Article 11
Transfer of shares Class A shares owned by Électricité de France, service national, and rights attached thereto, in particular rights of subscription and allotment, shall be non_transferable. Class B shares of the company and rights of subscription or allotment attached to such shares may be transferred only to natural or legal persons who are nationals of foreign countries signatories to the Euratom Treaty, irrespective of the manner in which the transfer is effected and whether or not for valuable consideration. The same shall apply to transfer of such shares inter vivos or on death. If the transferee is, or the transferees are, already shareholders of the company, there shall be no restriction on transfer. If, on the other hand, the transferee is not yet a shareholder of the company, the following rules shall apply. Save in the case of succession, of liquidation of the joint estate of spouses or of transfer, either to a spouse or to a relative in the ascending or descending line, the transfer of shares in any form whatsoever shall be subject to the company's approval. In order to obtain such approval, the transferor shall, by an informal measure or by registered letter with a request for notice of delivery, inform the company of the transfer proposal, stating the surname, forenames and address of the transferee if he is a natural person, or the name and company seat if a legal person, the number of shares to be transferred and the price offered. The approval shall be given by means of notification or shall be deemed to have been given if no reply is received within three months of the date of the request. If the proposed transferee is not approved by the company, the Board of Directors shall, within three months of the date of notification of refusal, ensure that the shares are acquired either by a shareholder possessing Class B shares or by a third party who is a national of a foreign country signatory to the Euratom Treaty, or, with the consent of the transferor, by the company with a view to reducing the capital. If no agreement is reached between the parties, the price of the shares shall be determined under the conditions provided for in Article 1868 (5) of the civil code. If the shares have not been purchased by the time the period referred to above has expired, approval shall be deemed to have been given. However, that period can be extended at the request of the company by an order, against which no appeal may be made, of the President of the commercial court where the company has its seat, acting in chambers, the transferring shareholder and the transferee having duly been summoned.