Formation of the Legal Managerial System of French Joint-Stock Companies

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This research is aimed to trace the historical evolution of the legal managerial system of french joint-stock companies.Their managerial system has been generally provided by the law of 1867, which has allowed the constitution of joint-stock companies without the governmental authorization. The board of directors was provided by the reform of the early 1940s.The reform of 1966 has offered the possibility of choice between the single-tier system, which consists of the board of directors (conseil d'administration) and its presdient, and two-tier system, which consists of the management board (directoire) and the supervisory board (conseil de surveillance). Even in the single-tier system, the execution (directeur general) and its monitoring (president du conseil d'administration) can be assigned to the separate bodies, after the reform of 2001.After examining these processes of the historical evolution, we have clarified the contents of the actual legal managerial system of french joint-stock companies.