An individual may not simultaneously hold more than five directorships in public limited companies having their registered office on French territory.
As an exception to the provisions of the first paragraph, any directorships or supervisory board memberships held by this person in controlled companies within the meaning of Article L. 233-16 by the company of which it is a director.
For the application of the provisions of this article, the directorships of companies whose securities are not admitted to trading on a regulated market and which are controlled within the meaning of Article L. 233-16 by the same company shall count as a single directorship, provided that the number of directorships held in this capacity does not exceed five.
Any natural person who finds himself in breach of the provisions of this article must resign from one of his offices within three months of his appointment, or from the office in question within three months of the event that led to the disappearance of one of the conditions set out in the previous paragraph. On expiry of this period, the director is deemed to have resigned, as the case may be, either from his new office or from the office no longer meeting the conditions set out in the previous paragraph, and must return any remuneration received, without the validity of the deliberations in which he took part being thereby called into question.
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