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The purpose of this study is to set out the system and procedure for authorization of sureties, endorsements and guarantees in public limited companies, and the prospects for its future development. It covers the exceptions to the banking monopoly (1), the law applicable to the authorization procedure (2), the scope of the authorization required under article L 225-35 of the French Commercial Code (3), the guarantees subject to authorization and their classification (4), the procedures for granting authorization (5), then the procedure and conditions for granting Board authorization (6), and finally the sanctions applicable in the absence of authorization (7). In addition, the possibility of determining the amount of the guarantee by reference to the amount of the underlying commitment guaranteed, the guarantee ceiling and/or any liability limitation clause stipulated therein will be discussed (8). Lastly, the cases in which a clause limiting or eluting liability may be disregarded will be recalled, as will the possible impact of such disregard on the validity of the authorization granted (9).
About the author
Laureato al master DJCE e dottorando in legge all'Università di Cergy Pontoise, François Sauvageot è anche abilitato al diritto societario e iscritto all'albo degli avvocati di Parigi. Attualmente lavora come associato presso lo studio legale parigino Villey Girard Grolleaud, dove la sua pratica quotidiana si concentra sul diritto commerciale e societario.
