[ESTABLISHING A BUSINESS ENTITY IN FRANCE] 195
require prior authorisation by the board of directors, a special auditor's report and retroactive approval by shareholders' annual general meeting • agreements entered into in the normal course of business and under normal conditions do not require any prior approval; the chairman of the board of directors must be notified of such agreements and provide a list of such agreements to the board and auditors; except for agreements which, because of their amount or their purpose, are not significant for either of the parties • an individual director or corporate officer is strictly prohibited from borrowing money from the company, obtaining a guarantee or putting his/her shareholder's account with the company in overdraft. Those agreements are not prohibited if the director or corporate officer is a legal entity. • The board of directors or the supervisory board may grant a global and annual authorization with no limit on the amount to guarantee the undertakings of its subsidiaries. • The directors or members of the supervisory board, directly or indirectly involved in a regulated agreement subject to a control procedure, may not take part in the deliberations or vote of the board on the authorization requested
agreements between the company and this gérant require the prior authorisation of the shareholders • agreements entered into in the normal course of business and under normal conditions do not require any prior approval; • a gérant or a shareholder is strictly prohibited from borrowing money from the company, obtaining a guarantee or putting his/her shareholder's account with the company in overdraft. Those agreements are not prohibited if the géran t or the shareholder is a legal entity.
require retroactive approval by the shareholders' annual general meeting following a report by the statutory auditor (if any) or the president agreements entered into in the normal course of business and under normal conditions do not require any prior or retroactive approval; In case of a sole shareholder, such agreements are only mentioned in the registry of the minutes of the sole shareholder of the company. the president and any individual director or corporate officer (if any) are strictly prohibited from borrowing money from the company, obtaining a guarantee or putting his/her shareholder's account with the company in overdraft. Those agreements are not prohibited if the president/corporate officer is a legal entity.
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Articles of association may impose a stricter procedure
ILN Corporate Group – Establishing a Business Entity Series
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