What is the scope of Article 4 of the National Bank’s statutes which stipulates that “Each share shall confer the right to a proportional and equal part in the ownership of the National Bank’s assets and in the sharing out of the profits”?

Article 4 of the statutes is a common statutory clause which means that the shares grant equal rights as regards the allocation of the profits and the sharing out of the company’s assets. This clause therefore stipulates that there is no preferred stock conferring entitlement to a preferential dividend or a preferential share in the liquidation proceeds.

That naturally does not prejudice the special status of certain assets (cf. Article 9bis of the Organic Law) and the special provisions of the Organic Law of 22 February 1998 granting certain components of the profits direct to the State, not because of the shares which it holds but on account of its position as a sovereign authority which has granted the National Bank its central bank status and privileges (including the right of issue) (see in particular Articles 30, 31 and 32 of the Organic Law).