All of French Company Law: ordinary law of companies and specific regime for different types of companies

Company Law (en cours)

With regard to the company, securities are indivisible . This principle does not prevent the ownership of securities from being joint, as in the case of community property or inheritances, but it opposes the exercise of the voting right attached to them by several co-owners. As specified in Article L. 225-110 of the Commercial Code, the co-owners of undivided shares must be represented at general  …

Indivisibility

With regard to the company, securities are indivisible . This principle does not prevent the ownership of securities from being joint, as in the case of community property or inheritances, but it opposes the exercise of the voting right attached to them by several co-owners. As specified in Article L. 225-110 of the Commercial Code, the co-owners of undivided shares must be represented at general meetings by one of them or by a single proxy. In case of disagreement, the proxy is appointed by the court at the request of the most diligent co-owner.

Only the appointed representative has the right to vote. His mission involves gathering the opinion of the co-owners prior to voting, but not their agreement, as long as he acts solely in the interest of the joint ownership, subject to the invocation of his professional liability .

Although they do not have voting rights, the joint owners of shares may, in their capacity as partners, participate in general meetings even if a common representative has been appointed to represent the joint ownership . They have the right to ask questions to the company's manager, obtain corporate documents , and, more generally, all information related to the resolutions proposed for the partners' vote at the general meeting . Finally, the request for the appointment of an expert based on Article L. 225-231 of the Commercial Code may be submitted by one or more shareholders who jointly hold at least 5% of the share capital .

CA Versailles, 31 March 2022, LawLex202200011202JBJ.

Cass. com., 21 January 2014, LawLex202200009191JBJ.

Commercial Code, Art. L. 225-115 and L. 225-117, as referred by Art. L. 228-5.

CA Versailles, 31 March 2022, LawLex202200011202JBJ, previously cited.

Cass. com., 4 December 2007, LawLex202200006532JBJ.

Company Law (en cours)

63. Indivisibility

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

63. Indivisibility

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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au contenu exclusif Livv – juristes d’entreprise