French Commercial code
In forceWithout prejudice to the provisions of articles L. 225-21, L. 225-54-1, L. 225-67, L. 225-77 et L. 225-94, a natural person may not simultaneously hold more than five offices as chief executive officer, member of the management board, sole chief executive officer, director or member of the supervisory board of public limited companies having their registered office in France. For the purposes of these provisions, the fact that a director holds the position of Chief Executive Officer is counted as a single term of office. This number is reduced to three for corporate offices held in companies whose securities are admitted to trading on a regulated market by persons holding the office of Chief Executive Officer, member of the Management Board or sole Chief Executive Officer in a company whose securities are admitted to trading on a regulated market and which employs at least five thousand permanent staff in the company and its subsidiaries, direct or indirect, whose registered office is located on French territory, or at least ten thousand permanent employees in the company and its direct or indirect subsidiaries, whose registered office is located on French territory and abroad.
As an exception to the above provisions, directorships or supervisory board memberships in companies that are controlled, within the meaning of article L. 233-16, by the company in which a mandate under the first paragraph is held.
By way of derogation from the second paragraph, directorships or supervisory board membership held by the managing director, members of the management board or sole managing director of companies whose principal activity is to acquire and manage equity interests, within the meaning of Article L. 233-2, in companies that constitute shareholdings.
Any natural person who finds himself in breach of the provisions of this article must resign from one of his offices within three months of his appointment, or from the office in question within three months of the event that led to the disappearance of one of the conditions set out in the second and third paragraphs. On expiry of this period, the director is deemed to have resigned, as the case may be, either from the new office or from the office no longer fulfilling the conditions set out in the second and third paragraphs, and must return any remuneration received, without the validity of the deliberations in which he took part being called into question as a result.
If the director resigns within this period, he is deemed to have resigned, as the case may be, either from the new office or from the office no longer fulfilling the conditions set out in the second and third paragraphs.
