French Commercial code
In forceThe Articles of Association may provide that any shareholder or partner sentenced to a disciplinary or criminal sanction of temporary disqualification for a period equal to or greater than three months, shall be obliged, by the unanimous decision of the other shareholders or partners, to withdraw from the company. In the case of a société civile professionnelle (non-trading professional partnership), its shares are then transferred under the conditions set out in article R. 822-90. In the case of other sociétés de commissaires aux comptes, the shareholder or partner has six months from the date of notification of the decision to exclude him or her to sell his or her shares in the company. The terms and conditions of the transfer, applicable when the shareholder or partner has not made the transfer within this period, are determined by the Articles of Association.
A shareholder or partner who is temporarily banned or provisionally suspended retains, despite his inability to carry out any professional activity as a statutory auditor, his status as a shareholder or partner with all the rights and obligations that this entails. In this case, he shall not receive any remuneration other than that linked to the holding of his shares.
The provisions of the second paragraph of this article shall apply until the transfer is definitive.
However, if he is a member of the management, executive, administrative or supervisory body of a société de commissaires aux comptes, he may not exercise his functions within one of these bodies for the duration of the measure of suspension or prohibition to which he is subject.
