The law simplifying business life has empowered the government to take measures by decree to reduce the minimum number of shareholders in unlisted public limited companies and to adapt accordingly the rules of administration, operation and control of these companies, without calling into question the powers and rules of composition, organization and operation of their bodies.
By virtue of Ordinance No. 2015-1127 of September 10, 2015, which entered into force on September 12, the minimum number of shareholders in unlisted public limited companies is reduced to two instead of seven ( Article L.225-1 of the French Commercial Code ). The requirement of a minimum of seven shareholders therefore remains in effect only for listed companies. The Ordinance also draws the consequences of this new rule and amends Article L.225-247 of the French Commercial Code relating to the dissolution of public limited companies when the number of shareholders has been reduced to fewer than seven for more than one year.
Finally, contrary to the terms of the authorization, the report to the President of the Republic specifies that the government has chosen not to modify the rules of administration, operation and control of these companies.
Corporate law, business creation and transfer
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