Bondholders may not exercise individual control over the operations of the company or obtain company documents.
They shall be entitled to obtain, at their own expense, from the company copy of minutes and attendance sheets of the meetings of bondholders for the group to which they belong.
In the absence of specific provisions of the issue agreement, the company shall not impose early reimbursement of bonds to bondholders.
Guarantees granted to bonds
The general meeting of shareholders which decides a bond issue may decide that these bonds shall be secured.
It shall determine the security interests offered or delegate, as appropriate, to the board of directors or the general director, the power to determine them.
Security interests offered by the company before issue shall be established in a special document for the benefit of the group of bondholders being formed.
Publication formalities for such security interests must be completed before any subscription of the bonds.
The acceptance of guarantees results from mere subscriptions. It shall be retroactive to the registration date for security interests subject to registration and the date of their subscription for the other security interests.
Within six (6) months from the opening of the subscription, the outcome thereof shall be evidenced in a notarial deed at the behest of the legal representative of the company.
Within thirty (30) days of this deed, the outcome of the subscription shall be listed in the margins of the security interest.
Where the issuance of a bond is not completed for lack or insufficiency of subscription, the registration shall be canceled.
The renewal of the security interest shall be done, at the expense of the company, under the responsibility of its legal representatives.
The representatives of the group shall ensure their responsibility compliance with provisions about the registration renewal.
The release of entries may only be done by the representatives of the group and on the condition/ that the loan has been fully repaid and all interests have been paid.
In addition, they shall have been expressly authorized to do so by the general meeting of the group of bondholders.
Security interests constituted after the issuance of bonds shall be granted by the legal representatives of the company either with the approval of the ordinary general meeting of shareholders, or where the articles of association so provide, by the board of directors or the general director.
They shall be expressly accepted by the group.
Security interests constituted in violation of articles 815, 816, and 821 of the revised OHADA Law of 2014 shall be void.