[ESTABLISHING A BUSINESS ENTITY IN FRANCE] 197
approval of regulated agreements
•
Passing of resolutions
• majority of shareholders in attendance or represented
simple majority of the shares
• procedure freely set by the articles of association
• N/A
•
• articles of association may provide for higher majority (unanimity is prohibited for dismissal of a gérant who is also a shareholder) • resolutions which are approved without following the majority requirements may be cancelled at the request of any interested party
EXTRAORDINARY GENERAL MEETINGS
Scope of competence
• decisions requiring amendment of articles of association
• decisions requiring amendment of articles of association
• procedure freely set by the articles of association
• N/A
Passing of resolution
• two-thirds majority of shareholders in attendance or represented
• three-quarters majority of the shares for most resolutions • higher majority for certain specific resolutions • resolutions which are approved without following the majority requirements may be cancelled at the request of any interested party
• procedure freely set by the articles of association although certain decisions (e.g., which increase shareholders' liabilities) require a unanimous vote, for example, the modification or deletion of the clause requiring prior approval of a share transfer
• N/A
ILN Corporate Group – Establishing a Business Entity Series
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