The prerogatives of the president of a SASU and its consequences in the event of overrun are described by law and the statutes of the Single-Person Simplified Joint Stock Company.
Le CEO of a SASU is endowed with specific powers. Its scope is defined by the legislation and the statutes of the SASU. Here is the detail of competences of the president of SASU as well as the consequences of a possible transgression.
The powers of the manager of a SASU and their consequences in the event of overrun are described by law and the statutes of the Single-Person Simplified Joint Stock Company.
Skills of the president of a SASU for the sole partner
Le president of an SASU is equipped with greater powers to act on behalf of the company within the limits of its corporate purpose. Contrary to what applies to public limited companies, he is entitled, in principle, to provide sureties, endorsements or guarantees on the company's assets as well as to sell buildings or shares.
However, the sole shareholder may include a clause limiting powers about statutes of the SASU, to, among other things, oblige the President to:
- consult the sole shareholder or any other body provided for in the articles of association or ask them for prior authorization before concluding an act,
- obtain a second signature to conclude certain acts exceeding a fixed amount in advance.
In addition, unless the articles of association provide otherwise, the chairman has the possibility of delegating some of his powers to the person of his choice. The principles of common law then apply.
If you president exceeds his powers, it is exposed to responsibilities vis-à-vis the sole shareholder who may take him to court in order to repair the damage suffered. According to the methods established in the statutes, the president can be revoked (which will lead to the termination of his functions as president of the SASU).
When the chairman is the sole shareholder of the SASU, he must take care to respect the interests of the company and the integrity of its assets. In this sense, he must not mix his personal heritage with that of the company (which would then constitute an abuse of social property).
Attributions of the president of a SASU towards third parties
With regard to persons other than the sole shareholder, the CEO of SASU embodies society. Consequently, all the provisions appearing in the articles of association which aim to restrict the powers of the president are inapplicable. The company is therefore validly committed even if the president exceeds his competence.
However, it may free itself if it can demonstrate that the third party was aware of the extension of the corporate purpose or that it could not have been unaware of it, given the circumstances. Proof is generally difficult to provide.
The powers of the president of a SASU are generally determined by law but may be limited by the company's articles of association. These limits of powers are not applicable to third parties who have entered into a contract with the company. The latter remains valid except in certain circumstances, which are rarely encountered in practice.
You will also find information about the president of SASU:
