The legislation gives the president of an SAS the possibility of cease operations in the society. For this he must resign from office. Such an action must follow certain rules to be valid. Foundation-company-ricard offers you a file containing three chapters which explain the procedures for the resignation of the chairman of SAS :
- The freedom to resign
- The procedure to follow in the event of resignation
- The consequences of resignation
Can one resign freely as president of an SAS?
According to the Law, the president of a simplified joint-stock company is entitled to leave his post at any time and without justification. No statutory clause can prevent it. However, he must be careful not to misuse this right, that is, by resigning at inappropriate times or with the intention of harming society. In this case, severe sanctions could be imposed and the president could be ordered to pay compensation.
How should the president of an SAS proceed to resign?
Any leader who wishes to leave office must explicitly declare his intention to resign. A resignation cannot be tacit and must be made clearly. The decision must be insurance. If a coercion has been exercised, the manager may request a revocation and be compensated in the event of an error by SAS.
The SAS statutes can outline the steps for resigning. In such a case, the president must respect these provisions. If the articles of association do not contain any clause, the president must notify his resignation to the directors of the SAS. It is advisable to use a registered letter with acknowledgment of receipt (LRAR) to prove that the resignation has been sent.
Consequences of a resignation of SAS president
La démission is, once given, irrevocable. The president can therefore not go back, unless he proves that he gave it against his will (without freedom). Also, the SAS does not have to approve the resignation.
A resignation cannot be applied retroactively. It takes effect from the moment it is communicated to the competent authorities; unless prior notice applies.
As regards the legal steps to follow for change of chairman of SAS, it is necessary :
- Appoint a new chairman in accordance with the provisions appearing in the statutes (convening of a general meeting, drafting of minutes, etc.);
- Modify the articles of association if the president was designated in them (case of the first president of SAS for example);
- Write and publish a legal announcement of change of president in a specialized journal;
- Gather certain documents, complete a form and send it to the business formalities center (CFE) or to the registry of the commercial court.
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