law, in any vote in a general
meeting of shareholders or bondholders and any person who has delivered shares or bonds
so that they may be used for the purpose described above are punishable by a fine of «500 to
25,000 euros»237.»
Art. 1500-2.
(Law of 25 August2006)
«The same penalty shall be imposed upon:
1° (Law of 23 March 2007) «the persons who fail to include the information required by
236 Pursuant to Article 11 paragraph (2) of the Law of 23 July 2016 on the audit profession, professional liability
actions against a réviseur d’entreprises [statutory auditor], a réviseur d’entreprises agréé [approved statutory
auditor], a cabinet de révision [audit firm], a cabinet de révision agréé [approved audit firm] or an audit firm shall
be prescribed five years after he or it ceased to provide of his or its services. In connection with a statutory audit
of accounts, professional liability actions against a réviseur d’entreprises agréé [approved statutory auditor], a
cabinet de révision agréé [approved audit firm] or an audit firm shall be prescribed five years after the date of the
audit report.
237 As amended pursuant to the Law of 13 June 1994 concerning penal sanctions (Mém.A - 59 of 7 July 1994,
p.1096; doc.parl. 2974) and the Law of 1 August, 2001 on euro conversion (Mém.A - 117 of 18 September 2001,
p.2440; doc.parl. 4722).
211
15276572_3
Articles 420-1, 420-15238 and 420-19 in the instruments, draft instruments or notices
published on the (Law of 27 May 2016) «Recueil électronique des sociétés et
associations» or filed in accordance with (Law of 27 May 2016) «the provisions of Title I,
Chapter Vbis of the amended Law of 19 December 2002 on the register of commerce
and companies and the accounting and annual accounts of undertakings 239 », in
subscription forms, prospectuses, circulars addressed to the public, announcements and
notices published in newspapers»;
2° the managers and directors who have failed to submit to the general meeting within six
months after the end of the financial year, the annual accounts, the consolidated
accounts, the management report, the certificate of the person entrusted with the audit
as well as the managers and directors who have failed to publish such documents (Law
of 7 August 2023) «or have not made the annual accounts available at the company's
registered office » in violation of the requirements of Articles 461-8, 710-23, 813-4 and
1770-1 of this law and Article 79 of the above-mentioned Law of 19 December 2002240;
3° «the managers and directors who have failed to publish the report on payments to
governments or the consolidated report on payments to governments in violation of the
requirements of Article 1760-4 of this law and Article 72septies of the above-mentioned
Law of 19 December 2002;»
[2013/34/EU art. 51]
4° «managers and directors who have failed to publish the non-financial statement or the
corporate governance statement referred to in Article 1730-1 of this law and Articles
68bis and 68ter of the above-mentioned Law of 19 December 2002 on the register of
commerce and companies and the accounting and annual accounts of undertakings; »
5° the directors, commissaires [supervisory auditors] or liquidators who have failed to
convene, within three weeks of being requested to do so, the general meeting provided
for in Article 450-8, second sub-paragraph;
6° the persons who contravene the regulations adopted in implementation of Article 813-
9, first sub-paragraph,concerning the audit of sociétés coopératives;
7° the managers of sociétés à responsabilité limitée and of civil companies and, in the
238 The Law of 10 August 2016 deleted the reference to Article 29 [now: Article 420-17].
240 Law of 22 May 2020 on the extension of deadlines for the filing and publication of annual accounts,
consolidated accounts and related reports during the state of crisis.

Art. 4. By derogation from the provisions of the amended Law of 10 August 1915 on commercial companies, the
period referred to in Article 1500-2, 2° is extended for three months.
Art. 5. This law only applies to annual accounts, consolidated accounts as well as related reports and annual
general meetings in relation to the financial year closed as at the date of the end of the state of crisis as extended
of 24 March 2020 extending the state of crisis declared by Grand Ducal Regulation of 18 March 2020 introducing a
series of measures in the context of the fight against COVID-19 and for which the deadlines for filing and
publication or holding had not expired by 18 March 2020.
This Law shall enter into force on the day of its publication in the Official Journal of the Grand Duchy of
Luxembourg. [This Law entered into force on 29 May 2020.]
212
15276572_3
latter, in the absence of managers, the members, who have failed to publish changes of
membership in accordance with Article 100-13, paragraphs 2, point 3°;
8° (Law of 10 August 2016) «the managers who, directly or through intermediaries have
opened a public subscription for corporate units or profit units of a société à
responsabilité limitée; as well as the executives of a société par actions simplifiée who
have opened a public subscription for shares; »
9° the directors of sociétés anonymes who fail to file the report referred to in Article 430-
18, paragraph 2, or who present a report not containing the minimum information
prescribed thereby;
10° the persons referred to in Article 1300-12 who have failed to carry out the publications
provided for by Articles 1300-5 to 1300-7, 1300-9,1300-10;241»

[2013/34/EU Art. 51]
11° «the managers or directors who have not drawn up, published or made accessible,
within twelve months of the end of the financial year to which it relates, the report on
income tax information referred to in Title II, Chapter IIquater, of the aforementioned
Law of 19 December 2002 242 . The same penalties shall apply to the permanent
representatives of the company for the activities of the branch referred to in Article
72duodecies, paragraph 5, of the aforementioned Law of 19 December 2002.»
Art. 1500-3.
Shall be regarded as guilty of escroquerie (fraud) and be subject to the penalties laid down in
the Code Pénal (Criminal Code) any person who shall have caused any subscriptions or
payments to be made, or shares, bonds or other securities of companies to be purchased:
1° by simulating subscriptions or payments to a company;
2° by publishing subscriptions or payments which they know not to exist;
3° by publishing the names of persons described as being now or in the future associated
with the company on any basis whatsoever, when they know that such description is
untruthful;
4° by publishing any other facts which they know to be false.
Art. 1500-4.
«Shall be subject to a jail term of one month to two years and a fine of «5,000 to 125,000
euros»243, any person who, by any fraudulent means, caused or attempted to cause the price
of company shares, bonds or other securities to rise or fall.»
241 The full point has been replaced by a semicolon by the Law of 15 August 2023.
242 The provisions of Chapter IIquater of the Law of 19 December 2002 shall apply from the commencement date
of the first financial year starting on or after 22 June 2024.
243 See footnote to Article 1621500-1.
213
15276572_3
Art. 1500-5.
(Law of 10 August 2016) «The following shall be subject to a jail term of one month to two
years and a fine of 5,000 to 125,000 euros or to either one such penalties:
1° the managers or directors who have fraudulently given incorrect information in the
statement of bonds outstanding referred to in Article 470-12;
2° the managers or directors who, with fraudulent intent, have failed to publish the annual
accounts, the consolidated accounts, the management report and the certificate of the
person entrusted with the audit, as provided for by Articles 461-8, 813-4 and 1770-1 and
Article 79 of the amended Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings;»
3° any director contravening Article 420-13.»
Art. 1500-6.
«Any manager or director who, in the absence of inventories, or notwithstanding inventories,
or by means of fraudulent inventories, have caused dividends or interest to be distributed to
shareholders which was not taken from the actual profits and any director or manager who
breaches Articles 461-3 and 710-25, shall be subject to the same penalty.»
Art. 1500-7.
«The same penalties shall apply to any person who, in his capacity as director, commissaire
[supervisory auditor], manager or member of the supervisory committee, knowingly:
1° (Law of 10 August 2016) «repurchased shares by decreasing the corporate capital or the
legal reserve, contrary to the provisions of Article 430-15 in the case of sociétés
anonymes and Article 710-5, paragraphs 2 to 7 in the case of sociétés à responsabilité
limitée;»
2° (Law of 10 August 2016) «made loans or advances using company funds or provided
security with a view to the acquisition of shares (…)244 in the company or taken a pledge
on the company’s shares (…)245, in violation of Articles 430-19 and 430-21 (…)246;»
3° «ordered, authorised or accepted that another company, as defined in Article 430-23,
paragraph 1, sub-paragraphs 1 and 2, subscribes, acquires or holds shares in the
conditions referred to in the provisions of Article 420-23,paragraph 1, sub-paragraphs 1
and 2, in violation of Article 430-15;»
4° «made by any means whatsoever, at the expense of the company, payments on shares
or corporate units or acknowledged payments to have been made which have not in fact
been made in the prescribed manner and at the prescribed times.»

214
15276572_3
Art. 1500-8.
«Shall be subject to a criminal jail term of five to ten years and a fine of «5,000 to 250,000
euros»247 any person who has committed forgery with fraudulent intent or the intent to
cause damage, in the balance sheets or the profit and loss accounts of companies prescribed
by law or by the articles thereof,
1° either by means of false signatures,
2° or by the forgery or alteration of records or signatures,
3° or by the fabrication of agreements, provisions, obligations or discharges or by insertion
thereof in the balance sheets or profit and loss accounts after the event, or
4° by the addition or alteration of clauses, declarations or facts which these documents are
intended to include and record.»
Art. 1500-9.
Any person making use of such false instrument shall be punished as if he had done the
forgery.
Art. 1500-10.
The balance sheet shall exist, for the purpose of application of the foregoing Articles, as from
the time it is submitted for inspection to the shareholders or members.

«Art. 1500-11.
Shall be subject to a jail term of one to five years and a fine of «500 to 25,000 euros»248 or
either one of these penalties, the legally appointed or de facto directors249, who, in bad faith,
1° will have made a use of the assets or the credit of the company which they knew was
contrary to its interests, for personal purposes or for the benefit of another company or
undertaking in which they were directly or indirectly interested in;
2° will have made a use of the power they had or the votes they could cast, in that
capacity, which they knew was contrary to the interests of the company, for personal
purposes or for the benefit of another company or undertaking in which they were
directly or indirectly interested in.»

«Art. 1500-12.
(1) Managers or directors are punishable by a fine of 5,000 euros to 125,000 euros in case
they knowingly:
1° fail to keep a register of registered shares in accordance with Article 430-3;

249 The French version uses the term «dirigeant» which also covers managers (gérants) and senior executives.
215
15276572_3
2° fail to appoint a depositary or fail to deposit the bearer shares with such depositary in
accordance with the provisions of Article 430-6;
3. acknowledge the rights attaching to bearer shares in breach of the provisions of Article
430-6, paragraph 5.
(2) A depositary, or in case of a legal entity, the managers or the directors of the depositary
who knowingly breach the provisions of Article 430-6, paragraphs 3, 4 and 6, shall be subject
to a fine of 500 euros to 25,000 euros.»
Art. 1500-13.
The provisions of the first book of the Code Pénal (Criminal Code) and «the provisions of
Articles 130-1 to 132-1 of the Code d’Instruction Criminelle (Criminal Procedure Code)»250 on
mitigating circumstances shall apply to the offences provided for in this law.
Art. 1500-14.
«Evidence of the accusations made against managers, directors and commissaires
[supervisory auditors] of sociétés en commandite par actions, sociétés anonymes and sociétés
coopératives, by reason of facts relating to their management or supervision, shall be
admitted, either against such persons or against the company, by all ordinary methods of
proof unless the opposite is proven by the same methods, all in accordance with the
amended Law of 8 June 2004 on the freedom of expression in the media.»

«Art. 1500-15.
The sanctions prescribed by Articles 1500-1 to 1500-14 are applicable, depending on their
respective duties, to the members of the management board and to the members of the
supervisory board of sociétés anonymes governed by Articles 442-1 to 442-19.»
Title XVI - Additional Provisions

Art. 1600-1.
Title III of the first book of the Commercial Code, insofar as it has not been abrogated by the
Law of 16 April 1879, is repealed as from the date of application of this law.
Art. 1600-2.
The provisions of Articles 100-12, 430-3 to 430-6, 430-12, 443-2, 444-1, 450-1 to 450-5, 450-
10, 461-1 to 461-8, 462-1, 462-3, 470-1 with the exception of the last sub-paragraph, 470-2
and 1400-1 shall apply to companies incorporated under the previous legislation. The
foregoing list is not limitative.
250As amended pursuant to the Law of 13 June 1994 concerning penal sanctions (Mém.A - 59 of 7 July 1994,
p.1096; doc.parl. 2974).
216
15276572_3
Articles 470-3 to 470-20 inclusive shall not apply to bonds issued before the date of
application of the present law except with regard to the granting of special security to the
holders of such bonds and the adoption of provisions consequential thereto.
Article 470-21 shall not apply to bonds issued prior to the date of application of the present
law.
The prescription period of five years laid down in Article 1400-6 shall apply even to acts done
under the previous law and which would take more than five years to prescribe under the
previous law.
Art. 1600-3.
Commercial companies and civil companies incorporated in the form of any of the five
commercial companies provided for in Article 100-3 which existed before the date of
application of the present law may not be continued beyond the term fixed for their duration
unless all the provisions in their articles which are contrary to this law are removed and the
company is made subject to all the provisions hereof.
They may not, before the expiry of that period, make any changes to their articles otherwise
than by bringing the clauses affected by the said changes into line with the provisions of the
present law.
In such cases, if the relevant company is a société anonyme, it shall be exempted from
governmental authorisation only if it proceeds in the manner laid down in the first sub-
paragraph.
Sociétés anonymes enjoying concessions in respect of railways or other works of public utility
shall remain subject, in all cases, to the control and supervisory measures laid down in their
present articles.
Art. 1600-4.
No company which, after the date of application of this law, has duly operated for a period of
one year without the validity thereof being contested, may be declared void under Articles
42 and 46 of the Commercial Code of 1807.
Art. 1600-5.
Private powers of attorney, subscription forms and receipts, as provided for in this law, shall
be exempt from stamp duty.
217
15276572_3
«Title XVII - Consolidated accounts251, 252, 253, 254
Chapter I - Conditions and Manner of preparation of consolidated accounts
Section 1 - Conditions for the preparation of consolidated accounts»

[2013/34/EU Art. 21 and Art. 22]
«Art. 1711-1.
(1) (Law of 10 December 2010) «Each société anonyme, société en commandite par actions
(Law of 10 August 2016) «société par actions simplifiée» or société a responsabilité limitée
and (Law of 30 July 2013) «each company referred to in Artic le 77, paragraph 2, points 2°
and 3°» of the amended Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings(…)255must draw up
consolidated accounts and a consolidated management report if it:»
1° has a majority of the shareholders' or members' voting rights in another undertaking; or
2° has the right to appoint or remove a majority of the members of the administrative,
management or supervisory body of another undertaking and is at the same time a
251 Pursuant to Regulation (EC) n°1606/2002 of the European Parliament and of the Council of 19 July 2002 on the
application of international accounting standards, listed companies, for each financial year starting on or after 1
January, 2005 shall prepare their consolidated accounts in conformity with the «international accounting
standards» meaning the International Accounting Standards (IAS), the International Financial Reporting Standards
(IFRS) and related interpretations and interpretations and standards adopted in the future by the International
Accounting Standards Board (IASB).
Pursuant to that same Regulation, Member States may permit or require listed companies to prepare their annual
accounts and companies other than listed companies to prepare their consolidated and/or their annual accounts
in conformity with international accounting standards. This option was introduced in Luxembourg by the Law of
10 December 2010 on the introduction of international accounting standards (Mémorial A – 225 of 17 December
2010; doc. parl. 5976). See also Article 1780-1 hereafter and Article 72bis of the Law of 19 December 2002 on the
register of commerce and companies reproduced in Annex I.
252 The Law of 10 December 2010 has amended certain provisions of this section. In accordance with Article 4 of
such law, undertakings have the option to disapply the Law of 10 December 2010 to their financial year which is
ongoing on 21 December 2010.
253 In accordance with Article 27 of the Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings, a Grand-ducal regulation may authorise certain undertakings
to derogate from the provisions of this Title.
254 In accordance with Article IV point 1. of the Law of 18 December 2015, the provisions thereof shall apply for
the first time to the consolidated accounts and to the related reports of the financial years starting 1 January 2016
or during 2016.
255 The words « except for credit institutions, insurance and reinsurance companies and pension savings
companies with variable capital » have been removed by the Law of 23 July 2016 regarding the publication of
non-financial information and information on diversity by certain major companies and certain groups. See
however paragraphs (3) and (4) of this Article.
218
15276572_3
shareholder in or member of that undertaking; or
3° is a shareholder in or member of an undertaking, and controls alone, pursuant to an
agreement with other shareholders in or members of that undertaking, a majority of
shareholders’ or members’ voting rights in that undertaking.» 256
«A société européenne (SE) having its registered office in the Grand Duchy of Luxembourg
shall be governed by the provisions applicable to sociétés anonymes.»
(2) For the purposes of this Title, the company having the rights set out in paragraph 1 shall
be referred to as the parent company. The undertakings with regard to which the rights set
out above are held shall be referred to as subsidiary undertakings.»
«(3) Insurance and reinsurance companies are excluded from the scope of the present Title
except for Chapter VI regarding the consolidated report on payments to governments, which
shall apply to them.
(4) Credit institutions are excluded from the scope of the present Title except for Chapter VI
regarding the consolidated report on payments to governments as well Article 1730-1
concerning the publication of non-financial information, which shall apply to them. »

[2013/34/EU Art. 22.3, .4 and .5]
«Art. 1711-2.
(1) For the purposes of Article 1711-1, paragraph 1, the voting rights and the rights of
appointment and removal of any other subsidiary undertaking as well as those of any person
acting in his own name but on behalf of the parent company or of another subsidiary
undertaking must be added to those of the parent company.
(2) For the purposes of Article 1711-1, paragraph 1, the rights mentioned in paragraph 1
above must be reduced by the rights:
1° attaching to shares or corporate units held on behalf of a person who is neither the
parent company nor a subsidiary undertaking thereof; or
2° attaching to shares or corporate units held by way of security, provided that the rights in
question are exercised in accordance with the instructions received, or held in
connection with the granting of loans as part of normal business activities, provided that
the voting rights are exercised in the interests of the person providing the security.
(3) For the purposes of Article 1711-1, paragraph 1, sub-paragraphs 1° and 3°, the total of the
shareholders' or members' voting rights in the subsidiary undertaking must be reduced by
the voting rights attaching to the shares or corporate units held by that undertaking itself by
a subsidiary undertaking of that undertaking or by a person acting in his own name but on
behalf of those undertakings.»
256For companies preparing their consolidated accounts under International Financial Reporting Standards (IFRS),
IFRS 10 contains provisions which determine the entities to be included in the consolidation, including entities
where the parent company holds less than 50% of the voting rights.
219
15276572_3
[2013/34/EU Art 2.10 and Art. 22.6]
«Art. 1711-3.
(1) Without prejudice to Article 1711-8, a parent company and all of its subsidiary
undertakings shall be consolidated regardless of where the registered offices of such
subsidiary undertakings are situated.
(2) For the purposes of paragraph 1 above, any subsidiary undertaking of a subsidiary
undertaking shall be considered a subsidiary undertaking of the parent company which is the
parent of the undertakings to be consolidated.»
«(3) Each parent company within the meaning of Article 1711-1 which principally holds one
or more subsidiary companies required to be consolidated which are credit institutions or
insurance undertakings may apply the provision of Part III of the amended Law of 17 June
1992 relating to the annual accounts of credit institutions governed by Luxembourg law and
the obligations regarding publication of the accounting documents of branches of credit
institutions and financial institutions governed by foreign laws for the purpose of
consolidation or the provisions of Part III of the amended Law of 8th December 1994 relating
to the annual accounts and the consolidated accounts of insurance and re-insurance
undertakings governed by Luxembourg law – the obligation regarding the drawing up and
publication of the accounting documents of branches of insurance undertakings governed by
foreign laws, respectively. The parent company which elects this option is exempted from
drawing up consolidated accounts in accordance with Article 1711-1.»257

[2013/34/EU Art. 3, 8, 9, 10 and 11 and Art. 23.2]
«Art. 1711-4.
«(1) By way of derogation from Article 1711-1, paragraph 1, a parent company shall be
exempted from the obligation to draw up consolidated accounts and a consolidated
management report if at the balance sheet date of the parent company, the undertakings
which would have to be consolidated do not together, on the basis of their latest annual
accounts, exceed the limits of at least two of the three criteria set out below:
- balance sheet total: 20 million euros
- net turnover: 40 million euros
- average number of full-time staff employed during the financial year: 250.»
(2) The figures of the criteria relating to the balance sheet total and net turnover may be
increased by 20 percent, if the set-off referred to in Article 1712-4, paragraph 1 and the
elimination referred to in Article 1712-11, paragraph 1, points 1° and 2° are not effected.
(3) (Law of 18 December 2015) «This exemption shall not apply to those companies where
one of the companies to be consolidated is a company whose securities are admitted to
257 Former article 312 which followed this Article has been repealed by the Law of 18 December 2015.
220
15276572_3
official trading on a regulated market258 of any Member State259 (…)260 within the meaning of
(Law of 7 August 2023) «Article 1, item 31, of the amended Law of 30 May 2018 on markets
in financial instruments.»
(4) Article 36 of the amended Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings shall be applicable.
(5) The amounts indicated above may be amended by Grand Ducal Regulation.»

[2013/34/EU Art. 23.3 and .4]
«Art. 1711-5.
(1) By way of derogation from Article 1711-1, paragraph 1, any parent company which is also
a subsidiary undertaking shall be exempted from the obligation to draw up consolidated
accounts and a consolidated management report if its own parent undertaking is governed
by the law of a Member State(…)261, in the following two cases:
1° where that parent undertaking holds all of the corporate units or shares in the
exempted undertaking. The corporate units or shares in that company held by members
of its administrative, management or supervisory bodies pursuant to a legal obligation
or the articles shall be ignored for this purpose; or
2° where that parent undertaking holds 90 percent or more of the corporate units or
shares in the exempted company and the remaining shareholders in or members of that
company have approved the exemption.
(2) The exemption shall be conditional upon compliance with all of the following conditions:
1° the exempted company and, without prejudice to Article 1711-8, all of its subsidiary
undertakings are consolidated in the accounts of a larger body of undertakings, the
parent undertaking of which is governed by the law of a Member State (…)262;
2° a) the consolidated accounts referred to in 1° above and the consolidated management
report of the larger body of undertakings must be drawn up by the parent
undertaking of that body and audited, according to the law of the Member State by
which the parent undertaking of that larger body of undertakings is governed;
b) the consolidated accounts referred to in 1° above and the consolidated management
report referred to in a) above and the report of the (Law of 10 December 2010) «by
258 The MiFID II Law (Law of 30 May 2018) defines «regulated market» as a «multilateral system operated and/or
managed by a market operator, which brings together or facilitates the bringing together of multiple third-party
buying and selling interests in financial instruments [Note: meaning those instruments specified in Section C of
Annex I of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in
financial instruments] – in the system and in accordance with its non-discretionary rules – in a way that results in
a contract, in respect of the financial instruments admitted to trading under its rules or systems, and which is
authorised and functions regularly and in accordance with the provisions of Title III of Directive 2014/65/EU. »
261 Terms deleted by the Law of 7 August 2023. See definition in the sixth paragraph of Article 100-2.
221
15276572_3
the person or persons» responsible for auditing those accounts shall be published for
the exempted company in the manner prescribed by Article 100-13.
3° the notes to the annual accounts of the exempted company must disclose:
a) the name and registered office of the parent undertaking which draws up the
consolidated accounts referred to in 1° above; and
b) the exemption from the obligation to draw up consolidated accounts and a
consolidated management report.»
«(3) This exemption shall not apply to the companies whose securities are admitted to
official trading on a regulated market263 of a Member State (…)264 within the meaning of (Law
of 7 August 2023) «Article 1, item 31, of the amended Law of 30 may 2018 on markets in
financial instruments ».»

[2013/34/EU Art. 23.5]
«Art. 1711-6.
In cases not covered by Article 1711-5, paragraph 1, any parent company which is also a
subsidiary undertaking, the parent undertaking of which is governed by the law of a Member
State (…)265, is exempted from the obligation to draw up consolidated accounts and a
consolidated management report, provided that all the conditions set out in Article 1711-5,
paragraph 2, are fulfilled and that the shareholders in or members of the exempted
undertaking who own at least 10 percent of the subscribed capital of that undertaking, in the
case it is a société anonyme or a société en commandite par actions, and at least 20 percent,
in the case it is a société à responsabilité limitée, have not requested the preparation of
consolidated accounts at least six months before the end of the financial year.»

[2013/34/EU Art. 23.8]
«Art. 1711-7.
By way of derogation from Article 1711-1, paragraph 1, any parent company which is also a
subsidiary undertaking of a parent undertaking not governed by the law of a Member State
(…)266, is exempted from the obligation to draw up consolidated accounts and a consolidated
management report if all of the following conditions are fulfilled:
1° the exempted company and, without prejudice to Article 1711-8, all of its subsidiary
undertakings are consolidated in the accounts of a larger body of undertakings;
2° the consolidated accounts referred to in 1° above and, where appropriate, the
consolidated management report must be drawn up in accordance with the provision of
this Title or in a manner equivalent thereto,
263 Please see note under Article 1711-4 (3) for the definition of this term.
222
15276572_3
3° the consolidated accounts referred to in 1° above must have been audited by one or
more person authorised to audit accounts under the national law governing the
undertaking which drew them up.
«Article 1711-5, paragraph 2, point 2°, letter b) and point 3°, and paragraph 3 as well as
Article 1711-6 shall apply.»

[2013/34/EU Art. 6.1, point j) and Art. 23.9 and .10]
«Art. 1711-8.
(1) An undertaking need not be included in consolidated accounts where it is (Law of 18
December 2015) «not material» for the purposes of Article 1712-1, paragraph 3.
(2) Where two or more undertakings satisfy the requirements of paragraph 1 above, they
must nevertheless be included in consolidated accounts if, they are (Law of 18 December
2015) «material»267 for the purposes of Article 1712-1, paragraph 3268.
(3) In addition, an undertaking need not be included in consolidated accounts where:
1° severe long-term restrictions substantially hinder the parent company in the exercise of
its rights over the assets or management of that undertaking.
2° the information necessary for the preparation of consolidated accounts in accordance
with this Law cannot be obtained without disproportionate expense or undue delay.
3° the shares of that undertaking are held exclusively with a view to their subsequent
resale.»

[2013/34/EU Art. 23.10]
«Art. 1711-9.
Without prejudice to Article 51, paragraph 1, letter b) of the amended Law of 19 December
undertakings, and to Article 1711-4 of this Title, any parent company, including a public-
interest entity within the meaning of Chapter VI, shall be exempted from the obligation
imposed in Article 1711-1 if:
1° it only has subsidiary undertakings which are immaterial, both individually and
collectively; or
2° all its subsidiary undertakings can be excluded from consolidation by virtue of Article
1711-8.»
267 The English version of Directive 83/349/EEC (this translation following the French version of thedirective)
specified: “if as a whole, they are [material]”. The German version of the directive is identical to the English
version («sofern sie insgesamt»).
268 This paragraph was followed by a paragraph repealed by the Law of 18 December 2015.
223
15276572_3
«Section 2 - Manner of preparation of consolidated accounts»

[2013/34/EU Art. 4]
«Art. 1712-1.
(1) Consolidated accounts shall comprise the consolidated balance sheet, the consolidated
profit and loss account and the notes to the accounts. These documents shall constitute a
composite whole.
«Each company referred to in Article 1711-1, paragraph 1 may include other statements in
the consolidated accounts in addition to the documents referred to in the first sub-
paragraph.»
(2) Consolidated accounts shall be drawn up clearly and in accordance with this Law.
(3) Consolidated accounts shall give a true and fair view of the assets, liabilities, financial
position and profit or loss of the undertakings included therein taken as a whole.
(4) Where the application of the provisions of this Title would not be sufficient to give a true
and fair view within the meaning of paragraph 3 above, additional information must be
given.
(5) Where, in exceptional cases, the application of a provision of Articles 1712-2 to 1712-20
and Article 1790-1 is incompatible with the obligation provided in paragraph 3 above, that
provision must be departed from in order to give a true and fair view within the meaning of
paragraph 3.
Any such departure must be disclosed in the notes to the accounts together with an
explanation of the reasons for it and a statement of its effect on the assets, liabilities,
financial position and profit or loss.»
[2013/34/EU Art. 2.16]
«(6) Where a provision of this Title refers to the term «material», this term shall mean the
status of information where its omission or misstatement could reasonably be expected to
influence decisions that users make on the basis of the consolidated accounts of the group.
The materiality of individual items shall be assessed in the context of other similar items.»

[2013/34/EU Art. 24]
«Art. 1712-2.
(1) (Law of 10 December 2010) «Articles 28 to 34, 37 to 46 and 48 to 50 of the amended Law
annual accounts of undertakings» shall apply in respect of the layout of consolidated
accounts, without prejudice to the provisions of this Title and taking account of the
indispensable adjustments resulting from the particular characteristics of consolidated
accounts as compared with annual accounts.
224
15276572_3
(2) Stocks may be combined in the consolidated accounts where detailed disclosure in
accordance with the layout provided in (Law of 10 December 2010) « Article 34 of the above-
mentioned Law of 19 December 2002» can be made only at disproportionate expense.»
«(3)» (Law of 18th December 2015) «For the purpose of paragraphs 1 and 2, the layouts of
balance sheets referred to in Articles 10 and 11 and the layouts of profit and loss accounts
referred to in Article 13, paragraphs 1 and 2 of Directive 2013/34/EU of the European
Parliament and of the Council of 26 June 2013 on the annual financial statements,
consolidated financial statements and related reports of certain types of undertakings may
also be used. In addition, companies may also apply the provisions of Article 9 paragraphs 2
and 3, of the above-mentioned Directive 2013/34/EU concerning the subdivision, layout,
nomenclature and terminology of items in the consolidated balance sheet and the
consolidated profit and loss account.»

[2013/34/EU Art. 24.2]
«Art. 1712-3.
The assets and liabilities of undertakings included in a consolidation shall be incorporated in
full in the consolidated balance sheet.»

[2013/34/EU Art. 24.3, points a) and e)]
«Art. 1712-4.
(1) The book values of shares or corporate units in the capital of the undertakings included
the consolidation shall be set off against the proportion of the capital and reserves of the
undertakings included in the consolidation which they represent:
1° that set-off shall be made on the basis of book values as at the date at which such
undertakings are included in the consolidation for the first time.
Differences arising from such set-off shall as far as possible be entered directly against
those items in the consolidated balance sheet which have values above or below their
book values;
2° such set-off may also be made on the basis of the values of identifiable assets and
liabilities as at the date of acquisition of the shares or corporate units or, in the event of
an acquisition in two or more stages, as at the date on which the undertaking became a
subsidiary undertaking;
3° any difference remaining after the application of point 1° or resulting from the
application of point 2° shall be shown as a separate item in the consolidated balance
sheet with an appropriate heading. That item, the methods used and any significant
changes as compared to the preceding financial year must be explained in the notes to
the accounts. Positive and negative differences may be set-off provided that a
breakdown is given in the notes to the accounts;
(2) However, paragraph 1 above shall not apply to shares or corporate units in the capital of
the parent company held either by that company itself or by another undertaking included in
the consolidation. In the consolidated accounts such shares or corporate units shall be
225
15276572_3
treated as own shares or corporate units in accordance (Law o f30 July 2013) «with Title II»,
(Law of 10 December 2010) «Chapter II» of the amended Law of 19 December 2002 on the
undertakings.»

[2013/34/EU Art. 25]
«Art. 1712-5.
«(1) Undertakings may set off the book values of shares or corporate units held in the capital
of an undertaking included in the consolidation against the corresponding percentage of
capital only, provided that the undertakings in the business combination are ultimately
controlled by the same party both before and after the business combination, and that
control is not transitory
(2) Any difference arising under paragraph 1 shall be added to or deducted from consolidated
reserves, as appropriate.
(3) The application of the method described in paragraph 1, the resulting movements in
reserves and the names and registered offices of the undertakings concerned shall be
disclosed in the notes to the consolidated accounts.»

[2013/34/EU Art. 24.4]
«Art. 1712-6.
The amounts attributable to shares or corporate units in subsidiary undertakings included in
the consolidation held by persons other than the undertakings included in the consolidation
shall be shown in the consolidated balance sheet as a separate item with the heading
«Minority interests».»

[2013/34/EU Art. 24.5]
«Art. 1712-7.
The income and expenditure of undertakings included in a consolidation shall be
incorporated in full in the consolidated profit and loss account.»

[2013/34/EU Art. 24.6]
«Art. 1712-8.
The amount of any profit or loss attributable to shares or corporate units in subsidiary
undertakings included in the consolidation held by persons other than the undertakings
included in the consolidation shall be shown in the consolidated profit and loss account as a
separate item with the heading «Minority interests».»

«Art. 1712-9.
Consolidated accounts shall be drawn up in accordance with the principles provided for in
Articles 1712-10 to 1712-13.»
226
15276572_3
[2013/34/EU Art. 4.4 and Art. 6.1 point b)]
«Art. 1712-10.
(1) The methods of consolidation must be applied consistently from one financial year to
another.
(2) Derogations from the provisions of paragraph 1 above shall be permitted in exceptional
cases. Any such derogations must be disclosed in the notes to the accounts and the reasons
for them must be given together with an assessment of their effect on the assets, liabilities,
financial position and profit or loss of the undertakings included in the consolidation taken as
a whole.»

[2013/34/EU Art. 6.1 point j) and Art. 24.7]
«Art. 1712-11.
(1) Consolidated accounts shall show the assets, liabilities, financial positions and profits or
losses of the undertakings included in a consolidation as if the latter were a single
undertaking. In particular:
1° debts and claims between the undertakings included in a consolidation shall be
eliminated from the consolidated accounts;
2° income and expenditure relating to transactions between the undertakings included in a
consolidation shall be eliminated from the consolidated accounts;
3° where profits and losses resulting from transactions between the undertakings included
in a consolidation are included in the book values of assets, they shall be eliminated
from the consolidated accounts.
These eliminations may be effected in proportion to the percentage of the capital held by the
parent undertaking in each of the subsidiary undertakings included in the consolidation.
(2) Derogations may be made from the provisions of paragraph 1, point 3° above where a
transaction has been concluded according to normal market conditions and where the
elimination of the profit or loss would entail disproportionate expenses. Any such
derogations must be disclosed and where the effect on the assets, liabilities, financial
position and profit or loss of the undertakings, included in the consolidation, taken as a
whole, is (Law of 18 December 2015) «material», that fact must be disclosed in the notes to
the consolidated accounts.
(3) Derogations from the provisions of paragraph 1, points 1°, 2° or 3° above shall be
permitted where the amounts concerned are (Law of 18 December 2015) «not material» for
the purposes of Article 1712-1, paragraph 3.»

[2013/34/EU Art. 24.8]
«Art. 1712-12.
(1) Consolidated accounts must be drawn up as at the same date as the annual accounts of
the parent company.
227
15276572_3
(2) However, consolidated accounts may be drawn up as at another date in order to take
account of the balance sheet dates of the largest number or the most important of the
undertakings included in the consolidation. Where use is made of this derogation, that fact
shall be disclosed in the notes to the consolidated accounts together with the reasons
therefor. In addition, account must be taken or disclosure made of important events
concerning the assets and liabilities, the financial position or the profit or loss of an
undertaking included in a consolidation which have occurred between that undertaking's
balance sheet date and the consolidated balance sheet date.
(3) (Law of 18 December 2015) «Where the balance sheet date of an undertaking included in
the consolidation precedes or follows the consolidated balance sheet date by more than
three months, that undertaking shall be consolidated on the basis of interim accounts drawn
up as at the consolidated balance sheet date.»

[2013/34/EU Art. 24.9]
«Art. 1712-13.
If the composition of the undertakings included in a consolidation has changed significantly in
the course of a financial year, the consolidated accounts must include information which
makes the comparison of successive sets of consolidated accounts meaningful. Where such a
change is a major one, that obligation may be fulfilled by the preparation of an adjusted
opening balance sheet and an adjusted profit and loss account.»

[2013/34/EU Art. 24.10 to .14]
«Art. 1712-14.269
(1) Assets and liabilities to be included in consolidated accounts shall be measured on a
uniform basis and in accordance with (Law of 10 December 2010) «sections 7 and 7bis» (Law
of 30 July 2013) «of Title II, Chapter II of the amended Law of 19 December 2002 on the
undertakings».
269Grand-Ducal Regulation of 11 September, 2006 (Mém. A-167 of 15 September 2006, p. 3060):

«Art. 1 [As regards annual accounts, see footnote under Article 65 of the Law of 19 December 2002 on the register
of commerce and companies and the accounting and annual accounts of undertakings set out in Annex I].
Art.2
The undertakings referred to in Article 309 [now : 1711-1] of the amended Law of 10 August 1915 on commercial
companies are authorised to derogate from Articles 332, 337 and 339 [now : 1712-4, 1712-19 and 1720-1] of the
amended Law of 10 August 1915 on commercial companies when drawing up their consolidated accounts, if they
choose to opt for a valuation at fair value of financial instruments including derivatives in accordance with Articles
1 and 2 of Directive 2001/65/EC of the European Parliament and of the Council of 27 September 2001 amending
Directives 78/660/EEC, 83/349/EEC and 86/635/EEC [these directives have been replaced by Directive
2013/34/UE] as regards the valuation rules for the annual and consolidated accounts of certain types of
companies as well as of banks and other financial institutions and in order to comply with the publications
required by article 2 paragraphs 2) and 3) of such directive.
Art.3.
This Grand-Ducal Regulation comes into force on first October 2006. It shall apply to the consolidated accounts of
undertakings for their fiscal years ending after that date.»
228
15276572_3
(2) The company which draws up consolidated accounts must apply the same measurement
basis as are applied in its annual accounts. However, other measurement basis complying
with the aforementioned Articles may be used in consolidated accounts.
(Law of 30 July 2013) «Where use is made of these derogations, that fact shall be disclosed in
the notes to the consolidated accounts and the reasons given.»
(3) (Law of 18 December 2015) «Where assets and liabilities included in consolidated
accounts have been measured by undertakings included in the consolidation using bases
differing from those used for the purposes of the consolidation, those assets and liabilities
shall be re-measured in accordance with the bases used for the consolidation. Departures
from this requirement shall be permitted in exceptional cases. Any such departures shall be
disclosed in the notes to the consolidated accounts and the reasons given.»
(4) Account shall be taken in the consolidated balance sheet and in the consolidated profit
and loss account of any difference arising on consolidation between the tax chargeable for
the financial year and for preceding financial years and the amount of tax paid or payable in
respect of those years, provided that it is probable that an actual charge to tax will arise
within the foreseeable future for one of the undertakings included in the consolidation.
(5) (Law of 18 December 2015) «Where assets included in consolidated accounts have been
the subject of value adjustments solely for tax purposes, they shall be incorporated in the
consolidated accounts only after those adjustments have been eliminated.»

[2013/34/EU Art. 24.3 point c)]
«Art. 1712-15.
The item referred to in Article 1712-4 paragraph 1, point 3°, if it corresponds to a positive
consolidation difference, shall be dealt with in accordance with the rules laid down in (Law of
18 December 2015) «Article 59, paragraphs 1 and 2 of the amended Law of 19 December
2002» on the register of commerce and companies and the accounting and annual accounts
of undertakings».270

[2013/34/EU Art. 24.3, point f)]
«Art. 1712-16.
An amount shown as a separate item, referred to in Article 1712-4, paragraph 1, point 3°, if it
corresponds to a negative consolidation difference may be transferred to the consolidated
profit and loss account only:
1° where that difference corresponds to the expectation, at the date of acquisition, of
unfavourable future results in the relevant undertaking, or to the expectation of costs
which that undertaking would incur, insofar as such an expectation materialises; or
2° insofar as such a difference corresponds to a realised gain.»
270 This sub-paragraph was followed by a sub-paragraph repealed by the Law of 18 December 2015.
229
15276572_3
[2013/34/EU Art. 26]
«Art. 1712-17.
(1) Where an undertaking included in a consolidation manages another undertaking jointly
with one or more undertakings not included in that consolidation, that other undertaking
may be included in the consolidated accounts in proportion to the rights in its capital held by
the undertaking included in the consolidation.
(2) Articles 1711-8 to 1712-16 shall apply mutatis mutandis to the proportional consolidation
referred to in paragraph 1 above.
(3) Where this Article is applied, Article 1712-18 shall not apply if the undertaking
proportionally consolidated is an associated undertaking as defined in Article 1712-18.»

[2013/34/EU Art. 27]
«Art. 1712-18.
(1) Where an undertaking included in a consolidation exercises a significant influence over
the operations and the financial policy of an undertaking not included in the consolidation
(an associated undertaking) in which it holds a participating interest, as defined in the (Law
of 10 December 2010) «Article 41 of the amended Law of 19 December 2002 on the register
of commerce and companies and the accounting and annual accounts of undertakings», that
participating interest shall be shown in the consolidated balance sheet as a separate item
with an appropriate heading.
An undertaking shall be presumed to exercise a significant influence over another
undertaking where it has 20 percent or more of the shareholders' or members' voting rights
in that undertaking. Article 1711-2 shall apply.
(2) When this Article is applied for the first time to a participating interest covered by
paragraph 1 above, that participating interest shall be shown in the consolidated balance
sheet either:
1° at its book value calculated in accordance with the valuation rules laid down (Law of 30
July 2013) «in Title II, Chapter II of the above-mentioned Law of 19 December 2002 ».
The difference between that value and the amount corresponding to the proportion of
capital and reserves represented by that participating interest shall be disclosed
separately in the consolidated balance sheet or in the notes to the accounts. That
difference shall be calculated as at the date at which that method is used for the first
time; or
2° at an amount corresponding to the proportion of the associated undertaking's capital
and reserves represented by that participating interest. The difference between that
amount and the book value calculated in accordance with the valuation rules laid down
in (Law of 30 July 2013) «Title II », of the (Law of 10 December 2010) « Chapter II » of the
above-mentioned Law of 19 December 2002 »shall be disclosed separately in the
consolidated balance sheet or in the notes to the accounts. That difference shall be
calculated as at the date at which that method is used for the first time;
230
15276572_3
3° the consolidated balance sheet or the notes to the accounts must indicate whether
point 1° or 2°, has been used;
4° for the purposes of the application of points 1° and 2° above, the difference may be
calculated as at the date of acquisition of the shares or corporate units or, where they
were acquired in two or more stages, as at the date on which the undertaking became
an associated undertaking.
(3) Where an associated undertaking's assets or liabilities have been valued by methods
other than those used for consolidation in accordance with Article 1712-14, paragraph 2,
they may, for the purpose of calculating the difference referred to in paragraph 2, points 1°or
2° above, be revalued by the methods used for consolidation. Where such revaluation has
not been carried out that fact must be disclosed in the notes to the accounts.
(4) The book value referred to in paragraph 2, point 1° above, or the amount corresponding
to the proportion of the associated undertaking's capital and reserves referred to in
paragraph 2, point 2° above, shall be increased or reduced by the amount of any variation
which has taken place during the financial year in the proportion of the associated
undertaking's capital and reserves represented by that participating interest; it shall be
reduced by the amount of the dividends relating to that participating interest.
(5) Insofar as the positive difference referred to in paragraph 2, point 1° or point 2° above
cannot be related to any category of assets or liabilities it shall be dealt with in accordance
with Article 1712-15.
(6) The proportion of the profit or loss of the associated undertaking attributable to such
participating interests shall be shown in the consolidated profit and loss account as a
separate item under an appropriate heading.
(7) The eliminations referred to in Article 1712-11, paragraph 1, point 3° shall be effected
insofar as the facts are known or can be ascertained. Article 1712-11, paragraphs 2 and 3,
shall apply.
(8) Where an associated undertaking draws up consolidated accounts, the foregoing
provisions shall apply to the capital and reserves shown in such consolidated accounts.
(9) This Article need not be applied where the participating interests in the capital of the
associated undertaking is (Law of 18 December 2015) «not material» for the purposes of
Article 1712-1, paragraph 3.»

«Art. 1712-19. 271
[2013/34/EU Art. 16.1 point a) and Art. 28.]
(Law of 18 December 2015) «In addition to the information required under other provisions
of this Title, the notes to the accounts shall disclose the following information presented in
the order in which the items to which they relate are presented in the consolidated balance
sheet and in the consolidated profit and loss account:»
1° (Law of 18 December 2015) «accounting policies and measurement bases;»
231
15276572_3
[2013/34/EU Art. 28.2 point a)]
2° a) the names and registered offices of the undertakings included in the consolidation;
the proportion of the capital held in undertakings included in the consolidation, other
than the parent company, by the undertakings included in the consolidation or by
persons acting in their own names but on behalf of those undertakings; which of the
conditions referred to in Article 1711-1 following application of Article 1711-2 has
formed the basis on which the consolidation has been carried out. The latter
disclosure may, however, be omitted where consolidation has been carried out on
the basis of Article 1711-1, paragraph 1, point 1°, and where the proportion of the
capital and the proportion of the voting rights held are the same;
b) (Law of 30 July 2013) «the same information must be given in respect of
undertakings excluded from the consolidation pursuant to Article 1711-8 and an
explanation of the reasons for the exclusion of the undertakings referred to in Article
1711-8 must be given;»
«c) when Article 1711-9 is applied, the notes to the annual accounts of the exempted
company must include the information provided for by Article 1712-19, point 2°,
letter b);»
[2013/34/EU Art. 28.2 point b)]
3° a) the names and registered offices of undertakings associated with an undertaking
included in the consolidation as described in Article 1712-18, paragraph 1 and the
proportion of their capital held by undertakings included in the consolidation or by
persons acting in their own names but on behalf of those undertakings;
b) the same information must be given in respect of the associated undertakings
referred to in Article 1712-18, paragraph 9, together with the reasons for applying
that provision;
[2013/34/EU Art. 28.2. point c)]
4° the names and registered offices of undertakings proportionally consolidated pursuant
to Article 1712-17, the factors on which joint management is based, and the proportion
of their capital held by the undertakings included in the consolidation or by persons
acting in their own names but on behalf of those undertakings;
[2013/34/EU Art. 28.2 point d)]
5° the name and registered office of each of the undertakings, other than those referred to
in points 2°, 3° and 4° above, in which undertakings included in the consolidation (...)272
either themselves or through persons acting in their own names but on behalf of those
undertakings, hold at least 20 percent of the capital, showing the proportion of the
capital held, the amount of the capital and reserves, and the profit or loss for the latest
financial year of the undertaking concerned for which accounts have been adopted. This
information may be omitted where, for the purposes of Article 1712-1, paragraph 3, it is
272 Abrogated by the Law of 10 December 2010.
232
15276572_3
of negligible importance only. (Law of 18 December 2015) «The information concerning
capital and reserves and the profit or loss may also be omitted where the undertaking
concerned does not publish its balance sheet»;
[2013/34/EU Art. 16.1 point g) and Art. 28.1]
6° the total amount of debts shown in the consolidated balance sheet and becoming due
and payable after more than five years, as well as the total amount of debt shown in the
consolidated balance sheet and secured by collateral on assets granted by undertakings
included in the consolidation, with an indication of the nature and form of the collateral;
(2013/34/EU Art. 16.1 point d) and Art. 28.1]
7° the total amount of any financial commitments that are not included in the consolidated
balance sheet, insofar as this information is of assistance in assessing the financial
position of the undertakings included in the consolidation taken as a whole. Any
commitments concerning pensions and affiliated undertakings which are not included in
the consolidation must be disclosed separately;
[2013/34/EU Art. 17.1 point p)]
8° «the nature and business purpose of any arrangements that are not included in the
balance sheet, and the financial impact of those arrangements, provided that the risks
or benefits arising from such arrangements are material and in so far as the disclosure of
such risks or benefits is necessary for assessing the financial position of the companies
included in the consolidation taken as a whole;»
[2013/34/EU Art. 17.1 point r)]
9° (Law of 18 December 2015) «transactions which have been entered into with related
parties, including the amounts of such transactions, the nature of the related party
relationship as well as any other information about the transactions necessary for an
understanding of the financial position of the undertakings included in the
consolidation. Information about individual transactions may be aggregated according
to their nature except where separate information is necessary for an understanding of
the effects of the related party transactions on the financial position of the undertakings
included in the consolidation;
by way of derogation from the preceding sub-paragraph, it is possible to present in the
notes to the accounts only transactions with related parties which have not been
concluded under normal market conditions;
transactions between related parties included in a consolidation which are eliminated in
consolidation are not mentioned;
the term «related party»273 has the same meaning as in the international accounting
standards adopted in accordance with Regulation (EC) No 1606/2002 of the European
273For a definition of «related party», see the note following the Grand-Ducal Regulation of 18 December 2015
set out hereafter. In addition, Article 1790-2 (2) also contains a reference to the definition of this term.
233
15276572_3
Parliament and of the Council of 19 July 2002 on the application of international
accounting standards;»
[2013/34/EU Art. 18.1 point a)]
10° the consolidated net turnover as defined in the (Law of 10 December 2010) «Article 48
of the amended Law of 19 December2002 on the register of commerce and companies
and the accounting and annual accounts of undertakings», broken down by categories of
activity and into geographical markets insofar as, taking account of the manner in which
the sale of products and the provision of services falling within the ordinary activities of
the undertakings included in the consolidation taken as a whole are organised, these
categories and markets differ substantially from one another;
[2013/34/EU Art. 17.1 point e) and Art. 28.1 point b)]
11° a) the average number of staff employed during the financial year by undertakings
included in the consolidation broken down by categories and, if they are not
disclosed separately in the consolidated profit and loss account, the staff costs
relating to the financial year;
b) the average number of staff employed during the financial year by undertakings to
which Article 1712-17 has been applied shall be disclosed separately;274
[2013/34/EU Art. 17.1 point f) and Art. 28.1]
12° (Law of 30 July 2013)
«a) the difference between the tax charged to the consolidated profit and loss account
for the financial year and to those for earlier financial years and the amount of tax
already paid or payable in respect of those years, provided that this difference is
material for the purposes of future taxation. This amount may also be disclosed in
the balance sheet as a cumulative amount under a separate item with an appropriate
heading;
b) where valuation at fair value has been applied in accordance with Section 7bis of
Title II, Chapter II of the amended Law of 19 December 2002 on the register of
commerce and companies and the accounting and annual accounts of undertakings,
the balance sheet shall show, as the case may be, deferred tax liabilities as a
cumulative amount;»
«c) the deferred tax balances at the end of the financial year, and the movement in
those balances during the financial year;»
[2013/34/EU Art. 28.1 point c)]
13° the amount of the fees granted in respect of the financial year to the members of the
administrative, managerial and supervisory bodies of the parent company by reason of
their responsibilities in the parent company and its subsidiary undertakings, and the
amount of any commitments arising or entered into under the same conditions in
respect of retirement pensions for former members of those bodies. This information
274 This point 11° [9° at the time] was followed by a point 10° repealed by the Law of 18 December 2015.
234
15276572_3
must be given as a total for each category;
[2013/34/EU Art. 28.1 point c)]
14° the amount of advances and loans granted to the members of the administrative,
managerial and supervisory bodies of the parent company by the parent company or by
its subsidiary undertakings, with indications of the interest rates, main conditions and
amounts repaid, if any, as well as commitments entered into on their behalf by way of
guarantee of any kind. This information must be given as a total for each category;»
[2013/34/EU Art. 18.1 point b) and Art. 28.1]
15° (Law of 23 July 2016) «separately, the total fees received275 during the financial year by
the réviseur d’entreprises agréé [approved statutory auditor], the cabinet de révision
agréé [approved audit firm] or the cabinet d’audit [audit firm] for the statutory audit of
the consolidated accounts, the total fees received for other assurance services, the total
fees received for tax advisory services and the total fees received for any other services
other than audit services»276;
[2013/34/EU Art. 16.1 point c) and Art. 28.1]
16° (Law of 30 July 2013) «where valuation at fair value of financial instruments has been
275 The English version of the directive uses the term «charged» and the German version uses the term
«berechnet» whereas the French version uses «perçus» which has been translated by «received».
276 Some terms used in this point 14) are defined as follows by the Law of 23 July 2016 on the audit profession
(certain other terms which are necessary for a full understanding being also included):
«audit firm» [cabinet d’audit] [means] a legal person or any other entity, regardless of its legal form, that is
approved in accordance with Directive 2006/43/EC by the competent authorities of another Member State to
carry out statutory audits of accounts.
«cabinet de révision agréé» [approved audit firm] [means] a legal person or any other entity, regardless of its legal
form which is a member of IRE and is authorised under Article 5 [of the Law of 23 July 2016].»
«competent authorities» [means] the authorities designated by law that are in charge of the regulation and/or
oversight of statutory auditors or audit firms or of specific aspects thereof; the reference to «competent
authority» in a specific article [of the Law of 23 July 2016] means a reference to the authority responsible for the
functions referred to in that article;
«IRE» [means] the Institut des Réviseurs d’Entreprises;
«réviseur d’entreprises agréé» [approved statutory auditor][means] a réviseur d’entreprises who is a member of
IRE who is approved in accordance [with the Law of 23 July 2016] to carry out:
a) statutory audits;
b) any duties which are exclusively entrusted to the réviseurs d’entreprises [statutory auditors] by law.
Without prejudice to the provisions of Articles 18 to 23 [of the Law of 23 July 2016], the performance of the duties
provided for under a) and b) of this point is not incompatible with the performance of other activities such as
domiciliation, the contractual audit of accounts, providing tax advice, organising and setting up accountings and
analysing, by means of accounting procedures, the position and operation of undertakings from economic, legal,
and financial perspectives.
«statutory audit» [means] the audit of the annual financial statements or of the consolidated financial statements
to the extent required by law or by directly applicable Union law.»
«statutory auditor» [contrôleur légal des comptes] [means] a natural person who is approved in accordance with
Directive 2006/43/EC by the competent authorities of another Member State to carry out statutory audits of
accounts.
235
15276572_3
applied in accordance with «Section 7bis of Title II 277, Chapter II, of the amended Law of
19 December 2002 on the register of commerce and companies and the accounting and
annual accounts of undertakings»:
a) the significant assumptions underlying the valuation models and techniques used
where fair values have been determined in accordance with Article 64ter, paragraph
1, letter b) of the above-mentioned Law of 19 December 2002;
b) per category of financial instruments, the fair value, the changes in value included
directly in the profit and loss account as well as, in accordance with Article 64quater
of that law, changes included in the fair value reserve;
c) for each class of derivative financial instruments, information about the extent and
the nature of the instruments, including significant terms and conditions that may
affect the amount, timing and certainty of future cash flows; and
d) a table showing movements in the fair value reserve during the financial year;»
[2013/34/EU Art. 17.1 point c) and Art. 28.1]
17° «where valuation at fair value of financial instruments has not been applied in
accordance with Section 7bis of (Law of 30 July 2013) «Title II», Chapter II of the
amended Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings.
a) for each class of derivative instruments;
i) the fair value of the instruments, if such a value can be determined by any of the
methods prescribed in Article 64ter, paragraph 1, of the above-mentioned Law of
19 December 2002;
ii) information about the extent and the nature of the instruments; and
b) for financial fixed assets covered by Article 64bis of the above-mentioned Law of 19
December 2002, carried at an amount in excess of their fair value and without use
being made of the option to make a value adjustment in accordance with Article 55,
paragraph 1, letter c), aa) of the above-mentioned Law of 19 December 2002;
i) the book value and the fair value of either the individual assets or appropriate
groupings of those individual assets;
ii) the reasons for not reducing the book value, including the nature of the evidence
that provides the basis for the belief that the book value will be recovered;»
18° «where valuation at fair value of certain categories of assets other than financial
instruments has been applied in accordance with Section 7bis of Title II, Chapter II of the
amended Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings:
277 Reference corrected by the Law of 7 August 2023 .
236
15276572_3
a) the main assumptions underlying the valuation models and techniques used, where
fair value has not been determined by reference to a market value;
b) for each class of assets other than financial instruments, the fair value as at the date
of the end of the financial year and the changes in value during the financial year;
c) for each class of assets other than financial instruments, information on the
significant terms and conditions that may affect the amount and certainty of future
cash flows;»
19° «the nature and the financial effect of material events arising after the consolidated
balance sheet date which are not reflected in the consolidated profit and loss account or
the consolidated balance sheet.»

[2013/34/EU Art.28.3]
«Art. 1712-20.
The disclosures prescribed in Article 1712-19, points 2°, 3°, 4° and 5° may:
1° take the form of a statement deposited in accordance with Article 100-13; this must be
disclosed in the notes to the accounts;
2° be omitted when their nature is such that they would be seriously prejudicial to any of
the undertakings affected by these provisions. Any such omission must be disclosed in
the notes to the accounts. »278
«Chapter II - The consolidated management report»

[2013/34/EU Art. 19, Art. 20 and Art. 29]
«Art. 1720-1. 279
«(1) The consolidated management report shall include at least a fair review of the
development and performance of the business and of the position of the undertakings
included in the consolidation taken as a whole, together with a description of the principal
risks and uncertainties that they face. The review shall be a balanced and comprehensive
analysis of the development and performance of the business and of the position of the
undertakings included in the consolidation taken as a whole, consistent with the size and
complexity of the business. To the extent necessary for an understanding of such
development, performance or position, the analysis shall include both financial and, where
278 This paragraph was followed by a paragraph repealed by the Law of 18 December 2015.
237
15276572_3
appropriate, non-financial key performance indicators relevant to the particular business,
including information relating to environmental and employee matters.
In providing its analysis, the consolidated management report shall, where appropriate,
provide references to and additional explanations of amounts reported in the consolidated
accounts.»
(2) In respect of those undertakings, the report shall also give an indication of:
1° the likely future development of those undertakings taken as a whole;280
2° the activities of those undertakings taken as a whole in the field of research and
development;
3° the number and nominal value or, in the absence of a nominal value, the accounting par
value of all of the parent company's shares or corporate units held by that company
itself, by subsidiary undertakings of that undertaking or by a person acting in his own
name but on behalf of those undertakings. These particulars may be disclosed in the
notes to the accounts;»
4° (Law of 30 July 2013) «in relation to the use by such undertakings281 of financial
instruments and, where material for the assessment of their assets, liabilities, financial
position and profit or loss,
a) the financial risk management objectives and policies of such undertakings 282 ,
including their policy for hedging each major type of forecasted transaction for which
hedge accounting is used; and
b) the exposure such undertakings to price risk, credit risk, liquidity risk and cash flow
risk;»
5° «a description of the main features of the group’s internal control and risk management
systems in relation to the process for preparing consolidated accounts, where a
company has its securities admitted to trading on a regulated market283 (Law of 7 August
2023) « of a Member State»284 within the meaning of (Law of 7 August 2023) «Article 1,
item 31., of the amended Law of 30 May 2018 on markets in financial instruments». In
the event that the consolidated management report and the management report are
presented as a single report, this information must be included in the section of the
report containing the corporate governance statement as provided for by Article 68bis
of the amended Law of 19 December 2002 on the register of commerce and companies
and the accounting and annual accounts of undertakings.
If the information required by Article 68bis of the above-mentioned Law of 19 December
280 This point was preceded by a point repealed by the Law of 18 December 2015.
281 The law follows the English version of the directive which uses the plural form, thereby referring to all
companies included in the consolidation, whereas the French version is limited to referring to the company.
282 See prior footnote.
283 Please see note under Article 1711-4 for the definition of this term.
238
15276572_3
2002 is set out in a separate report published together with the management report in
the manner prescribed by Article 68 of the above-mentioned Law of 19 December 2002,
the information referred to in this point shall also form part of that separate report.»
«(3) Where a consolidated annual report is required in addition to an annual report, the two
reports may be presented as a single report. In preparing such a single report, it may be
appropriate to give greater emphasis to those matters which are significant to the
undertakings included in the consolidation taken as a whole».
«Chapter III - Consolidated non-financial statement »

[2013/34/EU art. 29a]
«Art. 1730-1
(1) This Article applies to parent companies as referred to by Article 1711-1, paragraph 2
which fulfil all of the following conditions:
1° being a public interest entity within the meaning of Article 2, point 1), of Directive
2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the
annual financial statements, consolidated financial statements and related reports of
certain types of undertakings285; and
2° exceeding, together with its subsidiary undertakings in the meaning of Article 1711-1,
paragraph 2, on its balance sheet date on a consolidated basis and during two
consecutive financial years, the numerical thresholds of at least two of the three criteria
referred to in Article 1711-4; and
285Article 2, point 1) of directive 2013/34/EU defines « public interest entity » as follows :

« public interest entities », means undertakings within the scope of Article 1 [of Directive 2013/34/EU] [see note
under Article 68(1) of the law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings] which are:
(a) governed by the law of a Member State and whose transferable securities are admitted to trading on a
regulated market of any Member State within the meaning of point (14) of Article 4(1) of Directive
2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial
instruments [article 4,paragraph 1, point 21 of Directive 2014/65/EU [MiFID II]];
(b) credit institutions as defined in point (1) of Article 4 of Directive 2006/48/EC of the European Parliament
and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit
institutions, other than those referred to in Article 2 of that Directive;
(c) insurance undertakings within the meaning of Article 2(1) of Council Directive 91/674/EEC of 19
December 1991 on the annual accounts of insurance undertakings; or
(d) designated by Member States as public-interest entities, for instance undertakings that are of significant
public relevance because of the nature of their business, their size or the number of their employees.
239
15276572_3
3° exceeding, together with its subsidiary undertakings in the meaning of Article 1711-1,
paragraph 2, on its balance sheet date on a consolidated basis, the criterion of the
average number of 500 employees during the financial year.
For the purpose of the non-financial statements, the undertakings comprised in the
consolidation within the meaning of Article 1712-1 shall, as a whole, be referred to as the
group.
(2) The parent companies referred to in paragraph 1 shall include in the consolidated
management report a consolidated non-financial statement containing information to the
extent necessary for an understanding of the group's development, performance, position
and impact of its activity, relating to, as a minimum, environmental, social and employee
matters, respect for human rights, anti-corruption and bribery matters, including:
1° a brief description of the group's business model;
2° a description of the policies pursued by the group in relation to those matters, including
due diligence processes implemented;
3° the outcome of those policies;
4° the principal risks related to those matters linked to the group's operations including,
where relevant and proportionate, its business relationships, products or services which
are likely to cause adverse impacts in those areas, and how the group manages those
risks;
5° non-financial key performance indicators relevant to the particular business.
Where the group does not pursue policies in relation to one or more of those matters, the
consolidated non-financial statement shall provide a clear and reasoned explanation for not
doing so.
The consolidated non-financial statement referred to in the first subparagraph shall also,
where appropriate, include references to, and additional explanations of, amounts reported
in the consolidated financial statements.
Information relating to impending developments or matters in the course of negotiation may
be omitted in exceptional cases where, in the duly justified opinion of the members of the
administrative, management and supervisory bodies, acting within the competences
assigned to them by national law and having collective responsibility for that opinion, the
disclosure of such information would be seriously prejudicial to the commercial position of
the group, provided that such omission does not prevent a fair and balanced understanding
of the group's development, performance, position and impact of its activity.
For the disclosure of the information referred to in the first subparagraph, the parent
undertaking may rely on national, European Union-based or international frameworks.The
parent undertaking shall specify which frameworks it has relied upon.
(3) A parent undertaking fulfilling the obligation set out in paragraph 2 shall be deemed to
have fulfilled the obligation relating to the analysis of non-financial information set out in
Article 68, paragraph 1, letter b) of the amended law of 19 December 2002 on the register of
commerce and companies and the accounting and annual accounts of undertakings. The
same applies to the obligation relating to the analysis of non-financial information set out in
Article 1720-1, paragraph 1.
240
15276572_3
(4) A parent undertaking which is also a subsidiary undertaking shall be exempted from the
obligation set out in paragraph 2 if that exempted parent undertaking and its subsidiaries are
included in the consolidated management report or the separate report of another
undertaking, drawn up in accordance with Article 29 and 29a of the above-mentioned
Directive 2013/34/EU.
(5) Where a parent undertaking prepares a separate report corresponding to the same
financial year, referring to the whole group, whether or not relying on national, European
Union-based or international frameworks and covering the information required for the
consolidated non-financial statement as provided for in paragraph 2, that parent undertaking
is exempted from the obligation to prepare the consolidated non-financial statement laid
down in paragraph 2, provided that such separate report:
1° is published together with the consolidated management report in accordance with
Article 1770-1; or
2° is made publicly available within a reasonable period of time, not exceeding six months
after the balance sheet date, on the parent undertaking's website, and is referred to in
the consolidated management report.
Paragraph 3 shall apply to parent undertakings preparing a separate report as referred to in
the first subparagraph of this paragraph.
(6) The réviseur d’entreprise agrée [approved statutory auditor] checks whether the
consolidated non-financial statement referred to in paragraph 2 or the separate report
referred to in paragraph 5 has been provided. »
«Chapter IV - Duty and liability for drawing up and publishing the

consolidated accounts and the consolidated management report»

«Art. 1740-1.»
«The members of the administrative, management and supervisory bodies of an undertaking,
acting within the competences assigned to them by law, have collectively the duty to ensure
that the consolidated accounts, the consolidated management report and, when provided
separately, the consolidated286corporate governance statement and the report referred to in
Article 1730-1, paragraph 5, are drawn up and published in accordance with the
286Neither the Law of 1915 nor the Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings provide for a «consolidated » corporate governance
statement.
241
15276572_3
requirements of this law and, where applicable, in accordance with the international
accounting standards287 adopted in accordance with Regulation (EC) No 1606/2002.»
«Chapter V - The auditing of consolidated accounts»

[2013/34/EU Art. 34.1 and .2]
«Art. 1750-1.
(1) «An undertaking which draws up consolidated accounts must have them audited by one
or more réviseurs d'entreprises agréés [approved statutory auditors].» 288
«(2) «The réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)] shall:
1° express an opinion on:
a) whether the consolidated management report is consistent with the consolidated
accounts for the same financial year, and
b) whether the consolidated management report has been prepared in accordance with
the applicable statutory requirements;
2° state whether, in the light of the knowledge and understanding of the undertaking and
its environment obtained in the course of the audit, he, she or it has identified material
misstatements in the consolidated management report, and in that case shall give an
indication of the nature of any such misstatements. »
3° «paragraph 2 of this Article does not apply to the non-financial statement referred to in
Article 1730-1, paragraph 2 nor to the separate report referred to in Article 1730-1,
paragraph 5. »289
287 At the moment, Commission Regulation (EU) 2023/1803 dated 13 September 2023 realises such adoption. This
regulation abrogates Regulation (EC) N° 1126/2008 of 23 November 2008 and provides that all references to the
abrogated regulation are deemed to be references to the new Regulation.
288 As regards certain rules on the appointment, termination and resignation of réviseurs d’entreprises agréé
[approved statutory auditors], please refer to the footnote under Article 69 of the Law of 19 December 2002 on
the register of commerce and companies and the accounting and annual accounts of undertakings reproduced in
Annex I.
289 This paragraph was followed by three paragraphs repealed by the Law of 18 December 2015.
242
15276572_3
[2013/34/EU Art. 35]
Art. 1750-2290.
«(1) The réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)] or the cabinet(s) de
révision agréé(s) [approved audit firm(s)] shall present the outcome of the statutory audit of
the accounts in an audit report. This report shall be drawn up in accordance with such
international auditing standards as adopted for the Grand Duchy of Luxembourg by the
Commission de surveillance du secteur financier. 291
(2) The audit report shall be in writing and shall:
1° identify the entity whose consolidated accounts are the subject of the statutory audit;
specify the relevant consolidated accounts, the balance sheet date and the period
covered; and identify the financial reporting framework that has been applied in their
preparation;
2° contain a description of the scope of the statutory audit of the accounts, which shall, as
a minimum, identify the auditing standards in accordance with which the statutory audit
was conducted;
3° contain an audit opinion, which shall be either unqualified, qualified or an adverse
opinion and shall clearly state the opinion of the réviseur(s) d’entreprises agréé(s)
[approved statutory auditor(s)] or cabinet(s) de révision agréé(s) [approved audit firm(s)]
as to:
a) whether the consolidated accounts give a true and fair view in accordance with the
relevant financial reporting framework; and
b) where appropriate, whether the consolidated accounts comply with statutory
requirements.
If the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)] or the cabinet(s)
de révision agréé(s) [approved audit firm(s)] are unable to express an audit opinion, the
report shall contain a disclaimer of opinion;
4° refer to any other matters to which the réviseur(s) d’entreprises agréé(s) [approved
statutory auditor(s)] or cabinet(s) de révision agréé(s) [approved audit firm(s)] draw
attention by way of emphasis without qualifying the audit opinion;
5° include the audit opinion and the statement, each based on the work performed during
the audit, referred to in Article 1750-1, paragraph 2;
6° include a statement on potential material uncertainties related to events or to
circumstances that may cast significant doubt upon the entity’s ability to continue as a
going concern;
7° specify the place of establishment of the réviseur(s) d’entreprises agréé(s) [approved
statutory auditor(s)] or cabinet(s) de révision agréé(s) [approved audit firm(s)].
290 This Article should be read together with Article 35 of the Law of 23 July 2016 on the audit profession which is
set forth in a footnote under Article 69bis of the Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings.
291 See CSSF Regulation N° 22-01.
243
15276572_3
(3) Where the statutory audit of the accounts has been carried out by several réviseurs
d’entreprises agréés [approved statutory auditors] or cabinets de révision agréés [approved
audit firms], they shall together agree on the outcome of the statutory audit of the accounts
and present a joint report and opinion. In case of disagreement, each réviseur d’entreprises
agréé [approved statutory auditor] or cabinet de révision agréé [approved audit firm] shall
express its opinion in a paragraph that is separate from the audit report and shall set out the
reasons for the disagreement.
(4) The audit report shall be signed and dated by the réviseur d’entreprises agréé [approved
statutory auditor]. Where a cabinet de révision agréé [approved audit firm] carries out the
statutory audit of the accounts, the audit report shall bear the signature of at least the
réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)] carrying out the statutory
audit of the accounts on behalf of the audit firm. Where several réviseurs d’entreprises
agréés [approved statutory auditors] or cabinets de révision agréés [approved audit firms]
have worked at the same time, the audit report shall be signed by all the réviseurs
d’entreprises agréés [approved statutory auditors] or at least by the réviseurs d’entreprises
agréés [approved statutory auditors] carrying out the statutory audit of the accounts on
behalf of each cabinet de révision agréé [approved audit firm].
(5) The report of the réviseur d’entreprises agréé [approved statutory auditor] or of the
cabinet de révision agréé [approved audit firm] on the consolidated accounts shall comply
with the requirements set out in paragraphs 1 to 4. In reporting on the consistency of the
consolidated management report and the consolidated accounts as required by point 5° of
paragraph 2, the réviseur d’entreprises agréé [approved statutory auditor] or the cabinet de
révision agréé [approved audit firm] shall consider the consolidated accounts and the
consolidated management report. Where the annual accounts of the parent undertaking are
attached to the consolidated accounts, the reports by the réviseurs d’entreprises agréés
[approved statutory auditors] or cabinets de révision agréés [approved audit firms] required
by this Article may be combined.»
«Chapter VI - Consolidated report on payments to governments
[2013/34/EU Art. 41]

Art. 1760-1.
For the purpose of this Chapter, the following definitions shall apply:
1° «undertaking active in the extractive industry» means an undertaking, all or part of the
activities of which consist in the exploration, prospection, discovery, development, and
extraction of deposits of minerals, oil, natural gas or other materials, within the
economic activities listed in Section B, Divisions 05 to 08 of Annex I to Regulation (EC) No
244
15276572_3
1893/2006 of the European Parliament and of the Council of 20 December 2006
establishing the statistical classification of economic activities NACE Revision 2292;
2° «undertaking active in the logging of primary forests» means an undertaking with
activities in primary forests as referred to in Section A, Division 02, Group 02.2 of Annex I
to the above-mentioned Regulation (EC) No 1893/2006293;
3° «government» means any national, regional or local authority of a Member State294 or
of a third country. It includes a department, agency or undertaking controlled by that
authority within the meaning of Articles 1711-1 to 1711-3;
4° «project» means the operational activities that are governed by a single contract,
license, lease, concession or similar legal agreements and form the basis for payment
liabilities to a government. None the less, if multiple such agreements are
interconnected in a substantive manner, they shall be considered as one project;
5° «payment» means an amount paid, in cash or in kind, for activities as described in points
1° and 2°, of the following types:
a) production based payment claims295;
b) taxes levied on the income, production or profits of companies, excluding taxes
levied on consumption such as value added taxes, personal income taxes or sales
taxes;
c) royalties;
d) dividends;
e) signature, discovery and production bonuses;
f) licence fees, rental fees, entry fees and other considerations for licences and/or
concessions; and
g) payments for infrastructure improvements.
6° «large undertaking» means an undertaking organised as a société anonyme, société
européenne, société en commandite par actions, société à responsabilité limitée or as
one of types of companies referred to in Article 77, paragraph 2, items 2° and 3° of the
above-mentioned Law of 19 December 2002 on the register of commerce and
companies and the accounting and annual accounts of undertakings, and which, on its
balance sheet date, exceeds the limits of at least two of the three criteria referred to in
Article 47 of the above-mentioned amended Law of 19 December 2002;
7° «public-interest entities» means undertakings within the meaning of Article 2, point 1)
of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013
on the annual financial statements, consolidated financial statements and related
292 05: Mining of coal and lignite; 06: Extraction of crude petroleum and natural gas, 07: Mining of metal ores, 08:
Other mining and quarrying (inter alia stone, sand, clay, gypsum, chemical minerals, peat, salt).
293 Logging.

295 Translation based on the German version of the directive: Produktionszahlungsansprüche.
245
15276572_3
reports of certain types of undertakings296;
8° «subsidiary undertaking» means an undertaking as defined in Article 1711-1, paragraph
2;
9° «parent undertaking» means an undertaking as defined in Article 1711-1, paragraph 2;
10° «group» means all of the undertakings included in the consolidation within the meaning
of Article 1712-1;
11° «affiliated undertakings» means any two or more undertakings which are connected as
described in Article 1790-2, paragraph 1.
[2013/34/EU Art. 44]

Art. 1760-2.
(1) Any large undertaking or any public-interest entity active in the extractive industry or the
logging of primary forests must draw up a consolidated report on payments to governments
in accordance with Article 1760-3 if that parent undertaking is under the obligation to
prepare consolidated accounts.
A parent undertaking is considered to be active in the extractive industry or the logging of
primary forests if any of its subsidiary undertakings is active in the extractive industry or the
logging of primary forests.
The consolidated report shall only include payments resulting from extractive operations
and/or operations relating to the logging of primary forests.
(2) The obligation to draw up the consolidated report referred to in paragraph 1 shall not
apply to:
1° a parent undertaking of a group which on its balance sheet date does not exceed the
numerical limits of at least two of the three criteria referred to in Article 1711-4, except
where one of its affiliated undertakings is a public-interest entity;
2° a parent undertaking (…)297 which is also a subsidiary undertaking, if its own parent
undertaking is governed by the law of a Member State.
(3) An undertaking, including a public-interest entity, need not be included in a consolidated
report on payments to governments where at least one of the following conditions is
fulfilled:
1° severe long-term restrictions substantially hinder the parent undertaking in the exercise
of its rights over the assets or management of that undertaking;
2° extremely rare cases where the information necessary for the preparation of the
consolidated report on payments to governments in accordance with this Chapter
cannot be obtained without disproportionate expense or undue delay;
3° the shares of that undertaking are held exclusively with a view to their subsequent
resale.
296The Law of 23 July 2016 on the audit profession contains a definition of «public-interest entities». See the
footnote under Article 443-1.
297Terms deleted by the Law of 7 August 2023.
246
15276572_3
The above exemptions shall apply only if they are also used for the purposes of the
consolidated accounts.
[2013/34/EU Art. 43]

Art. 1760-3.
(1) Any payment, whether made as a single payment or as a series of related payments, need
not be taken into account in the report if it is below 100,000 euros within a financial year.
(2) The report shall disclose the following information in relation to activities as described in
points 1° and 2° of Article 1760-1 in respect of the relevant financial year:
1° the total amount of payments made to each government;
2° the total amount per type of payment as specified in point 5°, letters a) to g) of
Article 1760-1 made to each government;
3° where those payments have been attributed to a specific project, the total amount per
type of payment as specified in point 5., a) to g) of Article 1760-1, made for each such
project and the total amount of payments for each such project.
Payments made by the undertaking in respect of obligations imposed at entity level may be
disclosed at the entity level rather than at project level.
(3) Where payments in kind are made to a government, they shall be reported in value and,
where applicable, in volume. Supporting notes shall be provided to explain how their value
has been determined.
(4) The disclosure of the payments referred to in this Article shall reflect the substance,
rather than the form, of the payment or activity concerned. Payments and activities may not
be artificially split or aggregated to avoid the application of this Chapter.
[2013/34/EU Art. 45.1]

Art. 1760-4.
The consolidated report on payments to governments referred to in this Chapter shall be
published on the Recueil électronique des sociétés et associations. This publication shall be
made by way of a reference to the filing at the register of commerce and companies
deposited within twelve months of the end of the financial year covered by the report298.
following are extended by three months: (…)
2° the period for publication of the report on payments to governments on the Recueil électronique des sociétés
et associations referred to in Article 1760-4 of the Law of 10 August 1915 mentioned above. (…)
247
15276572_3
[2013/34/EU Art. 45.2]
Art. 1760-5.
The members of the responsible bodies of an undertaking, acting within the competences
assigned to them by law, have responsibility for ensuring that, to the best of their knowledge
and ability, the consolidated report on payments to governments is drawn up and published
in accordance with the requirements of this Chapter.
[2013/34/EU Art. 46]

Art. 1760-6.
Undertakings referred to in Article 1760-2 that prepare and make public a consolidated
report complying with third-country reporting requirements assessed, in accordance with
Article 47 of the above-mentioned Directive 2013/34/EU, as equivalent to the requirements
of this Chapter299 are exempt from the requirements of this Chapter except for the obligation
to publish this report in accordance with Article 1760-4.
«Chapter VII - The publication of consolidated accounts»

[2013/34/EU Art. 30]
«Art. 1770-1.
«(1) Consolidated accounts, duly approved, and the consolidated management report,
together with the opinion submitted by the (Law of 10 December 2010) «réviseur(s)
d’entreprises agréé(s) [approved statutory auditor(s)]» entrusted with the auditing of the
consolidated accounts, shall be published for the company which drew up the consolidated
accounts as laid down by Article 100-13.»300
299 The equivalence of third-country requirements must be acknowledged by an implementing act of the
European Commission.

following are extended by three months:
1° the publication of consolidated accounts and related reports referred to in Article 1770-1 paragraph 1 of the
Law of 10 August 1915 mentioned above; (…)
248
15276572_3
«(2) Consolidated accounts and the consolidated management report are drawn up in only
one language. For this purpose, the parent company is free to use the German or the English
language instead of the French language.»
(3) (Law of 10 December 2010) «Article 79 paragraph 1, sub-paragraphs 2 and 3, of the
accounting and annual accounts of undertakings» shall apply with respect to the
consolidated management report.
(4) (Law of 10 December 2010) «Articles 80 and 81 of the above-mentioned Law of 19
December2002 shall apply.
«(5) Paragraph 2 shall not apply to companies whose securities are admitted to trading on a
regulated market301 of a Member State302 (…)303 within the meaning of (Law of 7 August
2023) «Article 1, item 31, of the amended Law of 30 May 2018 on markets in financial
instruments.»
«Chapter VIII - Consolidated Accounts prepared in accordance with

international accounting standards»

[EC Regulation No 1606/2002, Art. 5]
«Art. 1780-1.
A company whose securities are not admitted to trading on a regulated market304 of a
Member State305 (…)306 within the meaning of (Law of 7 August 2023) «Article 1, item 31, of
the amended Law of 30 May 2018 on markets in financial instruments», have the option to
derogate from the provisions of Title XVII of this law and to establish their consolidated
accounts in accordance with international accounting standards adopted in accordance with
the procedure provided byArticle 6, paragraph 2, of Regulation (EC) No 1606/2002 of the
European Parliament and of the Council on the application of international accounting
standards307.
301 For the definition of this term, see the footnote under Article 1711-4.
304 Please see footnote under Article 1711-4 for the definition of this term.
249
15276572_3
However, in that case, the relevant companies remain subject to the provisions of Articles
1711-1 to 1711-7, 1712-19, points 2° to 5°, 11°, 13° to 15°, 1712-20, paragraph 1, 1720-1,
1730-1, 1750-1 and 1780-2.»

«Art. 1780-2. »
«Chapter IX - Miscellaneous provisions»

«Art.1790-1. »

[2013/34/EU Art. 2.12 and Art. 2.3]
«Art. 1790-2.
(1) Undertakings which are connected as described in Article 1711-1, paragraph 1 and those
other undertakings which are similarly connected with one of the aforementioned
undertakings, shall be affiliated undertakings for the purposes of (Law of 30 July 2013) «Title
II of the amended Law of 19 December 2002 on the register of commerce and companies and
the accounting and annual accounts of undertakings» and for the purposes of this Title.
(2) «The term «affiliated party 308 » shall have the same meaning as in international
accounting standards adopted in accordance with Regulation (EC) n° 1606/2002 of the
European Parliament and of the Council of 19 July 2002 on the application of international
accounting standards309. »
(3) Article 1711-2 and Article 1711-3, paragraph 2, shall apply.
(4) Parent companies which do not have the legal form of a société anonyme, (Law of 30 July
2013) «a société européenne (SE)», a société en commandite par actions, a société à
responsabilité limitée (Law of 30 July 2013) «or a company referred to in Article 77,
paragraph 2, items 2° and 3°, of the above-mentioned Law of 19 December 2002 » and which
are therefore not required to draw up consolidated accounts and a consolidated
management report shall be excluded from the application of paragraph 1.»310
308For the definition of «affiliated party» see the note following the Grand-Ducal Regulation of 18 December 2015
set out in Annex I below. In addition Article 1712-19 9° also contains a reference to the definition of this term.
310 Former article 344-1 which followed this Article has been repealed by the Law of 10 December 2010.
250
15276572_3
Annex I
Chapters I, Ibis, II, IIbis, IIter, IIquater and IV of Title II of the Law of 19
December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings311,312
TITLE II
On accounting books and annual accounts of undertakings313
Chapter I. - On the obligation to keep accounting books and draw up and

deposit annual accounts
Art. 24.314
Title II. - On commercial books, of Book I of the Commercial Code is amended as follows:
«Art. 8.
For the application of this Title, «undertakings» are
1° individuals who are business persons;
2° (Law of 30 July 2013) «commercial companies vested with legal personality, European
economic interest groupings and economic interest groupings»;
3° «sociétés en commandite spéciale.»
Individual business persons not domiciled in Luxembourg, foreign law undertakings referred
to sub 2° in the first paragraph and European economic interest groupings with registered
seat abroad are only subject to the provisions of this (Law of 30 July 2013) «title» in respect
of their branches or seats of activity established in Luxembourg. Their branches and seats of
activity established in the country are together considered as one undertaking. Books,
accounts and supporting documents concerning such seats and branches must be kept in
Luxembourg.
311 In accordance with Article IV point 1. of the Law of 18 December 2015, the provisions of that law shall apply for
the first time to the annual accounts and to the related reports of the financial years starting on 1 January 2016 or
during calendar 2016.
312 In accordance with Article 4 of the Law of 30 July 2013, undertakings may decide not to apply the provisions of
that law to financial years which have not yet ended as of 5 October 2013.
313 The Law of 10 December 2010 has amended certain provisions of this Title. In accordance with Article 4 of such
law, undertakings have the option to disapply the Law of 10 December 2010 to their financial year which is
ongoing on 21 December 2010.
314 Article 24 of the Law of 19 December 2002 on the register of commerce and companies and the accounting
and annual accounts of undertakings (Mém.A - 149 of 31 December 2002, p.3630) amending Title II of Book I of
the Commercial Code.
251
15276572_3
Art. 9.
Each undertaking must keep accounting books which are appropriate to the nature and
extent of its activities and comply with the specific legal provisions which are relevant for
those activities.
Art. 10.
The accounting books of legal entities shall take into account all their transactions, assets and
rights of any kind and all their liabilities, obligations and commitments of any kind.
The accounting books of business persons who are individuals shall take into account those
same items where they relate to the business activity of such individuals; they shall
separately state the equity allocated to that business activity.
Art. 11.
(Law of 30 July 2013) «The accounting books shall be kept in accordance with a system of
books and accounts which comply with the standard rules of double entry bookkeeping,
except for individual business persons referred to in Article 13, sub-paragraph 1, who are
entitled to keep simplified accounting books.»
All transactions are recorded without delay, fairly and without omission and in chronological
order, either in a single ledger, or in a system of specialised ledgers. In the latter case, all data
recorded in specialised ledgers are reported in a single centralised ledger together with an
indication of the various accounts affected.
Art. 12.
Accounts used are defined in a chart of accounts which is appropriate for the undertaking’s
activities. The chart of accounts is permanently kept at the registered office of the
undertaking to be available to all who are concerned by it.
(Law of 30 July 2013) «The content of a standard chart of accounts is determined by a Grand
Ducal regulation315.»
Art. 13.
«Individual business persons whose turnover for the last financial year, excluding value
added tax, does not exceed 100,000 euros, have the option to not keep their accounting
books in accordance with the requirements of Article 12, 2nd paragraph. Such an option also
exists for sociétés en nom collectif and sociétés en commandite simple except for those
referred to in Article 77, 2nd paragraph, points 2° and 3° of the amended Law of 19 December
undertakings. This option exists for sociétés en commandite spéciale regardless of their
turnover.»
The amount referred to in the first paragraph can be modified by Grand Ducal regulation.
315Grand-Ducal regulation of 12 September 2019 on the content of the revised standard chart of accounts
referred to in article 12 of the Commercial Code (Mémorial A N°631 of 23 September 2019). The standard chart of
accounts attached to the latter regulation applies to financial years beginning on or after 1st January 2020, save
for those provisions referred to in its article 13(2).
252
15276572_3
In case the financial year has a duration of less or more than 12 months, the amount referred
to in the first paragraph is multiplied by a fraction, the denominator of which is 12 and the
numerator of which is the number of months included in the relevant financial year, any
incomplete month being counted as a full month.
Individual business persons and sociétés en nom collectif or société en commandite simple
which launch their activities, are entitled not to keep their accounting books in accordance
with the requirements of Article 12, as long as forecasts established on a good faith basis
show that the turnover, excluding value added tax, expected to be reached at the end of the
first financial year does not exceed the amount referred to in the first paragraph, calculated,
where necessary, in accordance with the previous paragraph.
(Law of 30 July 2013) «Article 12 does not apply to credit institutions, insurance and
reinsurance companies, or to undertakings of the financial sector which are subject to the
prudential supervision of the Commission de Surveillance du Secteur Financier (CSSF)316,
except for support PFS referred to in sub-section 3 of section 2 of chapter 2 of part I of the
amended Law of 5 April 1993 on the financial sector.»
Art. 14.
Supporting documents, correspondence received and copies of the outgoing correspondence
must be kept in a chronological order and by following a methodical classification.
Art. 15.
Any undertaking shall draw up once a year a complete inventory of its assets and rights of
any kind and of its liabilities, obligations and commitments of any kind.
After their reconciliation with the inventory, the accounting books shall be summarised in a
descriptive document which shall form the annual accounts.
Art. 16.
With the exclusion of the balance sheet and the profit and loss account, the documents and
the information referred to in articles 11, 12, 14 and 15 can be archived in copy form. These
copies shall have the same value in evidence as original documents of which they are
presumed, unless proven otherwise, to be an accurate copy when they are made in the
framework of a consistently followed management method and provided that they comply
with the conditions set forth by a Grand Ducal regulation.
The documents and the information referred to articles 11, 12, 14 and 15, regardless of the
form in which they are archived, must be kept for ten years starting at the end of the
financial year to which they relate.
316According to Article 2(1) of the Law of 23 December 1998 establishing a Commission de Surveillance du Secteur
Financier, as amended: «The CSSF is the competent authority for the prudential supervision of credit institutions,
PFS within the meaning of the Law of 5 April 1993 on the financial sector, alternative investment fund managers
authorised under the Law of 12 July 2013 on alternative investment fund managers, undertakings for collective
investment, pension funds having the form of a SEPCAV for an ASSEP, authorised securitisation undertakings,
fiduciary-representatives acting with respect to securitisation undertakings and SICARs as well as payment
institutions and electronic money institutions within the meaning of the Law of 10 November 2009 on payment
services.»
253
15276572_3
«Copies in digital form made by a dematerialisation or preservation service provider shall
have, in the absence of proof to the contrary, the same value in evidence as the original
document or the instrument deemed to be the original.
A copy may not be dismissed by the judge solely on the grounds that it is in electronic form
or that it has not been made by a dematerialisation service provider. »
Art. 17.
Duly and regularly kept business accounting books may be accepted by the judge as evidence
of commercial facts and transactions between business persons.
Art. 18.
The accounting books which business undertakings are obliged to keep, and with respect to
which they have not complied with the above requirements, can neither be used as evidence
or prove any matter in courts to the benefit of those who kept them; without prejudice to
the provisions of the Book [of the Commercial Code] on Bankruptcy and Fraudulent
Insolvency.
Art. 19.
In a litigation, the communication of the accounting books may be ordered by the judge,
even on his own initiative, in order to withdraw therefrom any information concerning the
dispute.
Art. 20.
In case the accounting books which are offered, requested or ordered to be presented are
located in a place which is distant from the court hearing the dispute, the court may address
a formal assistance request to the Tribunal d’Arrondissement [District Court] sitting in
commercial matters of the relevant location or delegate a juge de paix, to review the
accounting books, draw up a report on their content and provide such report to the court
hearing the case.
Art. 21.
If the party to the dispute whose books are proposed [by the other party] to be recognised as
[determining] evidence refuses to communicate them, the judge may order that the other
party has the right to settle the litigation by its declaration under oath.
«Chapter Ibis. – Definitions
Art. 24bis.
Unless otherwise specified, for the purposes of this law, the following definitions shall apply
1 ° «Member States» : the Member States of the European Union and the States party to
the Agreement on the European Economic Area other than the Member States of the
254
15276572_3
European Union, within the limits defined by that Agreement and the acts relating
thereto;
2 ° «regulated market of a Member State» : means a regulated market317 of a Member State
within the meaning of Article 1, point 31, of the amended law of 30 May 2018 on
markets in financial instruments. »
«Chapter II. – On the preparation of annual accounts» 318, 319
Section 1. - General provisions
Art. 25.
«The present Chapter applies to the undertakings referred to in Article 8 of the Commercial
Code except for
1° individuals who are business persons, (Law of 12 July 2013) «sociétés en commandite
spéciale» and sociétés en nom collectif or en commandite simple, referred to in Article
13 of the Commercial Code;
2° (Law of 23 July 2016) « insurance and re-insurance companies; »
3° sociétés d'épargne-pension à capital variable (savings-pension companies with variable
capital).
This Chapter applies to sociétés d'investissement à capital variable (SICAV, investment
companies with variable capital) and to financial holding companies, referred to in Articles 30
and 31 except where this law provides for a derogation therefrom.»
«Credit establishements are excluded from the scope of the present Chapter with the
exception of Articles 68bis and 68ter regarding the publication of non-financial information
and information on diversity. »
317 For the definition of this term, see the footnote under Article 1711-4 of the Law of 1915.
318 Footnotes will indicate the number of the abrogated article of the Law of 1915 which corresponds at least in
essence to the relevant provision. There may however be differences between the now abrogated provisions of
the Law of 1915 and those of the Law of 2002.
319 Pursuant to Regulation (EC) n°1606/2002, of the European Parliament and of the Council of 19 July, 2002 on
the application of international accounting standards, a Member State may permit or require listed companies to
prepare their annual accounts and companies other than listed companies to prepare their consolidated and/or
their annual accounts in conformity with «international accounting standards» meaning the International
Accounting Standards (IAS), the International Financial Reporting Standards (IFRS) and related interpretations and
interpretations and standards adopted in the future by the International Accounting Standards Board (IASB). This
option was introduced in Luxembourg by the Law of 10 December 2010 on the introduction of international
accounting standards (Mémorial A-225 of 17 December 2010; doc. parl. 5976). See also Article 72bis hereafter
and Article 1780-1 of the Law of 1915 with respect to consolidated accounts.
255
15276572_3
Art. 26.320
(1) The annual accounts referred to in Article 15 of the Commercial Code comprise the
balance sheet, the profit and loss account and the notes to the accounts; these
documents shall constitute a composite whole.
(Law of 10 December 2010) «Undertakings may include other statements in the annual
accounts in addition to the documents referred to in the first sub-paragraph.»
(2) The annual accounts shall be drawn up clearly and in accordance with the provisions of
this Chapter.
(3) The annual accounts shall give a true and fair view of the undertaking's assets, liabilities,
financial position and results.
(4) Where the application of the provisions set out hereafter would not be sufficient to give
a true and fair view within the meaning of paragraph (3), additional information must be
given.
(5) Where in exceptional cases the application of a provision of this Chapter is incompatible
with the obligation laid down in paragraph (3) above, that provision must be derogated
from in order to give a true and fair view within the meaning of paragraph (3). Any such
derogation must be disclosed in the notes to the accounts together with an explanation
of the reasons for it and a statement of its effect on the assets, liabilities, financial
position and results.
(6) (Law of 18 December 2015) «Where a provision of this Title refers to the term
«material», this term shall mean the status of information where its omission or
misstatement could reasonably be expected to influence decisions that users make on
the basis of the annual accounts of the undertaking. The materiality of individual items
shall be assessed in the context of other similar items.»
Art. 27.
The Minister of Justice can, in special cases and on the reasoned opinion of the Commission
des normes comptables, grant derogations from the rules issued under Articles 11, 12 and 15
of the Commercial Code, the provisions of this Chapter (Law of 30 July 2013) «and of Chapter
IV of Title II of this law as well as the provisions of (Law of 7 August 2023) «Title XVII of the
above-mentioned Law of 10 August 1915. »321»
320Corresponds to abrogated Article 205 of the Law of 1915, except for later amendments.
321Pursuant to Regulation (EC) n°1606/2002, of the European Parliament and of the Council of 19 July 2002 on the
application of international accounting standards, a Member State may permit or require listed companies to
prepare their annual accounts and companies other than listed companies to prepare their consolidated and/or
their annual accounts in conformity with «international accounting standards» meaning the International
Accounting Standards (IAS), the International Financial Reporting Standards (IFRS) and related interpretations and
interpretations and standards adopted in the future by the International Accounting Standards Board (IASB). This
option was introduced in Luxembourg by the Law of 10 December 2010 on the introduction of international
accounting standards (Mémorial A – 225 of 17 December 2010; doc. parl. 5976). See also Art. 72bis hereafter and
Article 1780-1 of the Law of 1915 with respect to consolidated accounts.
256
15276572_3
«A Grand Ducal regulation may, after advice has been taken from the Commission des
normes comptables, authorise the undertakings referred to in Article 25 or certain categories
thereof to derogate from the rules adopted under Articles 11, 12 and 15 of the Commercial
Code, the provisions of this Chapter and Chapter (Law of 30 July 2013) «IV of Title II of this
law» and the provisions of (Law of 7 August 2023) «Title XVII of the above-mentioned Law of
10 August 1915».»
Section 2. - General provisions concerning the balance sheet and the profit and loss
account
[2013/34/EU Art. 9.1]

Art. 28.322
«The layout of the balance sheet and of the profit and loss account, particularly as regards
the form adopted for their presentation, may not be changed from one financial year to the
next».(…)(The last two sentences were abrogated by the Law of 30 July 2013)
[2013/34/EU Art. 9]
Art. 29.
(1) «In the balance sheet and in the profit and loss account, the items must be shown
separately in the order indicated in the Grand Ducal regulations enacted pursuant to Articles
34, 35 paragraph (1), 46 and 47 paragraph (1) 323.»
(…) (Paragraph abrogated by the Law of 30 July 2013)
(2324) In respect of each balance sheet and profit and loss account item, the figure relating to
the corresponding item for the preceding financial year must be shown. Where the figures
from one year are not comparable to figures of the next year and where the figures of the
preceding year have been adjusted, this must be disclosed in the notes to the accounts, with
relevant comments.
322 Corresponds to abrogated Article 206 of the Law of 1915, except for later amendments.
323 Grand-Ducal Regulation of 18 December 2015 determining the form and content of the layouts of the balance
sheet and of the profit and loss account and implementing Articles 34, 35, 46 and 47 of the amended Law of 19
December 2002 on the register of commerce and companies and the accounting and annual accounts of
undertakings (Mém. A – 258 of 28 December 2015, p. 6239), set out at the end of this Annex.
324 Paragraph renumbered by the Law of 30 July 2013.
257
15276572_3
«(3325) (Law of 18 December 2015) «The presentation of amounts within the profit and loss
account and the balance sheet may have regard to the substance of the relevant transaction
or arrangement.»
Art. 30.326
(1) (Law of 30 July 2013) «By way of derogation from paragraph (1) of Article 29, investment
companies shall draw up their annual accounts in accordance with the rules laid down on the
basis of Article 151 (3) and (5) of the amended Law of 17 December 2010 relating to
undertakings for collective investment or of Article 52, paragraph (4) of the amended Law of
13 February 2007 relating to specialised investment funds.
[2013/34/EU Art. 2.14]
For the purpose of this Article, investment companies shall be understood as companies, the
exclusive object of which is to invest their funds in various transferable securities, real estate
or other assets with the sole purpose of spreading the investment risks and giving their
shareholders the benefit of the results of the management of their assets.».
(2) (Law of 30 July 2013) «By way of derogation from paragraph (1) of Article 29, a Grand
Ducal regulation may prescribe a particular layout for the balance sheet and profit and loss
account of those companies associated with fixed-capital investment companies if the sole
object of those associated companies is to acquire fully paid shares issued by those
investment companies.»
Art. 31.327
(1) (Law of 30 July 2013) «By way of derogation from paragraph (1) of Article 29, financial
holding companies may draw up their balance sheet and profit and loss account in
accordance with a special layout prescribed by Grand Ducal regulation328.»
[2013/34/EU Art. 2.15]
(2) The financial holding companies referred to above are those companies the sole object of
which is to acquire holdings in other undertakings and manage such holdings and turn them
to profit, without involving themselves directly or indirectly in the management of those
undertakings, without prejudice to the rights of the financial holding companies as
shareholders or members.
[2013/34/EU Art. 9.6]

Art. 32.329
A Grand Ducal regulation may amend the layouts of the balance sheet and profit and loss
accounts in order to include the appropriation of profit or the treatment of loss.
325 Paragraph renumbered by the Law of 30 July 2013.

326 Corresponds to abrogated Article 208 of the Law of 1915, except for later amendments and is sourced from
Article 5 of Directive 78/660/EEC of which paragraph 1. has not been taken over by Directive 2013/34/EU.
Article 5 of Directive 78/660/EEC of which paragraph 1. has not be taken over by Directive 2013/34/EU.
328 In respect of abrogated Article 209 of the Law of 1915, this is the Grand Ducal regulation of 29 June 1984.
329 Corresponds to abrogated Article 210 of the Law of 1915.
258
15276572_3
[2013/34/EU Art. 6.1 point g) and 6.2]
Art. 33.330
«Any set-off between asset and liability items or between income and expenditure items
shall be prohibited without prejudice to the cases where there is a right of set-off pursuant to
the law. In cases where a set-off has been performed between asset and liability items or
between income and expenditure items, the amounts set-off shall be specified as gross
amounts in the notes to the accounts.»
Section 3. - Layout of the balance sheet
[2013/34/EU Annex III]

Art. 34.331
«A Grand Ducal regulation to be made with the benefit of an opinion of the Commission des
normes comptables shall determine the form and content of the layouts of the balance
sheet332.
[2013/34/EU Art. 3.2 and Art. 14.1]

Art. 35.333
«(1) Undertakings which on their balance sheet dates do not exceed the limits of at least two
of the following three criteria:
- balance sheet total: 4.4 million euros
- Net turnover: 8.8 million euros
- average number of full-time staff employed
during the financial year: 50
may draw up an abridged balance sheet, the form and content of which shall be determined
by a Grand Ducal regulation to be made with the benefit of an opinion of the Commission des
normes comptables334.
259
15276572_3
This option does however not apply to undertakings whose securities are admitted to trading
(Law of 7 August 2023) «on a regulated market of a Member State »335»
(2) The amounts stated above may be amended by Grand Ducal regulation.
[2013/34/EU Art. 3]
Art. 36.336
(1) Where on its balance sheet date an undertaking exceeds or ceases to exceed the limits of
two of the three criteria indicated in Article 35, that fact shall affect the application of the
derogation provided for in that Article only if it occurs in two consecutive financial years.
(…) (Paragraph abrogated by the Law of 18 December 2015)
[2013/34/EU Art. 12]

Art. 37.337
(1) Where an asset or liability relates to more than one layout item, its relationship to other
items must be disclosed either under the item where it appears or in the notes to the
accounts, if such disclosure is necessary for the comprehension of the annual accounts.
(2) Own shares and own corporate units and those in affiliated undertakings338 may be
shown only under the items prescribed for that purpose.
[2013/34/EU Art. 16.1 point d)]

Art. 38.339
«The total amount of any financial commitments, guarantees or contingencies that are not
included in the balance sheet, and an indication of the nature and form of any in rem security
which have been provided must be set out in the notes to the accounts. Any commitments
concerning pensions and affiliated or associated undertakings shall be disclosed separately.»
Section 4. - Special provisions relating to certain balance sheet items
Art. 39.340
[2013/34/EU Art. 12.3]
(1) Whether particular assets are to be shown as fixed assets or current assets shall depend
upon the purpose for which they are intended.
[2013/34/EU Art. 2.4]
(2) Fixed assets shall comprise those assets which are intended for use on a continuing basis
for the purposes of the undertaking's activity.
UK Withdrawal Agreement. For the definition of «regulated market of a Member State», see Article 24bis.
338 For the definition of this term, see Article 1790-2 (1) of the Law of 1915.
260
15276572_3
[2013/34/EU Art. 17.1. point a)]
(3) a) (Law of 30 July 2013) «Movements in the various fixed asset items shall be shown in
the notes to the accounts. To this end there shall be shown separately for each fixed
asset item, starting with the purchase price or production cost, on one hand,
additions, disposals and transfers during the financial year and, on the other,
cumulative value adjustments at the balance sheet date and the rectifications made
during the financial year to the value adjustments of previous financial years. Value
adjustments shall be shown in the notes to the accounts.»
b) If, when annual accounts are drawn up in accordance with this Section for the first
time, the purchase price or production cost of a fixed asset cannot be determined
without undue expense or delay, the residual value at the beginning of the financial
year may be treated as the purchase price or production cost. Any application of the
present sub-paragraph b) must be disclosed in the notes to the accounts.
c) Where Article 54 is applied, the movements in the various fixed asset items referred
to in sub-paragraph a) of this paragraph shall be shown starting with the purchase
price or production cost resulting from revaluation.
(4) Paragraph (3) points a) and b) shall apply to the presentation of «Formation expenses».
[2013/34/EU Art. 14.1]
(5) Paragraph (3) a) and paragraph (4) shall not apply to the abridged balance sheet of the
undertakings referred to in Article 35.
[2013/34/EU Art. 12.4]

Art. 40.341
Rights to immovables and other similar rights as defined by civil law must be shown under
«Land and Buildings».
[2013/34/EU Art. 2.2]

Art. 41.342
«For the purposes of this Chapter, participating interest shall mean rights in the capital of
other undertakings, whether or not represented by certificates, which, by creating a durable
link with those undertakings, are intended to contribute to the undertaking's activities. The
holding of part of the capital of another undertaking shall be presumed to constitute a
participating interest where it exceeds twenty per cent.»
Art. 42.343
Expenditure incurred during the financial year but relating to a subsequent financial year
must be shown under the asset item «Regularisation accounts/prepayments and accruals».

343 Corresponds to abrogated Article 222 of the Law of 1915 and is sourced from Article 18 of Directive
78/660/EEC which has not been taken over by Directive 2013/34/EU.
261
15276572_3
[2013/34/EU Art. 2.8]
Art. 43.344
Value adjustments shall comprise all adjustments intended to take account of reductions in
the values of individual assets established at the balance sheet date, whether that reduction
is final or not.
[2013/34/EU Art. 12.12]

Art. 44.345
(1) (Law of 10 December 2010) «Provisions are intended to cover losses or debts the nature
of which is clearly defined and which at the date of the balance sheet are either likely to
be incurred or certain to be incurred but uncertain as to their amount or as to the date
on which they will arise.»
(2) (Law of 18 December 2015) «Provisions may also be created in order to cover charges
which have their origin in the financial year under review or in a previous financial year,
the nature of which is clearly defined and which at the balance sheet date are either
likely to be incurred, or certain to be incurred but uncertain as to their amount or as to
the date on which they will arise.»
(3) (Law of 10 December 2010) «Provisions may not be used to adjust the values of assets.»
Art. 45.346
Income received before the balance sheet date, but relating to a subsequent financial year,
must be shown under the liabilities item «Regularisation accounts/accruals and deferred
income».
Section 5. - Layout of the profit and loss account
Art. 46.347
«A Grand Ducal regulation to be made with the benefit of an opinion of the Commission des
normes comptables shall determine the form and content of the layouts of the profit and loss
account348.»


262
15276572_3
[2013/34/EU Art. 3.3 and 14.2]
Art. 47.349
«(1) Undertakings which on their balance sheet date do not exceed the limits of at least two
of three of the following criteria:
- balance sheet total: 20 million euros
- net turnover: 40 million euros
- average number of full-time staff employed during the financial year: 250,
may draw up an abridged profit and loss account, the form and content of which shall be
determined by a Grand Ducal regulation to be made with the benefit of an opinion of
the Commission des normes comptables350.
This option does however not apply to undertakings whose securities are admitted to
trading (Law of 7 August 2023) «on a regulated market351 of a Member State»352.
Article 36 shall apply.»
(2) The above amounts may be amended by Grand Ducal regulation.»
Section 6. - Special provisions relating to certain items in the profit and loss account
[2013/34/EU Art. 2.5]

Art. 48.353
«The net turnover shall comprise the amounts derived from the sale of products and the
provision of services after deducting sales rebates and value added tax and other taxes
directly linked to turnover.»
[2013/34/EU Art. 16.1 point f)]

Art. 49.354
«The amount and nature of items of income or charges with an extraordinary size or impact
shall be shown in the notes to the accounts.»
351 For the definition of this term, see the footnote under Article 1711-4 of the Law of 1915.
352Until 31 December 2020, the United Kingdom will be considered as part of the EU in accordance with the EU-UK
Withdrawal Agreement. For the definition of «regulated market of a Member State», see Article 24bis.
263
15276572_3
Art. 50.
(Abrogated by the Law of 18 December 2015)
Section 7. - Valuation rules
Art. 51.355
[2013/34/EU Art. 6.1]
(1) The measurement356 of the items shown in the annual accounts shall be made in
accordance with the following general principles:
a) the undertaking is presumed to be carrying on its business as a going concern;
b) (Law of 18 December 2015) «accounting policies and measurement bases may not
be modified from one financial year to another;
c) measurement must be made on a prudent basis, and in particular
aa) only profits made at the balance sheet date may be included;
«bb) account must be taken of all (Law of 18 December 2015) «liabilities» which
have arisen in the course of the financial year concerned or in a previous
financial year, even if such (Law of 18 December 2015) «liabilities» become
apparent only between the date of the balance sheet and the date on
which it is drawn up;»
cc) account must be taken of all depreciations, irrespective of whether the
result of the financial year is a loss or a profit;
d) account must be taken of income and charges relating to the financial year in
respect of which the accounts are drawn up irrespective of the date of receipt or
payment of such income or charges;
e) the components of asset and liability items must be valued separately;
f) the opening balance sheet for each financial year must correspond to the closing
balance sheet for the preceding financial year,
«g) requirements set out in this Chapter regarding presentation and disclosure in the
notes to the accounts need not be complied with when the effect of complying with
these requirements is immaterial in light of the principle of materiality357».
356 The English version of Directive 78/660/EEC used the term «valuation» and «method of valuation» which
Directive 2013/34/EU has replaced with «measurement» and «measurement bases». This translation uses the
terminology of the latter directive.
357 See recital 17 of Directive 2013/34/EU.
264
15276572_3
«(1bis) In addition to the amounts recorded pursuant to Article 51 paragraph 1, point c) bb),
undertakings have the option to take into account all foreseeable (Law of 18 December
2015) «liabilities» and potential losses which have arisen in the financial year concerned
or in a previous financial year, even if such (Law of 18 December 2015) «liabilities» or
losses become apparent only between the date of the balance sheet and the date on
which it is drawn up.»
[2013/34/EU Art. 4.4]
(2) (Law of 18 December 2015) «Where in exceptional cases the application of a provision of
this Law is incompatible with the obligation laid down in Article 26, paragraph (3), that
provision shall be disapplied in order to give a true and fair view of the undertaking's
assets, liabilities, financial position and profit or loss. The disapplication of any such
provision shall be disclosed in the notes to the accounts together with an explanation of
the reasons for it and of its effect on the undertaking's assets, liabilities, financial
position and profit or loss.»
[2013/34/EU Art. 6.1 point i)]

Art. 52.358
The items shown in the annual accounts shall be measured in accordance with Articles 53,
55, 56, 59 to 64, which are based on the principle of purchase price or production cost.
[2013/34/EU Art. 12.11]

Art. 53.359
(1) a) Formation expenses must be written off within a maximum period of five years.
b) Insofar as formation expenses have not been completely written off, no distribution
of profits shall take place unless the amount of the reserves available for
distribution and profits brought forward is at least equal to that of the expenses not
written off.
(2) The amounts entered under the «Formation Expenses» item must be commented upon
in the notes to the accounts.
(3) Expenses relating to the creation or extension of an undertaking, of part of an
undertaking or of a branch of business, as opposed to expenses resulting from ordinary
business, may be entered under «Assets» as formation expenses.
[2013/34/EU Art. 7]
Art. 54.360
«(1) A Grand Ducal regulation may, by way of derogation from Article 52, permit or require in
respect of all undertakings or certain classes of undertakings, the alternative
measurement basis of fixed assets at a revalued amounts.

265
15276572_3
(2) The regulation referred to in paragraph (1) shall determine the rules for the application
of the alternative measurement basis within the limits set forth in Article 7 of Directive
certain types of undertakings.»
Art. 55.361
[2013/34/EU Art. 6.1. point i), 12.5 and 12.6]
(1) a) Fixed assets must be measured at purchase price or production cost, without
prejudice to b) and c) below.
b) The purchase price or production cost of fixed assets with limited useful economic
lives must be reduced by value adjustments calculated to write off the value of such
assets systematically over their useful economic lives.
c) aa) Value adjustments may be made in respect of financial fixed assets, so that they
are valued at the lower figure to be attributed to them at the balance sheet
date.
bb) Value adjustments must be made in respect of fixed assets, whether their useful
economic lives are limited or not, so that they are valued at the lower figure to
be attributed to them at the balance sheet date if it is expected that the
reduction in their value will be permanent.
cc) The value adjustments referred to in aa) and bb) must be charged to the profit
and loss account and disclosed separately in the notes to the accounts if they
have not been shown separately in the profit and loss account.
dd) (Law of 18 December 2015) «Measurement at the lower of the values provided
for in aa) and bb) may not continue if the reasons for which the value
adjustments were made have ceased to apply; this provision shall not apply to
value adjustments made in respect of goodwill.»
[2013/34/EU Art. 2 point b)]
d) If fixed assets are the subject of exceptional value adjustments for taxation purposes
alone, the amount of the adjustments and the reasons for making them shall be
indicated in the notes to the accounts.
[2013/34/EU Art. 2 point 6)]
(2) The purchase price shall be calculated by adding to the price paid the expenses incidental
thereto.
[2013/34/EU Art. 2.7]
(3) a) The production cost shall be calculated by adding to the purchase price of the raw
materials and consumables the costs directly attributable to the product in question.
266
15276572_3
b) A reasonable proportion of the costs which are only indirectly attributable to the
product in question may be added into the production costs to the extent to which
they relate to the period of production.
[2013/34/EU Art. 12.8 and Article 17.1, point a) vi)]
(4) Interest on capital borrowed to finance the production of fixed assets may be included in
the production costs to the extent to which it relates to the period of production.
In that event, the inclusion of such interest under «Assets» must be disclosed in the
notes to the accounts.
Art. 56.362
By way of derogation from Article 55 paragraph (1) point c) sub cc), investment companies,
within the meaning of Article 30, may set off value adjustments to transferable securities
directly against capital and reserves. The amounts in question must be shown separately
under «Liabilities» in the balance sheet.
Art. 57.363
Investment companies within the meaning of Article 30 must value the investments in which
they have invested their funds on the basis of (Law of 10 December 2010) «their fair
value»364. Investment companies with variable capital are exempted from showing separately
the amounts of the value adjustments mentioned in Article 56.
[2013/34/EU Art. 9.7 and Art. 27]

Art. 58.365
(1) (Law of 30 July 2013) «Undertakings may show in the balance sheet participating
interests, as defined in Article 41, in the capital of undertakings over the operating and
financial policies of which they exercise significant influence, in accordance with
paragraphs (2) to (9) below under the items «Shares in affiliated undertakings» and (Law
of 18 December 2015) «Participating interests», as the case may be. An undertaking shall
be presumed to exercise a significant influence over another undertaking where it has
20% or more of the shareholders’ or members’ voting rights in that undertaking. (Law of
7 August 2023) «Article 1711-2 of the above-mentioned Law of 10 August 1915» shall
apply.»
(2) When this Article is first applied to a participating interest covered by paragraph (1), it
shall be shown in the balance sheet:
a) (Law of 30 July 2013) «either at its book value calculated in accordance with sections
7 or 7bis of this Chapter. The difference between that value and the amount
corresponding to the proportion of capital and reserves represented by the
Article 18 of Directive 78/660/EEC which has not been taken over by Directive 2013/34/EU.
364 This needs to be read together with Articles 28(4) and 39 of the Law of 17 December 2010 relating to
undertakings for collective investment.

365 Corresponds to abrogated Article 241-1 of the Law of 1915, except for later amendments.
267
15276572_3
participating interest shall be disclosed separately in the balance sheet or in the
notes to the accounts.
That difference shall be calculated as at the date as at which the method is applied
for the first time;»
b) (Law of 30 July 2013) «or at the amount corresponding to the proportion of the
capital and reserves represented by the participating interest.
The difference between that amount and the book value calculated in accordance
with the valuation rules provided for by sections 7 or 7bis of this Chapter shall be
disclosed separately in the balance sheet or in the notes to the accounts.
That difference shall be calculated as at the date as at which the method is applied
for the first time.»
c) The balance sheet or the notes to the accounts must indicate whether a) or b) has
been used.
d) For the application of a) and b), the calculation of the difference may be made as at
the date of acquisition of the shares or corporate units or, where the acquisition took
place in two or more stages, as at the date at which the shares or corporate units
became a participating interest within the meaning of paragraph (1) above.
(3) Where items of the assets or liabilities of the undertaking in which a participating interest
within the meaning of paragraph (1) above is held have been valued by methods other
than those used by the ( Law of 30 July 2013) «the undertaking» drawing up the annual
accounts, these items may, for the purpose of calculating the difference referred to in
paragraph (2) point a) or point b), be revalued by the methods used by (Law of 30 July
2013) «the undertaking» drawing up its annual accounts. Disclosure must be made in the
notes to the accounts where such revaluation has not been made.
(4) The book value referred to in paragraph (2) item a), or the amount corresponding to the
proportion of capital and reserves referred to in paragraph (2) item b) shall be increased
or reduced by the amount of the variation which has taken place during the financial year
in the proportion of capital and reserves represented by that participating interest; it
shall be reduced by the amount of the dividends relating to the participating interest.
(5) Insofar as a positive difference covered by paragraph (2) item a) or item b) cannot be
related to any category of assets or liabilities, it shall be dealt with in accordance with the
rules applicable to the «Goodwill» item.
(6) a) (Law of 18 December 2015) «The proportion of the profit or loss attributable to the
participating interests referred to in paragraph (1) shall be shown in the profit and
loss account as a separate item under the heading «Share in the results of the
undertakings to which the equity method has been applied».»
b) Where that amount exceeds the amount of dividends already received or the
payment of which can be claimed, the amount of the difference must be placed in a
reserve which cannot be distributed to shareholders.
c) It is permitted that the proportion of the profit or loss attributable to the
participating interests referred to in paragraph (1) are shown in the profit and loss
268
15276572_3
account to the extent of the amount corresponding to dividends already received or
the payment of which can be claimed.
(7) The eliminations referred to in (Law of 7 August 2023) «Article 1712-11, paragraph (1),
item 3°, of the above-mentioned Law of 10 August 1915» are made to the extent that the
facts are known or can be ascertained. (Law of 7 August 2023) «Article 1712-11,
paragraphs (2) and (3) of the above-mentioned Law of 10 August 1915» shall apply.
(8) Where an undertaking in which a participating interest within the meaning of paragraph
(1) is held draws up consolidated accounts, the foregoing paragraphs shall apply to the
capital and reserves shown in such consolidated accounts.
(9) This Article need not be applied where a participating interest as defined in paragraph (1)
is (Law of 18 December 2015) «immaterial» for the purposes of Article 26, paragraph (3).
[2013/34/EU Art. 12.11]

Art. 59.
«(1) Intangible assets shall be written off over the useful economic life of the intangible
asset.
(2) In exceptional cases where the useful life of goodwill and development costs cannot be
reliably estimated, such assets shall be written off within a maximum period which shall
not exceed 10 years. An explanation of the period over which goodwill is written off
shall be provided within the notes to the accounts.
(3) Article 53 paragraph (1) point b) shall apply to the «Costs of development» item.»
Art. 60.366
Tangible fixed assets, raw materials and consumables which are constantly being replaced
and the overall value of which is of secondary importance to the undertaking may be shown
under «Assets» at a fixed quantity and value, if the quantity, value and composition thereof
do not vary materially.
Art. 61.367
[2013/34/EU Art. 6.1 point i)]
(1) a) Current assets must be measured at purchase price or production cost, without
prejudice to items b) and c) below.
[2013/34/EU Art. 12.7]
b) Current assets shall be subject to value adjustments with a view to showing them at
the lower market value or, in particular circumstances, another lower value to be
attributed to them at the balance sheet date.
(…) (Item abrogated by the Law of 18 December 2015)
269
15276572_3
c368) Measurement at the lower value provided for in b) and c) may not be continued if
the reasons for which the value adjustments were made have ceased to apply.
[2013/34/EU Art. 17.1 point b)]
d369) If current assets are the subject of (Law of 7 August 2023) «value» adjustments for
taxation purposes alone, the amount of the adjustments and the reasons for
making them must be disclosed in the notes to the accounts.
[2013/34/EU Art.2 point 6)]
(2) The definitions of purchase price and of production cost given in Article 55 paragraph (2)
and (3) shall apply. Article 55 paragraph (4) shall also apply. Distribution costs may not
be included in production costs.
[2013/34/EU Art. 12.9]

Art. 62.370
(Law of 18 December 2015) «The purchase price or production cost of stocks of goods of the
same category and all fungible items including transferable securities may be calculated
either on the basis of weighted average prices or by the «first in, first out» (FIFO) method,
the «last in, first out» (LIFO) method, or a method reflecting generally accepted best
practice.»
[2013/34/EU Art. 12.10]

Art. 63.371
(1) (Law of 30 July 2013) «Where the amount repayable on account of any debt is greater
than the amount received, the difference may be shown as an asset. It must be shown
separately in the notes to the accounts.»
(2) The amount of this difference must be written off by reasonable yearly amounts and
must be completely written off no later than the time of repayment of the debt.
[2013/34/EU Art. 12.12]

Art. 64.
«At the balance sheet date, a provision shall represent the best estimate of the expenses
likely to be incurred or, in the case of a liability, of the amount required to meet that
liability.»
368 Point renamed by the Law of 18 December 2015.

369 Point renamed by the Law of 18 December 2015.
270
15276572_3
«Section 7bis. - Rules applicable to fair value measurement»

[2013/34/EU Art. 8.2 to .6]
«Art. 64bis.
(1) By way of derogation from Article 52 and subject to the conditions set out in paragraphs
(2) to (4) of this Article, undertakings have the option to carry out a measurement at fair
value of financial instruments, including derivatives.
(2) (Law of 30 July 2013) «Commodity-based contracts that give either contracting party the
right to settle in cash or some other financial instrument shall be considered to be
derivative financial instruments for the purpose of fair value measurement, except
when:
a) they were entered into and are maintained in order to meet the (Law of 7 August
2023) «undertaking’s» expected purchase, sale or usage requirements for that
commodity;
b) they were designated for such purpose at their inception; and
c) they are supposed to be settled by delivery of the commodity.»
(3) Financial instruments which are part of the liabilities may only be measured at fair value:
a) if they are held as part of the trading portfolio; or
b) if they are derivative financial instruments.
(4) The following may not be measured at fair value:
a) non-derivative financial instruments held to maturity;
b) loans and receivables originated by the undertaking and not held for trading
purposes; and
c) interests in subsidiaries, associated undertakings and joint ventures, equity
instruments issued by the undertaking, contracts for contingent consideration in a
business combination as well as other financial instruments with such special
characteristics that, according to what is generally accepted, should be accounted for
differently from other financial instruments.
(5) By way of derogation from Article 52, in respect of any assets and liabilities which qualify
as hedged items under a fair value hedge accounting system, or identified portions of
such assets or liabilities, measurement at the specific amount required under that
system is permitted.
(5bis) By way of derogation from the provisions of paragraphs (3) and (4) and in accordance
with international accounting standards adopted in accordance with Regulation (EC) No
1606/2002 of the European Parliament and of the Council on the application of
271
15276572_3
international accounting standards372, the measurement of financial instruments and
compliance with the associated disclosure requirements provided for in international
accounting standards adopted in accordance with Regulation (EC) No 1606/2002 of the
European Parliament and of the Council of 19 July 2002 on the application of
international accounting standards are permitted.»

[2013/34/EU Art. 8.7]
«Art. 64ter.
(1) The fair value referred to in Article 64bis shall be determined by reference to:
a) a market value, for those financial instruments for which a reliable market can readily
be identified; where a market value is not readily identifiable for an instrument but
can be identified for its components or for a similar instrument, the market value
may be derived from that of its components or of the similar instrument, or
b) a value resulting from generally accepted valuation models and techniques, for those
instruments for which a reliable market cannot be readily identified; such valuation
models and techniques shall ensure a reasonable approximation of the market value.
(2) (Law of 30 July 2013) «Those financial instruments that cannot be measured reliably by
any of the methods described in paragraph (1), shall be measured in accordance with
Articles 53, 55, 56 and 59 to 64.»

[2013/34/EU Art. 8.8]
«Art. 64quater.
(1) Notwithstanding Article 51, paragraph (1), point c), where a financial instrument is
measured on a fair value basis, each change in the value shall be included in the profit
and loss account. However, such a change shall be included directly in an equity
account, in a fair value reserve, where:
a) the instrument accounted for is a hedging instrument under a system of hedge
accounting that allows some or all of the change in value not to be shown in the
profit and loss account; or
b) the change in value relates to an exchange difference arising on a monetary item that
forms part of an undertaking’s net investment in a foreign entity.
(2) A change in the value on an available for sale financial asset, other than a derivative
financial instrument, may be included directly in the equity account, in the fair value
reserve.
(3) The fair value reserve shall be adjusted when amounts shown therein are no longer
necessary for the implementation of paragraphs (1) and (2).»
372Atthe moment, Commission Regulation (EU) 2023/1803 dated 13 September 2023 realises such adoption. This
272
15276572_3
[2013/34/EU Art. 16.1 point c)]
«Art. 64quinquies.
Where financial instruments have been measured at fair value, the notes to the accounts
shall disclose:
a) the significant assumptions underlying the valuation models and techniques where fair
values have been determined in accordance with Article 64ter, paragraph (1), point b);
b) per category of financial instruments, the fair value, the changes in value included
directly in the profit and loss account as well as changes included in the fair value
reserve;
c) for each class of derivative financial instruments, information about the extent and the
nature of the instruments, including significant terms and conditions that may affect the
amount, timing and certainty of future cash flows; and
d) a table showing movements in the fair value reserve during the financial year.»

[2013/34/EU Art. 8.1. point b)]
«Art. 64sexies.»
«By way of derogation from Article 52, undertakings may also measure specified categories
of assets other than financial instruments at amounts determined by reference to their fair
value, provided that their measurement at fair value is authorised under the international
accounting standards adopted in accordance with the Regulation (EC) No 1606/2002 of the
European Parliament and of the Council on the application of the international accounting
standards.373»

[2013/34/EU Art. 8.9]
«Art. 64septies.
Notwithstanding Article 51, paragraph (1), point c), undertakings may, where an asset is
measured in accordance with Article 64sexies, include the resulting change in the value in the
profit and loss account.»

«Art. 64octies.
Where certain categories of assets other than financial instruments have been measured at
fair value, the notes to the accounts shall disclose:
a) the significant assumptions underlying the valuation models and techniques where fair
value has not been determined by reference to a market value;
373At the moment, Commission Regulation (EU) 2023/1803 dated 13 September 2023 realises such adoption. This
273
15276572_3
b) per category of assets other than financial instruments, the fair value at the balance
sheet date and the changes in value which occurred during the financial year;
c) for each class of assets other than financial instruments, information about the
significant terms and conditions that may affect the amount and certainty of future cash
flows.»

«Art. 64nonies.
Where measurement at fair value has been applied in accordance with Section 7bis, the
provisions of Article 72ter shall apply.»
Section 8. - Contents of the notes to the accounts
[2013/34/EU Art. 16, 17 and 18]

Art. 65.374, 375
(1) (Law of 18 December 2015) «In addition to the information required under other
provisions of this Chapter, the notes to the accounts shall disclose the following
information presented in the order in which the items to which they relate are
presented in the balance sheet and in the profit and loss account:»
1° (Law of 18 December 2015) «accounting policies and measurement bases»;
2° the name and registered office of each of the undertakings in which the undertaking,
either itself or through a person acting in its own name but on (Law of 30 July 2013)
«the undertaking»’s behalf, holds at least twenty per cent of the capital, showing the
proportion of the capital held, as well as the amount of capital and reserves and the
profit or loss for the latest financial year of the undertaking concerned for which the
accounts have been approved. This information may be omitted where for the
purposes of Article 26 paragraph (3) it is (Law of 18 December 2015) «immaterial».
The information concerning capital and reserves and the profit or loss may also be
omitted where the undertaking concerned does not publish its balance sheet and
374Corresponds to abrogated Article 248 of the Law of 1915, except for later amendments.
375Grand-Ducal Regulation of 11 September 2006 (Mém. A-167 of 15 September 2006, p. 3060):
Art. 1
The undertakings referred to in Article 77, second paragraph points 1° to 3° of the Law of 19 December 2002 on
the register of commerce and companies and the accounting and annual accounts of undertakings are authorised
to derogate from Articles 65 and 68 of such law when drawing up their annual accounts in order to comply with
the publication requirements of Article one paragraphs 2) b), 3) and 4) of Directive 2001/65/EC of the European
Parliament and of the Council of 27 September 2001 amending Directives 78/660/EEC, 83/349/EEC and
86/635/EEC [these directives have been replaced by Directive 2013/34/UE] as regards the valuation rules for the
annual and consolidated accounts of certain types of companies as well as of banks and other financial
institutions.
Art. 2 [For consolidated accounts see footnote under Article 1712-14 of the Law of 10 August 1915].
Art. 3
This Grand-Ducal Regulation comes into force on first October 2006. It shall apply to the consolidated accounts of
undertakings for their fiscal years ending after that date.
274
15276572_3
less than fifty per cent. of its capital is held, directly or indirectly, by (Law of 30 July
2013) «the undertaking»; the name, registered office and the legal form of each
undertaking of which (Law of 30 July 2013) «the undertaking» is the member having
unlimited liability. This information may be omitted when, for the purposes of Article
26 paragraph (3), it is (Law of 18 December 2015) «immaterial»;
3° the number and the nominal value or, in the absence of a nominal value, the
accounting par value of the shares subscribed for during the financial year within the
limits of an authorised capital;
4° where there is more than one class of shares, the number and the nominal value or,
in the absence of a nominal value, the accounting par value of each class;
5° (Law of 18 December 2015) «the existence of any profit units, convertible bonds,
warrants, options or similar securities or rights, with an indication of their number
and the rights they confer»;
6° amounts owed by the undertaking becoming due and payable after more than five
years as well as the undertaking's entire debts secured by collateral on assets
furnished by (Law of 30 July 2013) «the undertaking» with an indication of the nature
and form of the collateral. This information must be disclosed separately for each
creditor’s item, as provided for in the layouts prescribed in Article 34;
7° the total amount of any financial commitments that are not included in the balance
sheet, insofar as this information is of assistance in assessing the financial position.
Any commitments concerning pensions and commitments vis-à-vis affiliated
undertakings376 must be disclosed separately;
«7bis°«the nature and business purpose of the arrangements that are not included in the
balance sheet and the financial impact on (Law of 30 July 2013) «the undertaking» of
those arrangements, provided that the risks or benefits arising from such
arrangements are material and in so far as the disclosure of such risks or benefits is
necessary for assessing the financial position of (Law of 30 July 2013) «the
undertaking».
[2013/34/EU Art. 17.1 point r)]
«7ter°»(Law of 18 December 2015) «transactions which have been entered into by the
undertaking with related parties, including the amount of such transactions, the
nature of the related party relationship and all other information about the
transactions necessary for an understanding of the financial position of the
undertaking. Information about individual transactions may be aggregated according
to their nature except where separate information is necessary for an understanding
376 For the meaning of the term, see Article 1790-2 (1) of the Law of 10 August 1915 on commercial companies.
275
15276572_3
of the effects of related party transactions on the financial position of the
undertaking.
Undertakings have the option to only disclose in the notes to the accounts the
transactions entered into with related parties which have not been concluded under
normal market conditions.
Transactions which have been entered into between one or more members of a
group are exempted provided that the subsidiaries which are party to the transaction
are wholly owned by such a member.
Undertakings which do not exceed at least two of the three limits laid down in Article
47 for two consecutive financial years are allowed to limit the disclosure of
transactions with related parties to transactions entered into with:
(i) owners holding a participating interest in the undertaking;
(ii) undertakings in which the undertaking itself has a participating interest; and
(iii) members of the administrative, management or supervisory bodies of the
undertaking.
trading (Law of 7 August 2023) «on a regulated marketof a Member State. »377
‘Related party’378 has the same meaning as in the international accounting standards
adopted in accordance with Regulation (EC) No 1606/2002 of the European
Parliament and of the Council of 19 July 2002 on the application of international
accounting standards379.»
8° the net turnover within the meaning of Article 48, broken down by categories of
activity and into geographical markets insofar as, taking account of the manner in
which the sale of products and the provision of services falling within the
undertaking's ordinary activities are organised, these categories and markets differ
substantially from one another;
9° the average number of staff employed during the financial year, broken down by
categories;
10° (…) (Point abrogated by the Law of 18 December 2015)
11° (Law of 30 July 2013)
«a) the difference between the tax charged for the financial year and for earlier
financial years and the amount of tax already paid or payable in respect of those
years, to the extent that this difference is material for purposes of future
Withdrawal Agreement. For the definition of «regulated market of a Member State», see Article 24bis .
378 For the definition of «related party», see the footnote following the Grand-Ducal Regulation of 18 December
2015.
276
15276572_3
taxation. This amount may also be disclosed in the balance sheet as a cumulative
amount;
b) Where valuation at fair value has been applied in accordance with section 7bis,
undertakings shall show, as the case may be, deferred tax liabilities in the
balance sheet as a cumulative amount.»
«c) where a provision for deferred tax is recognised in the balance sheet, the
deferred tax balances at the end of the financial year, and the movement in
those balances during the financial year.»
12° (Law of 25 August 2006) «the amount of the emoluments granted in respect of the
financial year to the members of (Law of 23 March 2007) «the management and
supervisory bodies» in that capacity and any commitments arising or entered into in
respect of retirement pensions for former members of those bodies. This information
must be given as a total for each category;»
13° (Law of 25 August 2006) «the amount of advances and loans granted to the members
of (Law of 23 March 2007) «the management and supervisory bodies», with
indications of the interest rates, main conditions and the amounts which may have
been repaid, as well as the commitments entered into on their behalf by way of
guarantees of any kind. This information must be given as a total for each category.»
14° information concerning the income (charges) in respect of the financial year, which is
receivable (are payable) after the end of the financial year and are shown under
«Debtors» («Creditors»), where such income (charges) is or are material.
15° a) the name and registered office of the undertaking which draws up the
consolidated accounts of the largest body of undertakings of which the
undertaking forms a part as a subsidiary undertaking;
b) the name and registered office of the undertaking which draws up the
consolidated accounts of the smallest body of undertakings included in the body
of undertakings referred to in a) of which the undertaking forms part as a
subsidiary undertaking;
c) the place where copies of the consolidated accounts referred to in a) and b) may
be obtained unless they are unavailable.
«16° (Law of 18 December 2015) «the total fees for the financial year received380 by each
réviseur d’entreprises agréé [approved statutory auditor] or the cabinet de révision
agréé [approved audit firm] for the statutory audit of the annual accounts and, the
total fees received by each réviseur d’entreprises agréé [approved statutory auditor]
or cabinet de révision agréé [approved audit firm] for other assurance services, for
380
The English version of the directive uses the term «charged» and the German version uses the term
«berechnet» whereas the French version uses «perçus» which has been translated by «received».
277
15276572_3
tax advisory services and for other non-audit services381. This requirement shall not
apply where the undertaking is included within the consolidated accounts required to
be drawn up under Article 22 of Directive 2013/34/EU 382 , provided that such
information is given in the notes to the consolidated accounts383.»
«17° where valuation at fair value of financial instruments has not been applied in
accordance with Section 7bis:
a) for each class of derivative financial instruments:
i) the fair value of the instruments, if such a value can be determined by any of
the methods prescribed in Article 64ter paragraph (1);
ii) information about the extent and the nature of the instruments; and
b) for financial fixed assets covered by Article 64bis, carried at an amount in excess
of their fair value and without use being made of the option to make a value
adjustment in accordance with Article 35, paragraph (1), point c) aa):
i) the book value and the fair value of either the individual assets or appropriate
groupings of those individual assets;
ii) the reasons for not reducing the book value, including the nature of the
evidence that provides the basis for the belief that the book value will be
recovered.»
«18° The nature and the financial effect of material events arising after the balance
sheet date which are not reflected in the profit and loss account or in the balance
sheet.»
[2013/34/EU Art. 1 point d)]
(2)384 The information provided for in paragraph (1) 12° may be omitted if it allows to identify
(Law of 7 August 2023) « the financial position» of a specific member of such bodies.
[2013/34/EU Art. 16.3]

Art. 66.385
«The undertakings referred to in Article 35 shall be authorised to prepare abridged notes to
their accounts without the information required in Article 65 paragraph (1), points 2° to 5°,
381 The corresponding provision concerning the annex to the consolidated accounts (Article 1712-19 point 15 of
the Law of 1915) was amended by the Law of 23 July 2016 on the audit profession which inter alia added a
reference to audit firms.
382 See Article 1711-1 of the Law of 1915.
383 Some of the terms used are defined in Article 1 of the Law of 23 July 2016 on the audit profession. Please refer
to the footnote under Article 1712-19 point 15 of the Law of 1915.

384 Paragrah renumbered by the Law of 18 December 2015.
278
15276572_3
8°, 10386 to 12°, 14°, 15° a), 16° to 18°. However, in accordance with Article 26, paragraphs (4)
and (5), the information required in Article 65 paragraph (1) point 2° may not be omitted
where it is material for the purposes of the true and fair view referred to in Article 26
paragraph (3). In addition, where fair value measurement has been applied in accordance
with Section 7bis, undertakings referred to in Article 35 shall not be exempted from the
application of the provisions of Article 65, paragraph (1) point 11°b) and c).
These same undertakings are also exempted from the obligation to disclose in the notes to
their accounts, the information provided by Article 39, paragraph (3) a) and paragraph (4),
[and] 387 Article 53, paragraph (2).
Art. 67.388
[2013/34/EU Art. 17.1 point g)]
(1) The information prescribed in Article 65 paragraph (1) 2°:
a) may take the form of a statement deposited in accordance with (Law of 27 May
2016) « (Law of 7 August 2023) «Article 100-13, paragraph (3), of the above-
mentioned Law of 10 August 1915» and the provisions of Chapter Vbis of Title I of
this law389»; this must be disclosed in the notes to the accounts;
b) may be omitted when their nature is such that it would be seriously prejudicial to any
of the undertakings to which Article 65 paragraph (1) 2° relates.
The omission of such information must be disclosed in the notes to the accounts.
[2013/34/EU Art. 18.2]
«(2) Paragraph (1) b) shall also apply to the information prescribed in Article 65 paragraph (1)
8°.
«The undertakings referred to in Article 47 shall be authorised to omit the information
prescribed in Article 53 paragraph (2) and in Article 65 paragraph (1) 8°.»
(Law of 18 December 2015) «The undertakings referred to in Article 47 are also
authorised to omit disclosure of the information specified in Article 65 paragraph (1)
point 16°.»
[2013/34/EU Art. 19]
(3) The information referred to in Article 65 paragraph (1) 2° first sentence concerning the
amount of capital and reserves and profits and losses for the last financial year for which
the accounts have been drawn up may be omitted:
386 Point 10° was abrogated by the Law of 18 December 2015.

387 Added by the author for ease of reading.
389 See footnote under Article 100-13 of the Law of 1915.
279
15276572_3
a) where the undertakings concerned are included in consolidated accounts drawn up
by the parent company or in the consolidated accounts of a larger body of
undertakings as referred to in (Law of 7 August 2023) «Article 1711-5, paragraph (2),
of the above-mentioned Law of 10 August 1915»; or
b) where the holdings in their capital have been dealt with by the parent company in its
annual accounts in accordance with Article 58 or in the consolidated accounts drawn
up by that parent company in accordance with (Law of 7 August 2023) «Article 1712-
18 of the above-mentioned Law of 10 August 1915».
Section 9. - Contents of the management report
[2013/34/EU Art. 19]

Art. 68.390, 391
«(1) a) Companies incorporated under Luxembourg law and referred to in (Law of 7 August
2023) «Article 1 of the above-mentioned Directive 2013/34/EU392» must draw up a
management report, which must at least include a fair review of the development of
the company's business, its performance and its position, together with a description
of the principal risks and uncertainties that it faces.
The review shall be a balanced and comprehensive analysis of the development and
performance of the company’s business and of its position, consistent with the size
and complexity of the business.
b) To the extent necessary for an understanding of the company’s development,
performance or position, the analysis shall include both financial and, where
appropriate, non-financial key performance indicators relevant to the particular
business, including information relating to environmental and employee matters.
c) In providing its analysis, the management report shall, where appropriate, include
references to and additional explanations of amounts reported in the annual
accounts.
390 Corresponds to abrogated Article 251 of the Law of 1915, except for later amendments. See footnote under
Article 65.
391 See second footnote under Article 65.
392 According to Article 1.1 of Directive 2013/34/EU, these are:
(i) sociétés anonymes, sociétés en commandite par actions and sociétés à responsabilité limitée,
(ii) sociétés en nom collectif and sociétés en commandite simple where all their direct or indirect members, having
otherwise unlimited liability, but in fact have limited liability by reason of these companies being of the type
referred to in (i) above, or are similar types of companies in the other Member States listed in Annex I of Directive
2013/34/EU, or are companies not governed by the laws of a Member State but which have a legal form
comparable to those of the companies listed in this annex.
280
15276572_3
d) The undertakings393 referred to in Article 47 are exempted from the obligation
provided in paragraph (1), point b) insofar as it relates to non-financial information.
trading on a regulated market (Law of 7 August 2023) «of a Member State».394».
(2) The report shall also give an indication of:
a) (…) (Point abrogated by the Law of 18 December 2015);
b) the company's likely future development;
c) activities in the field of research and development;
d) in respect of the acquisitions of own shares, the information prescribed in (Law of 7
August 2023) «Article 430-18, paragraph (2), of the above-mentioned Law of 10
August 1915»;
e) the existence of branches of the company.
«f) in relation to the undertaking’s395 use of financial instruments and where material for
the assessment of its assets, liabilities, financial position and profit or loss;
- the company’s financial risk management objectives and policies, including its
policy for hedging each major type of forecasted transaction for which hedge
accounting is used, and
- the company’s exposure to price risk, credit risk, liquidity risk and cash flow risk.»
«g) transactions carried out under (Law of 7 August 2023) «Article 420-26 paragraph (6)
of the above-mentioned Law of 10 August 1915» in relation to the allocation of free
shares.»
(3) (Law of 30 July 2013) «Undertakings396» referred to in Article 35 are not obliged to
prepare management reports provided they include in their notes to the accounts the
information concerning the acquisition of own shares as prescribed in (Law of 7 August
2023) «Article 430-18, paragraph (2), of the above-mentioned Law of 10 August 1915».

[2013/34/EU art. 19a]
«Art. 68bis.
(1) The present article applies to the undertakings referred to in Article 25 which fulfil all of
the following conditions:
393 -This Article actually only applies to the companies referred to in paragraph (1) a) which meet the criteria set
forth in Article 47.
395 This Article actually only applies to the companies referred to in paragraph (1) a) which meet the criteria set
forth in Article 35.

396 Although the Law of 30 July 2013 replaced «Companies» by «Undertakings», this provision actually only applies
to the companies referred to in paragraph (1) a).
281
15276572_3
a) being organised in the form of a société anonyme, a société européenne (SE), a
société en commandite par actions, a société à responsabilité limitée or in one of the
company forms referred to in Article 77, paragraph (2) points 2° and 3°; and
b) being a public interest entity in the meaning of Article 2, point 1) of Directive
certain types of undertakings397; and
c) exceeding, on its balance sheet date and during two consecutive financial years, the
numerical thresholds of at least two of the three criteria referred to in Article 47;
d) exceeding, on its balance sheet date, the criterion of the average number of 500
employees during the financial year.
(2) The undertakings referred to in paragraph (1) shall include in the management report a
non-financial statement containing information to the extent necessary for an
understanding of the undertaking's development, performance, position and impact of
its activity, relating to, as a minimum, environmental, social and employee matters,
respect for human rights, anti-corruption and bribery matters, including:
a) a brief description of the undertaking's business model;
b) description of the policies pursued by the undertaking in relation to those matters,
including due diligence processes implemented;
c) the outcome of those policies;
d) the principal risks related to those matters linked to the undertaking's operations
including, where relevant and proportionate, its business relationships, products or
services which are likely to cause adverse impacts in those areas, and how the
undertaking manages those risks;
e) non-financial key performance indicators relevant to the particular business.
Where the undertaking does not pursue policies in relation to one or more of those
matters, the non-financial statement shall provide a clear and reasoned explanation for
not doing so.
The non-financial statement referred to in the first subparagraph of this paragraph shall
also, where appropriate, include references to, and additional explanations of, amounts
reported in the annual financial statements.
Information relating to impending developments or matters in the course of negotiation
may be omitted in exceptional cases where, in the duly justified opinion of the members
of the administrative, management and supervisory bodies, acting within the
competences assigned to them by law and having collective responsibility for that
opinion, the disclosure of such information would be seriously prejudicial to the
commercial position of the undertaking, provided that such omission does not prevent a
397
For the definition of «public interest entities » by Article 2 point 1) of Directive 2013/34/EU, see footnote
under Article 1730-1 (1) point 1° of the law of 1915.
282
15276572_3
fair and balanced understanding of the undertaking's development, performance,
position and impact of its activity.
In the disclosure of the information referred to in the first subparagraph, undertakings
may rely on national, European Union-based or international frameworks. Undertakings
shall specify which frameworks they have relied upon.
(3) Undertakings fulfilling the obligation set out in paragraph (2) shall be deemed to have
fulfilled the obligation relating to the analysis of non-financial information set out in
Article 68, paragraph (1), point b).
(4) An undertaking which is a subsidiary undertaking within the meaning of (Law of 7
August 2023) «Article 1711-1, paragraph (2), of the above-mentioned Law of 10 August
1915», shall be exempted from the obligation set out in paragraph (2) if that
undertaking and its subsidiary undertakings are included in the consolidated
management report or the separate report of another undertaking, drawn up in
accordance with Article 29 and Article 29a of Directive 2013/34/EU.
(5) Where an undertaking prepares a separate report corresponding to the same financial
year whether or not relying on national, European Union-based or international
frameworks and covering the information required for the non- financial statement as
provided for in paragraph (2), that undertaking is exempted from the obligation to
prepare the non-financial statement laid down in paragraph (2), provided that such
separate report:
a) is published together with the management report in accordance with Article 79; or
b) is made publicly available within a reasonable period of time, not exceeding six
months after the balance sheet date, on the undertaking's website, and is referred to
in the management report.
Paragraph (3) shall apply mutatis mutandis to undertakings preparing a separate report
as referred to in the first subparagraph of this paragraph.
(6) The réviseur d’entreprises agrée [approved statutory auditor] checks whether the
consolidated non-financial statement referred to in paragraph (2) or the separate report
referred to in paragraph (5) has been provided.

[2013/34/EU Art. 20]
«Art. 68ter.398
(1) A company whose securities are admitted to trading on a regulated market (Law of 7
August 2023) «of a Member State»399 shall include a corporate governance statement in
its management report.
That statement shall be included as a specific section of the management report and
398 The Law of 23 July 2016 regarding the publication of non-financial information and information on diversity by
certain major companies and certain groups has renumbered this Article and modified the presentation of the
numbering of its paragraphs.
283
15276572_3
shall contain at least the following information:
a) a reference to:
i) the corporate governance code to which the company is subject,
and/or
ii) the corporate governance code which the company may have voluntarily decided
to apply,
and/or
iii) all relevant information about the corporate governance practices applied beyond
the requirements under law.
Where points i) and ii) apply, the company shall also indicate where the relevant
texts are publicly available. Where point iii) applies, the company shall make its
corporate governance practices publicly available;
b) to the extent to which a company, in accordance with national law, departs from one
of the corporate governance codes referred to under points a), i) or ii), an
explanation by the company as to which parts of the corporate governance code it
departs from and the reasons for doing so. Where the company has decided not to
apply any provisions of a corporate governance code referred to under points a), i) or
ii), it shall explain its reasons for doing so;
c) a description of the main features of the company’s internal control and risk
management systems in relation to the financial reporting process;
d) the information required by Article 10, paragraph 1, points c), d), f), h) and i) of
Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004
on takeover bids, where the company is subject to that Directive400, 401;
e) unless the information is already fully provided for in national laws or regulations,
the operation of the shareholder meeting and its key powers, and a description of
shareholders’ rights and how they can be exercised;
f) (Law of 30 July 2013) «the composition and operation of the administrative,
management and supervisory bodies and their committees.»
400 A Luxembourg company will be subject to this directive if its shares are admitted to trading on a regulated
market of a Member State.;
401 This information consists in the following:
c) significant direct and indirect shareholdings (including indirect shareholdings through pyramid structures and
cross-shareholdings) within the meaning of Article 85 of Directive 2001/34/EC;
d) the holders of any securities with special control rights and a description of those rights;
f) any restrictions on voting rights, such as limitations of the voting rights of holders of a given percentage or
number of votes, deadlines for exercising voting rights, or systems whereby, with the company's cooperation, the
financial rights attaching to securities are separated from the holding of securities;
h) the rules governing the appointment and replacement of board members and the amendment of the articles of
association;
i) the powers of board members, and in particular the power to issue or buy back shares;
284
15276572_3
«g) a description of the diversity policy applied in relation to the undertaking's
administrative, management and supervisory bodies with regard to aspects such as,
for instance, age, gender, or educational and professional backgrounds, the
objectives of that diversity policy, how it has been implemented and the results in
the reporting period. If no such policy is applied, the statement shall contain an
explanation as to why this is the case.»
(2) (Law of 23 July 2016) «The information required by this Article may be set out in:
a) a separate report published together with the management report in the manner set
out in Article 79;
or
b) a document referred to in the management report and made publicly available on
the company’s website.
This separate report or the document referred to in point a) and b) respectively, may
contain a reference to the management report where the information required in
paragraph (1), point d) is made available in the management report. »
(3) (Law of 23 July 2016) «The réviseur d’entreprises agréé [approved statutory auditor]
shall express an opinion in accordance with Article 69, paragraph (1), point b) regarding
information prepared under points c) and d) of paragraph (1) of this Article and shall
check that the information referred to in points a), b), e), f) and g) of paragraph (1) of
this Article has been provided. »
(4402)(Law of 23 July 2016) «Undertakings referred to in paragraph (1) which have only issued
securities other than shares admitted to trading on a regulated market (Law of 7 August
2023) «of a Member State»403 are exempted from the application of the provisions of
paragraph (1), points a), b), e) f) and g) of this Article, unless such companies have issued
shares which are traded in a multilateral trading facility (Law of 7 August 2023) «of a
Member State»404 , within the meaning of (Law of 7 August 2023) «Article 1, item 32, of
the amended Law of 30 May 2018 on markets in financial instruments» 405.»
«(5) Paragraph (1) point g) does not apply to public interest entities which do not exceed, at
their balance sheet date and during two consecutive financial years, the numerical
thresholds of at least two of the three criteria referred to in Article 47 of this Law. »
402 Renumbered by the Law of 23 July 2016 regarding the publication of non-financial information and information
on diversity by certain major companies and certain groups.
UK Withdrawal Agreement. For the definition of « Member State», see Article 24bis.
405 The directive defines «multilateral trading facilities (MTF)» as «a multilateral system operated and/or managed
by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and
selling interests in financial instruments [Note: meaning those instruments specified in Section C of Annex I of that
directive] - in the system and in accordance with its non-discretionary rules - in a way that results in a contract, in
respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised
and functions regularly and in accordance with the provisions of Title II» of the directive.
285
15276572_3
Section 10. – Auditing
[2013/34/EU Art. 34.1]

Art. 69.406
(1) a) (Law of 18 December 2009) «Companies incorporated under Luxembourg law
referred to in (Law of 7 August 2023) «Article 1 of the above-mentioned Directive
2013/34/EU»407 must have their annual accounts audited by one or more réviseurs
d’entreprises agréés [approved statutory auditors] appointed by the general
meeting408.»
(Law of 23 July 2015) «In the companies referred to in Article L. 426-1 of the Labour
Code, those persons shall be designated by the general meeting upon the proposal of
407 See the footnote under Article 68(1).
408 The Law of 23 July 2016 on the audit profession contains provisions regarding the appointment, dismissal and
resignation of réviseurs d’entreprises agréés [approved statutory auditors], cabinets de révision agréés [approved
audit firms] and cabinets d’audit [audit firms]:
[Directive 2006/43/EC, Article 37]
«Art. 31. Appointment of réviseurs d’entreprises agréés [approved statutory auditors], cabinets de révision
agréés [approved audit firms] or audit firms
(1) Réviseurs d’entreprises agréés [approved statutory auditors], cabinets de révision agréés [approved audit
firms] or cabinets d’audit [audit firms] are appointed by the general meeting of shareholders or members of
the audited entity, without prejudice to the provisions contained in other laws.
(2) Any contractual clause restricting the choice by the general meeting of shareholders or members of the
audited entity pursuant to the first paragraph to certain categories or lists of réviseurs d’entreprises agréés
[approved statutory auditors], cabinets de révision agréés [approved audit firms] or cabinets d’audit [audit
firms] regarding the appointment of a réviseur d’entreprises agréé [approved statutory auditor], a cabinet de
révision agréé [approved audit firm] or a cabinet d’audit [audit firm], in particular to carry out the statutory
audit of the accounts of that entity shall be prohibited. Any such existing clause shall be null and void.
[Directive 2006/43/EC, Article 38]
Art. 32. Dismissal and resignation of réviseurs d’entreprises agréés [approved statutory auditors], cabinets de
révision agréés and cabinets d’audit [audit firms]
(1) Réviseurs d’entreprises agréés [approved statutory auditors], cabinets de révision agréés [approved audit
firms] or cabinets d’audit [audit firms] may only be dismissed on proper grounds. Divergence of opinions on
accounting treatments or audit procedures shall not be proper grounds for dismissal.
(2) The audited entity and the réviseur d’entreprises agréé [approved statutory auditor], the cabinet de révision
agréé [approved audit firm] or the cabinets d’audit [audit firm] shall inform the CSSF of the dismissal or
resignation of the réviseur d’entreprises agréé [approved statutory auditor], the cabinet de révision agréé
[approved audit firm] or the cabinets d’audit [audit firm] during the term of the appointment and give an
adequate explanation of the reasons therefor.
(3) In the case of the statutory audit of accounts of a public-interest entity:
- shareholders representing at least 5 per cent of the voting rights or of the corporate capital;
- the other legal bodies of the audited entities;
- the CSSF;
may, if there are valid reasons to do so, apply to the Tribunal d’Arrondissement [District Court] sitting in
commercial matters for the removal of the réviseur d’entreprises agréé [approved statutory auditor], the
cabinet de révision agréé [approved audit firm] or the cabinets d’audit [audit firm].»
These provisions use certain terms defined in the Law of 23 July 2016. Please refer to the footnote under Article
1712-19 point 15 of the Law of 1915. The definition of the term “public-interest entity” can be found in the
footnote under Article 443-1 of the Law of 1915.
286
15276572_3
the employer following the procedure provided for in Section 4 of Chapter IV of Title
One of Book IV of the Labour Code409.»
(Law of 18 December 2009) «The persons referred to in the two foregoing
paragraphs shall be appointed for a period laid down in a contract for the provision
of services, which may be terminated only on serious grounds or by mutual
agreement.»410, 411
«b) In addition, the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)]
shall
aa) express an opinion on:
i) whether the management report is consistent with the annual accounts for
the same financial year, and
ii) whether the management report has been prepared in accordance with the
applicable statutory requirements;
bb) state whether, in the light of the knowledge and understanding of the
undertaking and its environment obtained in the course of the audit, he, she or
it has identified material misstatements in the management report, and shall
give an indication of the nature of any such misstatements.»
«cc) Points aa) and bb) of the present point do not apply to the non-financial
statement referred to in Article 68bis paragraph (2), nor to the separate report
referred to in Article 68bis paragraph (5), nor to the information referred to in
paragraph (1), points a), b), e), f) and g) of Article 68ter. »
(2) The companies referred to in Article 35 shall be exempted from the obligation laid down
in paragraph (1).
«This exemption does however not apply to undertakings whose securities are admitted
to trading on a regulated market (Law of 7 August 2023) «of a Member State»412 .»
Article 36 shall apply.
(3) (Law of 12 July 2013) «The institution of the commissaires aux comptes [supervisory
409 See Articles L.414-10° to L.414-13° of the Labour Code.

410 In addition, in accordance with Article 38 of the Law of 13 July 2007 relating to markets in financial
instruments, the réviseur d’entreprises agréé [approved statutory auditor] of a Luxembourg company whose
shares or units are admitted to dealing on a regulated market authorised in Luxembourg, must justify its
professional qualification and an adequate professional experience to the CSSF and any replacement of the
réviseur d’entreprises agréé [approved statutory auditor] is subject to prior authorisation of the CSSF.
411 For Luxembourg companies whose transferable securities are admitted to trading on a regulated market of any
Member State, the proposal of the administrative or supervisory body for the appointment of a réviseur
d’entreprises agréé [approved statutory auditor] or cabinet de révision agréé [approved audit firm] shall be based
on a recommendation made by the audit committee. See footnote under Article 443-1 of the Law of 1915.
287
15276572_3
auditors] provided for in (Law of 7 August 2023) «Articles 443-1 and 710-27 of the
above-mentioned Law of 10 August 1915» shall not apply to those companies which
have their annual accounts audited by a réviseur d’entreprises agréé [approved statutory
auditor] pursuant to paragraph (1).»
«(3bis) A société en commandite par actions, which causes, or is obliged to have, its annual
accounts audited by a réviseur d’entreprises agréé [approved statutory auditor], may
decide not to establish a supervisory board.»
(4) In the case referred to in paragraph (2) and where the annual accounts or the annual
report are not drawn up in accordance with the present law, any interested party may
request the president of the Tribunal d’Arrondissement [District Court] dealing with
commercial matters and sitting as in urgency matters to designate at the expense of the
company, for a period of up to five years, a person fulfilling the requirements of
paragraph (1) and for the purposes of that paragraph.
288
15276572_3
[2006/43/EC Art. 28]
«Art. 69bis.413
413This Article must be read together with Article 35 of the Law of 23 July 2016 on the audit profession.
Art. 35. Audit reporting.
(1) The réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)], cabinet(s) de révisions agréé(s)
[approved audit firm(s)] or cabinet(s) d’audit [audit firm(s)] shall present the results of the statutory audit in an
audit report. The report shall be prepared in accordance with the requirements of auditing standards adopted by
the European Commission or the CSSF, as referred to in Article 33 [of the Law of 23 July 2016].
(2) The audit report shall be in writing and shall:
a) identify the entity whose annual financial statements are the subject of the statutory audit; specify the annual
financial statements and the date and period they cover; and identify the financial reporting framework that
has been applied in their preparation;
b) include a description of the scope of the statutory audit which shall, as a minimum, identify the auditing
standards in accordance with which the statutory audit was conducted;
c) include an audit opinion, which shall be either unqualified, qualified or an adverse audit opinion and shall
state clearly the opinion of the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)], cabinet(s) de
révision agréé(s) [approved audit firm(s)] or cabinet(s) d’audit [audit firm(s)] as to:
i. whether the annual financial statements give a true and fair view in accordance with the relevant
financial reporting framework; and,
ii. where appropriate, whether the annual financial statements comply with statutory requirements.
If the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)], cabinet(s) de révision agréé(s)
[approved audit firm(s)] or cabinet(s) d’audit [audit firm(s)] are unable to express an audit opinion, the report
shall contain a disclaimer of opinion;
d) refer to any other matters to which the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)],
cabinet(s) de révision agréé(s) [approved audit firm(s)] or cabinet(s) d’audit [audit firm(s)] draw(s) attention
by way of emphasis without qualifying the audit opinion;
e) include an audit opinion and statement, both of which shall be based on the work undertaken in the course of
the audit, referred to in the second subparagraph of Article 34(1) of Directive 2013/34/EU;
f) provide a statement on any material uncertainty relating to events or conditions that may cast significant
doubt about the entity’s ability to continue as a going concern;
g) identify the place of establishment of the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)],
cabinet(s) de révision agréé(s) [approved audit firm(s)] or cabinet(s) d’audit [audit firm(s)];
h) a CSSF regulation may lay down additional requirements in relation to the presentation of the audit report
and other rules in the framework of international audit standards.
(3) Where the statutory audit was carried out by more than one réviseur d’entreprises agréé [approved statutory
auditor], cabinet de révision agréé [approved audit firm] or cabinet d’audit [audit firm], the réviseurs
d’entreprises agréés [approved statutory auditors], cabinets de révision agréés [approved audit firms] or
cabinets d’audit [audit firms] shall agree on the results of the statutory audit and submit a joint audit report
and opinion. In the case of disagreement, each réviseur d’entreprises agréé [approved statutory auditor],
cabinet de révision agréé [approved audit firm] or cabinet d’audit [audit firm] shall submit his, her or its audit
opinion in a separate paragraph of the audit report and shall state the reason for the disagreement.
(4) The audit report shall be signed and dated by the réviseur d’entreprises agréé [approved statutory auditor].
Where a cabinet de révision agréé [approved audit firm] or cabinet d’audit [audit firm] is in charge of the
statutory audit, the audit report may be signed and dated only by réviseurs d’entreprises agréés [approved
statutory auditors] of that firm, including at least the réviseur(s) d’entreprises agréé(s) [approved statutory
auditor(s)] who carried out the statutory audit on behalf of the firm. Where more than one réviseur
d’entreprises agréé [approved statutory auditor], cabinet de révision agréé [approved audit firm] or cabinet
d’audit [audit firm] have been simultaneously engaged, the audit report shall be signed by all réviseurs
d’entreprises agréés [approved statutory auditors] or at least by the réviseurs d’entreprises agréés [approved
statutory auditors] carrying out the statutory audit on behalf of every firm.
289
15276572_3
«(1) The réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)] or cabinet(s) de
révision agréé(s) [approved audit firm(s)] shall present the outcome of the statutory
audit of the accounts in an audit report. This report shall be drawn up in accordance
with such international auditing standards as adopted for Luxembourg by the
Commission de surveillance du secteur financier414.
(2) The audit report shall be in writing and415
(5) The requirements set out in paragraphs 1 to 4 shall also apply to the report on the consolidated financial
statements. In reporting on the consistency of the management report and the financial statements, the
réviseur d’entreprises agréé [approved statutory auditor], cabinet de révision agréé [approved audit firm] or
cabinet d’audit [audit firm] shall review the consolidated financial statements and the consolidated
management report. Where the annual financial statements of the parent undertaking are appended to the
consolidated financial statements, the reports of the réviseurs d’entreprises agréés [approved statutory
auditors], cabinets de révision agréés [approved audit firms] or cabinets d’audit [audit firms] required by this
Article may be combined.
414 See CSSF Regulation No 22-01.
415 For public-interest entities (for the definition of this term, see footnote under Article 443-1 of the Law of
1915), Articles 10 and 11 of Regulation (EU) No 537/2014 of the European Parliament and of the Council shall also
apply:
«Article 10 Audit report
1. The statutory auditor(s) or the audit firm(s) shall present the results of the statutory audit of the public-
interest entity in an audit report.
2. The audit report shall be prepared in accordance with the provisions of Article 28 of Directive 2006/43/EC
and in addition shall at least:
a) state by whom or by which body the statutory auditor(s) or the audit firm(s) was (were) appointed;
b) indicate the date of the appointment and the period of total uninterrupted engagement including previous
renewals and reappointments of the statutory auditors or the audit firms;
c) provide, in support of the audit opinion, the following:
i) a description of the most significant assessed risks of material misstatement, including assessed risks of
material misstatement due to fraud;
ii) a summary of the auditor's response to those risks; and
iii) where relevant, key observations arising with respect to those risks. Where relevant to the above
information provided in the audit report concerning each significant assessed risk of material
misstatement, the audit report shall include a clear reference to the relevant disclosures in the financial
statements.
d) explain to what extent the statutory audit was considered capable of detecting irregularities, including
fraud;
e) confirm that the audit opinion is consistent with the additional report to the audit committee referred to in
Article 11;
f) declare that the prohibited non-audit services referred to in Article 5(1) were not provided and that the
statutory auditor(s) or the audit firm(s) remained independent of the audited entity in conducting the audit;
g) indicate any services, in addition to the statutory audit, which were provided by the statutory auditor or the
audit firm to the audited entity and its controlled undertaking(s), and which have not been disclosed in the
management report or financial statements.
EN Member States may lay down additional requirements in relation to the content of the audit report.
3. Except as required by point (e) of paragraph 2 the audit report shall not contain any cross-references to the
additional report to the audit committee referred to in Article 11. The audit report shall be in clear and
unambiguous language.
4. The statutory auditor or the audit firm shall not use the name of any competent authority in a way that
would indicate or suggest endorsement or approval by that authority of the audit report.
290
15276572_3
Article 11 Additional report to the audit committee
1. Statutory auditors or audit firms carrying out statutory audits of public-interest entities shall submit an
additional report to the audit committee of the audited entity not later than the date of submission of the
audit report referred to in Article 10. Member States may additionally require that this additional report be
submitted to the administrative or supervisory body of the audited entity.
If the audited entity does not have an audit committee, the additional report shall be submitted to the body
performing equivalent functions within the audited entity. Member States may allow the audit committee to
disclose that additional report to such third parties as are provided for in their national law.
2. The additional report to the audit committee shall be in writing. It shall explain the results of the statutory
audit carried out and shall at least:
a) include the declaration of independence referred to in point (a) of Article 6(2);
b) where the statutory audit was carried out by an audit firm, the report shall identify each key audit partner
involved in the audit;
c) where the statutory auditor or the audit firm has made arrangements for any of his, her or its activities to be
conducted by another statutory auditor or audit firm that is not a member of the same network, or has used
the work of external experts, the report shall indicate that fact and shall confirm that the statutory auditor
or the audit firm received a confirmation from the other statutory auditor or audit firm and/or the external
expert regarding their independence;
d) describe the nature, frequency and extent of communication with the audit committee or the body
performing equivalent functions within the audited entity, the management body and the administrative or
supervisory body of the audited entity, including the dates of meetings with those bodies;
e) include a description of the scope and timing of the audit;
f) where more than one statutory auditor or audit firm have been appointed, describe the distribution of
tasks among the statutory auditors and/or the audit firms;
g) describe the methodology used, including which categories of the balance sheet have been directly verified
and which categories have been verified based on system and compliance testing, including an explanation
of any substantial variation in the weighting of system and compliance testing when compared to the
previous year, even if the previous year's statutory audit was carried out by other statutory auditor(s) or
audit firm(s);
h) disclose the quantitative level of materiality applied to perform the statutory audit for the financial
statements as a whole and where applicable the materiality level or levels for particular classes of
transactions, account balances or disclosures, and disclose the qualitative factors which were considered
when setting the level of materiality;
i) report and explain judgements about events or conditions identified in the course of the audit that may
cast significant doubt on the entity's ability to continue as a going concern and whether they constitute a
material uncertainty, and provide a summary of all guarantees, comfort letters, undertakings of public
intervention and other support measures that have been taken into account when making a going concern
assessment;
j) report on any significant deficiencies in the audited entity's or, in the case of consolidated financial
statements, the parent undertaking's internal financial control system, and/or in the accounting system. For
each such significant deficiency, the additional report shall state whether or not the deficiency in question
has been resolved by the management;
k) report any significant matters involving actual or suspected non-compliance with laws and regulations or
articles of association which were identified in the course of the audit, in so far as they are considered to be
relevant in order to enable the audit committee to fulfil its tasks;
l) report and assess the valuation methods applied to the various items in the annual or consolidated financial
statements including any impact of changes of such methods;
m) in the case of a statutory audit of consolidated financial statements, explain the scope of consolidation and
the exclusion criteria applied by the audited entity to the non-consolidated entities, if any, and whether
those criteria applied are in accordance with the financial reporting framework;
n) where applicable, identify any audit work performed by third-country auditor(s), statutory auditor(s), third-
country audit entity(ies) or audit firm(s) in relation to a statutory audit of consolidated financial statements
291
15276572_3
a) identify the undertaking, the annual accounts of which are the subject of the
statutory audit; specify the relevant annual accounts, the balance sheet date and the
period covered; and identify the financial reporting framework that has been applied
for their preparation;
b) contain a description of the scope of the statutory audit of the accounts, which shall,
as a minimum, identify the auditing standards in accordance with which the statutory
audit was conducted;
c) contain an audit opinion, which shall be either unqualified, qualified or an adverse
opinion and shall clearly state the opinion of the réviseur(s) d’entreprises agréé(s)
[approved statutory auditor(s)] or the cabinet(s) de révision agréé(s) [approved audit
firm(s)] as to:
i) whether the annual accounts give a true and fair view in accordance with the
relevant financial reporting framework, and
ii) where appropriate, whether the annual accounts comply with statutory
requirements.
If the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)] or the
cabinet(s) de révision agréé [approved audit firm(s)] are unable to express an audit
opinion, the report shall contain a disclaimer of opinion;
d) refer to any other matters to which the réviseur(s) d’entreprises agréé(s) [approved
statutory auditor(s)] or the cabinet(s) de révision agréé(s) [approved audit firm(s)]
draw attention by way of emphasis without qualifying the audit opinion;
other than by members of the same network as to which the auditor of the consolidated financial
statements belongs;
o) indicate whether all requested explanations and documents were provided by the audited entity;
p) report:
(i) any significant difficulties encountered in the course of the statutory audit;
(ii) any significant matters arising from the statutory audit that were discussed or were the subject of
correspondence with management; and
(iii) any other matters arising from the statutory audit that in the auditor's professional judgement, are
significant to the oversight of the financial reporting process.
Member States may lay down additional requirements in relation to the content of the additional report to the
audit committee.
Upon request by a statutory auditor, an audit firm or the audit committee, the statutory auditor(s) or the audit
firm(s) shall discuss key matters arising from the statutory audit, referred to in the additional report to the audit
committee, and in particular in point (j) of the first sub-paragraph, with the audit committee, administrative body
or, where applicable, supervisory body of the audited entity.
3. Where more than one statutory auditor or audit firm have been engaged simultaneously, and any
disagreement has arisen between them on auditing procedures, accounting rules or any other issue
regarding the conduct of the statutory audit, the reasons for such disagreement shall be explained in the
additional report to the audit committee.
4. The additional report to the audit committee shall be signed and dated. Where an audit firm carries out the
statutory audit, the additional report to the audit committee shall be signed by the statutory auditors
carrying out the statutory audit on behalf of the audit firm.
5. Upon request, and in accordance with national law, the statutory auditors or the audit firms shall make
available without delay the additional report to the competent authorities within the meaning of Article
20(1).»
292
15276572_3
e) include the opinion and statement, both based on the work performed during the
audit, referred to in Article 69, paragraph (1), point b) of this Law;
f) include a statement on potential material uncertainties related to events or to
conditions that may cast significant doubt upon the undertaking’s ability to continue
as a going concern;
g) specify the place of establishment of the réviseur(s) d’entreprises agréé(s) [approved
statutory auditor(s)] or the cabinet(s) de révision agréé(s) [approved audit firm(s)].
(3) Where the statutory audit of the accounts has been carried out by several réviseurs
d’entreprises agréés [approved statutory auditors] or cabinets de révision agréés
[approved audit firms], they shall together agree on the outcome of the statutory audit
of the accounts and present a joint report and opinion. In case of disagreement, each
réviseur d’entreprises agréé [approved statutory auditor] or cabinet de révision agréé
[approved audit firm] shall express its opinion in a paragraph that is separate from the
audit report and shall set out the reasons for the disagreement.
(4) The audit report shall be signed and dated by the réviseur d’entreprises agréé [approved
statutory auditor]. Where a cabinet de révision agréé [approved audit firm] carries out
the statutory audit of the accounts, the audit report shall bear the signature of at least
the réviseur(s) d’entreprises agréé(s) [approved statutory auditor(s)] carrying out the
statutory audit of the accounts on behalf of the audit firm. Where several réviseurs
d’entreprises agréés [approved statutory auditors] or cabinets de révision agréés
[approved audit firms] have worked at the same time, the audit report shall be signed by
all réviseurs d’entreprises agréés [approved statutory auditors] or at least by the
réviseurs d’entreprises agréés [approved statutory auditors] carrying out the statutory
audit of the accounts on behalf of each cabinet de révision agréé [approved audit firm].»
«Section 10bis - Duty and liability for drawing up and publishing the annual accounts
and the management report»

[2013/34/EU Art. 33.1 point a)]
«Art. 69ter.»
«The members of the administrative, management and supervisory bodies of an
undertakings acting within the competences assigned to them by law the company have
collectively the duty to ensure that the annual accounts, the management report and, when
published separately, the corporate governance statement and the report referred to in
Article 68bis, paragraph (5) to Article 69bis are drawn up and published in accordance with
293
15276572_3
the requirements of this law and, where applicable, in accordance with the international
accounting standards adopted in accordance with Regulation (EC) No 1606/2002.416»
Section 11. - Special conditions applicable to parent companies and subsidiaries
[2013/34/EU Art. 37]

Art. 70.417
(1) Subsidiaries need not apply the provisions of this Chapter or of Chapter IV regarding the
content, the audit and the publication of annual accounts, if the following conditions are
fulfilled:
a) (Law of 7 August 2023) «the parent undertaking must be subject to the laws of a
Member State»418;
b) all shareholders or members of the subsidiary have declared their agreement to the
exemption from such obligation; this declaration must be made in respect of every
financial year;
c) the parent undertaking must have declared that it guarantees the commitments
entered into by the subsidiary;
d) (Law of 30 July 2013) «the declarations referred to in b) and c) are published by the
subsidiary in the form provided for by (Law of 27 May 2016) « (Law of 7 August 2023)
«Article 100-13, paragraph (3), of the above-mentioned Law of 10 August 1915» and
the provisions of Chapter Vbis of Title I of this law419»;»
e) (Law of 30 July 2013) «the subsidiary is included in the consolidated accounts drawn
up by the parent undertaking in accordance with the (Law of 7 August 2023) « above-
mentioned Directive 2013/34/EU» or in accordance with the international accounting
standards adopted in accordance with the procedure laid out in Article 6 paragraph 2
of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19
July 2002 on the application of international accounting standards420;»
f) the exemption referred to above is disclosed in the notes to the consolidated
accounts drawn up by the parent undertaking;
g) (Law of 30 July 2013) «the consolidated accounts referred to in e), the consolidated
management report and the report by the person(s) responsible for auditing those
accounts must be published by the subsidiary in the form provided for by (Law of 27
UK Withdrawal Agreement. For the definition of Member State, see Article 24bis.
294
15276572_3
May 2016) « (Law of 7 August 2023) «Article 100-13, paragraph (3), of the above-
mentioned Law of 10 August 1915» and the provisions of Chapter Vbis of Title I of
this law421».»
[2013/34/EU Art. 39]

Art. 71.422
A parent company need not apply the provisions of this Chapter and of Chapter IV
concerning the audit and publication of the profit and loss account where the following
conditions are fulfilled:
a) (Law of 30 July 2013) «the parent company draws up consolidated accounts in
accordance with (Law of 7 August 2023) « above-mentioned Directive 2013/34/EU» or
in accordance with the international accounting standards adopted in accordance with
the procedure laid out in Article 6 paragraph 2 of Regulation (EC) No 1606/2002 of the
international accounting standards423 and is included in the consolidation;»
b) the above exemption is disclosed in the notes to the annual accounts of the parent
company;
c) the above exemption is disclosed in the notes to the consolidated accounts drawn up by
the parent company;
d) the profit or loss of the parent company determined in accordance with this Chapter is
shown in the balance sheet of the parent company.
[2013/34/EU Art. 38]

Art. 72.424
«This Title is not applicable to those companies incorporated under Luxembourg law referred
to in (Law of 7 August 2023) «Article 1, paragraph 1, letter b) of the above-mentioned
Directive 2013/34/EU» where:
(1) the companies governed by Luxembourg law referred to in (Law of 7 August 2023)
«Article 1, paragraph 1, letter a) of the above-mentioned Directive 2013/34/EU» which
are members having unlimited liability in any of the companies incorporated under
Luxembourg law referred to in (Law of 7 August 2023) «Article 1, paragraph 1, letter b)
of the above-mentioned Directive 2013/34/EU» , draw up, have audited and publish,
with their own accounts and in conformity with the provisions of this Title, the accounts
of those companies.
(2) a) the accounts of these companies are drawn up, audited and published in
conformity with the provisions of (Law of 7 August 2023) «the above-mentioned

295
15276572_3
Directive 2013/34/EU» or in accordance with the international accounting
standards adopted in accordance with the procedure laid out in Article 6 paragraph
2 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council
of 19 July 2002 on the application of international accounting standards425, by a
company referred to in (Law of 7 August 2023) «Article 1, paragraph 1, letter a) » of
that Directive426 which is a member having unlimited liability and is governed by the
law of another (Law of 7 August 2023) «Member State» 427;
b) these companies are included in consolidated accounts drawn up, audited and
published in accordance with the (Law of 7 August 2023) «above-mentioned
Directive 2013/34/EU» or in accordance with the international accounting
standards adopted in accordance with the procedure laid out in Article 6 paragraph
2 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council
of 19 July 2002 on the application of international accounting standards428 by a
member having unlimited liability, or where they are included in the consolidated
accounts of a larger body of undertakings drawn up, audited and published in
conformity with the (Law of 7 August 2023) «above-mentioned Directive
2013/34/EU» or in accordance with the international accounting standards adopted
in accordance with the procedure laid out in Article 6 paragraph 2 of Regulation
(EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002
on the application of international accounting standards by a parent undertaking
governed by the law of a Member State429. This exemption must be disclosed in the
notes to the consolidated accounts.
(3) In these cases, these companies must reveal to whomsoever so requests the name of
the company publishing the accounts.»
426 These are sociétés anonymes, sociétés en commandite par actions and sociétés à responsabilité limitée.
429 For the definition of Member State, see Article 24bis.
296
15276572_3
«Chapter IIbis – On the preparation of annual accounts in accordance with

international accounting standards»

«Art. 72bis.
The undertakings referred to in Article 25 have the option to draw up their annual accounts
in accordance with the international accounting standards adopted pursuant to the
procedure provided in Article 6, paragraph (2) of Regulation (EC) N° 1606/2002 of the
Parliament and of the Council of 19 July 2002 on the application of international accounting
standards430 and are permitted, to the extent necessary therefor, to derogate from the
provisions of (Law of 30 July 2013) «Chapter II of Title II of this law.»
In that case, the undertakings concerned remain however subject to the provisions of Article
65, paragraph (1) points 2°, 9°, 12°, 13°, 15° and 16° and Articles 68, 68bis, 69, 69bis, 69ter,
70 and 71.»

«Art. 72ter.
(1) (Law of 7 August 2023) «Companies» referred to in Article 77, paragraph 2, point 1°,
other than investment companies as defined in Article 30, having exercised the option
set forth in Article 72bis, may not distribute or use for any other purposes:
a) unrealised income and gains, net of tax related thereto, shown in the profit and loss
account;
b) unrealised income and gains, net of tax related thereto, shown in the capital and
reserves which did not flow through the profit and loss account;
c) positive variations of capital and reserves, net of tax related thereto, recorded in
the opening balance sheet of the first annual accounts drawn up in application of
Chapter IIbis or where a standard was first applied to a category of assets or to an
asset or a liability or to a specific instrument of capital and reserves.
(2) The items referred to in paragraph (1) above shall be allocated to an undistributable
reserve, either immediately upon their being recorded in the accounts, or subsequently
upon the allocation of the results for the financial year. Such undistributable reserve
may not be used for the following or similar purposes:
a) an increase of capital by incorporation of reserves;
b) an allocation to the legal reserve;
c) the creation of the undistributable reserve related to the acquisition of own shares;
297
15276572_3
d) the creation of the undistributable reserve related to the granting of financial
assistance in view of the acquisition of the shares of the (Law of 7 August 2023)
«company» by a third party;
e) (Law of 7 August 2023) «the creation of the undistributable reserve related to the
redemption of redeemable shares»;
f) the determination of the loss of half or three-quarters of the share capital;
g) the special reserve established in accordance with paragraph (8a) of the amended
Law of 16 October 1934 on net wealth tax.
(3) By derogation from paragraphs (1) and (2) above, the following items shall not be
considered as undistributable and may therefore be distributed or used for another
purpose:
a) unrealised income referred to in paragraph (1) point a) related to financial
instruments held as part of the trading portfolio and currency exchange-rate
variations and variations in the context of a fair value hedge accounting system;
b) variations of capital and reserves referred to in paragraph (1) point c) related to
reversals of provisions and value adjustments, which may not be maintained on the
balance sheet as a result of the exercise of the option referred to in Article 72bis
other than those calculated in order to systematically depreciate the value of assets
over their period of use.
(4) If the results for the financial year are lower than the amount of the unrealised income
and gains, net of tax related thereto, referred to in paragraph (1) point a), the
undistributable reserve referred to in paragraph (2) is set up, with respect to such
balance, by using the distributable reserves or, in the absence thereof, by deducting
them from the results carried forward.
(5) The undistributable reserve referred to in paragraph (2) shall be adjusted for a
corresponding amount in line with the realisation of the income, gains and variations
referred to in paragraph (1), including through systematic amortisation, or where
revaluations are cancelled due to a value adjustment.
(6) For those cases not covered by this Article, reference is made to the general principle of
Article 51 paragraph (1) point c) which lays down the principle of prudence and the
principle of realisation of the profits.»
298
15276572_3
«Chapter IIter. – On the report on payments to governments
[2013/34/EU Art. 41]

Art. 72quater.
For the purpose of this Chapter, the following definitions shall apply:
1) «undertaking active in the extractive industry» means an undertaking, all or part of the
activities of which consist in the exploration, prospection, discovery, development, and
extraction of deposits of minerals, oil, natural gas or other materials, within the
economic activities listed in Section B, Divisions 05 to 08 of Annex I to Regulation (EC) No
1893/2006 of the European Parliament and of the Council of 20 December 2006
establishing the statistical classification of economic activities NACE Revision 2431;
2) «undertaking active in the logging of primary forests» means an undertaking with
activities in primary forests as referred to in Section A, Division 02, Group 02.2 of Annex I
to Regulation (EC) No 1893/2006432;
3) «government» means any national, regional or local authority of a Member State433 or
of a third country. It includes a department, agency or undertaking controlled by that
authority within the meaning of (Law of 7 August 2023) «Articles 1711-1 to 1711-3 of
the above-mentioned Law of 10 August 1915»;
4) «project» means the operational activities that are governed by a single contract,
license, lease, concession or similar legal agreements and form the basis for payment
liabilities to a government. None the less, if multiple such agreements are
interconnected in a substantive manner, they shall be considered as one project;
5) «payment» means an amount paid, in cash or in kind, for activities, as described in
points 1) and 2), of the following types:
a) production based payment claims434entitlements;
b) taxes levied on the income, production or profits of companies, excluding taxes
levied on consumption such as value added taxes, personal income taxes or sales
taxes;
c) royalties;
d) dividends;
e) signature, discovery and production bonuses;
f) licence fees, rental fees, entry fees and other considerations for licences and/or
concessions; and
431 05: Mining of coal and lignite; 06: Extraction of crude petroleum and natural gas, 07: Mining of metal ores, 08:
Other mining and quarrying (inter alia stone, sand, clay, gypsum, chemical minerals, peat, salt).
432 Logging.

434 Translation based on German version of the directive: Produkionszahlungsansprüche.
299
15276572_3
g) payments for infrastructure improvements.
6) «large undertaking» means an undertaking organised as a société anonyme, société
européenne, société en commandite par actions, société à responsabilité limitée or as
one of types of companies referred to in Article 77, paragraph 2, points 2° and 3° of this
Law and which, on its balance sheet date, exceeds the limits of at least two of the three
criteria referred to in Article 47 of this Law;
7) «public-interest entities» means undertakings within the meaning of Article 2, point 1)
of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013
on the annual financial statements, consolidated financial statements and related
reports of certain types of undertakings435;
8) «subsidiary undertaking» means an undertaking as defined in (Law of 7 August 2023)
«Article 1711-1 paragraph (2), of the above-mentioned Law of 10 August 1915 » ;
9) «parent undertaking» means an undertaking as defined in (Law of 7 August 2023)
«Article 1711-1 paragraph (2), of the above-mentioned Law of 10 August 1915».
[2013/34/EU Art. 42]

Art. 72quinquies.
(1) Any large undertaking or any public-interest entity active in the extractive industry or
the logging of primary forests must draw up and make public a report on payments to
governments on an annual basis.
(2) That obligation shall not apply to any undertaking which is a subsidiary or parent
undertaking, where both of the following conditions are fulfilled:
(a) the parent undertaking is subject to the laws of a Member State436; and
(b) payments to governements made by the undertaking are included in the
consolidated report on payments to governments drawn up by that parent
undertaking (Law of 7 August 2023) «in accordance with the law of the Member
State437 to which it is subject to».
[2013/34/EU Art. 43]
Art. 72sexies.
(1) Any payment, whether made as a single payment or as a series of related payments,
need not be taken into account in the report if it is below 100,000 euros within a
financial year.
(2) The report shall disclose the following information in relation to activities as described in
points (1) and (2) of Article 72quater in respect of the relevant financial year:
a) the total amount of payments made to each government;
b) the total amount per type of payment as specified in points (5), a) to g) of Article
72quater made to each government;
435 The Law of 23 July 2016 on the audit profession contains a definition of «public-interest entities». See note
under Article 443-1 of the Law of 1915.
300
15276572_3
c) where those payments have been attributed to a specific project, the total amount
per type of payment as specified in points (5), a) to g) of Article 72quater, made for
each such project and the total amount of payments for each such project.
Payments made by the undertaking in respect of obligations imposed at entity level may
be disclosed at the entity level rather than at project level.
(3) Where payments in kind are made to a government, they shall be reported in value and,
where applicable, in volume. Supporting notes shall be provided to explain how their
value has been determined.
(4) The disclosure of the payments referred to in this Article shall reflect the substance,
rather than the form, of the payment or activity concerned. Payments and activities may
not be artificially split or aggregated to avoid the application of this Chapter.
[2013/34/EU Art. 45.1]

Art. 72septies.
The report on payments to governments referred to in this Chapter shall be published on the
«Recueil électronique des sociétés et associations»438. This publication shall be made by way
of a reference to the filing at the register of commerce and companies deposited within
twelve months of the end of the financial year covered to by the report439.
[2013/34/EU Art. 45.2]

Art. 72octies.
The members of the responsible bodies of an undertaking, acting within the competences
assigned to them by law, have responsibility for ensuring that, to the best of their knowledge
and ability, the report on payments to governments is drawn up and published in accordance
with the requirements of this Chapter.
[2013/34/EU Art. 46]

Art. 72nonies.
Undertakings referred to in Article 72quinquies that prepare and make public a report
complying with third-country reporting requirements assessed, in accordance with Article 47
of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on
438Amended by Article 20, the “catch all” provision of the Law of 27 May 2016.
439Law of 22 May 2020 on the extension of deadlines for the filing and publication of annual accounts,
Art. 1. By derogation from the provisions of the amended Law of 19 December 2002 on the Trade and Companies
Register and the accounting and annual accounts of undertakings, the following are extended by three months:
(…)
3° the deadline for publication of the report on payments to governments on the Recueil électronique des
sociétés et associations referred to in Article 72septies of the aforementioned Law of 19 December 2002
mentioned above. (…)
301
15276572_3
the annual financial statements, consolidated financial statements and related reports of
certain types of undertakings, as equivalent to the requirements of this Chapter440 are
exempt from the requirements of this Chapter except for the obligation to publish this report
in accordance with Article 72septies.»
«Chapter IIquater. - Report on income tax information»441,442

[2013/34/EU Art. 1]
«Art. 72decies.
(1) The undertakings established in one of the following legal forms shall be subject to the
provisions of this Chapter:
1° société anonyme;
2° société en commandite par actions;
3° société à responsabilité limitée;
4° société en nom collectif and société en commandite simple where all of the direct
or indirect members of the undertaking having otherwise unlimited liability, in
fact have limited liability by reason of those members being undertakings which
are:
a) of the types listed in Annex I to the above-mentioned Directive 2013/34/EU ; or
b) not governed by the law of a Member State443 but which have a legal form
comparable to those listed in Annex I to the above-mentioned Directive
2013/34/EU.
(2) The provisions of this Chapter shall also apply to branches opened in the Grand Duchy
of Luxembourg by an undertaking which is not governed by the law of a Member
State444 but which is of a legal form comparable with the types of undertakings listed in
Annex I to the above-mentioned Directive 2013/34/EU.»
440 The equivalence of third-country requirements of non-Member States must be acknowledged by an

implementing act of the European Commission. The Commission has issued an equivalence decision for Canada.
(Commission implementing decision (EU) 2016/1910 of 28 October 2016 on the equivalence of the reporting
requirements of certain third countries on payments to governments to the requirements of Chapter 10 of
Directive 2013/34/EU of the European Parliament and of the Council.)
441 The provisions of Chapter IIquater of the Law of 19 December 2002 shall apply from the commencement date
of the first financial year starting on or after 22 June 2024.

442 The French version of the directive refers to corporate income tax information. This translation follows the
English and German versions of the directive which do not include the word «corporate”.
302
15276572_3
[2013/34/EU Art. 48a]
«Art. 72undecies.
(1) For the purposes of this Chapter, the following definitions apply:
1° «ultimate parent undertaking» means an undertaking which draws up the
consolidated accounts of the largest body of undertakings;
2° «consolidated accounts» means the accounts prepared by a parent undertaking of a
group, in which the assets, liabilities, equity, income and expenses are presented as
those of a single economic entity;
3° «tax jurisdiction» means a State or non-State jurisdiction which has fiscal autonomy
in respect of corporate income tax;
4° «standalone undertaking» means an undertaking which is not part of a group as
defined in point 7°;
5° «parent undertaking» means an undertaking which controls one or more subsidiary
undertakings;
6° «subsidiary undertaking» means an undertaking controlled by a parent undertaking,
including any subsidiary undertaking of an ultimate parent undertaking;
7° «group» means a parent undertaking and all its subsidiary undertakings;
8° «affiliated undertakings» means any two or more undertakings which are part of a
group;
9° «medium-sized subsidiary undertaking» means any subsidiary undertaking which,
on its balance sheet date, exceeds two of the three criteria set out in Article 35 of
this Law for two consecutive financial years without, however, exceeding more
than one of the three criteria set out in Article 47 of this Law for two consecutive
financial years;
10° «large subsidiary undertaking» means any subsidiary undertaking which, on its
balance sheet date, exceeds two of the three criteria set out in Article 47 of this
Law for two consecutive financial years;
11° «related parties445» has the same meaning as in the international accounting
standards adopted in accordance with Regulation (EC) No 1606/2002 of the
international accounting standards446.
(2) For the purposes of Article 72duodecies, «revenue» has the same meaning as:
445 For the definition of «related party», see the note that follows the Grand Ducal Regulation of 18 December
2015 in Annex I below.
303
15276572_3
1° «net turnover», for undertakings governed by the law of a Member State447 that do
not apply international accounting standards adopted on the basis of Regulation
(EC) No 1606/2002448; or
2° «revenue» as defined by or within the meaning of the financial reporting framework
on the basis of which the accounts are prepared, for other undertakings.»

[2013/34/EU Art. 48b]
«Art. 72duodecies.
(1) Ultimate parent undertakings established in the Grand Duchy of Luxembourg are
required, where the consolidated revenue on their balance sheet date exceeds for
each of the last two consecutive financial years a total of 750,000,000 euros, as
reflected in their consolidated accounts, to draw up, publish and make accessible a
report on income tax information as regards the latter of those two consecutive
financial years.
An ultimate parent undertaking shall no longer be subject to the reporting obligations
set out in the first subparagraph where the total consolidated revenue on its balance
sheet date falls below 750,000,000 euros for each of the last two consecutive financial
years as reflected in its consolidated accounts.
Standalone undertakings established in the Grand Duchy of Luxembourg are required,
where the revenue on their balance sheet date exceeds for each of the last two
consecutive financial years a total of 750,000,000 euros, as reflected in their annual
accounts, to draw up, publish and make accessible a report on income tax information
as regards the latter of those two consecutive financial years.
A standalone undertaking shall no longer be subject to the reporting obligations set
out in the third subparagraph where the total revenue on its balance sheet date falls
below 750,000,000 euros for each of the last two consecutive financial years as
reflected in its annual accounts.
(2) Paragraph 1 does not apply to standalone undertakings or ultimate parent
undertakings and their affiliated undertakings where such undertakings, including their
branches, are established, or have their fixed places of business or permanent business
activity, within Luxembourg and no other tax jurisdiction.
(3) Paragraph 1 does not apply to standalone undertakings and ultimate parent
undertakings where such undertakings or their affiliated undertakings disclose a
report, in accordance with Article 38-3 of the amended Law of 5 April 1993 on the
financial sector449, that encompasses information on all of their activities and, in the
case of ultimate parent undertakings, on all the activities of all the affiliated
undertakings included in the consolidated accounts.

449 Country by country reporting by CRR institutions.
304
15276572_3
(4) Medium-sized and large subsidiary undertakings established in Luxembourg that are
controlled by an ultimate parent undertaking that is not governed by the law of a
Member State450, where the consolidated revenue on its balance sheet date exceeded
for each of the last two consecutive financial years a total of 750,000,000 euros, as
reflected in its consolidated accounts, are required to publish and make accessible a
report on income tax information concerning that ultimate parent undertaking as
regards the latter of those two consecutive financial years.
Where that information or report is not available, the subsidiary undertaking shall
request its ultimate parent undertaking to provide it with all information required to
enable it to meet its obligations under the first subparagraph. If the ultimate parent
undertaking does not provide all the required information, the subsidiary undertaking
shall draw up, publish and make accessible a report on income tax information
containing all information in its possession, obtained or acquired, and a statement
indicating that its ultimate parent undertaking did not make the necessary information
available.
Medium-sized and large subsidiary undertakings shall no longer be subject to the
reporting obligations set out in this paragraph where the total consolidated revenue of
the ultimate parent undertaking on its balance sheet date falls below 750,000,000
euros for each of the last two consecutive financial years as reflected in its
consolidated accounts.
(5) Branches opened in the Grand Duchy of Luxembourg by undertakings that are not
governed by the law of a Member State451 as referred to in Article 72decies, paragraph
2, are required to publish and make accessible a report on income tax information
concerning the ultimate parent undertaking or the standalone undertaking referred to
in the sixth subparagraph, point 1°, as regards the latter of the last two consecutive
financial years.
Where that information or report is not available, the person or persons designated to
carry out the disclosure formalities referred to in Article 72quindecies shall request the
ultimate parent undertaking or the standalone undertaking referred to in the sixth
subparagraph, point 1°, to provide them with all information necessary to enable them
to meet their obligations.
In the event that not all the required information is provided, the branch shall draw up,
publish and make accessible a report on income tax information, containing all
information in its possession, obtained or acquired, and a statement indicating that the
ultimate parent undertaking or the standalone undertaking did not make the
necessary information available.
The reporting obligations set out in this paragraph shall apply only to branches which
have a net turnover that exceeded the threshold of 8,800,000 euros as transposed
pursuant to Article 35 for each of the last two consecutive financial years.

305
15276572_3
A branch subject to the reporting obligations under this paragraph shall no longer be
subject to those obligations where its net turnover falls below the threshold of
8,800,000 euros as transposed in Article 35 for each of the last two consecutive
financial years.
This paragraph shall apply to a branch only where the following criteria are met:
1° the undertaking that opened the branch is either an affiliated undertakingof a group
whose ultimate parent undertaking is not governed by the law of a Member
State452 and the consolidated revenue of which on its balance sheet date exceeded
for each of the last two consecutive financial years a total of 750,000,000 euros, as
reflected in its consolidated accounts, or a standalone undertaking the revenue of
which on its balance sheet date exceeded for each of the last two consecutive
financial years a total of 750,000,000 euros as reflected in its annual accounts;
2° the ultimate parent undertaking referred to in point 1° does not have a medium-
sized or large subsidiary undertaking as referred to in paragraph 4.
A branch shall no longer be subject to the reporting obligations set out in this
paragraph where the criterion provided for in the sixth sub-paragraph, point 1° ceases
to be met for two consecutive financial years.
(6) Paragraphs 4 and 5 shall not apply where a report on income tax information is drawn
up by an ultimate parent undertaking or standalone undertaking that is not governed
by the law of a Member State 453 , in a manner that is consistent with Article
72terdecies, and meets the following criteria:
1° it is made accessible to the public, free of charge and in an electronic reporting
format which is machine-readable:
a) on the website of that ultimate parent undertaking or of that standalone
undertaking;
b) in at least one of the official languages of the European Union454;
c) no later than 12 months after the balance sheet date of the financial year for
which the report is drawn up;
2° it identifies the name and the registered office of a single subsidiary undertaking,
or the name and the address of a single branch governed by the law of
Luxembourg, which has published a report in accordance with Article
72quaterdecies, paragraph 1.
(7) Subsidiary undertakings or branches not subject to the provisions of paragraphs 4 and
5 are required to publish and make accessible a report on income tax information
where such subsidiary undertakings or branches serve no other objective than to
circumvent the reporting requirements set out in this Chapter.»

454 Directive (EU) 2021/2101 of the European Parliament and of the Council of 24 November 2021 amending
Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches,
transposed by the Law of 15 August 2023, is characterised as being of EEA relevance and is being analysed for
incorporation into the EEA Agreement.
306
15276572_3
[2013/34/EU Art. 48c]
«Art. 72terdecies.
(1) The report on income tax information required under Article 72duodecies shall include
information relating to all the activities of the standalone undertaking or ultimate
parent undertaking, including those of all affiliated undertakings consolidated in the
accounts in respect of the relevant financial year.
(2) The information referred to in paragraph 1 shall consist of:
1° the name of the ultimate parent undertaking or the standalone undertaking, the
financial year concerned, the currency used for the presentation of the report and,
where applicable, a list of all subsidiary undertakings consolidated in the accounts
of the ultimate parent undertaking, in respect of the relevant financial year,
established in the European Union455 or in tax jurisdictions included in Annexes I
and II to the Council conclusions on the revised EU list of non- cooperative
jurisdictions for tax purposes;
2° a brief description of the nature of their activities;
3° the number of employees on a full-time equivalent basis;
4° revenues, which are to be calculated as:
a) the sum of net turnover, other operating income, income from participating
interests, excluding dividends received from affiliated undertakings, income
from other investments456 and loans457 forming part of the fixed assets, and
other interest receivable and similar income as listed in Annexes V and VI to the
above-mentioned Directive 2013/34/EU ; or
b) income as defined by the financial reporting framework on the basis of which the
accounts are prepared, excluding value adjustments and dividends received
from affiliated undertakings;
5° the amount of profit or loss before income tax;
6° the amount of income tax accrued during the relevant financial year, which is to be
calculated as the current tax expense recognised on taxable profits or losses of the
financial year by undertakings and branches in the relevant tax jurisdiction;
7° the amount of income tax paid on a cash basis, which is to be calculated as the
amount of income tax paid during the relevant financial year by undertakings and
branches in the relevant tax jurisdiction;
8° the amount of accumulated earnings at the end of the relevant financial year.
455 Directive (EU) 2021/2101 of the European Parliament and of the Council of 24 November 2021 amending
Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches,
transposed by the Law of 15 August 2023, is characterised as being of EEA relevance and is being analysed for
incorporation into the EEA Agreement.
456 Term used in the English version of the directive. The equivalent to the French term used by the law «autres
valeurs mobilières» would be «other transferable securities». The German version of the directive corresponds to
the French term : «sonstigen Wertpapieren».
457 The French version refers to «créances» meaning «claims» or «receivables» and the German version refers to
«Forderungen ».
307
15276572_3
For the purposes of point 4°, revenues shall include transactions with related
parties458.
For the purposes of point 6°, the current tax expense shall relate only to the activities
of an undertaking in the relevant financial year and shall not include deferred taxes or
provisions for uncertain tax liabilities.
For the purposes of point 7°, taxes paid shall include withholding taxes paid by other
undertakings with respect to payments to undertakings and branches within a group.
For the purposes of point 8°, «accumulated earnings» shall mean the sum of the
profits from past financial years and the relevant financial year, the distribution of
which has not yet been decided upon. With regard to branches, accumulated earnings
shall be those of the undertaking which opened the branch.
(3) The information listed in paragraph 2 may be reported on the basis of the reporting
instructions referred to in Section III, Parts B and C, of the annex to the amended Law
of 23 December 2016 on country-by-country reporting.
(4) The information referred to in paragraphs 2 and 3 shall be presented using a common
template and electronic reporting formats which are machine-readable as laid down
by the European Commission, by means of implementing acts adopted in accordance
with the examination procedure referred to in Article 50(2) of the above-mentioned
Directive 2013/34/EU.
(5) The report on income tax information shall present the information referred to in
paragraph 2 or 3 separately for each Member State of the European Union459. Where a
Member State of the European Union comprises several tax jurisdictions, the
information shall be aggregated at Member State level.
The report on income tax information shall also present the information referred to in
paragraph 2 or 3 separately for each tax jurisdiction which, on 1 March of the financial
year for which the report is to be drawn up, is listed in Annex I to the Council
conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes,
and shall provide such information separately for each tax jurisdiction which, on 1
March of the financial year for which the report is to be drawn up and on 1 March of
the preceding financial year, was mentioned in Annex II to the Council conclusions on
the revised EU list of non-cooperative jurisdictions for tax purposes.
The report on income tax information shall present the information referred to in
paragraph 2 or 3 on an aggregated basis for other tax jurisdictions.
The information shall be attributed to each relevant tax jurisdiction on the basis of an
establishment, the existence of a fixed place of business or of a permanent business
activity which, given the activities of the group or standalone undertaking, can be
subject to income tax in that tax jurisdiction.
458For the definition of «related party», see Article 72undecies paragraph (1) item 11°.
459For the definition of Member State, see Article 24bis. As regards the reference to «European Union», it should
be noted that Directive (EU) 2021/2101 of the European Parliament and of the Council of 24 November 2021
amending Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and
branches, transposed by the Law of 15 August 2023, is characterised as being of EEA relevance and is being
analysed for incorporation into the EEA Agreement.
308
15276572_3
Where the activities of several affiliated undertakings can be subject to income tax
within a single tax jurisdiction, the information attributed to that tax jurisdiction shall
represent the sum of the information relating to such activities of each affiliated
undertaking and their branches in that tax jurisdiction.
Information on any particular activity shall not be attributed simultaneously to more
than one tax jurisdiction.
(6) One or more specific items of information otherwise required to be disclosed in
accordance with paragraph 2 or 3 may be temporarily omitted from the report where
their disclosure would be seriously prejudicial to the commercial position of the
undertakings to which the report relates. Any omission shall be clearly indicated in the
report together with a duly reasoned explanation regarding the reasons therefor.
All information omitted pursuant to the first subparagraph must be made public in a
later report on income tax information, within no more than five years of the date of
its original omission.
Information pertaining to tax jurisdictions included in Annexes I and II to the Council
conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes, as
referred to in paragraph 5, may never be omitted.
(7) The report on income tax information may include, where applicable at group level, an
overall narrative providing explanations for any material discrepancies between the
amounts disclosed pursuant to paragraph 2, points 6° and 7°, taking into account, if
appropriate, corresponding amounts concerning previous financial years.
(8) The currency used in the report on income tax information shall be the currency in
which the consolidated accounts of the ultimate parent undertaking or the annual
accounts of the standalone undertaking are presented.
However, in the case mentioned in the second subparagraph of Article 72duodecies
paragraph 4, sub-paragraph two, the currency used in the report on income tax
information shall be the currency in which the subsidiary undertaking publishes its
annual accounts.
(9) The thresholds referred to in Article 72duodecies paragraphs 4 and 5 shall be
converted to an equivalent amount in the national currency of any relevant third
countries by applying the exchange rate as at 21 December 2021, rounded off to the
nearest thousand.
(10) The report on income tax information shall specify whether it was prepared in
accordance with paragraph 2 or 3.»

[2013/34/EU Art. 48d]
«Art. 72quaterdecies.
(1) The report on income tax information and the statement mentioned in Article
72duodecies shall be filed and published by means of a reference to the filing thereof
309
15276572_3
in accordance with the provisions of Title I, Chapter Vbis460, within 12 months of the
balance sheet date of the financial year for which the report is drawn up.
(2) The report on income tax information and the statement published by the
undertakings in accordance with paragraph 1 are made accessible to the public in at
least one of the official languages of the European Union, free of charge, no later than
12 months after the balance sheet date of the financial year for which the report is
drawn up, on the website of:
1° the undertaking, where Article 72duodecies paragraph 1 applies;
2° the subsidiary undertaking or an affiliated undertaking, where Article 72duodecies
paragraph 4 applies; or
3° the branch or the undertaking which opened the branch, or an affiliated
undertaking, where Article 72duodecies paragraph 5 applies.
(3) Undertakings shall be exempted from applying the rules set out in paragraph 2 where
the report on income tax information published in accordance with paragraph 1 is
simultaneously made accessible to the public in an electronic reporting format which is
machine-readable, on the website of the register of commerce and companies, and
free of charge to any third party located within the European Union461. The website of
the undertakings and branches, referred to in paragraph 2, shall contain information
on that exemption and a reference to the website of the register of commerce and
companies.
(4) The report referred to in Article 72duodecies paragraphs 1, 4, 5, 6 and 7 and, where
applicable, the statement referred to in paragraphs 4 and 5 of that Article, shall remain
accessible on the relevant website for a minimum of five consecutive years.»

[2013/34/EU Art. 48e]
«Art. 72quindecies.
(1) The members of the administrative, management and supervisory bodies of the
ultimate parent undertakings or the standalone undertakings referred to in Article
72duodecies paragraph 1, acting within the competences assigned to them by law,
have the collective duty to ensure that the report on income tax information is drawn
up, published and made accessible in accordance with Articles 72duodecies,
72terdecies and 72quaterdecies.
(2) The members of the administrative, management and supervisory bodies of the
subsidiary undertakings referred to in Article 72duodecies paragraph 4 and the
permanent representative(s) of the company for the activities of the branch referred
to in Article 72duodecies paragraph 5, acting within the competences assigned to them
by law, have collective responsibility for ensuring, to the best of their knowledge and
460See footnote under Article 100-13 of the Law of 1915.

461As regards the reference to «European Union», it should be noted that Directive (EU) 2021/2101 of the
European Parliament and of the Council of 24 November 2021 amending Directive 2013/34/EU as regards
disclosure of income tax information by certain undertakings and branches, transposed by the Law of 15 August
2023, is characterised as being of EEA relevance and is being analysed for incorporation into the EEA Agreement.
310
15276572_3
ability, that the report on income tax information is drawn up in a manner that is
consistent with or in accordance with, as relevant, Articles 72duodecies and Article
72terdecies and that it is published and made accessible in accordance with Article
72quaterdecies.»

[2013/34/EU Art. 48f]
«Art. 72sexdecies.
Where the accounts of an undertaking governed by Luxembourg law are required to be
audited by one or more réviseurs d’entreprises agréés [approved statutory auditors] or
cabinets de révision agréés [approved audit firms], the audit report shall state whether, for
the financial year preceding the financial year for which the accounts under audit were
prepared, the undertaking was required under Article 72duodecies to publish a report on
income tax information and, if so, whether the report was published in accordance with
Article 72quaterdecies.»
Chapter IV. – Deposit and disclosure of annual accounts
Art. 75.
«Undertakings referred to in Article 25 shall deposit with the register of commerce and
companies their annual accounts, duly approved in the case of legal entities, and the balance
of the accounts featured in the standard of accounts defined in Article 12 paragraph 2 of the
Commercial Code, within a month of their approval and at the latest seven months after the
end of the calendar year, in the case of individual business persons or the financial year end,
in case of legal entities.» 462
«By derogation to the preceding paragraph, undertakings referred to in paragraph 5 of
Article 13 of the Commercial Code as well as undertakings having exercised the option
provided by Article 72bis and those undertakings who have obtained a derogation from the
obligation to comply with the standard chart of accounts pursuant to Article 27, are
462Law of 22 May 2020 on the extension of deadlines for the filing and publication of annual accounts,
1° the deadline for filing annual accounts and the balance of the accounts featured in the standards of accounts
with the Trade and Companies Register referred to in Article 75(1) of the Law of 19 December 2002 mentioned
above; (…)
311
15276572_3
exempted from the obligation to deposit the balance of the accounts featured in the
standard chart of accounts at the register of commerce and companies.»
«Annual accounts and the balance of the accounts featured in the standard chart of accounts
are drawn up in only one language. For this purpose, undertakings are free to use the
German or the English language instead of the French language. Documents which must be
deposited at the same time as the annual accounts are in that case drawn up in the same
language as the annual accounts.»
A Grand Ducal regulation taken on the opinion of the Council of State and the Commission
des normes comptables will determine the procedure for the deposit, the form in which the
documents are filed in application of the preceding paragraph and the conditions upon which
they can be submitted to arithmetic and logical controls463.
Art. 76.
«(1) The documents to be deposited in accordance with Article 75 are transmitted by the
register of commerce and companies to the Institut national de la statistique et des
études économiques (STATEC, the National Institute on statistics and economic studies),
manager of the Centrale des Biens (Central balance sheet office), which shall ensure that
they are archived, that they can be utilised and that they are stored in electronic format.
(2) Sociétés en commandite spéciale shall file a financial report with the register of
commerce and companies for statistical purposes. The filing process, form and content
of such report shall be determined by a Grand Ducal regulation. Such financial report is
transmitted by the register of commerce and companies to the STATEC.
Art. 77.
«A Grand Ducal regulation shall determine the conditions of access of the public and of
public administrations to the information kept at the Institut national de la statistique et des
études économiques (the National Institute on statistics and economic studies), manager of
the Centrale des Biens (Central balance sheet office), in accordance with Article 76 of this
Chapter and the applicable tariff.»
The access of the public is limited to the annual accounts of the following companies:
1° (Law of 30 July 2013) «sociétés anonymes, sociétés européennes (SE), sociétés en
commandite par actions, sociétés à responsabilité limitée and sociétés coopératives but
excluding savings pension companies with variable capital;»
2° sociétés en nom collectif and sociétés en commandite simple where all their members
which have unlimited liability are companies of the type set out in (Law of 7 August
2023) «Article 1, paragraph (1), letter a), of the above-mentionded Directive
463Grand-Ducal regulation of 14 December 2011 inter alia determining the procedure for the deposit of the
standard accounting package with the operator of the Register of Commerce and Companies and the conditions
of the arithmetic and logical controls of annual accounts (Mémorial A N°262 of 21 December 2011, p. 4328).
312
15276572_3
2013/34/EU»464 or companies which are not governed by the laws of a (Law of 7 August
2023) «Member State»465 but which have a legal form comparable to those referred to
in (Law of 7 August 2023) «Directive (EU) 2017/1132 of the European Parliament and of
the Council of 14 June 2017 relating to certain aspects of company law»466;
3° (Law of 30 July 2013) «the types of company referred to under point 2° where all their
members having unlimited liability are themselves organised as one of the types of
companies referred to under point 1° or under point 2° or in (Law of 7 August 2023)
«Article 1, paragraph (1), letters a) or b), of the above-mentioned Directive 2013/34/EU
»467.»
A copy of the annual accounts of the companies referred to in the preceding paragraph is
filed in the file of the company held at the register of commerce and companies.
Art. 78.
Without prejudice to the investigation powers attributed to the authorities trusted with the
prudential supervision of the financial sector and of the insurance sector, any undertaking
having deposited at the register of commerce and companies the documents referred to in
Article 75 of this Chapter will, from the day of deposit, have complied with its obligations of
communication of the above mentioned documents vis-à-vis the administrations of the State
and of the public institutions which within the exercise of their legal duties have the right to
require the presentation of those documents and which have therefore full right of access to
the information contained in those documents.
[2013/34/EU Art. 30.1]
«Art. 79.468
(1) (Law of 30 July 2013) «For the undertakings referred to in Article 25 and which are
organised as one of the types of companies referred to in points 1° to 3° of the second
paragraph of Article 77, the annual accounts duly approved and the management
report, together with the opinion drawn up by the person or persons responsible for
auditing the accounts, must be published on the «Recueil électronique des sociétés et
associations»469, by way of a reference to the filing at the register of commerce and
companies within one month of approval and no later than seven months after the
467 For Luxembourg, these are:
(i) sociétés anonymes, sociétés en commandite par actions and sociétés à responsabilité limitée,
(ii) sociétés en nom collectif and sociétés en commandite simple where all their members which have
unlimited liability are companies of the type referred to in (i) above or are similar types of companies in
the other Member States listed in Annex I of Directive 2013/34/EU or are companies of a third country
which have a legal form comparable to those of the companies referred to in Directive 68/151/EEC of 9
March 1968 [read 2017/1132/EU] (for Luxembourg, these are the companies referred to sub (i) above).
469 Amended by Article 20, the “catch all” provision of the Law of 27 May 2016.
313
15276572_3
financial year end, in accordance with (Law of 27 May 2016) «( Law of 7 August 2023)
«Article 100-13, paragraph 3, of the above-mentionded Law of 10 August 1915» and the
provisions of Chapter Vbis of Title I of this law470».»471
However, the management report need not be published as prescribed in the foregoing
paragraph.
In such case, the report shall be made available to the public at the registered office of
the company. It must be possible to obtain a copy of all or part of such report free of
charge upon request.
[2013/34/EU Art. 30.2]
(1bis) (Law of 30 July 2013) «By way of derogation from paragraph (1), the undertakings
referred to in Article 25 and which are organised as one of the types of companies
referred to in points 2° and 3° of the second paragraph of Article 77 are exempted from
publishing their annual accounts in accordance with (Law of 27 May 2016) « (Law of 7
August 2023) «Article 100-13, paragraph 3, of the above-mentionded Law of 10 August
1915» and the provisions of Chapter Vbis of Title I of this law472» provided that those
accounts are available to the public at the registered office, where:
a) all their members having unlimited liability are companies referred to in (Law of 7
August 2023) «Article 1, paragraph (1), letter a) of the above-mentioned Directive
2013/34/EU» governed by the laws of other (Law of 7 August 2023) «Member
States»473 and none of those companies publishes the accounts of the company
concerned with its own accounts; or where
b) all their members having unlimited liability are companies which are not governed by
the laws of a Member State474 but which have a legal form comparable to those
referred to in (Law of 7 August 2023) «above-mentioned Directive (EU)
2017/1132»475.»

(…)
2° the deadline for publication of annual accounts and the related reports on the Recueil électronique des
sociétés et associations referred to in Article 79 paragraph 1 of the Law of 19 December 2002 mentioned above;
475 For Luxembourg (but also Germany, Belgium and France), the comparison would be with société anonyme, the
société en commandite par action and the société à responsabilité limitée.
314
15276572_3
Copies of the accounts must be obtainable upon request. The price of such a copy
may not exceed its administrative cost.
(…) (Sub-paragraph abrogated by the Law of 7 August 2023)
[2013/34/EU Art. 31.1]
(2) (Law of 30 July 2013) «By way of derogation from paragraph (1), the undertakings
referred to in Article 25 and which are organised as one of the types of companies
referred to in point 1° of the second paragraph of Article 77, which do not exceed the
limits of Article 35 and draw up their annual accounts in accordance with the provisions
of Chapter II of Title II of this law, may publish:
a) (Law of 7 August 2023) « abridged balance sheets showing only those items
mentioned in the Grand Ducal regulation adopted in accordance with Article 35,
paragraph (1) »476 ;
b) abridged notes to the accounts in accordance with Article 66.
Article 36 shall apply.
In addition, such undertakings need not publish their profit and loss account as well as,
as the case may be, their management report and the opinion of the person responsible
for auditing the accounts.»
(3) (Law of 30 July 2013) «By way of derogation from paragraph (1), the undertakings
referred to in Article 25, which are organised as one of the types of companies referred
to in point 1° of the second paragraph of Article 77, which do not exceed the limits of
Article 47 and which draw up their annual accounts in accordance with the provisions of
Chapter II of Title II of this law may publish:
a) an abridged balance sheet drawn up in accordance with Article 34,
b) an abridged profit and loss account drawn up in accordance with Article 47,
c) abridged notes to the accounts in accordance with Article 67, paragraph (2), sub
paragraphs 2 and 3 and without the information required in Article 65 paragraphs (1)
5°, 6°, 10°477 and 11°.
However, the notes to the accounts must give the information specified in Article 65
paragraph (1) 6°, in total for all the items concerned.
This paragraph shall be without prejudice to paragraph (1) insofar as it relates to the
management report and the opinion of the person responsible for auditing the
accounts.
476 See Annex IV of the Grand-Ducal Regulation of 18 December 2015 determining the form and content of the
layouts of the balance sheet and of the profit and loss account and implementing Articles 34, 35, 46 and 47 of the
amended Law of 19 December 2002 on the register of commerce and companies and the accounting and annual
accounts of undertakings (Mém. A – 258 of 28 December 2015, p. 6239), set out at the end of this Annex.
477 Point 10° was abrogated by the Law of 18 December 2015.
315
15276572_3
[2013/34/EU Art. 40]
«(3bis)» (Law of 30 July 2013) «The derogations provided by paragraphs (1), sub paragraphs 2
and 3, (1bis), (2) and (3) do not apply to undertakings whose securities are admitted to
trading on a regulated market (Law of 7 August 2023) «of a Member State»478.»
«(3ter) Without prejudice to the provisions related to the management report as well as to
the report of the person or persons responsible for the statutory audit of the accounts,
the undertakings referred to in Article 25 which are organised as one of the types of
companies referred to in item 1° of Article 77, sub paragraph 2 and which draw up their
annual accounts in accordance with the provisions of Chapter IIbis of Title II of this law,
must publish their full annual accounts as drawn up in accordance with the international
accounting standards adopted in accordance with the procedure laid out in Article 6
paragraph 2 of Regulation (EC) No 1606/2002 of the European Parliament and of the
Council of 19 July 2002 on the application of international accounting standards479.»
(4) (…) (Paragraph abrogated by the Law of 10 December 2010)
[2013/34/EU Art. 32.1]

Art. 80.480
Whenever the annual accounts and the management report are published in full, they must
be reproduced in the form and text on the basis of which the person responsible for auditing
the accounts has drawn up his opinion. They must be accompanied by the full text of his
report. (…) (Paragraph abrogated by the Law of 30 July 2013.)
[2013/34/EU Art. 32.2]

Art. 81.481
If the annual accounts are not published in full, it must be indicated that the version
published is abridged and reference must be made to the deposit made in accordance with
Article 79 paragraph (1). Where such filing has not yet been made, the fact must be
disclosed.
«The report shall not accompany this publication, but it shall be disclosed whether an
unqualified, qualified or adverse audit opinion was expressed, or whether the réviseur
d’entreprises d’agréé [approved statutory auditor] was unable to express an audit opinion. It
shall also be disclosed whether the report included a reference to any matters to which the
478Until31 December 2020, the United Kingdom will be considered as part of the EU in accordance with the EU-UK
316
15276572_3
réviseur d’entreprises d’agréé [approved statutory auditor] drew attention by way of
emphasis without qualifying the audit opinion.»
[2013/34/EU Art. 17.1 point o)]

Art. 82.482
The following must be published together with the annual accounts, and in the same
manner:
- the proposed appropriation of the profit or treatment of the loss
- the appropriation of the profit or treatment of the loss,
in case these items do not appear in the annual accounts.
Art. 83.
(abrogated by the Law of 30 July 2013)
***************
317
15276572_3
Grand Ducal Regulation of 18 December 2015 determining the form and
content of the layouts of the balance sheet and of the profit and loss account
and implementing Articles 34, 35, 46 and 47 of the amended Law of 19
December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings
Art. 1.
For the presentation of the balance sheet referred to in Article 34 of the amended Law of 19
accounts of undertakings, the undertakings concerned shall draw up their balance sheet in
accordance with the layout provided in Annex I to this regulation.
Art. 2.
By way of derogation from Article 1, the undertakings referred to in Article 35 of the
accounting and annual accounts of undertakings may draw up their balance sheet in the form
of an abridged balance sheet in accordance with the layout provided in Annex II to this
regulation.
Art. 3.
For the presentation of the profit and loss account referred to in Article 46 of the amended
Law of 19 December 2002 on the register of commerce and companies and the accounting
and annual accounts of undertakings, the undertakings concerned shall draw up their profit
and loss account in accordance with the layout provided in Annex III to this regulation.
Art. 4.
By way of derogation from Article 3, the undertakings referred to in Article 47 of the
accounting and annual accounts of undertakings may draw up their profit and loss account in
the form of an abridged profit and loss account in accordance with the layout provided in
Annex IV to this regulation.
Art. 5.
The layouts for the presentation of the balance sheets and profit and loss accounts referred
to in Articles 1 to 4 shall apply to financial information for accounting periods starting on 1
January 2016 and after that date.
Art. 6.
Our Minister for Justice shall be responsible for the implementation of this regulation which
shall be published in the Mémorial.
318
15276572_3
Annex I
BALANCE SHEET
ASSETS
Ref. Current Previous

financial year financial
year
A. Subscribed capital unpaid
I. Subscribed capital non called
II. Subscribed capital called but unpaid
B. Formation expenses
C. Fixed assets
I. Intangible fixed assets
1. Development costs
2. Concessions, patents, licences, trademarks and similar rights and

assets, if they were
a) acquired for valuable consideration and need not be shown
under C.I.3
b) created by the undertaking itself
3. Goodwill, to the extent that it was acquired for valuable consideration
4. Payments on account and intangible fixed assets under development
II. Tangible fixed assets
1. Land and buildings
2. Plant and machinery
3. Other fixtures and fittings, tools and equipement
4. Payments on account and intangible fixed assets under development
III. Financial fixed assets
1. Shares in affiliated undertakings483
2. Loans to affiliated undertakings
3. Participating interests484
4. Loans to undertakings with which the undertaking is linked by virtue of

participating interests
5. Investments held as fixed assets
6. Other loans
483
For the meaning of this term, see Article 1790-2(1) of the Law of 10 August 1915 on commercial companies
484
For the meaning of «participating interest», see Article 41 of the Law of 19 December 2002 on the register of
commerce and companies and the accounting and annual accounts of undertakings.
319
15276572_3
Ref. Current financial Previous
year financial year
D. Current assets
I. Stocks
1. Raw materials and consumables
2. Work in progress
3. Finished goods and merchandise
4. Payments on account
II. Debtors
1. Receivables resulting from sales and from the provision of services
a) becoming due and payable within one year
b) becoming due and payable after more than one year
2. Amounts owed by affiliated undertakings485
3. Amounts owed by undertakings with which the undertaking is linked by

virtue of participating interests486
4. Other receivables
III. Investments
1. Shares in affiliated undertakings
2. Own shares or corporate units
3. Other investmentss
IV. Cash at bank, cash in postal cheque accounts, cheques and cash in hand
E. Deferred charges
BALANCE SHEET TOTAL (ASSETS)
485
For the meaning of this term, see Article 1790-2(1) of the Law of 10 August 1915 on commercial companies.
486
For the meaning of «participating interest», see Article 41 of the Law of 19 December 2002 on the register of commerce
and companies and the accounting and annual accounts of undertakings.
320
15276572_3
CAPITAL, RESERVES AND LIABILITES
financial year financial year
A. Capital and reserves
I. Subscribed capital
II. Share premium
III. Revaluation reserve
IV. Reserves
1. Legal reserve
2. Reserve for own shares or corporate units
3. Reserves provided for by the articles of association
4. Other reserves, including the fair value reserve
a) other available reserves
b) other non available reserves
V. Results brought forward
VI. Results for the financial year
VII. Interim dividends
VIII. Capital investments subsidies
B. Provisions
1. Provisions for pensions and similar obligations
2. Provisions for taxation
3. Other provisions
321
15276572_3
C. Creditors
1. Bonds
a) Convertible bonds
i) becoming due and payable within one year
ii) becoming due and payable after more than one year
b) Non-convertible bonds
2. Amounts owed to credit institutions
3. Payments received on account of orders insofar as they are not shown
separately as deductions from stocks
4. Amounts due to trade creditors
5. Bills of exchange payable
6. Amounts owed to affiliated undertakings
7. Amounts owed to undertakings with which the undertaking is linked by
virtue of participating interests487
8. Other creditors
a) Tax debts
b) Social security debts
c) Other debts
D. Deferred charges
BALANCE SHEET TOTAL (CAPITAL, RESERVES AND LIABILITIES)
487
For the meaning of «participating interest», see Article 41 of the Law of 19 December 2002 on the register of commerce
and companies and the accounting and annual accounts of undertakings.
322
15276572_3
Annex II
ABRIDGED BALANCE SHEET

ASSETS
A. Subscribed capital unpaid
I. Subscribed capital not called
II. Subscribed capital called but unpaid
B. Formation expenses
C. Fixed assets
I. Intangible fixed assets
II. Tangible fixed assets
III. Financial fixed assets
D. Current assets
I. Stocks
II. Receivables
III. Investments
IV. Cash at bank, cash in postal cheque accounts, cheques and cash in hand
E. Deferred charges
BALANCE SHEET TOTAL (ASSETS)
323
15276572_3
CAPITAL, RESERVES AND LIABILITES
A. Capital and reservess
I. Subscribed capital
II. Share premium
III. Revaluation reserve
IV. Reserves
V. Results brought forward
VI. Resultas for the financial year
VII. Interim dividends
VIII. Capital investment subsidies
B. Provisions
C. Debts
D. Deferred charges
BALANCE SHEET TOTAL (CAPITAL RESERVES AND LIABILITES)
324
15276572_3
Annex III
PROFIT AND LOSS ACCOUNT

1. Net turnover
2. Variation in stocks of finished goods and in work in progress
3. Work performed by the undertaking for its own purposes and
capitalised
4. Other operating income
5. a) Raw materials and consumables
b) Other external charges
6. Staff costs
a) Wages and salaries
b) Social security costs
i) relating to pensions
ii) other social security costs
c) Other staff costs
7. Value adjustments
a) in respect of formation expenses and of tangible and intangible fixed
assets
b) in respect of current assets
8. Other operating expenses
Subtotal
325
15276572_3
Report
9. Income from participating interests
a) from affiliated undertakings488
b) from other participating interests489
10. Income from other investments, other securities and loans forming par
of the fixed assets
a) from affiliated undertakings
b) other income not shown under a)
11. Other interest receivables and other financial income
b) other interest and financial income
12. Share in the results of the undertakings to which the equity method has
been applied
13. Value adjustments in respect of financial assets and investments held as
current assets
14. Interest payable and other financial expenses
a) relating to affiliated undertakings
b) other interests and financial expenses
15. Tax on results
16. Results after taxation
17. Other taxes not shown under items 1. to 16.
18. Results for the financial year
488
For the meaning of this term, see Article 1790-2 (1) of the Law of 10 August 1915 on commercial companies.
489
326
15276572_3
Annex IV
ABRIGED PROFIT AND LOSS ACCOUNT

financial year financial
year
1. to 5 Gross results
6. Staff costs
a) Wages and salaries
b) Social security costs
i) relating to pensions
ii) other social security costs
c) Other staff costs
7. Value adjustments
a) in respect of formation expenses and of tangible and intangible fixed
assets
b) in respect of current assets
8. Other operating expenses
Subtotal
327
15276572_3
Carryover
9. Income from participating interests
a) from affiliated undertakings490
b) from other participating interests491
10. Income from other investments, other securities and loans forming par of
the fixed assets
b) other income not shown under a)
11. Other interest receivable and other financial income
b) other interest and financial income
12. Share in the results of the undertakings to which the equity method has
been applied
13. Value adjustments in respect of financial fixed assets and investments
held as current assets
14. Interest payable and other financial expenses
a) relating to affiliated undertakings
b) other interests and financial expenses
15. Tax on results
16. Results after taxation
17. Other taxes not shown under items 1. to 16.
18. Results for the financial year
490
For the meaning of this term, see Article 1790-2 (1) of the Law of 10 August 1915 on commercial companies
491
328
15276572_3
Note:
Definition of «related party» in accordance with IAS 24492 as referred to by Article1790-2 (2) of
the Law of 10 August 1915 and Article 65(1) item 7ter° of the Law of 19 December 2002 on the
register of commerce and companies and the accounting and annual accounts of undertakings:
«9. The following terms are used in this Standard with the meanings specified:
A related party is a person or entity that is related to the entity that is preparing its financial
statements (in this Standard referred to as the «reporting entity»).
(a) A person or a close member of that person’s family is related to a reporting entity if that
person:
(i) has control or joint control of the reporting entity;
(ii) has significant influence over the reporting entity; or
(iii) is a member of the key management personnel of the reporting entity or of a parent
of the reporting entity.
(b) An entity is related to a reporting entity if any of the following conditions applies:
(i) The entity and the reporting entity are members of the same group (which means
that each parent, subsidiary and fellow subsidiary is related to the others).
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint
venture of a member of a group of which the other entity is a member).
(iii) Both entities are joint ventures of the same third party.
(iv) One entity is a joint venture of a third entity and the other entity is an associate of
the third entity.
(v) The entity is a post-employment benefit plan for the benefit of employees of either
the reporting entity or an entity related to the reporting entity. If the reporting
entity is itself such a plan, the sponsoring employers are also related to the reporting
entity.
(vi) The entity is controlled or jointly controlled by a person identified in (a).
(vii) A person identified in (a)(i) has significant influence over the entity or is a member
of the key management personnel of the entity (or of a parent of the entity).
(viii) The entity, or any member of a group of which it is a part, provides key
management personnel services to the reporting entity or to the parent of the
reporting entity.
A related party transaction is a transfer of resources, services or obligations between a
reporting entity and a related party, regardless of whether a price is charged.
Close members of the family of a person are those family members who may be expected to
influence, or be influenced by, that person in their dealings with the entity and include:
(a) that person’s children and spouse or domestic partner;
492As adopted by Commission Regulation (EU) 2023/1803 of 13 September 2023 adopting certain international
accounting standards.
329
15276572_3
(b) children of that person’s spouse or domestic partner; and
(c) dependants of that person or that person’s spouse or domestic partner.
Compensation includes (…)
Key management personnel are those persons having authority and responsibility for
planning, directing and controlling the activities of the entity, directly or indirectly,
including any director (whether executive or otherwise) of that entity.
Government refers to government, government agencies and similar bodies whether local,
national or international.
A government-related entity is an entity that is controlled, jointly controlled or significantly
influenced by a government.
The terms «control» and «investment entity», «joint control» and «significant influence»
are defined in IFRS 10, IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and
Joint Ventures respectively and are used in this Standard with the meanings specified in
those IFRSs.
10. In considering each possible related party relationship, attention is directed to the
substance of the relationship and not merely the legal form.
11. In the context of this Standard, the following are not related parties:
(a) two entities simply because they have a director or other member of key management
personnel in common or because a member of key management personnel of one entity
has significant influence over the other entity.
(b) two joint venturers simply because they share joint control of a joint venture.
(c) (i) providers of finance,
(ii) trade unions,
(iii) public utilities, and
(iv) departments and agencies of a government that does not control, jointly control or
significantly influence the reporting entity,
simply by virtue of their normal dealings with an entity (even though they may affect the
freedom of action of an entity or participate in its decision-making process).
(d) a customer, supplier, franchisor, distributor or general agent with whom an entity
transacts a significant volume of business, simply by virtue of the resulting economic
dependence.
12 In the definition of a related party, an associate includes subsidiaries of the associate and a
joint venture includes subsidiaries of the joint venture. Therefore, for example, an
associate’s subsidiary and the investor that has significant influence over the associate are
related to each other. »
330
15276572_3
« Extract Standard IFRS 10 »
CONTROL493
5 An investor, regardless of the nature of its involvement with an entity (the investee), shall
determine whether it is a parent by assessing whether it controls the investee.
6 An investor controls an investee when it is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those returns through its power
over the investee.
7 Thus, an investor controls an investee if and only if the investor has all the following:
(a) power over the investee (see paragraphs 10–14);
(b) exposure, or rights, to variable returns from its involvement with the investee (see
paragraphs 15 and 16); and
(c) the ability to use its power over the investee to affect the amount of the investor’s
returns (see paragraphs 17 and 18).
8 An investor shall consider all facts and circumstances when assessing whether it controls an
investee. The investor shall reassess whether it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control listed in
paragraph 7 (see paragraphs B80–B85).
9 Two or more investors collectively control an investee when they must act together to direct
the relevant activities. In such cases, because no investor can direct the activities without the co-
operation of the others, no investor individually controls the investee. Each investor would
account for its interest in the investee in accordance with the relevant IFRSs, such as IFRS 11
Joint Arrangements, IAS 28 Investments in Associates and Joint Ventures or IFRS 9 Financial
Instruments.
Power
10 An investor has power over an investee when the investor has existing rights that give it the
current ability to direct the relevant activities, ie the activities that significantly affect the
investee’s returns.
11 Power arises from rights. Sometimes assessing power is straightforward, such as when power
over an investee is obtained directly and solely from the voting rights granted by equity
instruments such as shares, and can be assessed by considering the voting rights from those
shareholdings. In other cases, the assessment will be more complex and require more than one
factor to be considered, for example when power results from one or more contractual
arrangements.
12 An investor with the current ability to direct the relevant activities has power even if its rights
to direct have yet to be exercised. Evidence that the investor has been directing relevant
activities can help determine whether the investor has power, but such evidence is not, in itself,
conclusive in determining whether the investor has power over an investee.
493 The paragraphs in bold below appear in that format in IFRS 10.
331
15276572_3
13 If two or more investors each have existing rights that give them the unilateral ability to
direct different relevant activities, the investor that has the current ability to direct the activities
that most significantly affect the returns of the investee has power over the investee.
14 An investor can have power over an investee even if other entities have existing rights that
give them the current ability to participate in the direction of the relevant activities, for example
when another entity has significant influence. However, an investor that holds only protective
rights does not have power over an investee (see paragraphs B26–B28), and consequently does
not control the investee.
Returns
15 An investor is exposed, or has rights, to variable returns from its involvement with the
investee when the investor’s returns from its involvement have the potential to vary as a result
of the investee’s performance. The investor’s returns can be only positive, only negative or both
positive and negative.
16 Although only one investor can control an investee, more than one party can share in the
returns of an investee. For example, holders of non-controlling interests can share in the profits
or distributions of an investee.
Link between power and returns
17 An investor controls an investee if the investor not only has power over the investee and
exposure or rights to variable returns from its involvement with the investee, but also has the
ability to use its power to affect the investor’s returns from its involvement with the investee.
18 Thus, an investor with decision-making rights shall determine whether it is a principal or an
agent. An investor that is an agent in accordance with paragraphs B58–B72 does not control an
investee when it exercises decision-making rights delegated to it.
(…)
Appendix A
Defined terms
Control of an investee : An investor controls an investee when the investor is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee.
Investment entity : An entity that:
(a) obtains funds from one or more investors for the purpose of providing those investor(s)
with investment management services;
(b) commits to its investor(s) that its business purpose is to invest funds solely for returns
from capital appreciation, investment income, or both; and
(c) measures and evaluates the performance of substantially all of its investments on a fair
value basis.
« Extract Standard IFRS 11 »

Joint control : The contractually agreed sharing of control of an arrangement, which exists only
when decisions about the relevant activities require the unanimous consent of the parties
sharing control.
332
15276572_3
« Extract Standard IAS 28 »
Joint control is the contractually agreed sharing of control of an arrangement, which exists only
when decisions about the relevant activities require the unanimous consent of the parties
sharing control.
Significant influence is the power to participate in the financial and operating policy decisions of
the investee but is not control or joint control of those policies.
333
15276572_3
Annex II
Law of 24 May 2011 on the exercise of certain rights of shareholders in general

meetings of listed companies and implementing Directive 2007/36/EC of the
European Parliament and of the Council of 11 July 2007 on the exercise of
certain rights of shareholders in listed companies.494
(Law of 1st August 2019)
« Chapter 1st – General Provisions »

[2007/36/EC Art. 1.1]495
«Art. 1. Subject-matter, scope and definitions »
(1) This law establishes requirements in relation to the exercise of certain rights496 attaching to
voting shares, profit units and non-voting shares497 [hereafter the "shares"] in relation to
general meetings of a company under Luxembourg law498 whose shares are admitted to
trading on a regulated market.
It also establishes specific requirements to encourage shareholder engagement, in
particular in the long term. Those specific requirements apply in relation to identification of
shareholders, transmission of information, facilitation of exercise of shareholders rights,
transparency of institutional investors, asset managers and proxy advisors, remuneration of
directors and related party transactions.
(Law of 7 August 2023) «Companies whose securities are traded on a regulated market in a
third country may opt to make all or part of Chapters 1 and 2 applicable by express
reference in their articles of association. » »
[2007/36/EC Art. 1.3]
«(2) This law shall not apply to :
- Collective investment undertakings within the meaning of Article 2, paragraph 2 of
the amended Law of 17 December 2010 on undertakings for collective investment;
- Collective investment undertakings within the meaning of Article 1, paragraph (39)
of the amended Law of 12 July 2013 on alternative investment fund managers;
- Sociétés cooperatives (cooperative societies).
By derogation to the first sub-paragraph, the companies referred to therein will be
subject to the provisions laid down in Chapter 1ter.
494 As amended by the law of 18 December 2015 (implementing Directive 2014/59/EU), the law of 1st August 2019
(implementing Directive (EU) 2017/828) and the Law of 7 August 2023, known as the remedy law.
495 References to Directive 2007/36/EC are to the Directive as amended.
496 The Directive speaks of “shareholder rights”.
497 The Directive only refers to voting shares.
498 In the Directive, the territorial scope is linked to the location of the registered office of the relevant company.
334
15276572_3
The companies referred to in paragraph (1) will remain subject to the amended Law of
10 August 1915 on commercial companies, except to the extent this law derogates
therefrom.»
[2007/36/EC art. 1.4] [EU Regulation 2021/23 Title V]
«(3) This law does not apply in case of use of resolution tools, powers and mechanisms
provided for in Part I, Title II, Chapters III to XI of the Law of 18 December 2015 on the
failure of credit institutions and of certain investment firms (Law of 20 July 2022) «and in
Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council of 16
December 2020 on a framework for the recovery and resolution of central
counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU)
No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC,
2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (hereafter «Regulation (EU)
2021/23»)».»
[2007/36/EC Art. 1.5, 1.6,2 and3e]
«(4) Chapter Ibis applies to intermediaries in so far as they provide services to shareholders
or to other intermediaries in relation to shares of companies which have their registered
office in a Member State and whose shares are admitted to trading on a regulated
market established or operating in a Member State.
(Law of 7 August 2023) « Chapter 1bis» also applies to intermediaries which have
neither their registered office nor their head office in the European Union499 when they
provide services referred to in the first sub-paragraph.
(5) Chapter 1ter applies:
1° to institutional investors, in so far as they invest directly or through an asset
manager in shares traded on a regulated market
2° to asset managers, in so far as they invest in such shares on behalf of investors;
3° to proxy advisors, in so far as they provide services to shareholders regarding
the shares of companies which have their registered office in a Member State
and the shares of which are admitted to trading on a regulated market
established or operating within a Member State.
(6) For the purposes of this Law, the following definitions shall apply500:
1° «shareholder»: means each natural or legal person who owns the shares. The
person registered as such in the register of shareholders is presumed to be the
owner;
2° «proxy advisor»: means a legal person that analyses, on a professional and
commercial basis, the communication of firms and, where relevant, other
499 As a result of the definition of «Member State» added by the Law of 7 August 2023, which includes the EEA
Member States, this should presumly read : in a Member State.
500 In this translation, definitions are set out in their alphabetical order in English and not in the French alphabetical
order of the law. The original numbering is nevertheless retained.
335
15276572_3
information of listed companies with a view to informing investors for their
voting decisions by carrying out research, providing advice or making voting
recommendations that relate to the exercise of voting rights;
3° «director» means any member of an administrative, management, or
supervisory body of a company as well as the chief executive officer and, if such
a function exists within a company, the deputy chief executive officer;
« 3bis°«Member States» means the Member States of the European Union and the
States party to the Agreement on the European Economic Area other than the
Member States of the European Union, within the limits defined by that
Agreement and the related acts»;
4° «asset manager»: means an investment firm within the meaning of Article 1,
paragraph 1, point 16 of the Law of 30 May 2018 on markets in financial
instruments which provides portfolio management services to investors, an
alternative investment fund manager within the meaning of Article 1, point 46,
of the amended Law of 12 July 2013 on alternative investment fund managers
which do not meet the conditions for exemption provided in Article 3 of the
above-mentioned Law of 12 July 2013, or a management company within the
meaning of Article 1, paragraph 1, point 31), of the amended Law of 5 April 1993
on the financial sector501, or an investment company which is authorised in
accordance with the amended Law of 17 December 2010 on collective
investment undertakings, provided that it has not entrusted its management to
a management company authorised under that law;
5° «information concerning the identity of shareholders»: means information
enabling the identity of a shareholder to be established, including at least, the
following information:
a) the name of shareholders and their contact details (including full address and,
where applicable, email address) and, in the case of legal persons, their
register number or, in the absence of such a number, their unique identifier,
such as the legal entity identifier;
b) the number of shares held;
c) only to the extent required by the company, one or more of the following
information: the categories or classes of shares held or the date from which
the shares have been held;
6° «intermediary»: means a person, such as an investment firm within the meaning
of Article 1, point 16, of the Law of 30 May 2018 on markets in financial
instruments, a credit institution within the meaning of Article 1, point 12, of the
amended Law of 5 April 1993 on the financial sector, and a central securities
depository within the meaning of Article 2, paragraph 1, point 1) , of Regulation
501
Point (31) refers to UCITS management companies i.e. those who are subject to Chapter 15 of the law of 10
December 2010 on undertakings for collective investment.
336
15276572_3
(EU) No. 909/2014 of the European Parliament and of the Council, which
provides services of safekeeping of shares, administration of shares or
maintenance of securities accounts on behalf of shareholders or other persons;
7° «institutional investor» means:
a) an undertaking carrying out activities of life assurance within the meaning of
Article 35 of the amended Law of 7 December 2015 on the insurance and
reinsurance sectors within the meaning of Article 43, point 28, a) and b), of the
above-mentioned Law of 7 December 2015 provided that those activities cover
life-insurance obligations, and which is not excluded pursuant to the above-
mentioned Law of 7 December 2015;
b) an institution for occupational retirement provision within the meaning of
Article 1 of the amended law of 13 July 2005 on the activities and supervision
of occupational retirement institutions;
8° «regulated market»: means a regulated market within the meaning of Article 1,
point 31, of the above-mentioned Law of 30 May 2018 on markets in financial
instruments502, established or operating in a Member State of the European
Union503;
9° «related party»: has the same meaning as in the international accounting
standards adopted in accordance with Regulation (EC) No 1606/2002 of the
international accounting standards504;
10°505 «proxy»: means the empowerment given by a shareholder to a natural or legal
person to exercise on behalf of that shareholder all or part of his/her/its rights
at the general meeting. »
502 Art 1. 31) of the MiFID II Law (Law of 30 May 2018) : «regulated market» means a multilateral system operated
and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-
party buying and selling interests in financial instruments [as defined in Article 1.26) of the MiFID II Law] in the system
and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial
instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and
in accordance with the provisions of Title III of Directive 2014/65/EU [i.e. the MiFID II Directive]». In Luxembourg,
these are the systems recorded in the official list of regulated markets drawn up by the CSSF pursuant to Article 19 [of
the MiFID II Law]. In other Member States, these are the systems recorded on a list established by the European
Commission pursuant to Article 56 of directive 2014/65/EU [ MiFID II]. [In fact Article 56 of MiFID II provides for ESMA
to publish and keep up to date a list on its internet site]. »
503 It should probably read «a Member State» as defined in point 3bis. The fact that regulated markets located in the
EEA are also covered is implicitly confirmed by the introduction of the definition of Member State and by the Report
of the Legal Committee of Parliament in its comments on Article 83 of Bill of law 8007, in addition to the fact that
both Directive 2007/36/EC (SRD 1) and Directive (EU) 2017/828 (SRD 2) have been incorporated into the EEA
Agreement.
504 For the definition of «related party», see the note following the Grand-Ducal Regulation of 18 December 2015 set
out above in Annex I.

505 Renumbered by the Law of 7 August 2023.
337
15276572_3
«Chapter 1bis – Identification of shareholders, transmission of information

and facilitation of exercise of shareholders rights»
(Law of 1st August 2019 )

[2007/36/EC Art. 3a]
«Art. 1bis. Identification of shareholders
(1) Companies have the right to identify their shareholders. Upon the request of the
company, or of a third party nominated by the company, intermediaries shall, without
delay, communicate to the company information concerning the identity of
shareholders.
(2) Where there are several intermediaries in the chain of intermediaries, the request of the
company or of the third party nominated by the company must be transmitted without
delay between the intermediaries and information relating to the identity of the
shareholders must be transmitted directly to the company or to the third party
nominated by the company, without delay, by the intermediary holding the requested
information.
The company may request information concerning the identity of shareholders from any
intermediary in the chain of intermediaries holding such information.
The company may also request the central securities depositary, or another
intermediary or service provider, to gather information concerning the identity of
shareholders, including from intermediaries in the chain of intermediaries, and transmit
that information to the company.
(3) Furthermore, upon the request of the company or of a third party that it has nominated,
the intermediary shall promptly provide the company with the contact details of the
next intermediary in the chain of intermediaries. The personal data of shareholders shall
be processed pursuant to this Article to enable the company to identify its existing
shareholders in order to communicate with them directly, with a view to facilitating the
exercise of shareholder rights and shareholder engagement with the company, without
companies and intermediaries being able to store such personal data for more than 12
months after becoming aware that the person concerned has ceased to be a
shareholder.
(4) An intermediary that discloses information concerning the identity of shareholders in
accordance with the rules set out in this Article shall not be considered to be in breach
of any restriction on disclosure of information imposed by contract or by any legislative,
regulatory or administrative provision.
(5) Any person506 has the right to rectify incomplete or inaccurate information regarding
his/her/its shareholder identity. »
506The Directive limits this right to legal persons. The Luxembourg legislator intentionally extended this right to
natural persons.
338
15276572_3
[2007/36/EC Art. 3b]
«Art. 1ter. Transmission of information
(1) Intermediaries are required to transmit, without delay, the following information from
the company to the shareholder or to a third party nominated by the shareholder:
1. the information which the company is required to provide to the shareholder, to
enable the shareholder to exercise the rights flowing from its shares, and which
is directed to all holders of shares of that class; or
2. where the information referred to in point 1. is available to shareholders on the
company's website, a notice indicating where on the website the information
can be found.
(2) Companies shall provide intermediaries with the information referred to in paragraph 1
point 1., or the notice referred to in paragraph 1, point 2., in a standardised and timely
manner in accordance with Commission Implementing Regulation (EU) 2018/1212 of 3
September 2018 laying down minimum requirements implementing the provisions of
Directive 2007/36/EC of the European Parliament and of the Council as regards
shareholder identification, the transmission of information and the facilitation of the
exercise of shareholders rights.
(3) The information referred to in point 1. of paragraph (1) or the notice referred to in point
2. of paragraph (1) do not need to be transmitted or provided in accordance with
paragraphs (1) and (2) where companies send this information or notice directly to all
their shareholders or to a third party nominated by the shareholder.
(4) Intermediaries shall promptly transmit to the company, in accordance with the
instructions they receive from shareholders, the information given by them regarding
the exercise of the rights arising from their shares.
(5) Where there are several intermediaries in the chain of intermediaries, the information
referred to in paragraphs (1) and (4) shall be transmitted between the intermediaries,
unless such information can be transmitted directly by the intermediary to the company
or to the shareholder or to a third party nominated by the shareholder. »

[2007/36/EC Art. 3c]
«Art. 1quater. Facilitation of the exercise of shareholders rights
(1) Intermediaries shall facilitate the exercise of his/her/its rights by the shareholder, in
particular the right to participate and vote in general meetings, by at least one of the
following measures:
1. the intermediary makes the necessary arrangements for the shareholder or a
third party nominated by the shareholder to be able to exercise the rights
themselves;
2. the intermediary exercises the rights flowing from the shares upon the explicit
authorisation and instruction of the shareholder and for the shareholder’s
benefit.
339
15276572_3
(2) When votes are cast electronically, an electronic confirmation of receipt of the votes
must be sent to the person that has cast the vote:
After the general meeting, the shareholder or a third party nominated by the
shareholder can obtain, upon request and within a period not exceeding two months
from the date of the vote, confirmation that their vote has been registered and counted
by the company, unless this information is already available to them.
Where the intermediary receives the confirmation referred to in the first or second
subparagraph, it shall transmit it without delay to the shareholder or a third party
nominated by the shareholder. Where there is more than one intermediary in the chain
of intermediaries the confirmation shall be transmitted between intermediaries without
delay, unless the confirmation can be directly transmitted to the shareholder or a third
party nominated by the shareholder. »

[2007/36/EC Art. 3d]
«Art. 1quinquies. Non-discrimination, proportionality and transparency of costs
(1) Intermediaries must (…)507 publicly disclose any applicable charges for services provided
for under this Chapter, separately for each service.
(2) Charges possibly levied by an intermediary on shareholders, companies and other
intermediaries shall be non-discriminatory and proportionate in relation to the actual
costs incurred for delivering the services.
Any differences between the charges levied between domestic and cross-border
exercise of rights shall be permitted only where duly justified and where they reflect the
variation in actual costs incurred for delivering the services. »
«Chapter 1ter – Transparency of institutional investors, asset managers and

proxy advisors. »

[2007/36/EC Art. 3g]
«Art. 1sexies. Engagement policy
(1) Institutional investors and asset managers must comply with the requirements set out in
points 1 and 2 or publicly disclose a clear and reasoned explanation why they have
chosen not to comply with one or more of those requirements.
1. Institutional investors and asset managers shall develop and publicly disclose an
engagement policy 508 that describes how they integrate shareholder
engagement in their investment strategy. The policy shall describe how they
monitor investee companies on relevant matters, including strategy, financial
and non-financial performance and risk, capital structure, social and

508 “Mitwirkungspolitik” in the German version of the Directive.
340
15276572_3
environmental impact and corporate governance, conduct dialogues with
investee companies, exercise voting rights and other rights attached to shares,
cooperate with other shareholders, communicate with relevant stakeholders of
the investee companies and manage actual and potential conflicts of interests in
relation to their engagement509.
2. Institutional investors and asset managers shall, on an annual basis, publicly
disclose how their engagement policy has been implemented, including a
general description of voting behaviour, an explanation of the most significant
votes and the use of the services of proxy advisors. They shall publicly disclose
how they have cast votes in the general meetings of companies in which they
hold shares. Such disclosure may exclude votes that are insignificant due to the
subject matter of the vote or the size of the holding in the company.
(2) The information referred to in paragraph 1 shall be available free of charge on the
institutional investor’s or assets manager’s website.
Where an asset manager implements the engagement policy, including voting, on behalf
of an institutional investor, the institutional investor shall make a reference as to where
such voting information has been published by the asset manager.
(3) Conflicts of interest rules applicable to institutional investors and asset managers,
including Article 13 of the amended Law of 12 July 2013 on alternative investment fund
managers, Article 109, paragraph 1 point b) and Article 111 point d) of the510 amended
Law of 17 December 2010 on collective investment undertakings and the relevant
implementing rules , as well as Article 37-2 of the amended Law of 5 April 1993 on the
financial sector, shall also apply with regard to engagement activities. »

[2007/36/EC Art. 3h]
«Art. 1septies. Investment strategy of institutional investors and arrangements with asset
managers
(1) Institutional investors must publicly disclose how the main elements of their equity
investment strategy are consistent with the profile and duration of their liabilities, in
particular long-term liabilities, and how they contribute to the medium to long-term
performance of their assets.
(2) Where an asset manager invests on behalf of an institutional investor, whether on a
discretionary client-by-client basis or through a collective investment undertaking, the
institutional investor publicly discloses the following information regarding its
arrangement with the asset manager:
1. how the arrangement with the asset manager incentivises the asset manager to
align its investment strategy and decisions with the profile and duration of the
liabilities of the institutional investor, in particular long-term liabilities;
509 “Engagement” in the German version of the Directive.

510 Law of 7 August 2023.
341
15276572_3
2. how that arrangement incentivises the asset manager to make investment
decisions based on assessments about medium to long-term financial and non-
financial performance of the investee company and to engage with investee
companies in order to improve their performance in the medium to long-term;
3. how the method and time horizon of the evaluation of the asset manager’s
performance and the remuneration for asset management services are in line
with the profile and duration of the liabilities of the institutional investor, in
particular long-term liabilities, and take absolute long-term performance into
account;
4. how the institutional investor monitors portfolio turnover costs incurred by the
asset manager and how it defines and monitors a targeted portfolio turnover or
turnover range;
5. the duration of the arrangement with the asset manager.
Where the arrangement with the asset manager does not contain one or more of
suchelements, the institutional investor shall give a clear and reasoned explanation511.
(3) The information referred to in paragraphs 1 and 2 shall be available, free of charge, on
the institutional investor’s website and shall be updated annually unless there is no
material change.
Regulated institutional investors within the meaning of Article 1, paragraph 6, point 7,
letter a), are allowed to include this information in their report on solvency and financial
condition referred to in Article 82 of the amended Law of 7 December 2015 on the
insurance sector. »

[2007/36/EC Art. 3i]
«Art. 1octies. Transparency of asset managers
(1) Asset managers must on an annual basis disclose to the institutional investor with which
they have entered into the arrangements referred to in Article 1stsepties how their
investment strategy and implementation thereof complies with these arrangements and
contributes to the medium to long-term performance of the assets of the institutional
investor or of the fund. Such disclosure must include reporting on the key material
medium to long-term risks associated with the investments, on portfolio composition,
turnover and turnover costs, on the use of proxy advisors for the purpose of
engagement activities and, if applicable, their policy on securities lending and how it is
applied to fulfil its engagement activities if applicable, particularly at the time of the
general meeting of the investee companies. Such disclosure must also include
information on whether and, if so, how, they make investment decisions based on
evaluation of medium to long-term performance of the investee company, including
non-financial performance, and on whether and, if so, which conflicts of interest have
arisen in connection with engagements activities and how the asset managers have
dealt with them.
511This corresponds to the French version of the Directive. The English and German versions add:”…explanation why
this is the case.”and “… Erklärung, warum dies der Fall ist.”
342
15276572_3
(2) Where the information disclosed pursuant to paragraph 1 is already publicly available,
the asset manager shall not be required to provide the information to the institutional
investor directly. »

[2007/36/EC Art. 3j]
«Art. 1nonies. Transparency of proxy advisors
(1) Proxy advisors must publicly disclose reference to a code of conduct which they apply
and report on the application of that code of conduct.
Where proxy advisors do not apply a code of conduct, they must provide a clear and
reasoned explanation why this is the case. Where proxy advisors apply a code of
conduct but depart from any of its recommendations, they must declare from which
parts they depart, provide explanations for doing so and indicate, where appropriate,
any alternative measures adopted.
Information referred to in this paragraph shall be made publicly available, free of
charge, on the websites of proxy advisors and shall be updated on an annual basis.
(2) In order to adequately inform their clients about the accuracy and reliability of their
activities, proxy advisors must publicly disclose on an annual basis at least all of the
following information in relation to the preparation of their research, advice and voting
recommendations:
1. the essential features of the methodologies and models they apply;
2. the main information sources they use;
3 the procedures put in place to ensure quality of the research, advice and voting
recommendations and qualifications of the staff involved;
4 whether and, if so, how they take national market, legal, regulatory and
company-specific conditions into account;
5. the essential features of the voting policies they apply for each market;
6. whether they have dialogues with the companies which are the object of their
research, advice or voting recommendations and with the stakeholders of the
company, and, if so, the extent and nature thereof;
7. the policy regarding the prevention and management of potential conflicts of
interest.
The information referred to in this paragraph shall be made publicly available on
thewebsites of proxy advisors and shall remain available free of charge for at least three
years from the date of publication. The information does not need to be disclosed
separately where it is available as part of the disclosure under paragraph 1.
(3) Proxy advisors must identify and disclose without delay to their clients any actual or
potential conflicts of interest or business relationships that may influence the
preparation of their research, advice or voting recommendations and the actions they
have undertaken to eliminate, mitigate or manage the actual or potential conflicts of
interests.
343
15276572_3
(4) This Article also applies to proxy advisors that have neither their registered office nor
their head office in the European Union which carry out their activities through an
establishment located in the European Union. »
«Chapter 2 – General meeting of shareholders»
[(Law of 1st August 2019)]

[2007/36/EC Art. 4]
Art. 2. Equal treatment of shareholders
The company shall ensure equal treatment for all shareholders who are in the same position
with regard to participation in, and the exercise of voting rights in, the general meeting.
[2007/36/EC Art. 5.]

Art. 3. Information prior to the general meeting
(1) Without prejudice to Articles 10 paragraph 4, and 12, paragraph 4, of the Law of 19 May
2006 implementing Directive 2004/25/EC of the European Parliament and of the Council
of 21 April 2004 on takeover bids512, convening notices for all general meetings shall be
published at least thirty days before the meeting:
- on the Recueil électronique des sociétés et associations and in one Luxembourg
newspaper; and
- in media which may reasonably be relied upon for the effective dissemination of
information to the public throughout the European Economic Area, and which are
accessible rapidly and on a non-discriminatory basis.
If a new convening notice is necessary because of lack of the required quorum at the
first convened meeting and provided that the first convening notice complied with the
requirements of this sub-section and no new item has been added to the agenda, the
512Article 10 of the takeover law provides for the «passivity» rule of the management body of the target company if
that company has resolved to adhere to this rule («opt in» principle). The management body shall in this case need
the prior authorization of the general meeting before any defensive action. Article 12 provides for the neutralisation
of certain statutory limitations («break through» rule) for the target companies which decided to be subject to Article
12 («opt in» principle).
Article 10 (4) takeover law: «For the purpose of obtaining the prior authorisation, approval or confirmation of the
holders of securities referred to in paragraphs (2) and (3), a general meeting of shareholders may be called by placing
a single announcement at least two weeks before the meeting in the Mémorial [Official Gazette] and in one
Luxembourg newspaper. The same shall apply in the event of the postponement of the general meeting.»
Article 12 (4) takeover law: «Where, following a bid, the offeror holds 75 % or more of the capital carrying voting
rights, no restrictions on the transfer of securities or on voting rights referred to in paragraphs (2) and (3) nor any
extraordinary rights of shareholders concerning the appointment or removal of members of the administration or
management bodies provided for in the articles of association of the target company shall apply; multiple-vote
securities shall carry only one vote each at the first general meeting of shareholders following closure of the bid,
called by the offeror in order to amend the articles of association or to remove or appoint members of the
administration or management bodies.
To that end, the offeror shall have the right to convene a general meeting of shareholders on the same terms as
provided for in Article 10 paragraph (4).»
344
15276572_3
period referred to in the first paragraph above is reduced to at least seventeen days
before the meeting.
(2) The convening notices are communicated in compliance with the notice periods referred
to in the first or second paragraphs of paragraph 1, to registered shareholders as well as
to directors, members of the management board and members of the supervisory
board, as applicable, and réviseurs d’entreprises agréés (approved statutory auditors).
This communication is done by letter unless the addressees have individually, expressly
and in writing, accepted to receive the convening notice through other means of
communication, but no proof need be given that this formality has been complied with.
Where all the shares are in registered form, the company may communicate the
convening notices by registered mail only, unless the addressees individually, expressly
and in writing, have accepted to receive convening notices through other means of
communication.
In either case the company may not charge any specific cost for issuing the convening
notice in the prescribed manners.
(3) The convening notice referred to in paragraph 1, shall at least contain the following
particulars:
a) indicate precisely the date 513 and location of the general meeting, and its
proposed agenda;
b) contain a clear and precise description of the procedures that shareholders must
comply with in order to be able to participate in, and to cast their vote in, the
general meeting. This includes information concerning:
i) the rights available to shareholders under Article 4, and where applicable,
the deadline by which those rights may be exercised and the electronic
address to which shareholders may address their requests. The convening
notice may confine itself to stating only the deadlines by which those rights
may be exercised and such electronic address, provided it contains a
statement that detailed information concerning those rights is available on
the Internet site of the company;
ii) the procedure for voting by proxy, notably the forms to be used to vote by
proxy and the means by which the company is prepared to accept electronic
notifications of the appointment of proxy holders; and
iii) where applicable, the procedures for participating in the meeting from a
remote location, in accordance with Article 6 and to cast votes by
correspondence or by electronic means in accordance with Article 10;
c) where applicable, statement of the record date as defined in Article 5, and the
manner in which shareholders have to register, and a statement that only those
who are shareholders on that date shall have the right to participate and vote in
the general meeting;
513The English version of the Directive uses «when and where the general meeting is to take place» which implies
that the start time of the meeting also needs to be given.
345
15276572_3
d) indication of the postal and electronic addresses where, and how, the full,
unabridged text of the documents and draft resolutions referred to in letters c)
and d) of paragraph 4 may be obtained;
e) indication of the address of the Internet site on which the information referred
to in paragraph 4 are available.
(4) For a continuous period beginning on the day of publication of the convening notice of
the general meeting and including the day of the general meeting, the company shall
make available to its shareholders on its Internet site at least the following information:
a) the convening notice referred to in paragraph 1;
b) the total number of shares and voting rights at the date of the notice including
separate totals for each class of shares where the company’s capital is divided
into two or more classes of shares;
c) the documents to be submitted to the general meeting;
d) a draft resolution or, where no resolution is proposed to be adopted, a
comment from the board of directors or the management board, as appropriate,
for each item on the proposed agenda of the general meeting. Moreover, draft
resolutions tabled by shareholders shall be added to the Internet site as soon as
practicable after the company has received them;
e) where applicable, the forms to be used to vote by proxy and to vote by
correspondence, unless those forms are sent directly to each shareholder.
Where the forms referred to in letter e) cannot be made available on the Internet site
for technical reasons, the company shall indicate on its Internet site how the forms can
be obtained on paper. In this case the company shall be required to send the forms by
postal services and free of charge to every shareholder who so requests.
Where, pursuant to Articles 10 paragraph 4, or 12 ,paragraph 4, of the Law of 19 May,
2006 implementing Directive 2004/25/EC of the European Parliament and of the Council
of 21 April 2004 on takeover bids514, the convening notice of the general meeting is
issued later than on the thirtieth day before the meeting, the period specified in this
paragraph shall be shortened accordingly.
[2007/36/EC Art. 6]
Art. 4. Right to put items on the agenda of the general meeting and to table draft resolutions
(1) One or more shareholders holding together at least 5% of the share capital of a company:
a) have the right to put items on the agenda of the general meeting; and
b) have the right to table draft resolutions for items included or to be included on the
agenda of a general meeting.
(2) The requests referred to in paragraph 1 must be in writing and sent to the company by
postal services or electronic means to the address provided in the convening notice
published pursuant to Article 3. They are accompanied by a justification or a draft
514 See footnote under Article 3.
346
15276572_3
resolution to be adopted in the general meeting. They indicate the postal or electronic
address at which the company may acknowledge receipt of these requests.
(3) The requests referred to in paragraph 1 must be received by the company not later than on
the twenty-second day prior to the date of the general meeting. The company shall
acknowledge receipt of requests referred to in paragraph (1) within forty-eight hours from
receipt.
(4) The company publishes, in accordance with Article 3, a revised agenda not later than on the
fifteenth day prior to the date of the general meeting.
[2007/36/EC Art. 7.1, 7.2 and 7.4]

Art. 5. Requirements for participation and voting in the general meeting
(1) The rights of a shareholder to participate in a general meeting and to vote in respect of any
of his shares are not subject to any requirement that his shares be deposited with, or
transferred to, or registered in the name of, another natural or legal person before the
general meeting.
The rights of a shareholder to sell or otherwise transfer his shares during the period
between the record date, as defined in paragraph 2, and the general meeting to which it
applies are not subject to any restriction to which they are not subject at other times.
(2) The rights of a shareholder to participate in a general meeting and to vote in respect of his
shares shall be determined with respect to the shares held by that shareholder on the
fourteenth day prior to the general meeting at midnight (Luxembourg time) (defined as the
«record date»).
(3) Not later than on the record date, the shareholder indicates to the company his intention
to participate in the general meeting. The company determines the manner in which this
declaration is made.
For each shareholder who indicates his intention to participate in the general meeting, the
company records his name or corporate denomination and address or registered office, the
number of shares held by him on the record date and a description of the documents
establishing the holding of shares on that date.
(4) Proof of the qualification as shareholder may be subject only to such requirements as are
necessary to ensure the identification of shareholders and only to the extent that they are
proportionate to achieving that objective.
[2007/36/EC Art. 8]
Art. 6. Participation in the general meeting by electronic means
(1) The articles of incorporation may provide that any shareholder may participate in the
general meeting in any form of participation by electronic means offered by the company
which among other allow any or all of the following forms of participation:
a) real-time transmission of the general meeting;
b) real-time two-way communication enabling shareholders to address the general
meeting from a remote location;
c) a mechanism for casting votes, whether before or during the general meeting, without
the need to appoint a proxy holder who is physically present at the meeting.
347
15276572_3
Shareholders who participate in this manner at the general meeting shall be deemed
present at the location of the general meeting for the purpose of quorum and majority
requirements.
(2) The use of electronic means for the purpose of enabling shareholders to participate in the
general meeting may be made subject only to such requirements and constraints as are
necessary to ensure the identification of shareholders and the security of electronic
communications, and only to the extent that they are proportionate to achieving those
objectives.
[2007/36/EC Art. 9]
Art. 7. Right to ask questions
(1) Every shareholder shall have the right to ask questions related to items on the agenda of
the general meeting. The company shall answer the questions put to it by shareholders
subject to the measures which it may take to ensure the identification of shareholders, the
good order of general meetings and their preparation, and the protection of confidentiality
and its business interests.
The company may provide one overall answer to questions having the same content.
Where the relevant information is available on its Internet site in a question and answer
format, the company shall be deemed to have answered to the questions asked by
referring to its site.
(2) Without prejudice to the application of paragraph 1st during the general meeting, the
articles of incorporation may provide that shareholders have the possibility, as from the
publication of the convening notice, to ask questions in writing concerning items on the
agenda, which will be answered during the general meeting. These questions may be
addressed to the company by electronic means at the address provided in the notice of the
general meeting. The articles of incorporation determine the deadline by which questions
must be received by the company.
Shareholders who intend to make use of the possibility offered by the articles of
incorporation in accordance with the preceding paragraph, establish their shareholder
qualification as shareholder in accordance with Article 5.

[2007/36/EC Art. 9a]
«Art. 7bis. Right to vote on the remuneration policy
(1) Companies must establish a remuneration policy as regards directors and must submit it
to the vote of shareholders at the general meeting.
(2) The vote by the shareholders at the general meeting on the remuneration policy is
advisory. Companies shall pay remuneration to their directors only in accordance with a
remuneration policy that has been submitted to a vote at the general meeting. Where the
general meeting rejects the proposed remuneration policy, the company shall submit a
revised policy to a vote at the following general meeting.
(3) However, the articles of association may provide that the vote on the remuneration policy
expressed at the general meeting is binding. In that case, companies pay remuneration to
348
15276572_3
their directors only in accordance with a remuneration policy approved by the general
meeting.
Where no remuneration policy has been approved and the general meeting does not
approve the proposed policy, the company may continue to pay remuneration to its
directors in accordance with its existing practices and shall submit a revised policy for
approval at the following general meeting.
Where an approved remuneration policy exists and the general meeting does not approve
the proposed new policy, the company shall continue to pay remuneration to its directors
in accordance with the existing approved policy and shall submit a revised policy for
approval at the following general meeting.
(4) In exceptional circumstances, companies may temporarily derogate from the
remuneration policy, provided that the policy includes the procedural conditions under
which the derogation can be applied and specifies the elements of the policy from which
such derogation is possible.
The exceptional circumstances referred to in the first subparagraph shall only cover
situations in which the derogation from the remuneration policy is necessary to serve the
long-term interests and sustainability of the company as a whole or to assure its viability.
(5) Companies must submit the remuneration policy to a vote by the general meeting at
every material change and in any case at least every four years.
(6) The remuneration policy shall contribute to the company’s business strategy and long-
term interests and sustainability and shall explain how it does so. It shall be clear and
understandable and describe the different components of fixed and variable
remuneration, including all bonuses and other benefits in whatever form, which can be
awarded to directors, and shall indicate their relative proportion.
The remuneration policy shall explain how the pay and employment conditions of
employees of the company were taken into account when establishing the remuneration
policy.
Where a company awards variable remuneration, the remuneration policy shall set clear,
comprehensive and varied criteria for the award of the variable remuneration. It shall
indicate the financial and non-financial performance criteria, including, where
appropriate, criteria relating to corporate social responsibility, and explain how these
criteria contribute to the objectives set out in the subparagraph 1, and the methods to be
applied to determine to which extent the performance criteria have been fulfilled. It shall
specify information on any deferral periods and on the possibility for the company to
reclaim variable remuneration.
Where the company awards share-based remuneration, the policy shall specify vesting
periods and where applicable retention periods for shares after vesting and explain how
the share based remuneration contributes to the objectives set out in the first
subparagraph.
The remuneration policy shall indicate the duration of the contracts or arrangements with
directors and the applicable notice periods, the main characteristics of supplementary
pension or early retirement schemes and the terms of the termination and payments
linked to termination.
349
15276572_3
The remuneration policy shall explain the decision-making process followed for its
determination, review and implementation, including measures to avoid or manage
conflicts of interests and, where applicable, the role of the remuneration committee or
other committees concerned. Where the policy is revised, it shall describe and explain all
significant changes and how it takes into account the votes and views of shareholders on
the policy and reports since the most recent vote on the remuneration policy by the
general meeting of shareholders.
(7) After the vote on the remuneration policy at the general meeting, the remuneration
policy together with the date and the results of the vote is made public without delay on
the website of the company and remains publicly available, free of charge, at least as long
as it is applicable.»

[2007/36/EC Art. 9]
«Art. 7ter. Information to be provided in and right to vote on the remuneration report
(1) The company shall draw up a clear and understandable remuneration report, providing a
comprehensive overview of the remuneration, including all benefits in whatever form,
awarded or due during the most recent financial year to each member of the board of
directors515, including to newly recruited and to former directors, in accordance with the
remuneration policy referred to in Article 7bis.
Where applicable, the remuneration report shall contain the following information
regarding each individual director’s remuneration:
1. the total remuneration split out by component, the relative proportion of fixed and
variable remuneration, an explanation how the total remuneration complies with
the adopted remuneration policy, including how it contributes to the long-term
performance of the company, and information on how the performance criteria
were applied;
2. the annual change of remuneration, of the performance of the company, and of the
average remuneration on a full-time equivalent basis of employees of the company
other than directors over at least the five most recent financial years, presented
together and in a manner which permits comparison;
3. any remuneration paid by any undertaking belonging to the same group within the
meaning of Article 1711-1 of the amended Law of 19 August 1915 on commercial
companies;
4. the number of shares and share options granted or offered, and the main
conditions for the exercise of the rights including the exercise price and date and
any change of such condition;
5. information on the use of the possibility to reclaim variable remuneration;
6. information on any deviations from the procedure for the implementation of the
remuneration policy referred to in Article 7bis, paragraph 6, and on any derogations
515This corresponds to the law and the French version of the Directive. The English and German versions use the
defined term “director” and “Mitglied der Unternehmensleitung.”.
350
15276572_3
applied in accordance with Article 7bis, paragraph 4, including the explanation of
the nature of the exceptional circumstances and the indication of the specific
elements derogated from.
(2) Companies may not include in the remuneration report special categories of personal data
of individual directors within the meaning of Article 9 paragraph (1) of Regulation (EU)
2016/679 of the European Parliament and of the Council or personal data which refer to
the family situation of individual directors.
(3) Companies shall process the personal data of directors included in the remuneration report
pursuant to this Article for the purpose of increasing corporate transparency as regards
directors’ remuneration with a view to enhancing directors’ accountability and shareholder
oversight over directors’ remuneration.
Companies shall no longer make publicly available pursuant to paragraph 5, the personal
data of directors included in the remuneration report in accordance with this Article after
10 years from the publication of the remuneration report.
(4) The annual general meeting shall have the right to hold an advisory vote on the
remuneration report of the most recent financial years516. The company shall explain, in the
following remuneration report, how the vote by the general meeting has been taken into
account.
However, small and medium-sized enterprises, as defined, respectively, in Articles 35 and
47 of the amended Law of 19 December 2002 on the register of trade and companies as
well as the accounting and annual accounts of companies, may provide, as an alternative to
a vote, submit the remuneration report of the most recent financial years 517 to be
submitted for discussion in the annual general meeting as a separate item of the agenda.
The company shall explain in the following remuneration report how the discussion in the
general meeting has been taken into account.
(5) Without prejudice to Article 3, paragraph 4, after the general meeting the companies shall
make the remuneration report publicly available on their website, free of charge, for a
period of 10 years, and may choose to keep it available for a longer period provided it no
longer contains the personal data of directors. The réviseur d’entreprises agréé [approved
statutory auditor] shall check that the information required by this Article has been
provided.
(6) The directors of the company, acting within their field of competence assigned to them by
law, have collective responsibility for ensuring that the remuneration report is drawn up
and published in accordance with the requirements of this Law. »
516 This corresponds to the law and the French version of the Directive. The English and German versions refer to the
most recent financial year.
517 This corresponds to the law and the French version of the Directive. The English and German versions refer to the
most recent financial year.
351
15276572_3
[2007/36/EC Art. 9c]
«Art. 7quater. Transparency and approval of related party transactions518
(1) Any material transaction between the company and a related party shall be subject to the
prior approval of the management body.
(2) For the purpose of this Article, "material transactions" shall mean any transaction between
the company and a related party whose publication and disclosure would be likely to have a
significant impact on the economic decisions of shareholders of the company and which
could create a risk for the company and its shareholders who are not related parties,
including minority shareholders. The nature of the transaction and the position of the
related party shall be taken into consideration.
(3) Companies shall publicly announce material transactions with related parties at the latest
at the time of the conclusion of the transaction. The announcement shall contain at least
information on the nature of the related party relationship, the name of the related party,
the date and the value of the transaction and other information necessary to assess
whether or not the transaction is fair and reasonable from the perspective of the company
and of the shareholders who are not a related party, including minority shareholders.
(4) Where the transaction with the related parties involves a director or a shareholder, that
director or shareholder shall not participate in either the approval or the vote, whichever is
applicable.
(5) Paragraphs 1 to 3 shall not apply to transactions entered into in the ordinary course of
business and concluded on normal market terms. For such transactions the management
body of the company shall establish an internal procedure to periodically assess whether
these conditions are fulfilled. Related parties shall not take part in that assessment.
(6) Companies shall not be subject to the requirements of paragraphs 1 to 3 for the following
transactions:
1. transactions entered into between the company and its subsidiaries provided that
they are wholly owned or that no other related party of the company has an
interest in the subsidiary undertaking;
2. transactions regarding remuneration of directors, or certain elements of
remuneration of directors, awarded or due in accordance with Article 7bis;
3. transactions entered into by credit institutions on the basis of measures, aiming at
safeguarding their stability, adopted by the Comission de surveillance du secteur
financier [Commission for the Supervision of the Financial Sector];
4. transactions offered to all shareholders on the same terms where equal treatment
of all shareholders and protection of the interests of the company is ensured.
(7) Companies shall publicly announce material transactions concluded between the related
parties of the company and that company’s subsidiary. The exemptions provided for in
paragraphs 5 and 6 shall also apply to the transactions specified in this paragraph.
518For a definition of «related party», see the note following the Grand-Ducal Regulation of 18 December 2015 set
out in Annex I above..
352
15276572_3
(8) Transactions with the same related party that have been concluded in any 12-month period
or in the same financial year and have not been subject to the obligations listed in
paragraph 1 to 3 are aggregated for the purposes of those paragraphs. »
[2007/36/EC Art. 10]

Art. 8. Proxy voting
(1) Every shareholder shall have the right to appoint any other natural or legal person as a
proxy holder to attend and vote at a general meeting in his name. The proxy holder shall
enjoy the same rights to speak and ask questions in the general meeting as those to which
the shareholder thus represented would be entitled.
Any provision in the articles of incorporation restricting the eligibility of persons to be
appointed as proxy holders shall be ineffective.
(2) A shareholder may only appoint one person to act for him as a proxy holder in relation to
any one general meeting.
By way of derogation to the preceding paragraph:
a) if a shareholder has shares of a company held in more than one securities account,
he may appoint a separate proxy holder as regards shares held in each securities
account in relation to any one general meeting;
b) the person qualifying as a shareholder but who acts in the course of a business on
behalf of other natural or legal persons, may give a proxy to each of these other
natural or legal persons or to a third person designated by them.
(3) In case of potential conflicts of interest between the appointing shareholder and his proxy
holder:
a) the proxy holder shall disclose certain specified facts which may be relevant for the
shareholder in assessing any risk that the proxy holder might pursue any interest
other than the interest of the shareholder;
b) the proxy holder is only permitted to exercise voting rights on behalf of the
shareholder on the condition that he has received specific voting instructions for
each resolution on which the proxy holder has cast a vote on behalf of the
shareholder;
c) the transfer of the proxy to another person is not permitted without prejudice to
the possibility for the proxy holder which is a legal person to exercise the powers
conferred upon it through any member of its administrative or management body
or any of its employees.
A conflict of interest within the meaning of this paragraph may in particular arise where the
proxy holder:
i) is a controlling shareholder of the company, or is another entity controlled by
such shareholder;
ii) is a member of the administrative, management or supervisory body of the
company, or of a controlling shareholder or controlled entity referred to in
point i);
353
15276572_3
iii) is an employee or an auditor of the company, or of a controlling shareholder or
controlled entity referred to in i);
iv) has a family relationship with a natural person referred to in points (i) to (iii).
(4) The proxy holder shall cast votes in accordance with the instructions issued by the
appointing shareholder.
He shall keep a record of the voting instructions for a minimum period of one year from the
date where the last carried out voting instructions, and shall on request confirm that the
voting instructions have been carried out.
(5) A person acting as a proxy holder may hold a proxy from more than one shareholder
without limitation as to the number of shareholders so represented. Where a proxy holder
holds proxies from several shareholders, he may cast votes for a certain shareholder
differently from votes cast for another shareholder.
[2007/36/EC Art. 11]

Art. 9. Formalities for proxy holder appointment and notification
The appointment of a proxy holder by a shareholder shall be made in writing. The notification to
the company of the appointment by a shareholder shall also be made in writing by postal
services or by electronic means to the postal or electronic address referred to in the convening
notice published in accordance with Article 3.
Beyond this requirement of a document in writing, the appointment of a proxy holder, the
notification of the appointment to the company and the issuance of voting instructions, if any,
to the proxy holder may be made subject only to such formal requirements as are necessary to
ensure the identification of the shareholder and of the proxy holder, or to ensure the possibility
of verifying the content of voting instructions, respectively, and only to the extent that they are
proportionate to achieving those objectives.
The provisions of this Article shall apply mutadis mutandis for the revocation of the
appointment of a proxy holder.
[2007/36/EC Art. 12]

Art. 10. Voting from a remote location
(1) The articles of incorporation may permit every shareholder to vote from a remote location
in advance of the general meeting, by correspondence or by electronic means, using a form
made available by the company.
Where the company permits voting from a remote location, it must be able to verify the
qualification and the identity of the shareholder. The means by which the qualification as
shareholder and the identity of the person intending to vote from a remote location are
verified and ensured, are provided in the articles of incorporation.
(2) The form for voting from a remote location shall include at least the following information:
i) the name or corporate denomination of the shareholder, his address or registered
office;
ii) the number of votes the shareholder intends to cast in the general meeting as
well as the direction of his votes or his abstention;
iii) the form of the shares held;
354
15276572_3
iv) the agenda of the meeting, including the draft resolutions;
v) the period within which the form for voting from a remote location must be
received by the company;
vi) the shareholder’s signature, where applicable, under the form of an electronic
signature which meets the conditions laid down in Articles 1322-1 and 1322-2 of
the Civil code519.
(3) Forms in which no vote is expressed or which do not indicate an abstention are void. In case
of modification, during the meeting, of a draft resolution on which a vote was cast from a
remote location such vote will be considered void.
(4) Article 5 applies in case the company permits voting from a remote location. For the
calculation of the quorum, account shall be taken only of those forms received by the
company prior the general meeting within the deadlines provided in the articles of
incorporation.
[2007/36/EC Art 14.1 and 14.2]

Art. 11. Voting results
(1) The company shall establish for each resolution at least the number of shares for which
votes have been validly cast, the proportion of the share capital represented by those
votes, the total number of votes validly cast as well as the number of votes cast in favour of
and against each resolution and, where applicable, the number of abstentions.
The articles of incorporation may provide that where no shareholder requests a full account
of the voting, it shall be sufficient to establish the voting results only to the extent needed
to ensure that the required majority is reached for each resolution.
(2) Within fifteen days following the general meeting, the company shall publish on its Internet
site the voting results established in accordance with paragraph 1st.

[2007/36/EC Art. 5.5] [EU Regulation 2021/23 Art. 18 and 22]
«Art. 11bis. Specific provision
The general meeting may, by a majority of two-thirds of the votes validly cast, in order to decide
on a capital increase, either resolve to amend the articles of incorporation so as to provide that
a general meeting is, by way of derogation from Article 12, paragraph 1, convened at shorter
notice, or directly convene a general meeting at shorter notice provided that in both cases there
is a period of 10 days between the convening notice and the date of the general meeting, the
conditions of Article 59-43 or of Article 59-45 of the amended Law of 5 April 1993 on the
financial sector (Law of 20 July 2022) « or of Article 18 of Regulation (EU) 2021/23» are met, and
that the capital increase is necessary to avoid the initation of a resolution proceding in the
519 Article 1322-1: «The signature required to perfect a deed delivered under private seal identifies the person who
executes such signature and represents his approval to the content of the deed.
It may be by hand or in an electronic form.
An electronic signature consists in a number of data inseparably linked to the deed, ensuring its integrity and meeting
the conditions laid down in the first paragraph of this Article. »
Article 1322-2: The electronic deed under private seal constitutes an original when it contains reliable safeguards to
maintain its integrity from the moment it was created for the first time in its final form.
355
15276572_3
conditions laid down in Articles 33 and 34 of the Law of 18 December 2015 on the failure of
credit institutions and of certain investment firms (Law of 20 July 2022) «or in Article 22 of
Regulation (EU) 2021/23 ».
For the purposes of paragraph 1, Article 4, paragraphs 3 and 4 and Article 5, paragraph 2, shall
not apply.»
«Chapter 3 – Penalties»

[2007/36/EC Art. 14b]
«Art. 11ter.
The directors are jointly and severally liable for any damages resulting from the violation of their
obligations under this law.»
Art. 12. (Law of 1st August 2019) « Transitional provisions»

This law shall enter into force the 1st day of the 2nd month following its publication on the
Mémorial520.
This law is not applicable to general meetings convened prior to its entry into force. In case of
more than one convening notice, or in case one notice was published on different dates, it is
only the date of the first notice or the first date of publication which will be taken into account.
This law does not apply to general meetings which have been postponed in application of (Law
of 1st August 2019) «Article 450-1, paragraph 5» of the amended Law of 10 August1915 on
commercial companies, or which have been reconvened for lack of quorum, where the relevant
general meetings have been convened prior to its entry into force.
«Chapter 4 – Abbreviated title»
Art. 13. (Law of 1st August 2019) «Abbreviated title»

This law may be referred to in abbreviated form as «Law of 24 May 2011 on the exercise of
certain rights of shareholders in general meetings of listed companies».
520
The Law of 24 May 2011 was published on 27 May 2011 and the Law of 1st August 2019 was published on 20
August 2019.
356
15276572_3
ANNEX III
Luxembourg Law of 13 January 2019 creating a Register of beneficial owners
Chapter 1 – Definitions
Art. 1.
For the purposes of this law, the following definitions shall apply:
1° «Register of beneficial owners» means the data file in which the information on beneficial
owners is kept;.
2° «administrator» means the economic interest grouping Luxembourg Business Registers;
3° «beneficial owner» means the beneficial owner defined in Article 1, paragraph 7, of the law
of 12 November 2004 on the fight against money laundering and terrorist financing, as
amended521;
521 “Beneficial owner” shall, in accordance with this Law [Law of 12 November 2004, as last amended by the law of 29
July 2022], mean any natural person(s) who ultimately owns or controls the customer or any natural person(s) on
whose behalf a transaction or activity is being conducted. The concept of beneficial owner shall include at least:
(a) in the case of corporate entities:
(i) any natural person who ultimately owns or controls a legal entity through direct or indirect ownership of a
sufficient percentage of the shares or voting rights or ownership interest in that entity, including through
bearer shareholdings, or through control via other means, other than a company listed on a regulated market
that is subject to disclosure requirements consistent with European Union law or subject to equivalent
international standards which ensure adequate transparency of ownership information.
A shareholding of 25% plus one share or an ownership interest of more than 25% in the customer held by a
natural person shall be an indication of direct ownership. A shareholding of 25% plus one share or an
ownership interest of more than 25% in the customer held by a corporate entity, which is under the control of
a natural person(s), or by multiple corporate entities, which are under the control of the same natural
person(s), shall be an indication of indirect ownership;
(ii) if, after having exhausted all possible means and provided there are no grounds for suspicion, no person
under point (i) is identified, or if there is any doubt that the person(s) identified are the beneficial owner(s),
any natural person who holds the position of senior managing official.
Control through other means may be determined in accordance with Articles 1711-1 to 1711-3 of the Law of
10 August 1915 on commercial companies, as amended, as well as in accordance with the following criteria:
(aa) the direct or indirect right to exercise a dominant influence over a customer, on the basis of a
contract entered into with that customer or of a clause of the articles of association of that customer,
where the law governing that customer allows being subject to such contracts or such statutory clauses;
(bb) the fact that a majority of the members of the administrative, management or supervisory bodies of
the customer, in office during the financial year as well as the preceding financial year and until the
preparation of the consolidated financial statements, were appointed through direct or indirect exercise
of the voting rights of one natural person;
(cc) the direct or indirect power to exercise or the actual direct or indirect exercise of a dominant
influence or control over the customer, including the fact that the customer is placed under a single
management with another undertaking;
(dd) an obligation, under the national law to which the parent undertaking of the customer is subject, to
prepare consolidated financial statements and a consolidated management report;
(b) in the case of fiducies and trusts, all following persons:
(i) the settlor(s);
(ii) the fiduciaire(s) or trustee(s);
357
15276572_3
4° «registered entity» means the entities registered in the Register of commerce and
companies referred to in Article 1, points 2° to (Law of 25 March 2020) «16°» of the law of
19 December 2002 on the register of commerce and companies and the accounting and
annual accounts of undertakings, as amended522;
5° «National authority» means the following authorities, administrations/agencies and
entities:
a) the procureur général d’État [senior public prosecutor], the procureur d’État [public
prosecutor] as well as their deputies;
b) the juges d’instruction [investigating judges];
c) the cellule de renseignement financier [Financial Intelligence Unit];
d) the officers of the judicial police referred to in Article 10 of the Code of criminal
procedure authorised by the director general of the Grand-Ducal Police;
e) the Commission de surveillance du secteur financier [CSSF, Financial Sector Supervisory
Commission];
(iii) the protector(s), if any;

(iv) the beneficiaries, or where the individuals benefiting from the legal arrangement or entity have yet to
be determined, the class of persons in whose main interest the legal arrangement or entity is set up or
operates;
(v) any other natural person exercising ultimate control over the fiducie or trust by means of direct or
indirect ownership or by other means;
(c) in the case of legal entities such as foundations, and legal arrangements similar to trusts, any natural person
holding equivalent or similar positions to those referred to in point (b).
522
2° commercial companies with the exception of sociétés commerciales momentanées (temporary commercial
companies) and sociétés commerciales en participation (commercial companies by participation) ;
3° groupements d’intérêt économique [economic interest groupings] ;
4° groupements européens d’intérêt économique [European economic interest groupings];
5° Luxembourg branches of commercial and civil companies, economic interest groupings and European economic
interest groupings set up under the law of another jurisdiction ;
«5bis° branches established in the Grand Duchy of Luxembourg by commercial and civil companies, economic interest
groupings and European economic interest groupings governed by Luxembourg law;
5ter° branches established in the territory of a Member State of the European Union by Luxembourg companies listed
in Annex II to Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to
certain aspects of company law; »
6° sociétés civiles [civil, i.e. non commercial, companies] ;
7° associations sans but lucratif [not for profit organisations] ;
8° fondations [charities] ;
9° associations d’épargne pension [pension savings associations] ;
10° associations agricoles [farming associations] ;
11° établissements publics de l’Etat et des communes [public institutions set up by the State or by municipalities] ;
12° associations d’assurances mutuelles [mutual insurance associations] ;
13° sociétés en commandite spéciale [special limited partnerships] ;
14° fonds communs de placement [common funds] ;
(Law of 25 February 2022)
«14bis° les fonds de titrisation [securitisation funds] ;»
« 15° mutuelles [provident and mutual benefit institutions]; »
16° other legal persons and entities whose registration is provided by law.
358
15276572_3
f) the Commissariat aux assurances [CAA or Insurance Commission];
g) the Administration de l’enregistrement, des domaines et de la TVA [Registration, Estate
and VAT Authority];
h) the Administration des douanes et accises [Customs and Excise];
i) the Service de renseignement de l’Etat [State Intelligence Service];
j) the Administration des contributions directes [Inland Revenue];
k) the Ministère des affaires étrangères et européennes [Ministry of Foreign and European
Affairs] within its specific competences as regards the fight against money laundering
and terrorist financing;
l) the Ministère des finances [Ministry of Finance] within its specific competences as
regards the fight against money laundering and terrorist financing;
m) the Office du contrôle des exportations, importations et du transit [Supervising agency
for exports, imports and transit].
6° «professionals» means the persons referred to in Article 2 of the law of 12 November 2004
on the fight against money laundering and terrorist financing, as amended523.
523 Article 2. Scope

(1) This title applies to the following persons:
1. credit institutions and professionals of the financial sector (PFS) licensed or authorised to exercise their
activities in Luxembourg in accordance with the Law of 5 April 1993 on the financial sector, as amended, and
payment institutions and electronic money institutions licensed or authorised to exercise their activities in
Luxembourg in accordance with the Law of 10 November 2009 on payment services, as well as tied agents as
defined in Article 1 of the Law of 5 April 1993 on the financial sector, as amended, and agents as defined in
Article 1 of the Law of 10 November 2009 on payment services, as amended, established in Luxembourg
1a. the natural and legal persons benefiting from the waiver in accordance with Article 48 or 48-1 of the Law of
10 November 2009 on payment services;
2. insurance undertakings licensed or authorised to exercise their activities in Luxembourg in accordance with
the Law of 7 December 2015 on the insurance sector, as amended, in connection with operations covered by
Annex II of the Law of 7 December 2015 on the insurance sector, as amended, and insurance intermediaries
licensed or authorised to conduct business in Luxembourg in accordance with the Law of 7 December 2015 on
the insurance sector, as amended, when they act in respect of life insurance and other investment related
services;
2a. the professionals of the insurance sector authorised to carry out their business in Luxembourg pursuant to
the Law of 7 December 2015 on the insurance sector, as amended.
3. pension funds under the prudential supervision of the Commissariat aux assurances;
4. undertakings for collective investment and investment companies in risk capital (SICAR), which market their
units, securities or partnership interests and to which the Law of 17 December 2010 relating to undertakings for
collective investment, as amended, or the Law of 13 February 2007 relating to specialised investment funds or
the Law of 15 June 2004 relating to the Investment company in risk capital (SICAR) applies;
5. management companies under the Law of 17 December 2010 relating to undertakings for collective
investment, as amended, and alternative investment fund managers governed by the Law of 12 July 2013 on
alternative investment fund managers, as amended ;
6. pension funds under the prudential supervision of the Commission de Surveillance du Secteur financier;
6a. managers and advisors of undertakings for collective investment, investment companies in risk capital
(SICAR) and pension funds;
6b. securitisation undertakings, when they perform trust and company service provider activities;
6c. insurance and reinsurance undertakings and their intermediaries whenever they perform credit and surety
operations;
359
15276572_3
6e. any person carrying out the Family Office activity within the meaning of the Law of 21 December 2012
relating to the Family Office activity;
7. the other financial institutions carrying out their activities in Luxembourg;
8. réviseurs d’entreprises (statutory auditors), réviseurs d’entreprises agréés (approved statutory auditors),
cabinets de révision (audit firms) and cabinets de révision agréés (approved audit firms) within the meaning of
the Law of 23 July 2016 concerning the audit profession, as amended,
9. accountants, within the meaning of the Law of 10 June 1999 on the organisation of the accounting profession
9a. accounting professionals, within the meaning of Article 2(2)(d) of the Law of 10 June 1999 on the
organisation of the accounting profession;
10. real estate agents, within the meaning of the Law of 2 September 2011 regulating the access to the
professions of craftsman, salesman, industrial as well as to some liberal professions, as amended, established or
acting in Luxembourg, including when acting as intermediaries in the letting of immovable property, but only in
relation to transactions for which the monthly rent amounts to EUR 10,000 or more;
10a. real estate developers within the meaning of the Law of 2 September 2011 regulating the access to the
profession of craftsman, salesman, industrial as well as to some liberal professions, as amended, established or
acting in Luxembourg, including when they are, in their capacity as intermediary, involved in purchase and sale
transactions of immovable property;
11. notaries, within the meaning of the Law of 9 December 1976 on the organisation of the profession of notary,
as amended;
11a. bailiffs within the meaning of the Law of 4 December 1990 on the organisation of bailiffs, as amended,
where they carry out valuation and public sales of furniture, movables and harvests;
12. lawyers, within the meaning of the Law of 10 August 1991 on the legal profession, as amended, when:
(a) assisting in the planning or execution of transactions for their customer concerning the:
(i) buying and selling of real property or business entities,
(ii) managing client money, securities or other assets,
(iii) opening or management of bank, savings or securities accounts,
(iv) organisation of contributions necessary for the creation, operation or management of companies,
(v) creation, domiciliation, operation or management of trusts, companies or other similar structures,
(b) or acting for and on behalf of their customer in any financial or real estate transaction;
(c) or providing a service of a trust and company service provider;
(d) or carrying out the activity of Family Office ;
« (e) or acting as depositories of bearer shares.»
13. persons other than those listed above who:
(a) exercise in Luxembourg (Law of 29 July 2022) «on the basis of a business relationship», an activity of tax
advice;
(b) exercise in Luxembourg, (Law of 29 July 2022) «on the basis of a business relationship», one of the
activities described in point (12)(a) and (b), or
(c) undertake to provide, directly or by means of other persons to which they are related, material aid,
assistance or advice on tax matters as principal business or professional activity;
13a. persons other than those listed above who exercise (Law of 29 July 2022) «on the basis of a business
relationship» in Luxembourg a trust and company service provider activity;
14. providers of gambling services governed by the Law of 20 April 1977 on gaming and betting on sporting
events, as amended, acting in the exercise of their professional activities;
14a. operators in a free zone authorised to carry out their activity pursuant to an authorisation by the
Administration des douanes et accises (customs and excise) within the Community control type 1 free zone
located in the municipality of Niederanven Section B Senningen called Parishaff L-2315 Senningerberg
(Hoehenhof).
15. other persons trading in goods, only to the extent that payments are made or received in cash in an amount
of EUR 10,000 or more, whether the transactions or series of transactions are executed in a single operation or
in several operations which appear to be linked;
360
15276572_3
Chapter 2 – Creation of the Register of beneficial owners
Art. 2.
There is established, under the authority of the [Minister of Justice], a register under the name
of «Registre des bénéficiaires effectifs» («Register of beneficial owners»), in short «RBE», whose
purposes are to preserve and make available information on beneficial owners of registered
entities.
Chapter 3 – Registration and preservation of the information on beneficial

owners in the Register of beneficial owners
Art. 3.
(1) The following information on beneficial owners of registered entities shall be registered and
kept in the Register of beneficial owners:
1° name;
2° first name(s);
3° nationality(ies);
4° day of birth;
5° month of birth;
6° year of birth;
7° place of birth;
8° country of residence;
9° the [exact/accurate] private or professional address mentioning:
a) for addresses in the Grand Duchy of Luxembourg: the habitual residence set out in the
Registre national des personnes physiques (National Registry of Natural Persons) or, for
professional addresses, the locality524, street and building number appearing in the
Registre national des localités et des rues (National Registry of Localities and Streets)
provided for in Article 2, letter g) of the amended law of 25 July 2002 reorganising the
Administration du cadastre et de la topographie, and the postal code;
b) for addresses abroad: the locality, street and number of the building abroad, the postal
code and the country;
16. virtual asset service providers;

17. safekeeping or administration service providers;
18. persons trading or acting as intermediaries in the trade of works of art, including when this is carried out by
art galleries and auction houses, where the value of the transaction or a series of linked transactions amounts to
EUR 10,000 or more;
19. persons storing, trading or acting as intermediaries in the trade of works of art when this is carried out by
free ports, where the value of the transaction or a series of linked transactions amounts to EUR 10,000 or more.
(2) The scope of application of this title and hence the notion of professional also includes branches in Luxembourg of
foreign professionals as well as professionals established under the laws of foreign countries who supply services in
Luxembourg without establishing any branch in Luxembourg.
524 Means the city, town or village.
361
15276572_3
10° for persons registered in the National Registry of Natural Persons: the identification
number provided for by the amended law of 19 June 2013 on the identification of natural
persons;
11° for non-resident persons not registered in the National Registry of Natural Persons: a
foreign identification number;
12° the type of beneficial interests held;
13° the extent of beneficial interests held.
(2) As an exception to paragraph 1, companies whose securities are admitted to trading on a
regulated market in the Grand Duchy of Luxembourg or in another State member to the
Agreement on the European Economic Area or in another third country imposing obligations
recognised as equivalent by the European Commission within the meaning of Directive
2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the
harmonisation of transparency requirements in relation to information about issuers whose
securities are admitted to trading on a regulated market and amending Directive 2001/34/EC,
only register the name of the regulated market on which their securities are admitted to trading.
Art. 4.
(1) The registration of the information referred to in Article 3 and any amendments thereto shall
be applied for by the registered entity or by its representative within one month from the time
the registered entity became aware or should have become aware of the event that makes the
registration or the amendment necessary. The notary passing the deed of incorporation of the
registered entity or any amendment thereof may also apply for the registration of the
information referred to in Article 3 and any amendments thereto.
(2) The information referred to in Article 3 must be adequate, accurate and current.
(3) An application for the registration of the information referred to in Article 3 and any
amendments thereto shall include the supporting documents provided by Grand-Ducal
Regulation525.
Art. 5.
(1) The Minister of Justice has the capacity of controller within the meaning of Regulation (EU)
2016/679 of the European Parliament and of the Council of 27 April on the protection of natural
persons with regard to the processing of personal data and on the free movement of such data,
and repealing Directive 95/46/EC (General Data Protection Regulation).
(2) The administrator is responsible for the registration, safeguarding, administrative
management and provision of the information on beneficial owners in accordance with the
provisions of this law.
The administrator has the capacity of processor of the file within the meaning of the above-
mentioned Regulation (EU) 2016/679.
525See art 5 of the Grand-Ducal Regulation of 15 February 2019 on the arrangements regarding registration and
payment of administrative costs as well as on the access to the information registered in the Register of beneficial
owners.
362
15276572_3
(3) Without prejudice to other channels of communication provided for in this law, any
communication between the administrator and the registered entity shall be made using a
secure electronic method keeping track of the transmission.
(4) The administrator is not responsible for the content of the registered information.
(5) The administrator may enter the information on beneficial owners of a registered entity in
the Register of beneficial owners at the request and on behalf of the registered entity.
(6) The Centre des technologies de l’information de l’Etat [the Government IT Center] is
responsible for the information technology management of the file within the meaning of the
above-mentioned Regulation (EU) 2016/679.
(7) The Centre des technologies de l’information de l’Etat [Government IT Center] also has the
capacity of processor of the file within the meaning of the above-mentioned Regulation (EU)
2016/679.
Art. 6.
(1) The application for registration referred to in Article 4, paragraphs 1 and 3, shall be made
electronically on the website of the administrator in accordance with the arrangements to be
provided by Grand-Ducal Regulation526.
(2) The administrator shall carry out the registration prescribed by law within three business
days following the submission of the application for registration referred to in Article 4,
paragraphs 1 and 3.
Art. 7.
(1) The administrator shall refuse any application for registration which is incomplete or does
not comply with legal and regulatory provisions. The administrator shall also refuse to register
or modify information which does not match the supporting documents.
In case of refusal of the registration application by the administrator for one of the reasons
referred to in the preceding paragraph, the administrator shall request the relevant registered
entity or, where appropriate, its authorised representative, to rectify its application by
completing, amending or withdrawing the information contained in the application made by the
registered entity, or by submitting the required supporting documents.
Such registered entity shall have fifteen days from the date of issuance of the request for
regularisation made by the administrator to comply with such request.
(2) If the application still fails to comply with legal and regulatory provisions or if the missing
information or supporting documents still have not been provided within the time limit provided
for in paragraph 1, sub-paragraph 3, the administrator shall notify the relevant registered entity
of its refusal to register. The refusal must be reasoned. It must mention the possibility for the
registered entity to make a judicial appeal by indicating the judge having jurisdiction, the
procedure to be followed and the deadline.
526See chapter 1 of the Grand-Ducal Regulation of 15 February 2019 on the arrangements regarding registration and
payment of administration costs as well as on the access to the information registered in the Register of beneficial
owners.
363
15276572_3
The notifications are made by the administrator by sending a registered letter with
acknowledgment of receipt.
(3) An appeal against the decision to register or the refusal to register can be made by any
interested party. The appeal is brought before the judge presiding the chamber of the Tribunal
d’Arrondissement (District Court) dealing with commercial matters for merchants and before the
president of the Tribunal d’Arrondissement (District Court) dealing with civil matters for the
persons referred to in Article 1, points 6°, 7°, 8°, 10° and 11° of the law of 19 December 2002 on
undertakings, as amended.
The action is brought and passed on by the court in the same manner as for urgency matters in
accordance with Articles 934 to 940 of the New Code of Civil Procedure.
(4) Any [court] decision ordering a registration or an amendment of a registration which has
become final shall be implemented by the administrator.
In case the refusal of the administrator to carry out the registration is confirmed by a [court]
decision which has become final, the relevant registered entity must, within fifteen days of
service of the decision, make its application compliant with the law or provide the missing
information.
If the registered entity fails to make its request compliant with legal and regulatory provisions or
to provide the missing information, the administrator shall transmit the file of such registered
entity to the procureur d’État (public prosecutor).
Art. 8.
(1) Each person with access to information in the Register of beneficial owners pursuant to
Article 11 as well as each professional is required to inform the administrator upon, and within
thirty days of, its noticing either the existence of erroneous data or the absence of all or part of
the data in the Register of beneficial owners, or a registration, amendment or deletion failure.
(2) The procedure of Article 9 is applicable.
(3) Whilst the procedure of Article 9 is ongoing, a specific reference to the finding referred to in
paragraph 1 shall be registered by the administrator in the Register of beneficial owners.
Art. 9.
(1) In the cases referred to in Article 8, paragraph 1, the administrator shall by simple letter
request the registered entities to provide or update the registered information.
(2) In addition to the cases referred to in Article 8, paragraph 1, the administrator may by simple
letter request the registered entity to provide or update registered information.
(3) Registered entities to whom a request by the administrator within the meaning of
paragraphs 1 or 2 has been addressed must verify their entries and respond to the administrator
in accordance with a procedure determined by the administrator.
(4) If there is no response within thirty days of the date of dispatch of the request of the
administrator to the registered entity, the administrator transmits the file of such registered
entity to the procureur d’État (public prosecutor).
364
15276572_3
Art. 10.
(1) The information referred to in Article 3 as well as applications for registration shall be kept
by the Register of beneficial owners for five years after the date of the de-registration of the
registered entity from the Register of commerce and companies.
(2) The supporting documents referred to in Article 4, paragraph 3, shall be kept by the Register
of beneficial owners for five years.
Chapter 4 – Access to the Register of beneficial owners
Art. 11.
(1) In the context of the performance of their duties, national authorities shall have access to
the information referred to in Article 3.
(2) The implementation arrangements regarding the granting of access to national authorities
shall be laid down by Grand-Ducal Regulation527.
Art. 12.
Access to the information referred to in Article 3, paragraph 1, points 1° to 8°, 12° and 13° shall
be available to any person.
Art. 13.
(1) Access for searching the Register of beneficial owners by the authorities and persons
referred to in Articles 11 and 12 shall be via electronic means in accordance with the access
arrangements laid down by Grand-Ducal Regulation.
The search criteria are laid down by Grand-Ducal Regulation528.
(2) The information technology system through which access to the Register of beneficial
owners is granted to the authorities referred to in Article 11 must be set up in a manner that
access to the files is protected by means of a strong authentication, that the information relating
to the person who conducted a search, the information viewed, the date, the time and the
reference of the file in which the search was made as well as the precise reason for the search
can be tracked. Log data must be kept for a period of five years from the date it was logged,
after which it shall be erased.
(3) No information regarding a search of data made by an authority referred to in Article 11 may
be communicated to the registered entities concerned or their beneficial owners.
The administrator shall make sure that the searching of data in the Register of beneficial owners
can be carried out without the relevant registered entity or its beneficial owners being notified
thereof.
527 See art 8 of the Grand-Ducal Regulation of 15 February 2019 on the arrangements regarding registration and
owners.
528 See articles 7 and 8 of the Grand-Ducal Regulation of 15 February 2019 on the arrangements regarding registration
and payment of administrative costs as well as on the access to the information registered in the Register of beneficial
owners.
365
15276572_3
Art. 14.
The administrator issues excerpts in electronic or paper format containing the information
referred to in Article 3 pursuant to the conditions laid down in Articles 11 and 12529.
Art. 15.
(1) A registered entity or a beneficial owner may request, on a case-by-case basis and in the
following exceptional circumstances, on the basis of a duly reasoned application to the
administrator, to limit access to the information referred to in Article 3 to national authorities,
credit institutions and financial institutions as well as to bailiffs and notaries acting in their
capacity as public officials, where such access would expose the beneficial owner to a
disproportionate risk, a risk of fraud, kidnapping, blackmail, extortion, harassment, violence or
intimidation or where the beneficial owner is a minor or otherwise incapacitated530.
(2) The administrator shall provisionally limit the access to the information referred to in Article
3 to national authorities upon receipt of the application and until notification of its decision,
and, in case of refusal of the request, for an additional period of fifteen days. In the event of an
appeal against a decision of refusal, the limited access to the information is maintained in place
until the decision of refusal can no longer be appealed.
(3) A limitation of access to information may be granted only for the duration of the
circumstances which justify the limitation without exceeding a maximum period of three years.
It may be renewed by a decision of the administrator, on the basis of a reasoned application for
renewal made by the registered entity or the beneficial owner and addressed to the
administrator no later than one month before the expiration date of the limitation.
(4) A notice indicating the limitation of access to information and the date of such decision shall
be published in Register of beneficial owners by the administrator.
(5) Any interested party intending to contest a decision made by the administrator pursuant to
paragraphs 2 or 3, may file an appeal against such decision in accordance with the provisions of
Article 7, paragraph 3, within 15 days of the publication of the notice referred to in paragraph 4.
Article 7, paragraph 4 is applicable.
Chapter 5 – Special provisions regarding the operation of the register of

beneficial owners
Art. 16.
The remuneration of the administrator for the operation and usage costs of the Register of
beneficial owners is laid down by a Grand-Ducal Regulation within the limits of the operating
and usage costs [actually] incurred.
529 See article 9 of the Grand-Ducal Regulation of 15 February 2019 on the arrangements regarding registration and
owners.
530 Literally translated from the French (including use of kommata), there being a debate whether this should be read
as: «(...) expose the beneficial owners to a disproportionate risk of fraud, kidnapping, blackmail, etc.»
366
15276572_3
Chapter 6 – Provision, obtainment and preservation of information on
beneficial owners
Art. 17.
(1) Each beneficial owner of a registered entity shall provide the latter with the information
necessary for it to fulfill its obligations pursuant to Articles 3, 4, 7 and 9.
(2) Registered entities must obtain and keep, at their registered office, the information on their
beneficial owners referred to in Article 3, as well as the corresponding supporting documents.
(3) This information must be adequate, accurate and current.
(4) In case of de-registration from the register of commerce and companies following the
dissolution of a registered entity, the registered entity must designate the place where the
information referred to in Article 3 and the corresponding supporting documents are kept for
five years after the date of the de-registration.
The indication of the designated place is published in the Recueil électronique des sociétés et
associations, in accordance with the provisions of Title I, Chapter Vbis, of the Law of 19
accounts of undertakings, as amended.
Art. 18.
Registered entities must provide to the national authorities, on request and within three days of
such request, the information referred to in Article 3 and the information on their owner.
Art. 19.
With the exception of situations in which access to information has been limited in accordance
with Article 15, the registered entities must provide, upon a reasoned request and within three
days of such request, the information referred to in Article 3, points 1° to 8°, 12° and 13° and
information on their proprietors531 to professionals in the context of the latters’ performance of
their customer due diligence in accordance with Articles 3 to 3-3 of the law of 12 November
2004 on the fight against money laundering and terrorist financing, as amended.
Chapter 7 – Criminal law provisions
Art. 20.
(1) A registered entity which fails to submit, within the time limits referred to in Article 4,
paragraph 1, sub-paragraph 1 and Article 7, paragraph 4, an application for registration in the
Register of beneficial owners in order to register all the information on its beneficial owners
referred to in Article 3 and their modification, shall be punished with a fine of 1,250 euros to
1,250,000 euros.
(2) A registered entity which knowingly submits an application for registration to the Register of
beneficial owners in order to register information referred to in Article 3 which is inaccurate,
incomplete or not current shall be punished with a fine of 1,250 euros to 1,250,000 euros.
531 The French text uses the term «propriétaire» and not the term «bénéficiaire effectif» (beneficial owner).
367
15276572_3
Art. 21.
(1) A registered entity which fails to obtain and keep, at its registered office, all the information
on its beneficial owners referred to in Article 3 shall be punished with a fine of 1,250 euros to
1,250,000 euros.
(2) A registered entity which knowingly provides to the national authorities referred to in Article
18 or to the professionals referred to in Article 19, information referred to in Article 3 which is
inaccurate or not current shall be punished with a fine of 1,250 euros to 1,250,000 euros.
(3) A beneficial owner who fails to fulfill his obligation under Article 17, paragraph 1 shall be
punished with a fine of 1,250 euros to 1,250,000 euros.
Chapter 8 – Amending provisions
Art. 22.
Article 10 of the law of 19 December 2002 on the register of commerce and companies and the
accounting and annual accounts of undertakings, as amended, is completed by a point 4° which
takes the following content:
«4° where applicable, the indication of an additional mention provided for by law.»
Art. 23.
After Article 12 of the same law, are inserted the following new Articles 12bis and 12ter:
«Art. 12bis.
Shall also be communicated the national identification number of any natural person registered
in the register of commerce and companies, as provided by the law of 19 June 2013 on the
identification of natural persons, as amended.
Natural persons who do not have an identification number as provided for by the law of 19 June
2013 on the identification of natural persons, as amended, are allocated such an identification
number in accordance with Article 1, paragraph 2, sub-paragraph of the law of 19 June 2013 on
the identification of natural persons, as amended at the time of their registration by the
administrator of the register of commerce and companies.
Art. 12ter.
The precise Luxembourg addresses to be entered in the register of commerce and companies,
pursuant to the present law, shall mention the locality, the street, the building number
appearing on or to be communicated to the Registre national des localités et des rues (National
Registry of Localities and Streets), as provided for in Article 2, letter g) of the amended law of 25
July 2002 reorganising the Administration du cadastre et de la topographie, and the postal
code.»
Art. 24.
Article 22-1, paragraph 2, of the same law is amended as follows:
«If in electronic form, this signature must be qualified as provided in Regulation (EU) No
910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic
identification and trust services for electronic transactions in the internal market and repealing
Directive 1999/93/EC.»
368
15276572_3
Art. 25.
Article 22-4 of the same law is repealed.
Art. 26.
Article 23 of the same law is amended as follows:
1° In letter a), the words «and the fees for publication in the Recueil électronique des sociétés et
associations» are deleted.
2° In letter b), the words «and the fees for publication in the Recueil électronique des sociétés et
associations» are deleted.
Chapter 9 – Transitional provision
Art. 27.
Registered entities must comply with the provisions of this law no later than six months after its
entry into force532.
Access for consultation may be requested after the expiry of this six-month period.
Chapter 10 –Quotation of the law
Art. 28.
Reference to this law shall be made as «Law of 13 January 2019 creating a Register of beneficial
owners».
Chapter 11 – Entry into force
Art. 29.
The provisions of this law shall enter into force on the first day of the second month following
the month of its publication in the Official Journal of the Grand Duchy of Luxembourg533.
532 This time limit ends on 31 August 2019 (inclusive).

533 The law was published on 15 January 2019 and entered into force on 1st March 2019.
369
15276572_3
Grand-Ducal Regulation of 15 February 2019 on the arrangements regarding
registration and payment of administrative costs as well as the access to the
information registered in the Register of beneficial owners
Chapter 1. Arrangements regarding registration in the Register of beneficial

owners
Art. 1.
(1) The registered entity shall apply for registration of the information provided for in Article 3 of
the law of 13 January 2019 creating a Register of beneficial owners through the administrator’s
website.
(2) Each application for registration accepted by the administrator shall be recorded in the file of
the registered person or entity electronically kept by the administrator.
(3) Each registration is dated the day on which the application for registration is accepted by the
administrator and is assigned a unique number. Such acceptance shall generate a receipt of
acceptance of the registration which is forwarded to the applicant.
(4) The administrator may prevent the access to its website to any electronic certificate holder
who is found to make an abusive or fraudulent use thereof.
Art. 2.
Registrations must be made in French, German or Luxembourgish, in a complete and accurate
manner. The alphanumeric characters to be used are the letters of the Latin alphabet and
Roman or Arabic numerals. The use of additional characters and symbols is allowed, if they have
a meaning in the spoken language.
Art. 3.
The administrator keeps a complete record of the registrations, using an electronic process.
Art. 4.
(1) The administrator’s office is located in the municipality of Luxembourg. The administrator
may have offices in other municipalities of the Grand Duchy of Luxembourg. The administrator
shall post its office opening hours on its website.
(2) The administrator shall provide technical assistance in its offices to registered entities which
are materially unable to effect the registrations required by the above-mentioned Law of 13
January 2019 in accordance with Article 1.
Art. 5.
The supporting documents referred to in Article 4, paragraph 3 of the above-mentioned Law of
13 January 2019 include:
1° for natural persons who are not registered in the Register of commerce and companies,
official documents establishing the identity of the beneficial owners, accompanied by a
370
15276572_3
French, German or Luxembourgish translation if the official documents are not drafted in
Latin characters;
2° if applicable, the application for a limitation of access to information as referred to in
Article 15, paragraph 1 of the above-mentioned Law of 13 January 2019; and
3° if applicable, a document certifying that the entity is a company whose securities are
admitted to trading on a regulated market in the Grand Duchy of Luxembourg or in another
State member to the Agreement on the European Economic Area or in another third
country imposing obligations recognised as equivalent by the European Commission within
the meaning of Directive 2004/109/EC of the European Parliament and of the Council of 15
December 2004 on the harmonisation of transparency requirements in relation to
information about issuers whose securities are admitted to trading on a regulated market
and amending Directive 2001/34/EC.
Art. 6.
Applications for the limitation of access provided for in Article 15 of the above-mentioned Law
of 13 January 2019 are transmitted to the administrator in accordance with the provisions of
Articles 1 and 2 at the same time as or after applications for registration.
Chapter II. Access to information
Art. 7.
(1) The Register of beneficial owners may be accessed free of charge on the administrator's
website.
(2) A search in the Register of beneficial owners is carried out using either the corporate name,
the firm name, the name or the registration number of the registered entity in the Register of
commerce and companies.
(3) Access to information on beneficial owners covered by a limitation of access granted in
accordance with Article 15, paragraph 1 of the above-mentioned Law of 13 January 2019 by
credit institutions, financial institutions as well as bailiffs and notaries acting in their capacity as
public officials, is made by excerpts to be requested in accordance with Article 9, paragraph 2.
Art. 8.
(1) Access to the Register of beneficial owners by the national authorities defined in Article 1,
point 5o of the above-mentioned Law of 13 January 2019, shall require a request by the national
authority addressed to the administrator.
(2) A search in the Register of beneficial owners made by a national authority is carried out using
either the corporate name, the firm name, the name or the registration number of the
registered entity in the Register of commerce and companies or [the name of the] beneficial
owner.
(3) National authorities shall have access to the registered and historical information of the
registered and de-registered entities contained in the Register of beneficial owners.
371
15276572_3
Art. 9.
(1) The administrator shall issue excerpts and certificates in secure paper format on the
letterhead of the Register of beneficial owners or in electronic format against payment of the
administrative costs set out in Annex A.
(2) Requests for excerpts and certificates shall be made on the administrator’s website.
(3) Excerpts and certificates issued shall contain the handwritten or electronic signature of the
administrator.
Art. 10.
(1) Entities who receive a verification request from the administrator pursuant to Article 9 of the
above-mentioned Law of 13 January 2019, must verify their information which is on the
administrator's website.
(2) If the information entered is adequate, accurate and current, the entity shall confirm its data
through the administrator’s website.
(3) If the entity realises that the information registered is inadequate, inaccurate or not current,
it shall update its information in accordance with Article 1.
Chapter III. Arrangements regarding payment
Art. 11.
(1) Any accepted application for registration, as well as any request for an excerpt or certificate,
shall give rise to payment to the administrator of the administrative costs set out in Annex A.
(2) Administrative costs will be due once per individual if the registration is made by an
applicant who is not approved for payments by way of monthly invoice as provided for in Article
12, paragraph 2.
Art. 12.
(1) Payments are made electronically. However, the entities referred to in Article 4, paragraph 2
may pay the administrative costs in cash.
(2) Applicants who regularly make a large number of applications to the administrator for
registration, for excerpts or for certificates, may request to be authorised to make payment on
the basis of a monthly invoice, which shall be prepared after the administrative costs set out in
Annex A due for these applications have been recorded.
(3) Such a request shall include the applicant's written undertaking to pay to the administrator
all amounts due as administrative costs as a single payment within 30 days of the date of
issuance of the invoice prepared and dispatched by the administrator.
(4) Requests must be filed with the administrator.
(5) The administrator shall decide on the requests and notify the applicants of its decisions. If
approval is granted, a reference number is provided to the applicant.
(6) The administrator may withdraw the authorisation by reasoned decision when the amounts
due for administrative costs remain unpaid for two months following the date of issuance of the
monthly invoice prepared by the administrator.
372
15276572_3
Chapter IV. Transitional and final provisions
Art. 13.
Entities subject to the above-mentioned Law of 13 January 2019beneficial534 are exempted from
the payment of the administrative costs set out in Annex A for a period of six months after the
entry into force of this regulation535.
Art. 14.
This Grand-Ducal Regulation shall enter into force on 1 March 2019.
Art. 15.
The Minister of Justice is responsible for the implementation of this regulation which shall be
published in the Official Journal of the Grand Duchy of Luxembourg.
534The word “beneficial” attached to “2019” is the result of an oversight of the government. In draft form, the Grand-
Ducal Regulation referred to the entire name of the law of 13 January 2019 creating a Register of beneficial owners.
The entire name was finally removed, whilst the word “beneficial” was mistakenly retained.
535 This period ends on 31 August 2019 (inclusive).
373
15276572_3
Annex A – Tarifs
Fee Schedule of the Register of beneficial owners
All amounts are in EUR without VAT
(fees are subject to VAT at 17%)
Type of declaration
Registration € 15
Amendment € 15
Extract
Extract in paper form € 10
Electronic extract €5
Certificate of absence of registration of beneficial owener(s)
Certificate in paper form € 10
Electronic certificate €5
Other fees
Supplement for priority treatment of a request for an extract or € 100
certificate in paper form
Support desk for applications Declaration fee + € 20
Derogation request – article 15 Declaration fee + € 200
374
15276572_3
Annex IV
Title IX of the Civil Code536 «On Companies»537
Chapter I. – General provisions

«Art. 1832.
A company may be incorporated by two or more persons who agree to contribute something to
a common endeavour with a view to sharing the benefits which may result therefrom or, in the
cases provided for by law, through the act of will of a person who allocates assets to the conduct
of a specific activity.»538
Art. 1833.
A company must have a lawful purpose and be contracted for the common interest of the
parties. Every member must contribute cash, other assets or his industry.
Art. 1834.
All companies must be drawn up in writing, in case their object has a value in excess of «3.75
euros»539.
Testimonial evidence is not admissible against and beyond the content of the constitutive
instrument, nor with respect to what may be alleged to have been said before, at the time of
and since this instrument, even in case of an amount or value of less than «3.75 euros»540.
Chapter II. – Of the various sorts of companies
Art. 1835.
Companies are universal or special.
536 Decreed on 8 March 1804, entered into force on 18 March 1804.

537 Title amended by the Law of 28 December 1992 amending the Law of 10 August 1915 on commercial companies
and introducing the single-shareholder société à responsabilité limitée (Mém. A – 106 of 30 December 1992, p.3141;
parl. doc. 3637).
538 Cf. the amended Law of 10 August 1915: «Art. 100-3. Companies the object of which is civil and which subject
themselves to the rules of Article 1832 et seq. of the Civil Code, without prejudice to the amendments made thereto
by this Appendix, shall similarly constitute a legal person separate from that of their members, and the service of any
process on behalf of or upon such companies shall be valid if made in the name of, or against, the company alone.
Article 710-4 shall apply to them.»
539 Amount amended by Article 48 of the Law of 1 August 2001 on euro conversion of 1 January 2002 and amending
certain legislative provisions (Mém. A - 117 of 18 September 2001, p. 2440; parl. doc. 4722).
540 Amount amended by Article 48 of the Law of 1 August 2001 on euro conversion of 1 January 2002 and amending
certain legislative provisions (Mém. A - 117 of 18 September 2001, p. 2440; parl. doc. 4722).
375
15276572_3
Section I. – Of universal companies
Art. 1836.
Universal companies are of two kinds: the société de tous biens présents (the company of all
current assets) and the société universelle de gains (the universal company of profits).
Art. 1837.
The société de tous biens présents is the company by which the parties put in common all
movable and immovable property which they currently possess and the profits they may make
from the same.
The parties may also include in it any other kind of profits; however assets which may devolve to
them by way of succession, donation or bequest, do not enter into such company but for
enjoyment only; any stipulation aiming at including the property of such assets therein is
prohibited, except between spouses, and then only in accordance with the rules applicable to
them.
Art. 1838.
The société universelle de gains contains everything which the parties will acquire in any capacity
through their industry as long as the company lasts: movable assets possessed by each member at
the time of the contract are also included; however their personal immovable property is included
only for enjoyment.
Art. 1839.
A common universal company agreement drawn up without any other explanation only creates
the société universelle de gains.
Art. 1840.
A universal company may only take place between persons respectively capable of conveying to
each other or of receiving from each other, and who are not prohibited from favouring each
other at the expense of other persons.
Section II. – Of special companies
Art. 1841.
Special companies are those which only apply to certain specified things, to their usage, or to the
profits to be derived therefrom.
Art. 1842.
The contract by which various persons associate together, either for a specified undertaking, or
for the exercise of a trade or profession, is likewise a special company.
376
15276572_3
Chapter III. – Of the obligations of the members towards each other and
towards third parties
Section I. – Of the obligations of members towards each other
Art. 1843.
A company shall begin at the moment the contract is made, if it does not specify another time.
Art. 1844.
If there is no agreement on the duration of the company, it shall be deemed to be contracted
for the whole time of life of the members without prejudice to what is said in Article 1869: or, in
the case of a matter with a limited duration, for the whole time such matter is to last.
Art. 1845.
Each member owes the company everything he promised to contribute to it.
Where this contribution consists in a specific property and the company is evicted from the same,
the member is accountable to the company in the same manner as a seller is answerable to a
purchaser.
Art. 1846.
The member who had to contribute a sum of money to the company and who failed to do so, by
operation of law and without any request having been made, owes interest on such amount as
from the day it was to be paid.
The same applies to amounts he took from the funds of the company, as from the day he took
them therefrom for his own benefit.
The foregoing being without prejudice to greater damages, where applicable.
Art. 1847.
Members who committed to contribute their industry to the company, shall account to it for all the
profits they made by the kind of industry which is the object of the company.
Art. 1848.
Where one of the members is, for his own particular account, creditor of a sum due and payable
by a person who likewise owes a sum due and payable to the company, what he receives from
this debtor must be applied to the discharge of the claim of the company and his personal claim
in the proportion of both claims, even if by his receipt he applied the whole amount to his claim;
however if he stated in his receipt that the application is entirely to the payment of the claim of
the company, such provision shall be effective.
Art. 1849.
Where one of the members has received his full share of the claim in common, and where the
debtor has since become insolvent, such member shall be bound to return what he received to
the common estate, even if he had specifically granted discharge “for his share”.
377
15276572_3
Art. 1850.
Every member shall be liable towards the company for the damages caused to it by his fault,
without the possibility to offset these damages with profits his industry may have produced in
other affairs.
Art. 1851.
If the objects, only the enjoyment of which has been contributed to the company, are specific
and ascertained property which are not liable to be consumed by being used, they are at the risk
of the member who is the owner.
If these objects are liable to be consumed, if they deteriorate whilst being kept, if they were
intended to be sold, or if they were contributed to the company according to an estimated value
ascertained by an inventory, they are at the risk of the company.
If the object has been appraised, the member can only reclaim the amount resulting from its
appraisal.
Art. 1852.
A member has a claim against the company, not only for the amounts he has disbursed for the
Company's benefit, but likewise for the obligations entered into by him in good faith for the
business of the company and for the risks inseparably connected to his management.

«Art. 1852bis.
Unless otherwise provided for by the articles, if a security is encumbered with an usufruct
notified to the company or accepted by it in accordance with the provisions of Article 1690;
1° the voting right shall be with the bare-owner, except for decisions regarding the allocation of
profits where it is reserved to the usufructuary, and
2° the usufructuary shall be entitled to the profit which the company decides to distribute.
In the event of repurchase by the company of its own securities, the bare-owner and the
usufructuary shall respectively be entitled to the value of the bare-ownership and of the usufruct
relating to such securities.
Upon the dissolution of the company, the usufructuary shall be entitled to the imperfect usufruct
exercised in accordance with Article 587 on the sums paid to the bare-owner or on the value of
the property that has been handed to him.»
Art. 1853.
«If the constitutive instrument does not determine the share of each member in the profits or
losses, the share of each member shall be in proportion of what he has contributed to the equity
of the company.
As regards the member who contributed his industry only, his share in the profits or in the
losses is, without any clause to the contrary, settled as if what he contributed was equal to that
of the member who contributed the least.
378
15276572_3
Where there are several classes of securities, the corporate agreement may provide that their
respective financial rights track the performance of one or more assets or activities of the
company.»
Art. 1854.
If the members agreed to refer to one of them or to a third party for the regulation of their
respective share, such regulation may not be challenged unless it is obviously unequitable.
No claim shall be accepted in this respect, if three months have elapsed since the party claiming
to be adversely affected became aware of the regulation, or if he has commenced performance
of such regulation.
Art. 1855.
The agreement which would allocate all the profits to one of the members is null and void.
The same shall apply to any provision which would exempt from any contribution to the losses the
amounts or property contributed to the equity of the company by one or more members.
«Arrangements pursuant to which current or future members provide for the transfer or
acquisition of corporate rights and the purpose of which is not to infringe the participation in the
profits or the contribution to losses in the corporate relationships, shall not be prohibited.»
Art. 1856.
The member in charge of management pursuant to a special clause in the corporate contract may
take, notwithstanding objection by the other members, all actions which depend upon his
management, provided that it be without fraud.
This power cannot be revoked without a lawful cause for as long as the company lasts; however if
it was only granted by an instrument subsequent to the corporate contract, it may be revoked like
a simple mandate.
Art. 1857.
Where several members are in charge of management without their duties being determined, or
in the absence of a provision stating that one member cannot act without the other, each of
them may separately perform all acts of management.
Art. 1858.
If it has been provided that one of the managers shall not do anything without the other, one
alone cannot act in the absence of the other manager, even if the latter is for the time being
unable to participate in any acts of management, until there is a new agreement between the
members.
Art. 1859.
In the absence of special provisions on management, the following rules shall be followed:
1° The members shall be deemed to have given each other the power to manage on behalf of
the other member(s). What each member does is valid even for the share of his partners
without him having received their consent; except for the right of his partners, or one of
them, to challenge the transaction before it is concluded.
379
15276572_3
2° Each member may use the assets which belong to the company, provided that he employs
them for the uses for which they are intended, and that he does not use them against the
interest of the company, or in such a way as to prevent his partners from using them in
accordance with their rights.
3° Each member has the right to cause his partners to contribute with him to the expenses
which are necessary for the preservation of the assets of the company.
4° None of the members may make innovations to the immovable property appertaining to the
company without the consent of the other members, even if he claims that they would be
beneficial to the company.
Art. 1860.
A member who is not a manager may neither dispose of nor commit assets, including movable
assets, appertaining to the company.
Art. 1861.
Each member may, without the consent of his partners, enter into a partnership with a third
party with respect to the share he has in the company; he may not, without such consent, make
this third party a member of the company, even if he was in charge of its management.
Section II. – Of the obligations of members as regards third parties
Art. 1862.
In companies other than commercial companies, members are not jointly liable for the debts of
the company, and none of the members may create obligations for the other members if they
have not granted him the power to do so.
Art. 1863.
The members shall be liable to the creditor with whom they have contracted, each for an equal
amount and equal share, even if the share of one of them in the company was smaller, unless the
relevant deed specifically limited the obligation of such member on the basis of such share.
Art. 1864.
A stipulation that the obligation is contracted on behalf of the company shall only bind the
contracting member and not the other members, unless they had given him power to do so, or
unless the matter turned out to be to the benefit of the company.
Chapter IV. – Of the different manners in which the company ends
Art. 1865.
A company shall end:
1° upon expiration of the period for which it was entered into;
2° upon the extinction of the object, or the completion of the matter;
3° upon the natural death of one of the members;
380
15276572_3
4° upon (...)541 one of them being subject to a restraint or being insolvent;
5° upon the intention expressed by one or more members to no longer be associated in the
company.

«Art. 1865bis.
The company shall not be dissolved as a result of all of the corporate units coming to be held by
a single holder. Any interested party may apply for the company to be dissolved if the situation
has not been cured within a year. The court may grant the company a period of up to six months
to cure the situation. It may not order the dissolution if, on the day where it rules on the
substance of the case, the matter has been cured.
The member who has come to hold all the units of a company may dissolve that company at any
time.
If the usufruct of all the units belongs to the same person, this shall have no impact on the
existence of the company.
Dissolution shall entail the universal transmission of the assets and liabilities of the company to
the sole member without liquidation. Within 30 days from the publication of the dissolution,
creditors may apply to the judge presiding the chamber of the Tribunal d’Arrondissement
[District Court] sitting as in urgency matters for the provision of adequate safeguards. The
president of the court may only reject such an application if the creditor is already in possession
of adequate safeguards or if such safeguards are unnecessary, having regard to the estate of the
member.»
Art. 1866.
The extension of the duration of a company with limited duration may only be evidenced by an
instrument in writing passed in the same form as the corporate contract.
Art. 1867.
Where one of the members promised to contribute the ownership of an asset to the common
estate, the loss of such asset before its contribution results in the dissolution of the company
with respect to all members.
The company shall also in any event be dissolved in case of loss of the asset, where only its
enjoyment had been contributed to the common estate, and where ownership had remained
with the member.
However, the company shall not be dissolved by the loss of the object whose ownership has
already been contributed to the company.
Art. 1868.
In case it had been provided that in the event of death of one of the members, the company
should continue with his heir, or only between the surviving members, such provision shall be
followed; in the latter case, the heir of the deceased shall only be entitled to a share in the
541This Article originally featured also «civil death» as a cause of dissolution. Civil death was abolished by Article 18 of
the Constitution introduced by an amendment to the Constitution on 27 November 1856.
381
15276572_3
company according to the situation of the company at the time of death, and shall only
participate in subsequent rights which are a necessary consequence of what has been done
before the death of the member to whom he succeeds.
Art. 1869.
The dissolution of the company by the will of one of the parties shall only apply to companies
whose duration is unlimited, and shall occur by a renunciation notified to all the members,
provided such renunciation is made in good faith and not untimely.
Art. 1870.
A renunciation is not made in good faith where the member renounces in order to appropriate
the profit which the members had intended to derive in common.
It is made untimely where things are no longer whole, and where it is important for the company
that its dissolution be postponed.
Art. 1871.
The dissolution of companies with a fixed duration may only be applied for by one of the members
before the agreed expiration date for just cause, such as where another member fails in its
obligations, or where a constant disability makes him unable to deal with the matters of the
Company, or in other similar cases, whose legitimacy and seriousness are to be left to the
appreciation of the court.
Art. 1872.
Rules regarding the partition of inheritances, the manner of such a partition, and the obligations
resulting from the same between heirs, apply to partitions between members.
Provision relating to commercial companies
Art. 1873.
The provisions of the present Title shall apply to commercial companies only with respect to
those items which are not contrary to the laws and usages of commerce.
382
15276572_3
Annex V
Criminal Code excerpts– Legal entities
Book I, Chapter II-1.- Penalties applicable to legal entities542
Art. 34.
«Where a crime or felony is committed on behalf and in the interest of a legal entity by one of
its corporate bodies, one or more of its legally appointed or de facto directors543 or any person,
who acts either individually or as part of a body of the legal entity and who exercises
management authority within the legal entity based on the authority to represent the legal
entity, the authority to take decisions on behalf of the legal entity or the power to exercise
control within the legal entity, the legal entity may be declared criminally liable and incur the
penalties provided for by Articles 35 to 38.
The legal entity may also be declared criminally liable and incur the penalties provided for by
Articles 35 to 38 where a lack of supervision or control by a person referred to in the first
paragraph of this Article has made possible the commission of a crime or felony for the benefit
of that legal entity by a person under his or her authority.
The criminal liability of legal entities does not exclude that of the individuals who are the
perpetrators or accomplices of the same offences.
The above paragraphs shall not apply to the State or to municipalities. »
Art. 35.
Penalties for crimes or felonies incurred by legal entities are:
1) fines, under the conditions and pursuant to the terms provided for by Article 36;
2) special confiscation;
3) the exclusion from the right to participate in tenders for public procurement and
concession contracts ;
4) dissolution, under the conditions and in the manner provided for by Article 38.
Art. 36.
Fines applicable to legal entities in respect of a crime or felony are of at least 500 euros.
In respect of crimes, the maximum amount of the fine applicable to legal entities is 750,000
euros.
In respect of felonies, the maximum amount of the fine applicable to legal entities is equal to
twice the amount provided for by the law punishing the offence with respect to individuals.
Where no fine is provided for individuals by the law punishing the offence, the maximum
542 As introduced by the Law of 3 March 2010 (Mém. A - 36 of 11 March 2010, p. 614) and supplemented by the Law
of 21 December 2012 (Mém. A - 296 of 31 December 2012, p. 4698).
543 The French version uses the term «dirigeants» which also covers managers (gérants) and possibly senior
executives.
383
15276572_3
amount of the fine applicable to legal entities may not exceed twice the sum obtained by
multiplying the maximum penalty of imprisonment provided, expressed in days, by the amount
taken into consideration with respect to coercive detention.
Art. 37.
The maximum rate of the fine incurred pursuant to Article 36 is increased fivefold where the
criminal liability of the legal entity is incurred for one of the following offences:
- crimes and felonies against State security
- acts of terrorism and acts of financing terrorism
- enforced disappearance within the meaning of Article 442-1bis
- violation of the laws on prohibited weapons in relation with a criminal association or a
criminal organisation
- human trafficking and procuring
- drug trafficking in relation with a criminal association or a criminal organisation
- laundering and receiving of stolen goods
- extortion, unlawful taking of interest, active and passive corruption, private corruption
- facilitation of unauthorised entry and residence in relation with a criminal association or a
criminal organisation
- illegal employment of illegal residents who are third-country nationals in relation with a
criminal association or a criminal organisation.
Art. 38.
Dissolution may be ordered where the legal entity was intentionally created or, in the case of a
crime or felony which for individuals carries a penalty of imprisonment of three years or more,
intentionally diverted from its purpose in order to commit the relevant offences544.
No dissolution may be applied to public law entities incurring liability.
The decision ordering the dissolution of a legal entity shall contain the referral of the entities to
the court having jurisdiction to proceed to its liquidation.
Art. 39.
Where a legal entity incurs a penalty for a felony other than a fine, such penalty may be ordered
alone as primary penalty.
544 Pursuant to Article 442-1quater of the Criminal Code, if a legal entity is declared guilty of the offence of enforced
disappearance (Article 442-1bis), the sanction of dissolution is compulsory.
Article 442-1bis of the Criminal Code :
« An « enforced disappearance» is constituted by the arrest, detention, abduction or any other form of deprivation of
liberty of a person, in conditions which remove such person outside the protection of the law, by one or more agents
of the State or by a person or a group of persons acting with the authorization, support or acquiescence of the State,
where these actions are followed by such person’s disappearance and are accompanied by a refusal to acknowledge
the deprivation of liberty or by the concealment of the fate or whereabouts of the disappeared person.
Enforced disappearance is punishable by twenty to thirty years' imprisonment. »
384
15276572_3
Art. 40.
Where a felony carries a penalty of imprisonment against individuals pursuant to the law
punishing the offence, the special confiscation defined by Article 31 may be ordered as primary
penalty against the legal entity, even where it is not provided for by the specific law applied.
The provision of the above paragraph shall not apply in the matter of press offences.
Art. 41 to 43.
(Abrogated by the Law of 13 June 1994)
Chapter IX.- Mitigating circumstances

Art. 75-1.
The assessment of mitigating circumstances with respect to a legal entity shall be made based
on the criminal penalties incurred by the individual for the actions liable to result in a criminal
liability of the legal entity.
385
15276572_3
Annex VI
List of laws and regulations amending the Law of 1915
Law or Grand Heading Mémorial A Parliamentary

Ducal Documents
Regulation
L 10.8.1915 concernant les sociétés commerciales N° 90, p. 925
L 13.4.1922 portant modification de l'art. 67, dernier alinéa, N° 24, p. 349
de L 10.8.1915 sur le régime des sociétés
commerciales
L 15.1.1927 portant modification de l'art. 67, alinéa 4, de L N° 3, p. 17
10.8.1915 sur le régime des sociétés
commerciales
L 20.6.1930 portant modification de certaines dispositions de N° 31, p. 617
L 10.8.1915 concernant le régime des sociétés
commerciales
L 18.9.1933 ayant pour objet d'instituer la société à N° 48, p. 749
responsabilité limitée et d'apporter certains (rect.) N° 53, p.
changements au régime légal et fiscal des 805
sociétés commerciales et civiles
L 2.4.1948 portant modification de l'art. 148bis de L N° 22, p. 498
10.8.1915 concernant les sociétés commerciales
L 23.11.1972 portant adaptation de L 10.8.1915 sur le régime N° 72, p. 1586 1496
des sociétés commerciales telle qu'elle a été
modifiée dans la suite, à la Directive 68/151 du
Conseil des Communautés Européennes du
9.3.1968
L 6.5.1974 instituant des comités mixtes dans les N° 35, p. 620 1689
entreprises du secteur privé et organisant la
représentation des salariés dans les sociétés
anonymes
L 16.5.1975 modifiant l'art. 45, n°1, et l'art. 161, alinéa 2, de L N° 29, p. 652 1767
L 19.5.1978 complétant la loi modifiée du 10.8.1915 N° 32, p. 589 2104
concernant les sociétés commerciales
L 24.4.1983 portant modification de la loi modifiée du N° 35, p. 864 2474
Rgd 11.5.1983 portant institution de la liste des experts visés à N° 35, p. 876
l'article 26/1(2) de L 24.4.1983 portant
modification de la loi modifiée du 10.8.1915
386
15276572_3
Ducal Documents
Regulation
Rgd 9.1.1984 portant modification du rgd 11.5.1983 portant N° 4, p. 45
institution de la liste des experts visés à l'art.
26/1(2) de L 24.4.1983 portant modification de la
loi modifiée du 10.8.1915 concernant les sociétés
commerciales
L 18.4.1984 relative à la délégation et à la déchéance de N° 51, p. 766 2557
l'autorité parentale et à la tutelle aux prestations
sociales
L 4.5.1984 portant modification de la loi du 10.8.1915 N° 40, p. 586 2657
concernant les sociétés commerciales (rect.) N° 115, p.
2421
L 28.6.1984 portant organisation de la profession de réviseur N° 81, p. 1346 2734
d'entreprises
Rgd 30.1.1985 portant modification des montants prévus aux N° 7, p. 74
art. 215 et 231 de la loi modifiée du 10.8.1915
L 25.8.1986 portant modification: N° 65, p. 1826 2984
1) des art. 117, 120 et 124 de la loi
modifiée du 10.8.1915 concernant les sociétés
commerciales
2) des art. 10, 13, 14, 17 et 20 de l'arrêté
Grand-Ducal du 17 septembre 1945 sur
l'organisation des associations agricoles
L 9.4.1987 concernant la représentation des obligataires N° 29, p. 415 2942
L 28.4.1988 relative aux sociétés à responsabilité limitée N° 24, p. 516 2960
modifiant la loi modifiée du 10.8.1915
L 11.7.1988 relative à l'établissement des comptes consolidés N° 45, p. 872 3154
L 8.3.1989 portant modification de la loi modifiée du N° 14, p. 176 3112
L 21.7.1992 portant adaptation de la réglementation N° 58, p. 1898 3381
concernant les faillites et nouvelle définition des
actes de commerce et créant l'infraction d'abus
de biens sociaux
art. 215 et 231 de la loi modifiée du 10.8.1915
387
15276572_3
Ducal Documents
Regulation
L 27.11.1992 portant adaptation de la loi modifiée du N° 95, p. 2625 3579
10.8.1915 concernant le régime des sociétés
commerciales à la onzième Directive du Conseil
des Communautés Européennes du 21.12.1989
concernant la publication des succursales créées
dans un Etat-membre par certaines formes de
sociétés relevant du droit d'un autre Etat-
membre
L 28.12.1992 modifiant la loi modifiée du 10.8.1915 N° 106, p. 3141 3637
concernant les sociétés commerciales à l'effet
d'introduire la société à responsabilité limitée
unipersonnelle
à la Directive 90/604/CEE du Conseil des
Communautés Européennes du 8.11.1990
modifiant la Directive 78/660/CEE sur les
comptes annuels et la Directive 83/349/CEE sur
les comptes consolidés en ce qui concerne les
dérogations en faveur des petites et moyennes
sociétés ainsi que la publication des comptes en
écus
à la Directive 90/605/CEE du Conseil des
Communautés Européennes du 8.11.1990,
modifiant les Directives 78/660/CEE et
83/349/CEE concernant respectivement les
comptes annuels et les comptes consolidés en ce
qui concerne leur champ d'application et portant
modification de certaines autres dispositions de
la loi modifiée du 10.8.1915
L 13.6.1994 relative au régime des peines N° 59, p. 1096 2974
L 8.12.1994 relative: N° 118, p. 2782 3887
1) aux comptes annuels et comptes
consolidés des entreprises d'assurances et de
réassurances de droit luxembourgeois
2) aux obligations en matière
d'établissement et de publicité des documents
comptables des succursales d'entreprises
d'assurances de droit étranger
388
15276572_3
Ducal Documents
Regulation
L 21.12.1994 modifiant certaines dispositions légales relatives N° 124, p. 3066 2564
au transfert des créances et au gage
Rgd 23.12.1994 modifiant le règlement Grand-Ducal du 9.1.1961 N° 116, p. 2735
relatif aux 3 recueils du Mémorial
L 11.8.1996 sur la mise en état en matière de procédure civile N° 53, p. 1660 3771
contentieuse et portant introduction et
modification de certaines dispositions du code de
procédure civile ainsi que d'autres dispositions
légales
L 12.3.1998 portant transposition de la Directive 92/101/CEE N° 24, p. 356 4156

du Conseil du 23 novembre 1992 modifiant la
Directive 77/91/CEE concernant la constitution
de la société anonyme ainsi que le maintien et
les modifications de son capital, et portant
modification de la loi modifiée du 10 août 1915
L 10.12.1998 relative N° 105, p. 2516 4456

- à la conversion par les sociétés commerciales
de leur capital en euros et modifiant la loi du 10
août 1915 concernant les sociétés commerciales
telle que modifiée
- aux différences résultant de l'application des
règles d'arrondi
L 31.5.1999 régissant la domiciliation des sociétés et N° 77, p. 1681 4328
- modifiant et complétant certaines dispositions
de la loi modifiée du 10 août 1915 concernant les
sociétés commerciales;
de la loi modifiée du 23 décembre 1909 portant
création d'un registre de commerce et des
sociétés ;
- modifiant et complétant la loi modifiée du 28
décembre 1988 réglementant l'accès aux
professions d'artisan, de commerçant,
d'industriel ainsi qu'à certaines professions
libérales;
- complétant la loi du 12 juillet 1977 relative aux
sociétés de participations financières (holding
companies);
389
15276572_3
Ducal Documents
Regulation
de la loi modifiée du 5 avril 1993 relative au
secteur financier;
- complétant la loi modifiée du 6 décembre 1991
sur le secteur des assurances
L 10.6.1999 modifiant la loi modifiée du 10 août 1915 N° 69, p. 1469 4463A
concernant les sociétés commerciales par
l'introduction des sociétés coopératives
organisées comme des sociétés anonymes
articles 215, 231 et 313 de la loi modifiée du 10
L 1.8.2001 relative au basculement en euro le 1er janvier N° 117, p. 2440 4722/10
2002 et modifiant certaines dispositions
législatives
L 19.12.2002 concernant le registre de commerce et des N° 149, p. 3630 4581
sociétés ainsi que la comptabilité et les comptes
annuels des entreprises et modifiant certaines
autres dispositions légales.
L 10.7.2005 relative aux prospectus pour valeurs mobilières. N° 98, p. 1726 5444
L 25.8.2006 concernant la société européenne (SE), la société N° 152, p. 2684 5352

anonyme à directoire et conseil de surveillance et
la société anonyme unipersonnelle
L 21.12.2006 portant modification de la loi modifiée du 10 N° 228, p. 4070 5562
L 23.3.2007 modifiant 1. la loi modifiée du 10 août 1915 N° 46, p. 816 4992
concernant les sociétés commerciales, 2. la loi du
19 décembre 2002 concernant le registre de
commerce et des sociétés ainsi que la
comptabilité et les comptes annuels des
entreprises et modifiant certaines autres
dispositions légales, et 3. la loi du 25 août 2006
concernant la société européenne (SE), la société
anonyme à directoire et conseil de surveillance et
la société anonyme Unipersonnelle
L 23.3.2007 portant modification des articles 271, 273bis, et N° 46, p. 826 5658
276 de la loi modifiée du 10 août 1915
390
15276572_3
Ducal Documents
Regulation
L. 20.4.2009 sur le dépôt par voie électronique auprès du N° 80, p. 945 5716
registre de commerce et des sociétés modifiant
- le titre I de la loi modifiée du 19 décembre 2002
concernant le registre de commerce et des
annuels des entreprises,
- et la loi modifiée du 10 août 1915 concernant
les sociétés commerciales
L. 10.6.2009 relative aux fusions transfrontalières de sociétés N° 151, p. 2268 5829
de capitaux, à la simplification des modalités de
constitution des sociétés anonymes et de
maintien et de modification de leur capital,
portant transposition
– de la directive 2005/56/CE du Parlement
européen et du Conseil du 26 octobre 2005 sur
les fusions transfrontalières des sociétés de
capitaux;
européen et du Conseil du 6 septembre 2006
modifiant la directive 77/91/CEE du Conseil en ce
qui concerne la constitution de la société
anonyme ainsi que le maintien et les
modifications de son capital;
européen et du Conseil du 13 novembre 2007
modifiant les directives 78/855/CEE et
82/891/CEE du Conseil pour ce qui est de
l’exigence d’un rapport d’expert indépendant à
réaliser à l’occasion des fusions ou des scissions
des sociétés anonymes,
ainsi que modification
– de la loi modifiée du 10 août 1915 concernant
les sociétés commerciales, et
– du Code du travail.
L. 18.12.2009 relative à la profession de l’audit et: N° 22, p. 295 5872
– portant transposition de la directive
2006/43/CE du Parlement européen et du
Conseil du 17 mai 2006 concernant les contrôles
légaux des comptes annuels et des comptes
consolidés et modifiant les directives 78/660/CEE
et 83/349/CEE du Conseil, et abrogeant la
directive 84/253/CEE du Conseil,
391
15276572_3
Ducal Documents
Regulation
– portant organisation de la profession de l’audit,
– modifiant certaines autres dispositions légales,
et
– portant abrogation de la loi modifiée du 28 juin
1984 portant organisation de la profession de
réviseur d’entreprises
L. 10.12.2010 relative à l'introduction des normes comptables N°225, p. 3633 5976
internationales pour les entreprises
modifiant
1. la loi modifiée du 19 décembre 2002
annuels des entreprises;
2. la loi modifiée du 10 août 1915 concernant les
3. l'article 13 du Code de commerce
L 3.8.2011 portant modification de la loi modifiée du 10 N°175, p. 2970 6227
et portant transposition de la directive
2009/109/CE du Parlement européen et du
Conseil du 16 septembre 2009 modifiant les
directives 77/91/CEE, 78/855/CEE et 82/891/CEE
du Conseil ainsi que la directive 2005/56/CE en
ce qui concerne les obligations en matière de
rapports et de documentation en cas de fusions
ou de scissions
L 6.4.2013 Loi du 6 avril 2013 relative aux titres N°71, p. 889 6327
dématérialisés et portant modification de:
- la loi modifiée du 5 avril 1993 relative au
secteur financier;
- la loi modifiée du 23 décembre 1998 portant
création d'une commission de surveillance du
secteur financier;
- la loi modifiée du 10 août 1915 concernant les
- la loi modifiée du 3 septembre 1996 concernant
la dépossession involontaire de titres au porteur;
- la loi modifiée du 1er août 2001 concernant la
circulation des titres et d'autres instruments
fongibles;
- la loi modifiée du 20 décembre 2002
concernant les organismes de placement
392
15276572_3
Ducal Documents
Regulation
collectif;
- la loi du 17 décembre 2010 concernant les
organismes de placement collectif;
- la loi modifiée du 13 février 2007 relative aux
fonds d'investissement spécialisés;
- la loi modifiée du 22 mars 2004 relative à la
titrisation
L 12.7.2013 relative aux gestionnaires de fonds N°119, p. 1855 6471
d'investissement alternatifs
- portant transposition de la directive
2011/61/UE du Parlement européen et du
Conseil du 8 juin 2011 sur les gestionnaires de
fonds d'investissement alternatifs et modifiant
les directives 2003/41/CE et 2009/65/CE ainsi
que les règlements (CE) n° 1060/2009 et (UE) n°
1095/2010 ;
- portant modification :
- de la loi du 17 décembre 2010 concernant les
organismes de placement collectif;
- de la loi du 13 février 2007 relative aux fonds
d'investissement spécialisés;
- de la loi du 15 juin 2004 relative à la société
d'investissement en capital à risque (SICAR);
- de la loi du 13 juillet 2005 relative aux
institutions de retraite professionnelle sous
forme de société d'épargne-pension à capital
variable (sepcav) et d'association d'épargne-
pension (assep);
- de la loi du 13 juillet 2005 concernant les
activités et la surveillance des institutions de
retraite professionnelle;
- de la loi du 5 avril relative au secteur financier;
- de la loi du 12 novembre 2004 relative à la lutte
contre le blanchiment et contre le financement
du terrorisme;
- de la loi du 23 décembre 1998 portant création
d'une commission de surveillance du secteur
financier;
- de la loi du 10 août 1915 concernant les
- de la loi du 19 décembre 2002 concernant le
registre de commerce et des sociétés ainsi que la
393
15276572_3
Ducal Documents
Regulation
comptabilité et les comptes annuels des
entreprises;
- du Code de commerce;
- de la loi du 4 décembre 1967 concernant
l'impôt sur le revenu;
- de la loi du 1er décembre 1936 concernant
l'impôt commercial;
- de la loi d'adaptation fiscale du 16 octobre
1934;
- de la loi du 16 octobre 1934 sur l'évaluation des
biens et valeurs;
- de la loi du 12 février 1979 concernant la taxe
sur la valeur ajoutée
L 30.7.2013 portant réforme de la Commission des normes N°177, p.3383 6376
comptables et modification de diverses
dispositions relatives à la comptabilité et aux
comptes annuels des entreprises ainsi qu'aux
comptes consolidés de certaines formes de
sociétés
et modifiant:
(1) le titre II du livre 1er du code de commerce
(2) le titre II de la loi modifiée du 19 décembre
2002 concernant le registre de commerce et des
annuels des entreprises
(3) la section XVI de la loi modifiée du 10 août
1915 concernant les sociétés commerciales
L 10.3.2014 modifiant la loi modifiée du 10 août 1915 N°39, p.481 5974
concernant les sociétés commerciales en vue de
mettre en œuvre le règlement (CE) no 1435/2003
du Conseil du 22 juillet 2003 relatif au statut de
la société coopérative européenne (SEC).
L.28.7.2014 relative à l’immobilisation des actions et parts au N°161, p. 2483 6625
porteur et à la tenue du registre des actions
nominatives et du registre des actions au porteur
et portant modification 1) de la loi modifiée du
10 août 1915 concernant les sociétés
commerciales et 2) de la loi modifiée du 5 août
2005 sur les contrats de garantie financière
L 18.12.2015 modifiant, en vue de la transposition de la N°258, p.6227 6718
directive 2013/34/UE du Parlement européen et
du Conseil du 26 juin 2013 relative aux états
394
15276572_3
Ducal Documents
Regulation
financiers annuels, aux états financiers
consolidés et aux rapports y afférents de
certaines formes d'entreprises : 1) la loi modifiée
du 10 août 1915 concernant les sociétés
commerciales
2) le titre II de la loi modifiée du 19 décembre
annuels des entreprises ;
3) le titre II du livre Ier du Code de commerce
L 27.5.2016 portant réforme du régime de publication légale N°94, p. 1729 6624
relatif aux sociétés et associations
L. 23.7.2016 relative à la profession de l'audit portant: - N°141, 6969
transposition de la directive 2014/56/UE du p. 2389
Parlement européen et du Conseil du 16 avril
2014 modifiant la directive 2006/43/CE
concernant les contrôles légaux des comptes
annuels et des comptes consolidés;
- mise en oeuvre du règlement (UE) n° 537/2014
du Parlement européen et du Conseil du 16 avril
2014 relatif aux exigences spécifiques applicables
au contrôle légal des comptes des entités
d'intérêt public et abrogeant la décision
2005/909/CE de la Commission;
- modification de la loi modifiée du 13 juillet
2005 relative aux institutions de retraite
professionnelle sous forme de sepcav et assep;
- modification de la loi modifiée du 10 août 1915
concernant les sociétés commerciales; -
abrogation de la loi modifiée du 18 décembre
2009 relative à la profession de l'audit.
L 23.7.2016 concernant la publication d’informations non N°156, p. 2651 6868
financières et d’informations relatives à la
diversité par certaines grandes entreprises et
certains groupes et portant modification de
diverses dispositions relatives à la comptabilité et
aux comptes annuels des entreprises ainsi qu’aux
comptes consolidés de certaines formes de
sociétés et
– portant transposition de la directive
2014/95/UE du Parlement européen et du
Conseil du 22 octobre 2014 modifiant la directive
395
15276572_3
Ducal Documents
Regulation
2013/34/UE en ce qui concerne la publication
d’informations non financières et d’informations
relatives à la diversité par certaines grandes
entreprises et certains groupes;
– portant modification:
– du titre II de la loi modifiée du 19 décembre
– de la section XVI de la loi modifiée du 10 août
1915 concernant les sociétés commerciales;
– de la loi modifiée du 8 décembre 1994 relative:
* aux comptes annuels et comptes consolidés
des entreprises d’assurances et de réassurances
de droit luxembourgeois
* aux obligations en matière d’établissement et
de publicité des documents comptables
des succursales d’entreprises d’assurances de
droit étranger
L 23.7.2016 modifiant, en vue d’instituer la société à N°157, p. 2661 6777

responsabilité limitée simplifiée:
1. la loi modifiée du 10 août 1915 concernant les
sociétés commerciales; et
2. la loi modifiée du 19 décembre 2002
annuels des entreprises
L. 10.8.2016 portant modernisation de la loi modifiée du 10 N°167, 5730
août 1915 concernant les sociétés commerciales p. 2742
Rgd. 5.12.2017 portant coordination de la loi modifiée du 10 N°1066
L. 6.8.2021 portant modification de la loi modifiée du 10 N°607 7791
L.7.7.2023 portant modification : N°413 7968
1° du Code civil ;
2° de la loi modifiée du 9 décembre 1976 relative
à l’organisation du notariat ;
3° de la loi modifiée du 10 août 1915 concernant
les sociétés commerciales ;
4° de la loi modifiée du 19 décembre 2002
396
15276572_3
Ducal Documents
Regulation
annuels des entreprises,en vue de la
transposition de la directive (UE) 2019/1151 du
Parlement européen et du Conseil du 20 juin
2019 modifiant la directive (UE) 2017/1132 en ce
qui concerne l’utilisation d’outils et de processus
numériques en droit des sociétés
L.7.8.2023 portant modification: N°515 8007
1 ° de la loi modifiée du 10 août 1915 concernant
2 ° de la loi modifiée du 19 décembre 2002
3 ° de la loi modifiée du 24 mai 2011 concernant
l'exercice de certains droits des actionnaires aux
assemblées générales de sociétés cotées et
portant transposition de la directive 2007/36/CE
du Parlement européen et du Conseil du 11
juillet 2007 concernant l'exercice de certains
droits des actionnaires de sociétés cotées;
4 ° du Code civil.
L.7.8.2023 relative à la préservation des entreprises et N°521 6539A
portant modernisation du droit de la faillite,
modifiant :
1° le livre III du Code de commerce ;
2° le livre II, titre IX, chapitre II, section Ière du
Code pénal ;
3° les articles 257 et 555 du Nouveau Code de
Procédure civile ;
4° la loi modifiée du 10 août 1915 concernant
5° la loi uniforme modifiée sur les lettres de
change et billets à ordre, telle qu’elle a été
introduite dans la législation nationale par la loi
du 8 janvier 1962 ;
6° la loi modifiée du 7 juillet 1971 portant, en
matière répressive et administrative, institution
d’experts, de traducteurs et d’interprètes, de
conciliateurs d’entreprise et mandataires de
justice assermentés et complétant les
397
15276572_3
Ducal Documents
Regulation
dispositions légales relatives à l’assermentation
des experts, traducteurs et interprètes ;
7° la loi modifiée du 23 juillet 1991 ayant pour
objet de réglementer les activités de sous-
traitance ;
8° la loi modifiée du 8 juin 1999 sur le budget, la
comptabilité et la trésorerie de l’État ;
9° la loi modifiée du 19 décembre 2002
annuels des entreprises ;
10° la loi modifiée du 5 août 2005 sur les contrats
de garantie financière.
L.15.8.2023 portant transposition de la directive (UE) N°532 8158
2021/2101 du Parlement européen et du Conseil
du 24 novembre 2021 modifiant la directive
2013/34/UE en ce qui concerne la
communication, par certaines entreprises et
succursales, d’informations relatives à l’impôt sur
les revenus des sociétés et portant modification :
1° de la loi modifiée du 10 août 1915 concernant
2°de la loi modifiée du 19 décembre 2002
annuels des entreprises.
398
15276572_3
Annex VII
List of articles of the Law of 1915 which have been amended by subsequent
legislation545
Article Article Modified by

New numbering Old numbering
100-1 1 L 10/8/2016
100-2 2 L 18/9/1933; L 31/5/1999;L 25/8/2006; L 21/12/2006;

L 12/7/2013; L 23/7/2016; L 10/8/2016; L 7/8/2023
100-3 3 L 18/9/1933; L 7/9/1987; L 25/8/2006; L 23/3/2007;

L 23/7/2016 ; L 10/8/2016; L 7/8/2023
100-4 4 L 18/9/1933; L 23/11/1972; L 12/7/2013 ;

L 23/7/2016; L7/7/2023
100-5 4bis L 10/8/2016
100-6 4ter L 10/8/2016
100-7 5 L 12/7/2013
100-8 6 L 12/7/2013; L 7/8/2023
100-9 7
100-10 8 L 18/9/1933; L 23/11/1972; L 20/4/2009; L 27/5/2016;

L 10/8/2016
9 L 18/9/1933; L 23/11/1972; L 8/8/1985; L 2/12/1993;

Rgd. 23/12/1994; L 19/12/2002; L 20/4/2009; abrogé
par L 27/5/2016
100-11 10 L 23/11/1972; L 24/4/1983; Rgd. 23/12/1994;

L 1/8/2001; L 19/12/2002; L 27/5/2016
100-12 11 L 18/9/1933; L 23/11/1972
100-13 11bis L 23/11/1972; Rgd. 23/12/1994; L 31/5/1999;

L 25/8/2006; L 12/7/2013; L 28/7/2014; L 27/5/2016;
545
The Grand Ducal Regulation of 5 December 2017 having modified the numbering of all the articles of the law is not
mentioned in this table.
399
15276572_3
L 10/8/2016
100-14 11ter L 10/8/2016
100-15 11quater L 10/8/2016
100-16 12 L 23/11/1972; L 25/8/2006; L 10/8/2016
100-17 12 bis L 23/11/1972
100-18 12 ter L 23/11/1972; L 24/4/1983; L 10/8/2016
100-19 12 quater L 23/11/1972 ; L 12/7/2013; L 27/5/2016; L 10/8/2016
100-20 12 quinquies L 23/11/1972
100-21 12 sexies L 23/11/1972
100-22 12septies L 10/8/2016
100-23 13 L 12/7/2013
200-1 14 L 10/8/2016
15 Abrogé par L 10/8/2016
310-1 16 L 12/7/2013 ; L 10/8/2016
310-2 17 L 12/7/2013 ; L 27/5/2016
310-3 18 L 12/7/2013
310-4 19 L 12/7/2013
310-5 20 L 12/7/2013
310-6 21 L 12/7/2013
310-7 22 L 11/8/1996; L 12/7/2013
320-1 22-1 L 12/7/2013; L 10/8/2016; L 7/8/2023
320-2 22-2 L 12/7/2013
320-3 22-3 L 12/7/2013; L 27/5/2016
320-4 22-4 L 12/7/2013
320-5 22-5 L 12/7/2013
320-6 22-6 L 12/7/2013
400
15276572_3
320-7 22-7 L 12/7/2013
320-8 22-8 L 12/7/2013
320-9 22-9 L 12/7/2013
410-1 23 L 25/8/2006
25 L 25/8/2006; abrogé par L 10/8/2016
420-1 26 L 24/4/1983; L 1/8/2001; L 25/8/2006; L 10/6/2009;

L 10/8/2016
420-2 26bis L 25/8/2006
420-3 26ter L 25/8/2006
420-4 26quater L 25/8/2006; L 7/8/2023
420-5 26quinquies L 25/8/2006; L 27/5/2016; L 10/8/2016
420-6 26sexies L 25/8/2006; L 18/12/2009; L 23/7/2016
420-7 26septies L 25/8/2006
420-8 26octies L 25/8/2006; L 27/5/2016
420-9 26nonies L 25/8/2006
420-10 26-1 L 24/4/1983; L 28/6/1984; L 10/6/2009;

L 18/12/2009;L 27/5/2016; L 23/7/2016; L 10/8/2016;
L 7/8/2023
420-11 26-2 L 24/4/1983; L 8/3/1989; L 25/8/2006; L 18/12/2009;

L 23/7/2016
420-12 26-3 L 24/4/1983; L 10/8/2016
420-13 26-4 L 24/4/1983
420-14 26-5 L 24/4/1983; L 10/8/2016
420-15 27 L 24/4/1983; L 25/8/2006; L 18/12/2009; L 6/4/2013;

L 23/7/2016; L 10/8/2016
420-16 28 L 23/11/1972; L 24/4/1983
420-17 29 L 24/4/1983; L 10/7/2005; L 10/8/2016
401
15276572_3
420-18 30 L 24/4/1983; L 27/5/2016
420-19 31 L 24/4/1983; L 10/8/2016
31-1 L 24/4/1983; abrogé par L 10/8/2016
420-20 31-2/31-1 L 25/8/2006; L 18/12/2009; L 27/5/2016; L 23/7/2016;

nouveau renuméroté par L 10/8/2016 ; L 7/8/2023
420-21 31-3/31-2 L 25/8/2006; L 23/3/2007; L 18/12/2009; L 27/5/2016;

nouveau L 23/7/2016; renuméroté par L 10/8/2016; L 7/8/2023
420-22 32 L 23/11/1972; L 24/4/1983; L 25/8/2006; L 10/8/2016
420-23 32-1 L 24/4/1983; L 8/3/1989; L 25/8/2006; L 23/3/2007;

L 18/12/2009; L 27/5/2016 ; L 23/7/2016; L 10/8/2016
420-24 32-1bis L 10/8/2016
420-25 32-2 L 24/4/1983
420-26 32-3 L 24/4/1983; L 25/8/2006; L 23/3/2007 ; L 27/5/2016;

L 10/8/2016 ; L 7/8/2023
420-27 32-4 L 24/4/1983; L 10/8/2016
33 L 23/11/1972; abrogé par L 10/7/2005
34 L 23/11/1972; abrogé par L 10/7/2005
36 L 18/9/1933; abrogé par L 10/7/2005
430-1 37 L 8/8/1985; L 1/8/2001; L 21/12/2006; L 6/4/2013;

L 10/8/2016
430-2 38 L 10/8/2016
430-3 39 L 6/4/2013
430-4 40 L 6/4/2013
430-5 41 L 20/6/1930; L 23/11/1972; L 25/8/2006; L 6/4/2013 ;

L 27/5/2016; L 10/8/2016; L 7/8/2023
430-6 42 L 28/7/2014
430-7 42bis L 6/4/2013
430-8 43 L 7/9/1987; L 6/4/2013; L 10/8/2016; L 7/8/2023
402
15276572_3
44 L 24/4/1983; L 8/8/1985; L 7/9/1987 ; abrogé par
L 10/8/2016
430-9 45 L 16/5/1975; L 24/4/1983; L 8/8/1985; L 7/9/1987;

L 25/8/2006; L 27/5/2016; L 10/8/2016
430-10 46 L 24/4/1983; L 8/8/1985; L 10/8/2016
430-11 47 L 24/4/1983; L 8/8/1985; L 10/8/2016
430-12 48 L 24/4/1983; L 23/3/2007
430-13 49
430-14 49-1 L 24/4/1983; L 25/8/2006; L 10/8/2016
430-15 49-2 L 24/4/1983; L 25/8/2006; L 10/6/2009; L 10/8/2016;

L 7/8/2023
430-16 49-3 L 24/4/1983; L 10/8/2016
430-17 49-4 L 24/4/1983
430-18 49-5 L 24/4/1983; L 10/8/2016
430-19 49-6 L 24/4/1983; L 10/6/2009; L 27/5/2016; L 10/8/2016
430-20 49-6bis L 10/6/2009; L 23/7/2016
430-21 49-7 L 24/4/1983; L 10/8/2016
430-22 49-8 L 24/4/1983; L 23/3/2007; L 27/5/2016
430-23 49bis L 12/3/1998; L 25/8/2006; L 10/8/2016; L 7/8/2023
441-1 50
441-2 51 L 8/3/1989; L 25/8/2006; L 10/8/2016
441-3 51bis L 25/8/2006; L 10/8/2016
441-4 52
441-5 53 L 23/11/1972; L 25/8/2006; L 27/5/2016
441-6 54 Abrogé par L 8/3/1989; Numéro sous l’ancienne

numérotion a été réutilisé par L 10/8/2016
403
15276572_3
441-7 57 L 25/8/2006; L 23/3/2007; L 10/8/2016
441-8 58
441-9 59 L 10/8/2016
441-10 60 L 23/11/1972; L 25/8/2006; L 27/5/2016; L 10/8/2016
441-11 60-1 L 10/8/2016; L 7/8/2023
441-12 60-2 L 10/8/2016
441-13 60bis L 23/11/1972; L 10/8/2016; L 7/8/2023
442-1 60bis-1 L 25/8/2006
442-2 60bis-2 L 25/8/2006
442-3 60bis-3 L 25/8/2006
442-4 60bis-4 L 25/8/2006; L 10/8/2016
442-5 60bis-5 L 25/8/2006
442-6 60bis-6 L 25/8/2006
442-7 60bis-7 L 25/8/2006; L 27/5/2016; L 10/8/2016
442-8 60bis-8 L 25/8/2006; L 27/5/2016; L 10/8/2016
442-9 60bis-9 L 25/8/2006
442-10 60bis-10 L 25/8/2006; L 10/8/2016
442-11 60bis-11 L 25/8/2006
442-12 60bis-12 L 25/8/2006
442-13 60bis-13 L 25/8/2006
442-14 60bis-14 L 25/8/2006; L 10/8/2016
442-15 60bis-15 L 25/8/2006
442-16 60bis-16 L 25/8/2006; L 10/8/2016
442-17 60bis-17 L 25/8/2006
442-18 60bis-18 L 25/8/2006; L 10/8/2016
442-19 60bis-19 L 25/8/2006
404
15276572_3
443-1 61 L 25/8/2006
443-2 62 L 11/8/1996; L 25/8/2006
444-1 63 L 25/8/2006
444-2 63bis L 10/8/2016
444-3 64 L 25/8/2006; L 10/8/2016
444-4 64bis L 25/8/2006; L 10/8/2016
444-5 65
444-6 66 L 8/3/1989; L 25/8/2006; L 10/8/2016
450-1 67 L 13/4/1922; L 15/1/1927; L 20/6/1930; L 24/4/1983;

L 7/9/1987; L 25/8/2006; L 23/3/2007; L 10/8/2016;
L 7/8/2023
450-2 67bis L 10/8/2016
450-3 67-1 L 7/9/1987; L 25/8/2006; L 27/5/2016; L 10/8/2016
450-4 68
450-5 69 L 24/4/1983; L 7/9/1987; L 27/5/2016
450-6 69-1 L 24/4/1983; L 27/5/2016; L 10/8/2016
450-7 69-2 L 24/4/1983; L 23/3/2007
450-8 70 L 25/8/2006; L 27/5/2016; L 10/8/2016
450-9 70bis L 10/8/2016
450-10 71 L 20/6/1930; L 24/4/1983; L 7/9/1987; L 6/4/2013
461-1 72 L 25/8/2006; L 23/3/2007
461-2 72-1 L 24/4/1983
461-3 72-2 L 24/4/1983; L 8/3/1989; L 25/8/2006; L 23/3/2007;

L 18/12/2009; L 23/7/2016
461-4 72-3 L 24/4/1983
461-5 72-4 L 24/4/1983; L30/7/2013
461-6 73 L 25/8/2006; L 18/12/2009; L 10/8/2016
405
15276572_3
461-7 74 L 20/6/1930; L 7/9/1987; L 25/8/2006
461-8 75 L 19/12/2002; L 25/8/2006; L 27/5/2016
462-1 76 L 23/11/1972; Rgd. 23/12/1994; L 19/12/2002;

L 25/8/2006; L 27/5/2016; L 10/8/2016
462-2 77
462-3 78 L 25/8/2006; L 10/8/2016
80 L 23/11/1972; abrogé par L 10/7/2005
81 L 23/11/1972; abrogé par L 10/7/2005
83 L 18/9/1933; abrogé par L 10/7/2005
470-1 84 L 20/6/1930; L 23/11/1972; L 10/7/2005;

L 25/8/2006; L 23/3/2007; L 6/4/2013; L 28/7/2014;
L 27/5/2016 ; L 10/8/2016; L 7/8/2023
470-2 85 L 10/8/2016
470-3 86 L 9/4/1987
470-4 87 L 9/4/1987; L 25/8/2006; L 18/12/2009
470-5 88 L 9/4/1987; L 10/8/2016
470-6 89 L 9/4/1987
470-7 90 L 9/4/1987
470-8 91 L 9/4/1987
470-9 92 L 9/4/1987; L 25/8/2006; L 10/8/2016
470-10 93 L 9/4/1987
470-11 94 L 9/4/1987; L 10/8/2016
470-12 94-1 L 9/4/1987
470-13 94-2 L 9/4/1987; L 25/8/2006; L 18/12/2009
470-14 94-3 L 9/4/1987; L 25/8/2006
406
15276572_3
470-15 94-4 L 9/4/1987
470-16 94-5 L 9/4/1987
470-17 94-6 L 9/4/1987; L 23/3/2007
470-18 94-7 L 9/4/1987; L 23/3/2007
470-19 94-8 L 9/4/1987
470-20 95 L 9/4/1987; abrogé par L 7/8/2023
470-21 98 L 7/8/2023
480-1 99 L 7/9/1987 ; L 10/8/2016
480-2 100 L 24/4/1983; L 7/9/1987; L 25/8/2006; L 10/8/2016;

L 7/8/2023
480-3 101 L 24/4/1983; L 25/8/2006; L 27/5/2016
490-1 101-1 L 25/8/2006
491-1 101-2 L 25/8/2006
491-2 101-3 L 25/8/2006; L 23/3/2007; L 27/5/2016
491-3 101-4 L 25/8/2006
491-4 101-5 L 25/8/2006
491-5 101-6 L 25/8/2006; L 23/3/2007
491-6 101-7 L 25/8/2006
491-7 101-8 L 25/8/2006
491-8 101-9 L 25/8/2006; L 18/12/2009; L 23/7/2016
491-9 101-10 L 25/8/2006
492-1 101-11 L 25/8/2006
492-2 101-12 L 25/8/2006
492-3 101-13 L 25/8/2006
492-4 101-14 L 25/8/2006
407
15276572_3
492-5 101-15 L 25/8/2006
492-6 101-16 L 25/8/2006; L 27/5/2016
492-7 101-17 L 25/8/2006
500-1 101-18 L 10/8/2016
500-2 101-19 L 10/8/2016
500-3 101-20 L 10/8/2016
500-4 101-21 L 10/8/2016
500-5 101-22 L 10/8/2016
500-6 101-23 L 10/8/2016
500-7 101-24 L 10/8/2016
500-8 101-25 L 10/8/2016
500-9 101-26 L 10/8/2016
600-1 102 L 12/7/2013
600-2 103 L 7/9/1987; L 25/8/2006; L 23/3/2007; L 7/8/2023
104 Abrogé par L 12/7/2013
600-3 105 L 23/11/1972; Rgd. 23/12/1994; L 19/12/2002;

L 12/7/2013; L 27/5/2016
600-4 106 L 8/3/1989
600-5 107 L 23/11/1972; L 12/7/2013; L 27/5/2016; L 10/8/2016
600-6 108 L 12/7/2013
600-7 109
600-8 110
600-9 111 L 12/7/2013
600-10 112 L 12/7/2013; L 7/8/2023
710-1 179 L 18/9/1933; L 28/12/1992
710-2 180 L 18/9/1933
710-3 180-1 L 7/9/1987; L 10/8/2016
408
15276572_3
710-4 181 L 18/9/1933; L 18/4/1984; L 28/12/1992; L 10/8/2016
710-5 182 L 18/9/1933; L 28/4/1988; L 10/12/1998; L 1/8/2001;

L 21/12/2006; L 10/8/2016¸ L 7/8/2023
710-6 183 L 18/9/1933; L 24/4/1983; L 28/12/1992; L 10/8/2016
710-7 184 L 18/9/1933; L 23/11/1972; L 28/4/1988;

L 18/12/2009; L 23/7/2016; L 10/8/2016
710-8 185 L 18/9/1933; L 10/8/2016
710-9 186 L 18/9/1933; L 28/12/1992; L 10/8/2016; L 7/8/2023
710-10 187 L 18/9/1933; L 23/11/1972; L 28/4/1988;

L 19/12/2002; L 10/8/2016
710-11 188 L 18/9/1933; L 10/8/2016
710-12 189 L 18/9/1933; L 10/8/2016 ; L 7/8/2023
710-13 190 L 18/9/1933; L 28/12/1992; L 21/12/1994
710-14 191 L 18/9/1933; L 23/11/1972
710-15 191bis L 23/11/1972; L 27/5/2016; L 10/8/2016
710-16 192 L 18/9/1933
710-17 193 L 18/9/1933; L 10/8/2016
710-18 194 L 18/9/1933
710-19 195 L 18/9/1933; L 10/8/2016; L 7/8/2023
710-20 195bis L 10/8/2016
710-21 196 L 18/9/1933; L 10/8/2016; L 7/8/2023
710-22 196bis L 10/8/2016
710-23 197 L 18/9/1933
710-24 198 L 18/9/1933; L 10/8/2016
710-25 198bis L 10/8/2016
710-26 199 L 18/9/1933; L 10/8/2016
710-27 200 L 18/9/1933; L 10/8/2016
409
15276572_3
710-28 200-1 L 28/12/1992; L 7/8/2023
710-29 200-2 L 28/12/1992
710-30 201 L 18/9/1933
710-31 202 L 18/9/1933
720-1 202-1 L 23/7/2016
720-2 202-2 L 23/7/2016
720-3 202-3 L 23/7/2016
720-4 202-4 L 23/7/2016
720-5 202-5 L 23/7/2016
720-6 202-6 L 23/7/2016
811-1 113 L10/8/2016
811-2 114 L 10/8/2016
811-3 115 L 10/8/2016
811-4 116 L 7/9/1987; L 18/12/2009; L 10/8/2016
811-5 117 L 25/8/1986; L 18/12/2009; L 23/7/2016; L 10/8/2016
811-6 117bis L 10/8/2016
811-7 118 L 11/8/1996; L 18/12/2009; L 10/8/2016
812-1 119
812-2 120 L 25/8/1986
812-3 121
812-4 122
812-5 123
812-6 124 L 25/8/1986
812-7 125
812-8 126
812-9 127 L 10/8/2016
410
15276572_3
812-10 128
813-1 129
813-2 130
813-3 131
813-4 132 L 11/8/1996; L 19/12/2002
813-5 133 L 19/12/2002
813-6 134 L 11/8/1996; L 19/12/2002
813-7 135 L 19/12/2002
813-8 136
813-9 137 L 18/12/2009
820-1 137-1 L 10/6/1999; L 25/8/2006; L 23/3/2007; L 10/8/2016;

L 7/8/2023
820-2 137-2 L 10/6/1999
820-3 137-3 L 10/6/1999
820-4 137-4 L 10/6/1999; L 21/12/2006; L 6/4/2013 ; L 10/8/2016;

L 7/8/2023
820-5 137-5 L 10/6/1999; L 10/8/2016; L 7/8/2023
820-6 137-6 L 10/6/1999
137-7 L 10/6/1999 ; Abrogé par L 23/7/2016
820-7 137-8 L 10/6/1999
820-8 137-9 L 10/6/1999
820-9 137-10 L 10/6/1999
831-1 137-11 L 10/3/2014
831-2 137-12 L 10/3/2014
831-3 137-13 L 10/3/2014
831-4 137-14 L 10/3/2014
832-1 137-15 L 10/3/2014
411
15276572_3
832-2 137-16 L 10/3/2014
832-3 137-17 L 10/3/2014
832-4 137-18 L 10/3/2014
832-5 137-19 L 10/3/2014
832-6 137-20 L 10/3/2014; L 27/5/2016
832-7 137-21 L 10/3/2014
832-8 137-22 L 10/3/2014
833-1 137-23 L 10/3/2014
833-2 137-24 L 10/3/2014
833-3 137-25 L 10/3/2014
833-4 137-26 L 10/3/2014
833-5 137-27 L 10/3/2014
833-6 137-28 L 10/3/2014
833-7 137-29 L 10/3/2014
833-8 137-30 L 10/3/2014
833-9 137-31 L 10/3/2014
833-10 137-32 L 10/3/2014
833-11 137-33 L 10/3/2014
833-12 137-34 L 10/3/2014
833-13 137-35 L 10/3/2014; L 27/5/2016
833-14 137-36 L 10/3/2014
833-15 137-37 L 10/3/2014
833-16 137-38 L 10/3/2014
833-17 137-39 L 10/3/2014
833-18 137-40 L 10/3/2014
833-19 137-41 L 10/3/2014
412
15276572_3
833-20 137-42 L 10/3/2014
833-21 137-43 L 10/3/2014
833-22 137-44 L 10/3/2014
833-23 137-45 L 10/3/2014
833-24 137-46 L 10/3/2014
833-25 137-47 L 10/3/2014; abrogé par L 7/8/2023
834-1 137-48 L 10/3/2014; L 27/5/2016
834-2 137-49 L 10/3/2014
834-3 137-50 L 10/3/2014
834-4 137-51 L 10/3/2014
834-5 137-52 L 10/3/2014; L 27/5/2016
834-6 137-53 L 10/3/2014
835-1 137-54 L 10/3/2014
836-1 137-55 L 10/3/2014
836-2 137-56 L 10/3/2014
837-1 137-57 L 10/3/2014; L 27/5/2016
837-2 137-58 L 10/3/2014
837-3 137-59 L 10/3/2014
838-1 137-60 L 10/3/2014
838-2 137-61 L 10/3/2014
839-1 137-62 L 10/3/2014
900-1 138 L 10/8/2016
900-2 139 L 10/8/2016
900-3 140 L 10/8/2016
1010-1 308bis-15 L 10/8/2016; L 7/8/2023
1010-2 308bis-16 L 10/8/2016
413
15276572_3
1010-3 308bis-17 L 10/8/2016
1010-4 308bis-18 L 10/8/2016
1010-5 308bis-19 L 10/8/2016
1010-6 308bis-20 L 10/8/2016
1010-7 308bis-21 L 10/8/2016; L 7/8/2023
1010-8 308bis-22 L 10/8/2016
1010-9 308bis-23 L 10/8/2016
1010-10 308bis-24 L 10/8/2016; L 7/8/2023
1010-11 308bis-25 L 10/8/2016
1010-12 308bis-26 L 10/8/2016
1020-1 257 L 7/9/1987: L 23/3/2007; L 10/6/2009
1020-2 258 L 7/9/1987
1020-3 259 L 7/9/1987; L 25/8/2006; L 23/3/2007; L 10/6/2009
1020-4 260 L 7/9/1987; L 25/8/2006; L 23/3/2007
1021-1 261 L 7/9/1987; L 25/8/2006; L 10/6/2009
1021-2 262 L 7/9/1987; L 25/8/2006; L 10/6/2009; L 27/5/2016;

L 10/8/2016
1021-3 263 L 7/9/1987; L 25/8/2006; L 23/3/2007; L 10/6/2009
1021-4 264 L 7/9/1987; L 23/3/2007; L 10/6/2009; L 3/8/2011
1021-5 265 L 7/9/1987; L 23/3/2007; L 10/6/2009; L 3/8/2011
1021-6 266 L 7/9/1987; L 25/8/2006; L 23/3/2007; L 10/6/2009;

L 18/12/2009;L 3/8/2011; L 23/7/2016
1021-7 267 L 7/9/1987; L 23/3/2007; L 10/6/2009; L 3/8/2011
1021-8 267bis L 23/3/2007
1021-9 268 L 7/9/1987; L 23/3/2007; L 3/8/2011
1021-10 269 L 7/9/1987
1021-11 270 L 7/9/1987; L 23/3/2007; L 10/6/2009
414
15276572_3
1021-12 271 L 7/9/1987; L 25/8/2006; L 23/3/2007; L 10/6/2009;
L 7/8/2023
1021-13 272 L 7/9/1987
1021-14 273 L 7/9/1987; L 10/6/2009 ; L 27/5/2016
1021-15 273bis L 25/8/2006; L 23/3/2007; L 10/6/2009
1021-16 273ter L 10/6/2009 ; L 27/5/2016
1021-17 274 L 7/9/1987; L 25/8/2006; L 23/3/2007; L 10/6/2009
1021-18 275 L 7/9/1987; L 25/8/2006; L 10/6/2009
1021-19 276 L 7/9/1987; L 25/8/2006; L 23/3/2007; L 10/6/2009;

L 27/5/2016
1022-1 277 L 7/9/1987; L 10/6/2009; L 3/8/2011
1023-1 278 L 7/9/1987; L 25/8/2006; L 10/6/2009
1023-2 279 L 7/9/1987; L 23/3/2007; L 10/6/2009; L 3/8/2011
1023-3 280 L 7/9/1987; L 23/3/2007
1023-4 281 L 7/9/1987; L 23/3/2007; L 10/6/2009; L 3/8/2011
1023-5 282 L 7/9/1987; L 23/3/2007
1023-6 283 L 7/9/1987; L 23/3/2007
1024-1 284 L 7/9/1987; L 23/3/2007
1030-1 285 L 7/9/1987; L 23/3/2007
1030-2 286 L 7/9/1987
1030-3 287 L 7/9/1987; L 23/3/2007; L 10/6/2009
1030-4 288 L 7/9/1987; L 23/3/2007; L 10/6/2009
1031-1 289 L 7/9/1987; L 23/3/2007
1031-2 290 L 7/9/1987 ; L 27/5/2016
1031-3 291 L 7/9/1987;L 23/3/2007
1031-4 292 L 7/9/1987; L 23/3/2007; L 3/8/2011
1031-5 293 L 7/9/1987; L 23/3/2007; L 27/5/2016; L 10/8/2016
415
15276572_3
1031-6 294 L 7/9/1987; L 23/3/2007; L 18/12/2009; L 3/8/2011 ;
L 23/7/2016
1031-7 295 L 7/9/1987; L 23/3/2007; L 10/6/2009; L 3/8/2011
1031-8 296 L 7/9/1987; L 23/3/2007; L 10/6/2009
1031-9 296bis L 23/3/2007
1031-10 297 L 7/9/1987; L 23/3/2007; L 3/8/2011
1031-11 298 L 7/9/1987
1031-12 299 L 7/9/1987; L 23/3/2007
1031-13 300 L 7/9/1987; L 23/3/2007
1031-14 301 L 7/9/1987
1031-15 302 L 7/9/1987; L 27/5/2016
1031-16 303 L 7/9/1987; L 23/3/2007
1031-17 304 L 7/9/1987; L 25/8/2006
1031-18 305 L 7/9/1987; L 23/3/2007; L 27/5/2016
1031-19 306 L 7/9/1987; L 23/3/2007; L 3/8/2011
1032-1 307 L 7/9/1987; L 23/3/2007; L 3/8/2011
1033-1 308 L 7/9/1987; L 23/3/2007
1040-1 308bis-1 L 23/3/2007
1040-2 308bis-2 L 23/3/2007
1040-3 308bis-3 L 23/3/2007
1040-4 308bis-4 L 23/3/2007
1040-5 308bis-5 L 23/3/2007
1050-1 308bis-6 L 23/3/2007
1050-2 308bis-7 L 23/3/2007
1050-3 308bis-8 L 23/3/2007
1050-4 308bis-9 L 23/3/2007; L 27/5/2016
1050-5 308bis-10 L 23/3/2007
416
15276572_3
1050-6 308bis-11 L 23/3/2007
1050-7 308bis-12 L 23/3/2007; L 27/5/2016
1050-8 308bis-13 L 23/3/2007
1050-9 308bis-14 L 23/3/2007; L 27/5/2016
1100-1 141 L 25/8/2006; L 10/8/2016
1100-2 142 L 18/9/1933; L 23/11/1972; L 8/3/1989; L 12/7/2013;

L 10/8/2016; L 7/8/2023
1100-3 143 L 25/8/2006
1100-4 144 L 10/8/2016
1100-5 145
1100-6 146
1100-7 146bis L 10/8/2016
1100-8 147
1100-9 148 L 10/8/2016
1100-10 148bis L 20/6/1930; L 2/4/1948; L 8/8/1985
1100-11 148ter L 12/7/2013; L 10/8/2016
1100-12 148quater L 10/8/2016
1100-13 149
1100-14 150
1100-15 151 L 31/5/1999; L 18/12/2009; L 27/5/2016; L 23/7/2016
1200-1 203 L 19/5/1978; 31/5/1999; L 27/5/2016; L 7/8/2023
1200-2 203-1 L 31/5/1999; L 27/5/2016; L 7/8/2023
1200-3 L 7/8/2023
1300-1 158
1300-2 159 L 31/5/1999; L 25/8/2006
1300-3 160
1300-4 160-1 L 27/11/1992
417
15276572_3
1300-5 160-2 L 27/11/1992; L 27/5/2016; L 10/8/2016; L 7/8/2023
1300-6 160-3 L 27/11/1992; L 23/3/2007; L 10/8/2016
1300-7 160-4 L 27/11/1992; L 19/12/2002
1300-8 160-5 L 27/11/1992; L 10/8/2016
1300-9 160-6 L 27/11/1992; L 27/5/2016; L 7/8/2023
1300-10 160-7 L 27/11/1992; L 19/12/2002; L 23/3/2007;

L 18/12/2009; L 10/8/2016
1300-11 160-8 L 27/11/1992
1300-12 160-9 L 27/11/1992
1300-13 160-10 L 27/11/1992
1300-14 160-11 L 27/11/1992
161 L 23/11/1972; L 16/5/1975; abrogé par L 10/7/2005
1400-1 152 L 12/7/2013
1400-2 153 L 25/8/2006
1400-3 154 L 11/8/1996; L 10/8/2016
1400-4 155
1400-5 156
1400-6 157 L 23/11/1972; L 25/8/2006; L 12/7/2013; L 10/8/2016;

L 7/8/2023
1500-1 162 L 11/7/1988; L13/6/1994; L1/8/2001
1500-2 163 L 18/9/1933; L 23/11/1972; L 24/4/1983; L 4/5/1984;

L 11/7/1988;L 8/3/1989; L 27/11/1992; L 28/12/1992;
L 2/12/1993; L 19/12/2002 (effective 1/1/2005);
L 10/7/2005; L 25/8/2006; L 23/3/2007; L 18/12/2015;
L 27/5/2016; L 23/7/2016 ; L 10/8/2016;L 7/8/2023; L
15/8/2023
1500-3 164
1500-4 165 L 11/7/1988; L 13/6/1994; L 1/8/2001
1500-5 166 L 23/11/1972; L 24/4/1983; L 4/5/1984; L 11/7/1988;

L 2/12/1993; L 13/6/1994; L 1/8/2001; L 10/7/2005; L
418
15276572_3
25/8/2006; L 10/8/2016
1500-6 167 L 24/4/1983; L 11/7/1988; L 10/8/2016
1500-7 168 L 24/4/1983; L 12/3/1998; L 10/8/2016; L 6/8/2021
1500-8 169 L 11/7/1988; L 13/6/1994; L 1/8/2001
1500-9 170
1500-10 171
1500-11 171-1 L 21/7/1992; L 13/6/1994; L 1/8/2001
1500-12 171-2 L 28/7/2014
1500-13 172
1500-14 173 L 25/8/2006
1500-15 173bis L 25/8/2006
1600-1 174 L 13/6/1994
1600-2 175 L 10/7/2005
1600-3 176
1600-4 177
1600-5 178
1711-1 309 L 11/7/1988; L 2/12/1993; L 25/8/2006; L 10/12/2010;

L 30/7/2013; L 18/12/2015; L 23/7/2016 ; L 10/8/2016
1711-12 310 L 11/7/1988
1711-3 311 L 11/7/1988; L 10/12/2010
312 L 11/7/1988; L 10/12/2010 ; abrogé par L 18/12/2015
1711-4 313 L 11/7/1988; Rgd 22/12/2000; L 10/12/2010;

L 18/12/2015; L 7/8/2023
1711-5 314 L 11/7/1988; L 10/12/2010; L 27/5/2016; L 7/8/2023
1711-6 315 L 11/7/1988; L 7/8/2023
1711-7 316 L 11/7/1988; L 10/12/2010 ; L 30/7/2013; L 7/8/2023
1711-8 317 L 11/7/1988; L 10/12/2010 ; L 30/7/2013 ;
419
15276572_3
L 18/12/2015
1711-9 318 L 11/7/1988; abrogé par L 10/12/2010 ; réintroduit

par L 18/12/2015
1712-1 319 L 11/7/1988; L 10/12/2010; L 18/12/2015
1712-2 320 L 11/7/1988; L 10/12/2010; L 30/7/2013;

L 18/12/2015
1712-3 321 L 11/7/1988
1712-4 322 L 11/7/1988; L 10/12/2010, L 30/7/2013
1712-5 323 L 11/7/1988; L 18/12/2015
1712-6 324 L 11/7/1988
1712-7 325 L 11/7/1988
1712-8 326 L 11/7/1988
1712-9 327 L 11/7/1988
1712-10 328 L 11/7/1988
1712-11 329 L 11/7/1988; L 18/12/2015
1712-12 330 L 11/7/1988; L 18/12/2015
1712-13 331 L 11/7/1988
1712-14 332 L 11/7/1988; L 10/12/2010, L 30/7/2013;

L 18/12/2015
1712-15 333 L 11/7/1988; L 10/12/2010; L 18/12/2015
1712-16 334 L 11/7/1988
1712-17 335 L 11/7/1988
1712-18 336 L 11/7/1988; L 10/12/2010, L 30/7/2013;

L 18/12/2015
1712-19 337 L 11/7/1988; L 18/12/2009; L 10/12/2010,

L 30/7/2013; L 18/12/2015; L 23/7/2016; L 7/8/2023
1712-20 338 L 11/7/1988; L 18/12/2015; L 27/5/2016
1720-1 339 L 11/7/1988; L 10/12/2010; L 30/7/2013;

L 18/12/2015; L 7/8/2023
420
15276572_3
1730-1 339bis L 23/7/2016
1740-1 339ter L 10/12/2010, L 30/7/2013 renuméroté par

L 23/7/2016
1750-1 340 L 11/7/1988; L 18/12/2009; L 10/12/2010;

L 18/12/2015 ; L 23/7/2016
1750-2 340bis L 18/12/2015
1760-1 340ter L 18/12/2015
1760-2 340quater L 18/12/2015; L 7/8/2023
1760-3 340quinquies L 18/12/2015
1760-4 340sexies L 18/12/2015; L 27/5/2016
1760-5 340septies L 18/12/2015
1760-6 340octies L 18/12/2015
1770-1 341 L 11/7/1988; L 19/12/2002; L 18/12/2009;

L 10/12/2010; L 30/7/2013; L 27/5/2016; L 7/8/2023
1780-1 341bis L 10/12/2010; L 7/8/2023
1780-2 341-1 L 29/7/1993; abrogé par L 7/8/2023
1790-1 342 L 11/7/1988; L 30/7/2013; L 18/12/2015; abrogé par

L 7/8/2023
343 L 11/7/1988; L 8/12/1994; abrogé par L 10/12/2010
1790-2 344 L 11/7/1988; L 10/12/2010; L 30/7/2013
344-1 L 11/7/1988; abrogé par L 10/12/2010
204 L 4/5/1988; L 2/12/1993; L 19/12/2002 (abrogé avec

effet 1/1/2005); L 25/8/2006
205 L 4/5/1984; L 19/12/2002 (abrogé avec effet

1/1/2005)

1/1/2005)

1/1/2005)
421
15276572_3
1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)
215 L 4/5/1984; Rgd 22/12/2000; L 19/12/2002 (abrogé

avec effet 1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)
219 L 4/5/1984; L 29/7/1993; L 19/12/2002 (abrogé avec

effet 1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)
422
15276572_3
1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)
231 L 4/5/1984; Rgd 22/12/2000; L 19/12/2002 (abrogé

avec effet 1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)
423
15276572_3
1/1/2005)
241-1 L 11/7/1984; L 19/12/2002 (abrogé avec effet

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)

1/1/2005)
248 L 4/5/1984; L 11/7/1988; L 29/7/1993; L 2/12/1993;

L 19/12/2002 (abrogé avec effet 1/1/2005); L
25/8/2006
249 L 4/5/1984; L 29/7/1993; L 19/12/2002 (abrogé avec

effet 1/1/2005)
250 L 4/5/1984; L 11/7/1988; L 19/12/2002 (abrogé avec

effet 1/1/2005)
251 L 4/5/1984; L 27/11/1992; L 29/7/1993 ; L 19/12/2002

(abrogé avec effet 1/1/2005)
252 L 4/5/1984; L 29/7/1993; L 2/12/1993; L 19/12/2002


1/1/2005)

1/1/2005)

1/1/2005)
424
15276572_3
1/1/2005)
256 L 4/5/1984; L 8/3/1989; L 11/8/1996; L 19/12/2002


1/1/2005)

1/1/2005)

1/1/2005)
256 bis L 4/5/1984; L 19/12/2002 (abrogé avec effet

1/1/2005)
256 ter L 4/5/1984; L 11/7/1988; L 19/12/2002 (abrogé avec

effet 1/1/2005)
425
15276572_3
Annex VIII
Correlation table between the previous numbering of the amended Law of 10

August 1915 on commercial companies and the new numbering introduced by
the Grand Ducal Regulation of 5 December 2017
Previous numbering New numbering

Section Ire Titre Ier
Art. 1 Art. 100-1
Art. 2 Art. 100-2
Art. 3 Art. 100-3
Art. 4 Art. 100-4
Art. 4bis Art. 100-5
Art. 4ter Art. 100-6
Art. 5 Art. 100-7
Art. 6 Art. 100-8
Art. 7 Art. 100-9
Art. 8 Art. 100-10
Art. 9 abrogated (Law of 27 May 2016)
Art. 10 Art. 100-11
Art. 11 Art. 100-12
Art. 11quater Art. 100-15
Art. 12 Art. 100-16
Art. 12quinquies Art. 100-20
Art. 12sexies Art. 100-21
Art. 12septies Art. 100-22
Art. 13 Art. 100-23
Section II Titre II
Art. 14 Art. 200-1
Art. 15 abrogated (Law of 10 August 2016)
426
15276572_3
Section III. Titre III
Sous-section 1. Titre III - Chapitre Ier
Art. 16 Art. 310-1
Art. 17 Art. 310-2
Art. 18 Art. 310-3
Art. 19 Art. 310-4
Art. 20 Art. 310-5
Art. 21 Art. 310-6
Art. 22 Art. 310-7
Sous-section 2. Titre III - Chapitre II
Art. 22-1 Art. 320-1
Art. 22-2 Art. 320-2
Art. 22-3 Art. 320-3
Art. 22-4 Art. 320-4
Art. 22-5 Art. 320-5
Art. 22-6 Art. 320-6
Art. 22-7 Art. 320-7
Art. 22-8 Art. 320-8
Art. 22-9 Art. 320-9
Section IV. Titre IV
§ 1er. Titre IV - Chapitre Ier
Art. 23 Art. 410-1
§ 2. Titre IV - Chapitre II
Art. 26 Art. 420-1
Art. 26octies Art. 420-8
Art.26nonies Art. 420-9
Art. 26-1 Art. 420-10
427
15276572_3
Art. 26-2 Art. 420-11
Art. 26-3 Art. 420-12
Art. 26-4 Art. 420-13
Art. 26-5 Art. 420-14
Art. 27 Art. 420-15
Art. 28 Art. 420-16
Art. 29 Art. 420-17
Art. 30 Art. 420-18
Art. 31 Art. 420-19
Art. 31-1 abrogated (Law of 10 August 2016)
Art. 31-1 Art. 420-20
Art. 31-2 Art. 420-21
Art. 32 Art. 420-22
Art. 32-1 Art. 420-23
Art. 32-1 bis Art. 420-24
Art. 32-2 Art. 420-25
Art. 32-3 Art. 420-26
Art. 32-4 Art. 420-27
Art. 33 abrogated (Lawof 10 July 2005)
Art. 34 abrogated (Law of 10 July 2005)
§ 3. Titre IV - Chapitre III
Art. 37 Art. 430-1
Art. 38 Art. 430-2
Art. 39 Art. 430-3
Art. 40 Art. 430-4
Art. 41 Art. 430-5
Art. 42 Art. 430-6
Art. 43 Art. 430-8
Art. 45 Art. 430-9
Art. 46 Art. 430-10
Art. 47 Art. 430-11
428
15276572_3
Art. 48 Art. 430-12
Art. 49 Art. 430-13
Art. 49-1 Art. 430-14
Art. 49-2 Art. 430-15
Art. 49-3 Art. 430-16
Art. 49-4 Art. 430-17
Art. 49-5 Art. 430-18
Art. 49-6 Art. 430-19
Art. 49-6bis Art. 430-20
Art. 49-7 Art. 430-21
Art. 49-8 Art. 430-22
§4 Titre IV - Chapitre IV
Sous § 1. Section 1ère
Art. 50 Art. 441-1
Art. 51 Art. 441-2
Art. 52 Art. 441-4
Art. 53 Art. 441-5
Art. 54 Art. 441-6
Art. 55 abrogated (Law of 8 March 1989)
Art. 57 Art. 441-7
Art. 58 Art. 441-8
Art. 59 Art. 441-9
Art. 60 Art. 441-10
Art. 60-1 Art. 441-11
Art. 60-2 Art. 441-12
Sous § 2. Titre IV - Chapitre IV - Section 2
Art. 60bis-1 Art. 442-1
429
15276572_3
A. Sous-section 1ere
Art. 60bis-2 Art. 442-2
Art. 60bis-3 Art. 442-3
Art. 60bis-4 Art. 442-4
Art. 60bis-5 Art. 442-5
Art. 60bis-6 Art. 442-6
Art. 60bis-7 Art. 442-7
Art. 60bis-8 Art. 442-8
Art. 60bis-9 Art. 442-9
Art. 60bis-10 Art. 442-10
B. Sous-section 2
Art. 60bis-11 Art. 442-11
Art. 60bis-12 Art. 442-12
Art. 60bis-13 Art. 442-13
Art. 60bis-14 Art. 442-14
Art. 60bis-15 Art. 442-15
Art. 60bis-16 Art. 442-16
C. Sous-section 3
Art. 60bis-17 Art. 442-17
Art. 60bis-18 Art. 442-18
Art. 60bis-19 Art. 442-19
Art. 61 Art. 443-1
Art. 62 Art. 443-2
Art. 63 Art. 444-1
Art. 64 Art. 444-3
Art. 65 Art. 444-5
Art. 66 Art. 444-6
§ 5. Titre IV - Chapitre V
Art. 67 Art. 450-1
Art. 67-1 Art. 450-3
430
15276572_3
Art. 68 Art. 450-4
Art. 69 Art. 450-5
Art. 69-1 Art. 450-6
Art. 69-2 Art. 450-7
Art. 70 Art. 450-8
Art. 71 Art. 450-10
§ 6. Titre IV - Chapitre VI
Section 1ère
Art. 72 Art. 461-1
Art. 72-1 Art. 461-2
Art. 72-2 Art. 461-3
Art. 72-3 Art. 461-4
Art. 72-4 Art. 461-5
Art. 73 Art. 461-6
Art. 74 Art. 461-7
Art. 75 Art. 461-8
§ 7. Section 2
Art. 76 Art. 462-1
Art. 77 Art. 462-2
Art. 78 Art. 462-3
§ 8. Titre IV - Chapitre VII
Art. 84 Art. 470-1
Art. 85 Art. 470-2
Art. 86 Art. 470-3
Art. 87 Art. 470-4
Art. 88 Art. 470-5
Art. 89 Art. 470-6
Art. 90 Art. 470-7
Art. 91 Art. 470-8
431
15276572_3
Art. 92 Art. 470-9
Art. 93 Art. 470-10
Art. 94 Art. 470-11
Art. 94-1 Art. 470-12
Art. 94-2 Art. 470-13
Art. 94-3 Art. 470-14
Art. 94-4 Art. 470-15
Art. 94-5 Art. 470-16
Art. 94-6 Art. 470-17
Art. 94-7 Art. 470-18
Art. 94-8 Art. 470-19
Art. 95 Art. 470-20 (Abrogé)
Art. 98 Art. 470-21
§ 9. Titre IV - Chapitre VIII
Art. 99 Art. 480-1
Art. 100 Art. 480-2
Art. 101 Art. 480-3
§ 10. Titre IV - Chapitre IX
Art. 101-1 Art. 490-1
Sous § 1. Titre IV - Chapitre IX - Section 1ère
Art. 101-2 Art. 491-1
Art. 101-3 Art. 491-2
Art. 101-4 Art. 491-3
Art. 101-5 Art. 491-4
Art. 101-6 Art. 491-5
Art. 101-7 Art. 491-6
Art. 101-8 Art. 491-7
Art. 101-9 Art. 491-8
Art. 101-10 Art. 491-9
432
15276572_3
Sous § 2. Titre IV - Chapitre IX - Section 2
Art. 101-11 Art. 492-1
Art. 101-12 Art. 492-2
Art. 101-13 Art. 492-3
Art. 101-14 Art. 492-4
Art. 101-15 Art. 492-5
Art. 101-16 Art. 492-6
Art. 101-17 Art. 492-7
Section IVbis. Titre V
Art. 101-18 Art. 500-1
Art. 101-19 Art. 500-2
Art. 101-20 Art. 500-3
Art. 101-21 Art. 500-4
Art. 101-22 Art. 500-5
Art. 101-23 Art. 500-6
Art. 101-24 Art. 500-7
Art. 101-25 Art. 500-8
Art. 101-26 Art. 500-9
Section V. Titre VI
Art. 102 Art. 600-1
Art. 103 Art. 600-2
Art. 105 Art. 600-3
Art. 106 Art. 600-4
Art. 107 Art. 600-5
Art. 108 Art. 600-6
Art. 109 Art. 600-7
Art. 110 Art. 600-8
Art. 111 Art. 600-9
Art. 112 Art. 600-10
Section VI. Titre VIII
Sous-section 1. Chapitre Ier
§ 1er. Section 1ère
Art. 113 Art. 811-1
Art. 114 Art. 811-2
433
15276572_3
Art. 115 Art. 811-3
Art. 116 Art. 811-4
Art. 117 Art. 811-5
Art. 118 Art. 811-7
§ 2. Titre VIII - Chapitre Ier - Section 2
Art. 119 Art. 812-1
Art. 120 Art. 812-2
Art. 121 Art. 812-3
Art. 122 Art. 812-4
Art. 123 Art. 812-5
Art. 124 Art. 812-6
Art. 125 Art. 812-7
Art. 126 Art. 812-8
Art. 127 Art. 812-9
Art. 128 Art. 812-10
§ 3. Titre VIII - Chapitre Ier - Section 3
Art. 129 Art. 813-1
Art. 130 Art. 813-2
Art. 131 Art. 813-3
Art. 132 Art. 813-4
Art. 133 Art. 813-5
Art. 134 Art. 813-6
Art. 135 Art. 813-7
Art. 136 Art. 813-8
Art. 137 Art. 813-9
Sous-section 2. Titre VIII - Chapitre II
Art. 137-1 Art. 820-1
Art. 137-2 Art. 820-2
Art. 137-3 Art. 820-3
Art. 137-4 Art. 820-4
Art. 137-5 Art. 820-5
Art. 137-6 Art. 820-6
Art. 137-7 abrogated (Law of 23 July 2016(2))
Art. 137-8 Art. 820-7
434
15276572_3
Art. 137-9 Art. 820-8
Art. 137-10 Art. 820-9
Sous-section 3. Titre VIII - Chapitre III
§ 1er. Section 1ère
Sous-§ 1er. Sous-section 1ere
Art. 137-11 Art. 831-1
Sous-§ 2. Sous-section 2
Art. 137-12 Art. 831-2
Art. 137-13 Art. 831-3
Art. 137-14 Art. 831-4
§ 2. Titre VIII - Chapitre III - Section 2
A.
Art. 137-15 Art. 832-1
Art. 137-16 Art. 832-2
B.
Art. 137-17 Art. 832-3
Art. 137-18 Art. 832-4
Art. 137-19 Art. 832-5
Art. 137-20 Art. 832-6
Art. 137-21 Art. 832-7
Art. 137-22 Art. 832-8
A.
Art. 137-23 Art. 833-1
Art. 137-24 Art. 833-2
Art. 137-25 Art. 833-3
435
15276572_3
B.
Art. 137-26 Art. 833-4
Art. 137-27 Art. 833-5
C.
C 1.
Art. 137-28 Art. 833-6
Art. 137-29 Art. 833-7
Art. 137-30 Art. 833-8
Art. 137-31 Art. 833-9
C 2.
I.
Art. 137-32 Art. 833-10
II.
Art. 137-33 Art. 833-11
Art. 137-34 Art. 833-12
Art. 137-35 Art. 833-13
C 3.
I.
Art. 137-36 Art. 833-14
II.
Art. 137-37 Art. 833-15
Art. 137-38 Art. 833-16
C.4.
I.
Art. 137-39 Art. 833-17
II.
Art. 137-40 Art. 833-18
Art. 137-41 Art. 833-19
A.
Art. 137-42 Art. 833-20
B.
Art. 137-43 Art. 833-21
Art. 137-44 Art. 833-22
436
15276572_3
C.
Art. 137-45 Art. 833-23
D.
Art. 137-46 Art. 833-24
Art. 137-47 Art. 833-25 (Abrogé)
Art. 137-48 Art. 834-1
Art. 137-49 Art. 834-2
Art. 137-50 Art. 834-3
Art. 137-51 Art. 834-4
Art. 137-52 Art. 834-5
Art. 137-53 Art. 834-6
Art. 137-54 Art. 835-1
Art. 137-55 Art. 836-1
Art. 137-56 Art. 836-2
Art. 137-57 Art. 837-1
Art. 137-58 Art. 837-2
Art. 137-59 Art. 837-3
Art. 137-60 Art. 838-1
Art. 137-61 Art. 838-2
Art. 137-62 Art. 839-1
Section VII. Titre IX
Art. 138 Art. 900-1
Art. 139 Art. 900-2
Art. 140 Art. 900-3
Section VIII. Titre XI
Art. 141 Art. 1100-1
Art. 142 Art. 1100-2
Art. 143 Art. 1100-3
437
15276572_3
Art. 144 Art. 1100-4
Art. 145 Art. 1100-5
Art. 146 Art. 1100-6
Art. 146bis Art. 1100-7
Art. 147 Art. 1100-8
Art. 148 Art. 1100-9
Art. 148bis Art. 1100-10
Art. 148ter Art. 1100-11
Art. 149 Art. 1100-13
Art. 150 Art. 1100-14
Art. 151 Art. 1100-15
Section IX. Titre XIV
Art. 152 Art. 1400-1
Art. 153 Art. 1400-2
Art. 154 Art. 1400-3
Art. 155 Art. 1400-4
Art. 156 Art. 1400-5
Art. 157 Art. 1400-6
Section X. Titre XIII
Art. 158 Art. 1300-1
Art. 159 Art. 1300-2
Art. 160 Art. 1300-3
Art. 160-1 Art. 1300-4
Art. 160-2 Art. 1300-5
Art. 160-3 Art. 1300-6
Art. 160-4 Art. 1300-7
Art. 160-5 Art. 1300-8
Art. 160-6 Art. 1300-9
Art. 160-7 Art. 1300-10
Art. 160-8 Art. 1300-11
Art. 160-9 Art. 1300-12
Art. 160-10 Art. 1300-13
Art. 160-11 Art. 1300-14
438
15276572_3
Section XI. Titre XV
Art. 162 Art. 1500-1
Art. 163 Art. 1500-2
Art. 164 Art. 1500-3
Art. 165 Art. 1500-4
Art. 166 Art. 1500-5
Art. 167 Art. 1500-6
Art. 168 Art. 1500-7
Art. 169 Art. 1500-8
Art. 170 Art. 1500-9
Art. 171 Art. 1500-10
Art. 171-1 Art. 1500-11
Art. 171-2 Art. 1500-12
Art. 172 Art. 1500-13
Art. 173 Art. 1500-14
Art. 173bis Art. 1500-15
Additional Provisions Titre XVI
Art. 174 Art. 1600-1
Art. 175 Art. 1600-2
Art. 176 Art. 1600-3
Art. 177 Art. 1600-4
Art. 178 Art. 1600-5
Section XII. Titre VII
Sous-section 1. Chapitre Ier
Art. 179 Art. 710-1
Art. 180 Art. 710-2
Art. 180-1 Art. 710-3
Art. 181 Art. 710-4
Art. 182 Art. 710-5
Art. 183 Art. 710-6
Art. 184 Art. 710-7
Art. 185 Art. 710-8
Art. 186 Art. 710-9
Art. 187 Art. 710-10
Art. 188 Art. 710-11
439
15276572_3
Art. 189 Art. 710-12
Art. 190 Art. 710-13
Art. 191 Art. 710-14
Art. 191bis Art. 710-15
Art. 192 Art. 710-16
Art. 193 Art. 710-17
Art. 194 Art. 710-18
Art. 195 Art. 710-19
Art. 195bis Art. 710-20
Art. 196 Art. 710-21
Art. 196bis Art. 710-22
Art. 197 Art. 710-23
Art. 198 Art. 710-24
Art. 198bis Art. 710-25
Art. 199 Art. 710-26
Art. 200 Art. 710-27
Art. 200-1 Art. 710-28
Art. 200-2 Art. 710-29
Art. 201 Art. 710-30
Art. 202 Art. 710-31
Sous-section 2. Titre VII - Chapitre II
Art. 202-1 Art. 720-1
Art. 202-2 Art. 720-2
Art. 202-3 Art. 720-3
Art. 202-4 Art. 720-4
Art. 202-5 Art. 720-5
Art. 202-6 Art. 720-6
Section XIIbis. Titre XII
Art. 203 Art. 1200-1
Art. 203-1 Art. 1200-2
440
15276572_3
Section XIII. abrogated/Art. 204 to 257ter/Law of 19
December 2002
Section XIV. Titre X

Chapitre II
Art. 257 Art. 1020-1
Art. 258 Art. 1020-2
Art. 259 Art. 1020-3
Art. 260 Art. 1020-4
Sous-section I. Titre X - Chapitre II - Section 1ere
Art. 261 Art. 1021-1
Art. 262 Art. 1021-2
Art. 263 Art. 1021-3
Art. 264 Art. 1021-4
Art. 265 Art. 1021-5
Art. 266 Art. 1021-6
Art. 267 Art. 1021-7
Art. 267bis Art. 1021-8
Art. 268 Art. 1021-9
Art. 269 Art. 1021-10
Art. 270 Art. 1021-11
Art. 271 Art. 1021-12
Art. 272 Art. 1021-13
Art. 273 Art. 1021-14
Art. 273bis Art. 1021-15
Art. 273ter Art. 1021-16
Art. 274 Art. 1021-17
Art. 275 Art. 1021-18
Art. 276 Art. 1021-19
Sous-section II. Titre X - Chapitre II - Section 2
Art. 277 Art. 1022-1
Sous-section III. Titre X - Chapitre II - Section 3
Art. 278 Art. 1023-1
Art. 279 Art. 1023-2
Art. 280 Art. 1023-3
Art. 281 Art. 1023-4
441
15276572_3
Art. 282 Art. 1023-5
Art. 283 Art. 1023-6
Sous-section IV. Titre X - Chapitre II - Section 4
Art. 284 Art. 1024-1
Section XV. Titre X - Chapitre III
Art. 285 Art. 1030-1
Art. 286 Art. 1030-2
Art. 287 Art. 1030-3
Art. 288 Art. 1030-4
Sous-section I. Titre X - Chapitre III - Section 1ère
Art. 289 Art. 1031-1
Art. 290 Art. 1031-2
Art. 291 Art. 1031-3
Art. 292 Art. 1031-4
Art. 293 Art. 1031-5
Art. 294 Art. 1031-6
Art. 295 Art. 1031-7
Art. 296 Art. 1031-8
Art. 296bis Art. 1031-9
Art. 297 Art. 1031-10
Art. 298 Art. 1031-11
Art. 299 Art. 1031-12
Art. 300 Art. 1031-13
Art. 301 Art. 1031-14
Art. 302 Art. 1031-15
Art. 303 Art. 1031-16
Art. 304 Art. 1031-17
Art. 305 Art. 1031-18
Art. 306 Art. 1031-19
Sous-section II. Titre X - Chapitre III - Section 2
Art. 307 Art. 1032-1
Sous-section III. Titre X - Chapitre III - Section 3
Art. 308 Art. 1033-1
Section XVbis Titre X - Chapitre IV
Art. 308bis-1 Art. 1040-1
442
15276572_3
Art. 308bis-2 Art. 1040-2
Art. 308bis-3 Art. 1040-3
Art. 308bis-4 Art. 1040-4
Art. 308bis-5 Art. 1040-5
Section XVter. Titre X - Chapitre V
Art. 308bis-6 Art. 1050-1
Art. 308bis-7 Art. 1050-2
Art. 308bis-8 Art. 1050-3
Art. 308bis-9 Art. 1050-4
Art. 308bis-10 Art. 1050-5
Art. 308bis-11 Art. 1050-6
Art. 308bis-12 Art. 1050-7
Art. 308bis-13 Art. 1050-8
Art. 308bis-14 Art. 1050-9
Section XVquater. Titre X
Chapitre Ier
Art. 308bis-15 Art. 1010-1
Art. 308bis-16 Art. 1010-2
Art. 308bis-17 Art. 1010-3
Art. 308bis-18 Art. 1010-4
Art. 308bis-19 Art. 1010-5

Art. 308bis-20 Art. 1010-6
Art. 308bis-21 Art. 1010-7
Art. 308bis-22 Art. 1010-8
Art. 308bis-23 Art. 1010-9
Art. 308bis-24 Art. 1010-10
Art. 308bis-25 Art. 1010-11
Art. 308bis-26 Art. 1010-12
Sous-section 1. Titre XVII - Chapitre Ier
Section 1ère
Art. 309 Art. 1711-1
Art. 310 Art. 1711-2
Art. 311 Art. 1711-3
Art. 312 abrogated (Law of 18 December 2015)
443
15276572_3
Art. 313 Art. 1711-4
Art. 314 Art. 1711-5
Art. 315 Art. 1711-6
Art. 316 Art. 1711-7
Art. 317 Art. 1711-8
Art. 318 Art. 1711-9
Sous-section 2. Section 2
Art. 319 Art. 1712-1
Art. 320 Art. 1712-2
Art. 321 Art. 1712-3
Art. 322 Art. 1712-4
Art. 323 Art. 1712-5
Art. 324 Art. 1712-6
Art. 325 Art. 1712-7
Art. 326 Art. 1712-8
Art. 327 Art. 1712-9
Art. 328 Art. 1712-10
Art. 329 Art. 1712-11
Art. 330 Art. 1712-12
Art. 331 Art. 1712-13
Art. 332 Art. 1712-14
Art. 333 Art. 1712-15
Art. 334 Art. 1712-16
Art. 335 Art. 1712-17
Art. 336 Art. 1712-18
Art. 337 Art. 1712-19
Art. 338 Art. 1712-20
Sous-section 3. Titre XVII - Chapitre II
Art. 339 Art. 1720-1
Sous-section 3bis. Titre XVII - Chapitre III
Art. 339bis Art. 1730-1
444
15276572_3
Sous-section 3ter. Titre XVII - Chapitre IV
Art. 339ter Art. 1740-1
Sous-section 4. Titre XVII - Chapitre V
Art. 340 Art. 1750-1
Art. 340bis Art. 1750-2
Sous-section 4bis. Titre XVII - Chapitre VI
Art. 340ter Art. 1760-1
Art. 340octies Art. 1760-6
Sous-section 5. Titre XVII - Chapitre VII
Art. 341 Art. 1770-1
Sous-section 6. Titre XVII - Chapitre VIII
Art. 341bis Art. 1780-1
Art. 341-1 Art. 1780-2 (Abrogé)
Sous-section 7. Titre XVII - Chapitre IX
Art. 342 Art. 1790-1 (Abrogé)
Art. 344 Art. 1790-2
Art. 344-1 abrogated (Law of 10 December 2010)
445
15276572_3
Annex IX
Correlation table between the new and the previous numbering of the
coordinated version of the amended Law of 10 August 1915 on commercial
companies as a result of the Grand Ducal Regulation of 5 December 2017
Coordinated text Previous numbering
Titre Ier Section Ire

Art. 100-1 Art. 1
Art. 100-2 Art. 2
Art. 100-3 Art. 3
Art. 100-4 Art. 4
Art. 100-5 Art. 4bis
Art. 100-6 Art. 4ter
Art. 100-7 Art. 5
Art. 100-8 Art. 6
Art. 100-9 Art. 7
Art. 100-10 Art. 8
Art. 9 abrogated (Law of 27 May 2016)
Art. 100-11 Art. 10
Art. 100-12 Art. 11
Art. 100-13 Art. 11 bis
Art. 100-14 Art. 11 ter
Art. 100-15 Art. 11 quater
Art. 100-16 Art. 12
Art. 100-19 Art. 12quater
Art. 100-20 Art. 12quinquies
Art. 100-21 Art. 12sexies
446
15276572_3
Art. 100-22 Art. 12septies
Art. 100-23 Art. 13
Titre II Section II
Art. 200-1 Art. 14
Titre III Section III.
Titre III - Chapitre Ier Sous-section 1.
Art. 310-1 Art. 16
Art. 310-2 Art. 17
Art. 310-3 Art. 18
Art. 310-4 Art. 19
Art. 310-5 Art. 20
Art. 310-6 Art. 21
Art. 310-7 Art. 22
Titre III - Chapitre II Sous-section 2.
Art. 320-1 Art. 22-1
Art. 320-2 Art. 22-2
Art. 320-3 Art. 22-3
Art. 320-4 Art. 22-4
Art. 320-5 Art. 22-5
Art. 320-6 Art. 22-6
Art. 320-7 Art. 22-7
Art. 320-8 Art. 22-8
Art. 320-9 Art. 22-9
447
15276572_3
Titre IV Section IV.
Titre IV - Chapitre Ier § 1er.
Art. 410-1 Art. 23
Titre IV - Chapitre II § 2.
Art. 420-1 Art. 26
Art. 420-8 Art. 26octies
Art. 420-9 Art.26nonies
Art. 420-10 Art. 26-1
Art. 420-11 Art. 26-2
Art. 420-12 Art. 26-3
Art. 420-13 Art. 26-4
Art. 420-14 Art. 26-5
Art. 420-15 Art. 27
Art. 420-16 Art. 28
Art. 420-17 Art. 29
Art. 420-18 Art. 30
Art. 420-19 Art. 31
Art. 31-1 abrogated (Law of 10 August 2016)
Art. 420-20 Art. 31-1
Art. 420-21 -Art. 31-2
448
15276572_3
Art. 420-22 Art. 32
Art. 420-23 Art. 32-1
Art. 420-24 Art. 32-1 bis
Art. 420-25 Art. 32-2
Art. 420-26 Art. 32-3
Art. 420-27 Art. 32-4
Art. 35 abrogted (Law of 10 July 2005)
Titre IV - Chapitre III § 3.
Art. 430-1 Art. 37
Art. 430-2 Art. 38
Art. 430-3 Art. 39
Art. 430-4 Art. 40
Art. 430-5 Art. 41
Art. 430-6 Art. 42
Art. 430-8 Art. 43
Art. 430-9 Art. 45
Art. 430-10 Art. 46
Art. 430-11 Art. 47
Art. 430-12 Art. 48
Art. 430-13 Art. 49
Art. 430-14 Art. 49-1
Art. 430-15 Art. 49-2
Art. 430-16 Art. 49-3
449
15276572_3
Art. 430-17 Art. 49-4
Art. 430-18 Art. 49-5
Art. 430-19 Art. 49-6
Art. 430-20 Art. 49-6bis
Art. 430-21 Art. 49-7
Art. 430-22 Art. 49-8
Titre IV - Chapitre IV §4
Section 1ère Sous § 1.
Art. 441-1 Art. 50
Art. 441-2 Art. 51
Art. 441-3 Art. 51 bis
Art. 441-4 Art. 52
Art. 441-5 Art. 53
Art. 441-6 Art. 54
Art. 441-7 Art. 57
Art. 441-8 Art. 58
Art. 441-9 Art. 59
Art. 441-10 Art. 60
Art. 441-11 Art. 60-1
Art. 441-12 Art. 60-2
450
15276572_3
Titre IV - Chapitre IV - Section 2 Sous § 2.
Art. 442-1 Art. 60bis-1
Sous-section 1ère A.
Art. 442-2 Art. 60bis-2
Art. 442-3 Art. 60bis-3
Art. 442-4 Art. 60bis-4
Art. 442-5 Art. 60bis-5
Art. 442-6 Art. 60bis-6
Art. 442-7 Art. 60bis-7
Art. 442-8 Art. 60bis-8
Art. 442-9 Art. 60bis-9
Art. 442-10 Art. 60bis-10
Sous-section 2 B.
Art. 442-11 Art. 60bis-11
Art. 442-12 Art. 60bis-12
Art. 442-13 Art. 60bis-13
Art. 442-14 Art. 60bis-14
Art. 442-15 Art. 60bis-15
Art. 442-16 Art. 60bis-16
Sous-section 3 C.
Art. 442-17 Art. 60bis-17
Art. 442-18 Art. 60bis-18
Art. 442-19 Art. 60bis-19
Art. 443-1 Art. 61
Art. 443-2 Art. 62
451
15276572_3
Art. 444-1 Art. 63
Art. 444-3 Art. 64
Art. 444-5 Art. 65
Art. 444-6 Art. 66
Titre IV - Chapitre V § 5.
Art. 450-1 Art. 67
Art. 450-3 Art. 67-1
Art. 450-4 Art. 68
Art. 450-5 Art. 69
Art. 450-6 Art. 69-1
Art. 450-7 Art. 69-2
Art. 450-8 Art. 70
Art. 450-10 Art. 71
Titre IV - Chapitre VI § 6.
Section 1ère
Art. 461-1 Art. 72
Art. 461-2 Art. 72-1
Art. 461-3 Art. 72-2
Art. 461-4 Art. 72-3
Art. 461-5 Art. 72-4
Art. 461-6 Art. 73
Art. 461-7 Art. 74
Art. 461-8 Art. 75
452
15276572_3
Section 2 § 7.
Art. 462-1 Art. 76
Art. 462-2 Art. 77
Art. 462-3 Art. 78
Titre IV - Chapitre VII § 8.
Art. 470-1 Art. 84
Art. 470-2 Art. 85
Art. 470-3 Art. 86
Art. 470-4 Art. 87
Art. 470-5 Art. 88
Art. 470-6 Art. 89
Art. 470-7 Art. 90
Art. 470-8 Art. 91
Art. 470-9 Art. 92
Art. 470-10 Art. 93
Art. 470-11 Art. 94
Art. 470-12 Art. 94-1
Art. 470-13 Art. 94-2
Art. 470-14 Art. 94-3
Art. 470-15 Art. 94-4
Art. 470-16 Art. 94-5
Art. 470-17 Art. 94-6
Art. 470-18 Art. 94-7
453
15276572_3
Art. 470-19 Art. 94-8
Art. 470-20 (Abrogé) Art. 95
Art. 470-21 Art. 98
Titre IV - Chapitre VIII § 9.
Art. 480-1 Art. 99
Art. 480-2 Art. 100
Art. 480-3 Art. 101
Titre IV - Chapitre IX § 10.
Art. 490-1 Art. 101-1
Titre IV - Chapitre IX - Section 1ère Sous § 1.
Art. 491-1 Art. 101-2
Art. 491-2 Art. 101-3
Art. 491-3 Art. 101-4
Art. 491-4 Art. 101-5
Art. 491-5 Art. 101-6
Art. 491-6 Art. 101-7
Art. 491-7 Art. 101-8
Art. 491-8 Art. 101-9
Art. 491-9 Art. 101-10
Titre IV - Chapitre IX - Section 2 Sous § 2.
Art. 492-1 Art. 101-11
Art. 492-2 Art. 101-12
Art. 492-3 Art. 101-13
Art. 492-4 Art. 101-14
Art. 492-5 Art. 101-15
Art. 492-6 Art. 101-16
454
15276572_3
Art. 492-7 Art. 101-17
Titre V Section IVbis.
Art. 500-1 Art. 101-18
Art. 500-2 Art. 101-19
Art. 500-3 Art. 101-20
Art. 500-4 Art. 101-21
Art. 500-5 Art. 101-22
Art. 500-6 Art. 101-23
Art. 500-7 Art. 101-24
Art. 500-8 Art. 101-25
Art. 500-9 Art. 101-26
Titre VI Section V.
Art. 600-1 Art. 102
Art. 600-2 Art. 103
Art. 600-3 Art. 105
Art. 600-4 Art. 106
Art. 600-5 Art. 107
Art. 600-6 Art. 108
Art. 600-7 Art. 109
Art. 600-8 Art. 110
Art. 600-9 Art. 111
Art. 600-10 Art. 112
455
15276572_3
Titre VII Section XII.
Chapitre Ier Sous-section 1.
Art. 710-1 Art. 179
Art. 710-2 Art. 180
Art. 710-3 Art. 180-1
Art. 710-4 Art. 181
Art. 710-5 Art. 182
Art. 710-6 Art. 183
Art. 710-7 Art. 184
Art. 710-8 Art. 185
Art. 710-9 Art. 186
Art. 710-10 Art. 187
Art. 710-11 Art. 188
Art. 710-12 Art. 189
Art. 710-13 Art. 190
Art. 710-14 Art. 191
Art. 710-15 Art. 191bis
Art. 710-16 Art. 192
Art. 710-17 Art. 193
Art. 710-18 Art. 194
Art. 710-19 Art. 195
Art. 710-20 Art. 195bis
Art. 710-21 Art. 196
Art. 710-22 Art. 196bis
Art. 710-23 Art. 197
Art. 710-24 Art. 198
Art. 710-25 Art. 198bis
Art. 710-26 Art. 199
456
15276572_3
Art. 710-27 Art. 200
Art. 710-28 Art. 200-1
Art. 710-29 Art. 200-2
Art. 710-30 Art. 201
Art. 710-31 Art. 202
Titre VII - Chapitre II Sous-section 2.
Art. 720-1 Art. 202-1
Art. 720-2 Art. 202-2
Art. 720-3 Art. 202-3
Art. 720-4 Art. 202-4
Art. 720-5 Art. 202-5
Art. 720-6 Art. 202-6
Titre VIII Section VI.
Section 1ère § 1er.
Art. 811-1 Art. 113
Art. 811-2 Art. 114
Art. 811-3 Art. 115
Art. 811-4 Art. 116
Art. 811-5 Art. 117
Art. 811-7 Art. 118
Titre VIII Section VI.
Art. 811-1 Art. 113
457
15276572_3
Art. 811-2 Art. 114
Art. 811-3 Art. 115
Art. 811-4 Art. 116
Art. 811-5 Art. 117
Art. 811-7 Art. 118
Titre VIII - Chapitre Ier - Section 2 § 2.
Art. 812-1 Art. 119
Art. 812-2 Art. 120
Art. 812-3 Art. 121
Art. 812-4 Art. 122
Art. 812-5 Art. 123
Art. 812-6 Art. 124
Art. 812-7 Art. 125
Art. 812-8 Art. 126
Art. 812-9 Art. 127
Art. 812-10 Art. 128
Titre VIII - Chapitre Ier - Section 3 § 3.
Art. 813-1 Art. 129
Art. 813-2 Art. 130
Art. 813-3 Art. 131
Art. 813-4 Art. 132
Art. 813-5 Art. 133
Art. 813-6 Art. 134
Art. 813-7 Art. 135
Art. 813-8 Art. 136
Art. 813-9 Art. 137
458
15276572_3
Titre VIII - Chapitre II Sous-section 2.
Art. 820-1 Art. 137-1
Art. 820-2 Art. 137-2
Art. 820-3 Art. 137-3
Art. 820-4 Art. 137-4
Art. 820-5 Art. 137-5
Art. 820-6 Art. 137-6
Art. 137-7 abrogated (Law of 23 July 2016(2))
Art. 820-7 Art. 137-8
Art. 820-8 Art. 137-9
Art. 820-9 Art. 137-10
Titre VIII - Chapitre III Sous-section 3.
Sous-section 1ère Sous-§ 1er.
Art. 831-1 Art. 137-11
Sous-section 2 Sous-§ 2.
Art. 831-2 Art. 137-12
Art. 831-3 Art. 137-13
Art. 831-4 Art. 137-14
Titre VIII - Chapitre III - Section 2 § 2.
A.
Art. 832-1 Art. 137-15
Art. 832-2 Art. 137-16
B.
Art. 832-3 Art. 137-17
Art. 832-4 Art. 137-18
459
15276572_3
Art. 832-5 Art. 137-19
Art. 832-6 Art. 137-20
Art. 832-7 Art. 137-21
Art. 832-8 Art. 137-22
A.
Art. 833-1 Art. 137-23
Art. 833-2 Art. 137-24
Art. 833-3 Art. 137-25
B.
Art. 833-4 Art. 137-26
Art. 833-5 Art. 137-27
C.
C 1.
Art. 833-6 Art. 137-28
Art. 833-7 Art. 137-29
Art. 833-8 Art. 137-30
Art. 833-9 Art. 137-31
C 2.
I.
Art. 833-10 Art. 137-32
460
15276572_3
II.
Art. 833-11 Art. 137-33
Art. 833-12 Art. 137-34
Art. 833-13 Art. 137-35
C 3.
I.
Art. 833-14 Art. 137-36
II.
Art. 833-15 Art. 137-37
Art. 833-16 Art. 137-38
C 4.
I.
Art. 833-17 Art. 137-39
II.
Art. 833-18 Art. 137-40
Art. 833-19 Art. 137-41
A.
Art. 833-20 Art. 137-42
B.
Art. 833-21 Art. 137-43
Art. 833-22 Art. 137-44
C.
Art. 833-23 Art. 137-45
D.
Art. 833-24 Art. 137-46
461
15276572_3
Art. 833-25 (Abrogé) Art. 137-47
Art. 834-1 Art. 137-48
Art. 834-2 Art. 137-49
Art. 834-3 Art. 137-50
Art. 834-4 Art. 137-51
Art. 834-5 Art. 137-52
Art. 834-6 Art. 137-53
Art. 835-1 Art. 137-54
Art. 836-1 Art. 137-55
Art. 836-2 Art. 137-56
Art. 837-1 Art. 137-57
Art. 837-2 Art. 137-58
Art. 837-3 Art. 137-59
Art. 838-1 Art. 137-60
Art. 838-2 Art. 137-61
Art. 839-1 Art. 137-62
Titre IX Section VII.
Art. 900-1 Art. 138
Art. 900-2 Art. 139
Art. 900-3 Art. 140
462
15276572_3
Titre X Section XVquater.
Chapitre Ier
Art. 1010-1 Art. 308bis-15
Art. 1010-2 Art. 308bis-16
Art. 1010-3 Art. 308bis-17
Art. 1010-4 Art. 308bis-18
Art. 1010-5 Art. 308bis-19
Art. 1010-6 Art. 308bis-20
Art. 1010-7 Art. 308bis-21
Art. 1010-8 Art. 308bis-22
Art. 1010-9 Art. 308bis-23
Art. 1010-10 Art. 308bis-24
Art. 1010-11 Art. 308bis-25
Art. 1010-12 Art. 308bis-26
Titre X Section XIV.
Chapitre II
Art. 1020-1 Art. 257
Art. 1020-2 Art. 258
Art. 1020-3 Art. 259
Art. 1020-4 Art. 260
Titre X - Chapitre II - Section 1ère Sous-section I.
Art. 1021-1 Art. 261
Art. 1021-2 Art. 262
Art. 1021-3 Art. 263
Art. 1021-4 Art. 264
Art. 1021-5 Art. 265
Art. 1021-6 Art. 266
Art. 1021-7 Art. 267
463
15276572_3
Art. 1021-8 Art. 267bis
Art. 1021-9 Art. 268
Art. 1021-10 Art. 269
Art. 1021-11 Art. 270
Art. 1021-12 Art. 271
Art. 1021-13 Art. 272
Art. 1021-14 Art. 273
Art. 1021-15 Art. 273bis
Art. 1021-16 Art. 273ter
Art. 1021-17 Art. 274
Art. 1021-18 Art. 275
Art. 1021-19 Art. 276
Titre X - Chapitre II - Section 2 Sous-section II.
Art. 1022-1 Art. 277
Titre X - Chapitre II - Section 3 Sous-section III.
Art. 1023-1 Art. 278
Art. 1023-2 Art. 279
Art. 1023-3 Art. 280
Art. 1023-4 Art. 281
Art. 1023-5 Art. 282
Art. 1023-6 Art. 283
Titre X - Chapitre II - Section 4 Sous-section IV.
Art. 1024-1 Art. 284
Titre X - Chapitre III Section XV.
Art. 1030-1 Art. 285
Art. 1030-2 Art. 286
Art. 1030-3 Art. 287
Art. 1030-4 Art. 288
464
15276572_3
Titre X - Chapitre III - Section 1ère Sous-section I.
Art. 1031-1 Art. 289
Art. 1031-2 Art. 290
Art. 1031-3 Art. 291
Art. 1031-4 Art. 292
Art. 1031-5 Art. 293
Art. 1031-6 Art. 294
Art. 1031-7 Art. 295
Art. 1031-8 Art. 296
Art. 1031-9 Art. 296bis
Art. 1031-10 Art. 297
Art. 1031-11 Art. 298
Art. 1031-12 Art. 299
Art. 1031-13 Art. 300
Art. 1031-14 Art. 301
Art. 1031-15 Art. 302
Art. 1031-16 Art. 303
Art. 1031-17 Art. 304
Art. 1031-18 Art. 305
Art. 1031-19 Art. 306
Titre X - Chapitre III - Section 2 Sous-section II.
Art. 1032-1 Art. 307
Titre X - Chapitre III - Section 3 Sous-section III.
Art. 1033-1 Art. 308
465
15276572_3
Titre X - Chapitre IV Section XVbis.
Art. 1040-1 Art. 308bis-1
Art. 1040-2 Art. 308bis-2
Art. 1040-3 Art. 308bis-3
Art. 1040-4 Art. 308bis-4
Art. 1040-5 Art. 308bis-5
Titre X - Chapitre V Section XVter.
Art. 1050-1 Art. 308bis-6
Art. 1050-2 Art. 308bis-7
Art. 1050-3 Art. 308bis-8
Art. 1050-4 Art. 308bis-9
Art. 1050-5 Art. 308bis-10
Art. 1050-6 Art. 308bis-11
Art. 1050-7 Art. 308bis-12
Art. 1050-8 Art. 308bis-13
Art. 1050-9 Art. 308bis-14
Titre XI Section VIII.
Art. 1100-1 Art. 141
Art. 1100-2 Art. 142
Art. 1100-3 Art. 143
Art. 1100-4 Art. 144
Art. 1100-5 Art. 145
Art. 1100-6 Art. 146
Art. 1100-7 Art. 146bis
Art. 1100-8 Art. 147
Art. 1100-9 Art. 148
Art. 1100-10 Art. 148bis
Art. 1100-11 Art. 148ter
466
15276572_3
Art. 1100-13 Art. 149
Art. 1100-14 Art. 150
Art. 1100-15 Art. 151
Titre XII Section XIIbis.
Art. 1200-1 Art. 203
Art. 1200-2 Art. 203-1

Section XIII.
Art. 204 to 257ter abrogated by the Law of 19
December 2002
Section X.
Art. 1300-1 Art. 158
Art. 1300-2 Art. 159
Art. 1300-3 Art. 160
Art. 1300-4 Art. 160-1
Art. 1300-5 Art. 160-2
Art. 1300-6 Art. 160-3
Art. 1300-7 Art. 160-4
Art. 1300-8 Art. 160-5
Art. 1300-9 Art. 160-6
Art. 1300-10 Art. 160-7
Art. 1300-11 Art. 160-8
Art. 1300-12 Art. 160-9
Art. 1300-13 Art. 160-10
Art. 1300-14 Art. 160-11
467
15276572_3
Titre XIV Section IX.
Art. 1400-1 Art. 152
Art. 1400-2 Art. 153
Art. 1400-3 Art. 154
Art. 1400-4 Art. 155
Art. 1400-5 Art. 156
Art. 1400-6 Art. 157
Titre XV Section XI.
Art. 1500-1 Art. 162
Art. 1500-2 Art. 163
Art. 1500-3 Art. 164
Art. 1500-4 Art. 165
Art. 1500-5 Art. 166
Art. 1500-6 Art. 167
Art. 1500-7 Art. 168
Art. 1500-8 Art. 169
Art. 1500-9 Art. 170
Art. 1500-10 Art. 171
Art. 1500-11 Art. 171-1
Art. 1500-12 Art. 171-2
Art. 1500-13 Art. 172
Art. 1500-14 Art. 173
Art. 1500-15 Art. 173bis
Titre XVI Dispositions additionnelles
Art. 1600-1 Art. 174
Art. 1600-2 Art. 175
Art. 1600-3 Art. 176
468
15276572_3
Art. 1600-4 Art. 177
Art. 1600-5 Art. 178
Titre XVII Section XVI
Titre XVII - Chapitre Ier Sous-section 1.
Section 1ère
Art. 1711-1 Art. 309
Art. 1711-2 Art. 310
Art. 1711-3 Art. 311
Art. 1711-4 Art. 313
Art. 1711-5 Art. 314
Art. 1711-6 Art. 315
Art. 1711-7 Art. 316
Art. 1711-8 Art. 317
Art. 1711-9 Art. 318
Section 2 Sous-section 2.
Art. 1712-1 Art. 319
Art. 1712-2 Art. 320
Art. 1712-3 Art. 321
Art. 1712-4 Art. 322
Art. 1712-5 Art. 323
Art. 1712-6 Art. 324
Art. 1712-7 Art. 325
Art. 1712-8 Art. 326
Art. 1712-9 Art. 327
Art. 1712-10 Art. 328
Art. 1712-11 Art. 329
Art. 1712-12 Art. 330
469
15276572_3
Art. 1712-13 Art. 331
Art. 1712-14 Art. 332
Art. 1712-15 Art. 333
Art. 1712-16 Art. 334
Art. 1712-17 Art. 335
Art. 1712-18 Art. 336
Art. 1712-19 Art. 337
Art. 1712-20 Art. 338
Titre XVII - Chapitre II Sous-section 3.
Art. 1720-1 Art. 339
Titre XVII - Chapitre III Sous-section 3bis.
Art. 1730-1 Art. 339bis
Titre XVII - Chapitre IV Sous-section 3ter.
Art. 1740-1 Art. 339ter
Titre XVII - Chapitre V Sous-section 4.
Art. 1750-1 Art. 340
Art. 1750-2 Art. 340bis
Titre XVII - Chapitre VI Sous-section 4bis.
Art. 1760-1 Art. 340ter
Art. 1760-6 Art. 340octies
Titre XVII - Chapitre VII Sous-section 5.
Art. 1770-1 Art. 341
Titre XVII - Chapitre VIII Sous-section 6.
Art. 1780-1 Art. 341 bis
470
15276572_3
Art. 1780-2 (Abrogé) Art. 341-1
Titre XVII - Chapitre IX Sous-section 7.
Art. 1790-1 (Abrogé) Art. 342
Art. 1790-2 Art. 344
Art. 344-1 abrogated (Law of 10 December 2010)
471
15276572_3
Annex X
Summary published in Annex 2 of the Grand Ducal regulation of 5 December

2017
Title I - General provisions (Art. 100-1 to 100-23)

Title II - Unlimited companies (Art. 200-1)
Title III - Common limited partnerships and special limited partnerships (Art. 310-1 to 320-9)
Chapiter I - Common limited partnerships (Art. 310-1 to 310-7)
Chapiter II - Special limited partnerships (Art. 320-1 to 320-9)
Title IV - Public companies limited by shares and European Companies (Art. 410-1 to 492-7)
Chapter I - On the nature and classification of sociétés anonymes and sociétés européennes
(SE) (Art. 410-1)
Chapter II - The incorporation of sociétés anonymes and sociétés européennes (SE) (Art. 420-1
to 420-27)
Chapter III - The shares and their transfer thereof (Art. 430-1 to 430-23)
Chapter IV - Management and supervision sociétés anonymes and sociétés européennes (SE)
(Art. 441-1 to 444-6)
Section - The board of directors (Art. 441-1 to 441-13)
Section 2 - The management board and the supervisory board (Art. 442-1 to 442-19)
Sub-section 1 - The management board (Art. 442-2 to 442-10)
Sub-section 2 – The supervisory board (Art. 442-11 to 442-16)
Sub-section 3 - Rules common to the management board and the supervisory board (Art. 442-
17 to 442-19)
Section 3 - Supervision by the commissaires [supervisory auditors] (Art. 443-1 to 443-2)
Section 4 - Rules common to the management bodies, the supervisory board and the
commissaires [supervisory auditors] (Art. 444-1 to 444-6)
Chapter V - General meetings (Art. 450-1 to 450-10)
Chapter VI - Inventories, annual accounts and specific information to be included in
documents (Art. 461-1 to 462-3)
Section 1 - Inventories and balance sheets (Art. 461-1 to 461-8)
Section 2 - Specific information to be included in documents (Art. 462-1 to 462-3)
Chapitre VII - The issue of bonds (Art. 470-1 to 470-21)
Chapitre VIII - The duration and dissolution of sociétés anonymes and of sociétés européennes
(SE) (Art. 480-1 to 480-3)
Chapitre IX - Transfer of the registered office of a société européenne (SE) (Art. 490-1 to 492-7)
Section 1 - Procedure for the transfer of the registered office from the Grand Duchy of
Luxembourg to another Member State (Art. 491-1 to 491-9)
472
15276572_3
Section 2 - The effectiveness of the transfer of the registered office (Art. 492-1 to 492-7)
Title V - Simplified joint stock companies (Art. 500-1 to 500-9)
Title VI - Corporate Partnerships Limited By Shares (Art. 600-1 to 600-10)
Title VII - Private Limited Companies (Art. 710-1 to 720-6)
Chapter I - General provisions (Art. 710-1 à 710-31)
Chapter II - Specific provisions applicable to the société à responsabilité limitée simplifiée (Art.
720-1 to 720-6)
Title VIII - Co-operative Societies (Art. 811-1 to 839-1)
Chapter I - On sociétés coopératives in general (Art. 811-1 to 813-9)
Section 1 - On the nature and incorporation of sociétés coopératives (Art. 811-1 to 811-7)
Section 2 - Changes in membership and in the corporate fund (Art. 812-1 to 812-10)
Section 3 - Measures in the interest of third parties (Art. 813-1 à 813-9)
Chapter II - Sociétés coopératives organised as sociétés anonymes (Art. 820-1 to 820-9)
Chapter III - European Cooperative Societies (SCE) (Art. 831-1 to 839-1)
Section 1 - General provisions (Art. 831-1 to 831-4)
Section 2 - Incorporation (Art. 832-1 to 832-8)
Sub-section 1 - Incorporation by way of a merger (Art. 832-1 to 832-4)
Sub-section 2 - Conversion of a société coopérative into a société coopérative européenne (SEC)
(Art. 832-5 to 832-7)
Sous-section 3 - Participation in a société coopérative européenne (SEC) by a company the
central administration (head office) of which is not in the European Union (Art. 832-8)
Section 3 - Corporate bodies (Art. 833-1 to 833-25)
Sub-section 1 - Management (Art. 833-1 to 833-19)
Sub-section 2 – General meeting of shareholders (Art. 833-20 to 833-24)
Sub-section 3 - Action sociale (Art. 833-25)
Section 4 - Transfer of the registered office (Art. 834-1 to 834-6)
Section 5 - Annual accounts and consolidated accounts, and audit thereof. Specific provisions
applicable to the two-tier system (Art. 835-1)
Section 6 - Winding up, liquidation, insolvency and cessation of payments (Art. 836-1 to 836-2)
Section 7 - Conversion of a société coopérative européenne (SEC) into a société coopérative (Art.
837-1 to 837-3)
Section 8 - Criminal law provisions (Art. 838-1 to 838-2)
Section 9 - Final provisions (Art. 839-1)
Titre IX - Temporary Companies and Companies by Participation (Art. 900-1 to 900-3)
Titre X - Restructuring (Art. 1010-1 to 1050-9)
Chapter I - Conversion (Art. 1010-1 to 1010-12)
Chapter II - Mergers (Art. 1020-1 to 1024-1)
Section 1 - Merger by acquisition (Art. 1021-1 to 1021-19)
473
15276572_3
Section 2 - Merger by incorporation of a new company (Art. 1022-1)
Section 3 - Acquisition of one company by another which holds 90 percent or more of the shares,
corporate units and securities conferring voting rights in the first company (Art. 1023-1 to 1023-
6)
Section 4 - Other operations assimilated to mergers (Art. 1024-1)
Chapitre III - Divisions (Art. 1030-1 to 1033-1)
Section 1 - Division by acquisition (Art. 1031-1 to 1031-19)
Section 2 - Division by the incorporation of new companies (Art. 1032-1)
Section 3 - Other operations assimilated to division (Art. 1033-1)
Chapter IV - Transfers of assets, branch of activity transfers and all assets and liabilities
transfers (Art. 1040-1 to 1040-5)
Chapter V - Transfers of professional assets (Art. 1050-1 to 1050-9)
Title XI - The liquidation of companies (Art. 1100-1 to 1100-15)
Title XII - Court-ordered dissolution and close-down of commercial companies (Art. 1200-1 to
1200-2)
Title XIII - Companies constituted in a foreign jurisdiction (Art. 1300-1 to 1300-14)
Title XIV - Rights of action and prescription periods (Art. 1400-1 to 1400-6)
Title XV - Criminal law provisions (Art. 1500-1 to 1500-15)
Title XVI - Additional provisions (Art. 1600-1 to 1600-5)
Title XVII - Consolidated accounts (Art. 1711-1 to 1790-2)
Chapter I - Conditions and Manner of preparation of consolidated accounts (Art. 1711-1 to
1712-20)
Section 1 - Conditions for the preparation of consolidated accounts (Art. 1711-1 to 1711-9)
Section 2 - Manner of preparation of consolidated accounts (Art. 1712-1 to 1712-20)
Chapter II - The consolidated management report (Art. 1720-1)
Chapter III - Consolidated non financial accounts (Art. 1730-1)
Chapter IV - Duty and liability for drawing up and publishing the consolidated accounts and
the consolidated management report (Art. 1740-1)
Chapter V - The auditing of consolidated accounts (Art. 1750-1 to 1750-2)
Chapter VI - Consolidated report on payments to governments (Art. 1760-1 to 1760-6)
Chapter VII - The publication of consolidated accounts (Art. 1770-1)
Chapter VIII - Consolidated Accounts prepared in accordance with international accounting
standards (Art. 1780-1 to 1780-2)
Chapter IX - Miscellaneous provisions (Art. 1790-1 to 1790-2
474
15276572_3
475
15276572_3
476

15276572_3

EHP Law of 10th August 1915 On Commercial Companies

Uploaded by

Copyright:

Available Formats

EHP Law of 10th August 1915 On Commercial Companies

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

EHP Law of 10th August 1915 On Commercial Companies

Uploaded by

Copyright:

Available Formats

Legislation relating to

©Philippe Hoss, Elvinger Hoss Prussen. All rights reserved

 Law of 10 August 1915 on commercial companies, as consolidated by the Regulation of 5

 Legislation on the Register of beneficial owners

 With selected notes and references to EU sources

Includes all amendments published up to 1st November 2023.

The reader’s attention is drawn to the transitional provisions of the Law of 10

« 1) Previously incorporated companies must adapt their articles of incorporation

Notwithstanding the foregoing, where the adjustment of the articles of

In case the articles of incorporation fail to be adapted, clauses in the articles in

A consolidated version of the legislation featured in the present publication

TITLE II - SOCIÉTÉS EN NOM COLLECTIF ...................................................................................................................... 22

«TITLE III - SOCIÉTÉS EN COMMANDITE SIMPLE AND SOCIÉTÉS EN COMMANDITE SPÉCIALE..................................... 22

CHAPTER IST - SOCIÉTÉS EN COMMANDITE SIMPLE (COMMON LIMITED PARTNERSHIPS)» ....................................................................... 22

TITLE VI - SOCIÉTÉS EN COMMANDITE PAR ACTIONS ............................................................................................... 115

«TITLE VII - SOCIÉTÉS À RESPONSABILITÉ LIMITÉE» ................................................................................................. 118

«CHAPTER I - GENERAL PROVISIONS » ..................................................................................................................................... 118

«CHAPTER I - ON SOCIÉTÉS COOPÉRATIVES IN GENERAL» ............................................................................................................. 132

«TITLE X - RESTRUCTURINGS ................................................................................................................................... 154

CHAPTER IST- CONVERSION» ................................................................................................................................................... 154

TITLE XIII - COMPANIES CONSTITUTED IN A FOREIGN JURISDICTION ....................................................................... 204

TITLE XIV - RIGHTS OF ACTION AND PRESCRIPTION PERIODS .................................................................................. 209

TITLE XV - CRIMINAL LAW PROVISIONS ................................................................................................................... 211

TITLE XVI - ADDITIONAL PROVISIONS ...................................................................................................................... 216

«TITLE XVII - CONSOLIDATED ACCOUNTS, , , ............................................................................................................. 218

CHAPTER I - CONDITIONS AND MANNER OF PREPARATION OF CONSOLIDATED ACCOUNTS ................................................................... 218

«CHAPTER V - THE AUDITING OF CONSOLIDATED ACCOUNTS» ....................................................................................................... 242

«CHAPTER IITER. – ON THE REPORT ON PAYMENTS TO GOVERNMENTS ........................................................................................... 299

ANNEX I ............................................................................................................................................................................. 319

« CHAPTER 1ST – GENERAL PROVISIONS » ................................................................................................................................. 334

CHAPTER 4 – ACCESS TO THE REGISTER OF BENEFICIAL OWNERS .................................................................................................... 365

TITLE IX OF THE CIVIL CODE «ON COMPANIES» ......................................................................................................................... 375

CRIMINAL CODE EXCERPTS– LEGAL ENTITIES .............................................................................................................................. 383

ANNEX IX ................................................................................................................................................................. 446

ANNEX X .................................................................................................................................................................. 472

3 Terms deleted by the Law of 10 August 2016.

(Law of 23 November 1972)

(Law of 10 August 2016)

1° the denomination of the company and its registered office;

2° the object of the company;

3° the description of the contributions of the members.»

(Law of 23 November 1972)

(Law of 23 November 1972)

(Law of 23 November 1972)

13 «Chapter Vbis. – Publications on the Recueil électronique des sociétés et associations

15 See footnote under Article 443-1.

16 Terms deleted by the Law of 10 August 2016.

(Law of 10 August 2016)

(Law of 10 August 2016)

18See footnote under Article 100-13(1).

(Law of 23 November 1972)

(Law of 24 April 1983)

20 Terms deleted by the Law of 10 August 2016.

(Law of 23 November 1972)

21 See footnote under Article 100-13 (4).

(Law of 23 November 1972)

(Law of 10 August 2016)

Title II - Sociétés en nom collectif