S.A. (corporation)

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The Société Anonyme (abbreviated SA or SA until mid 20th century Sté Ame Ame also Sté ) is a legal form of joint stock companies in France.

Importance

The term Société Anonyme (French: Société for society; Anonyme for without a name ) was chosen because the names of shareholders to outsiders are not known and they are characterized, for example, in the case of a bankruptcy protected person.

Legal foundations

The SA is defined in the French Commercial Code, the Code de Commerce, in Chapter V, 2nd sub-item.

Important principles of the SA are:

• Shareholders are only liable up to the amount of their share contribution
• The company must be at its foundation from at least seven shareholders
• The share capital must be fully paid
• The minimum capital is € 37,000; for publicly traded companies (SA faisant appel public à l' épargne ) the minimum capital is € 225,000
• Capital is not variable; changes in the capital requires an amendment
• It must be determined at least one auditor ( commissaire aux comptes )
• Shareholders may redeem their Shares in principle be free

Besides the classic version of the SA with Board of Directors ( conseil d'administration ), there is the possibility of a supervisory board ( conseil de surveillance ) and to determine a board ( directoire ).

In addition to the Société anonyme in France there are the société par actions simplifiée (SAS / SAS ), which is a simplified joint stock company, which gives shareholders more control freedom under the statute.

History

The corporate form was officially regulated for the first time in the Commercial Code of 1807. Over time, there have been some changes, sometimes liberalization. In May 1863 the minimum of seven shareholders, a minimum capital of 20 million francs, and the limited liability was introduced. Between 1807 and 1867 only 651 shares companies in France were allowed because the permission of the State Council on the establishment was still necessary.