Hi there!  A quick refresher course for me with respect to French derivatives 
trading (not a bank).  In transacting with a French corporate, should we 
request articles and bylaws for capacity and ALSO a due authorization 
opinion?  I think that this is correct.  However, if we are transacting with 
an "S.A.", we should NOT request articles and bylaws but only the due 
authorization opinion.  My notes on these items are confusing.  Could you 
please respond in the morning?  Thanks.  Sara

p.s.  We are currently operating under the "one Transaction rule" with French 
non-bank entities in order to avoid the netting problem.