Dans une SA est-il possible de se protéger contre l'investisseur qui prend le contrôle d'une personne morale déjà actionnaire, contournant ainsi la clause d'agrément prévue dans les statuts ?
Le terme cession doit être entendu dans un sens large. La jurisprudence affirme que la clause peut jouer quel que soit le moyen de transmission des droits sociaux qui est utilisé. Difficulté particulière quand l'agrément a été donné à une personne morale. Peu importe qu'un changement de contrôle intervienne au sein de cette personne morale puisque c'est toujours elle qui demeure actionnaire. Ex : si la société A est actionnaire de B et que la société C achète les actions de A, les cessions opérées entre C et A est pas soumise à l'agrément de B puisque ce n'est pas les actions de B qui ont été cédées. La solution peut être gênante en particulier quand elle permet l'intrusion d'un concurrent dans la société. Société qui avait cru pourtant être à l'abri grâce à la clause d'agrément.
Certains estiment que la validité d'une telle clause statutaire, qui conduit à une expropriation forcée de l'actionnaire pose problème dans la mesure ou elle porte atteinte au droit fondamental qu'a tout actionnaire de rester associé. Cependant la Cour de Cassation n'est peut-être pas tout à fait hostile à la validité d'une telle convention ( 13 décembre 1994).
[...] Les juges de première instance n'ont pas fait droit à la demande de la Société Yves Rocher. La cour d'appel, par contre, après étude des statuts a demandé annulation du transfert des actions et que les mesures de séquestre desdites actions soient maintenues et qu'un acquéreur soit trouvé par la société. La société Synthélabo forme un pourvoi en cassation. [...]
[...] La société Synthélabo demande alors d'assigner la société de cosmétiques pour que les actions que détenait Sanofi soient inscrites à son nom. Le tribunal a constaté qu'aucune clause d'agrément n'était prévue dans les statuts de la société financière Yves Rocher et a donc accueilli la demande de la société Synthélabo et a demandé que la société Yves Rocher procède à l'inscription en compte au nom de la société racheteuse de ses actions. La cour d'appel a confirmé le jugement des juges du fond. La société Yves Rocher forme un pourvoi en cassation et fait grief à l'arrêt d'avoir ainsi statué. [...]
[...] picscalex100010009000003bc1a000000001610000000001610000026060f002220574d 464301000000000001003713000000000200000000200000f4000000f420000001000000 6c00000000000000000000008a0000001f00000000000000000000002b13000067040000 20454d4600000100f42000000c0000000100000000000000000000000000000000050000 20030000c40100001a010000000000000000000000000000e3e306006e4e040046000000 2c00000020000000454d462b014001001c000000100000000210c0db0100000060000000 6000000046000000980b00008c0b0000454d462b224004000c000000000000001e400900 0c00000000000000244001000c000000000000003040020010000000040000000000803f 214007000c0000000000000008400005e40a0000d80a00000210c0db0100000000000000 0000000000000000000000000100000089504e470d0a1a0a0000000d494844520000008b 000000200803000001621b4b760000000467414d410000d6d8d44f583200000019744558 74536f6674776172650041646f626520496d616765526561647971c9653c00000180504c 5445b1c8de9ab8d5b8cde293a4b58f919376a0cceaf1fa86add36588ac719dcbfd9700aa c3dbc5b18efdfdfef5ead1d68503a78a58d1dde8c1d3e5fab406d8d8d8e3ebf3f0f5f9f2 c965fffdf2c8cacba66701e9d3acf2f1f1bcb9b2dae5effbb802ccdbe9eab02ffae4b3a6 b9cca2bed86f869dd5a963859eb7e3e3e2c1ccd6fba400d5a3598ab1d8f9f4e7d5e1edec ebeb7699bdc78a238ab0d68eb4d9fafcfdf8fafcdde7f0a4a4a4637a91ead099c77501f5 f8fbbcd0e3eaf0f68babcc80a2c4cad2daf09301dbd2c297b2cdecb24cb8bcc0e78c008f b5dca3978292bae184a9cff0eeede1dacdfffdfbadb5bc8db2d8fbf9f7f8f6f3de991af4 c1357892ab7ea5ce93adc86f92b5fabb0ce8e6e48ca8c4e0b875bbc3cadddfe1fcfaf9d0 c0a487b0d9fbbd11c29b59e7eaebe3a4079facb988a5c2e7b00cafaeadf6a91fb2b1b08a b2da8cb4dcfb9000fcfcfee2a0316a8daf6e8aa6f7f8f7c5d6e6c6d7e7c9d8e890b7dff0 9e0ef9f7f78cb4da8bb3dbf6b70bf9b50fa57c36cfd0d1ffffffa077c4a6000008c04944 415478da62a8c7000cf565eeeeeed965cef532829ef5f220c050efa51ecaca0901f5fcb5 fc6e4055f5a240c53662306d62f50001c4806914b767bda7b727bbba7b8ebb7b35d82476 af50d658565f56660d56030f0f0f47430621240d7220022080a0e694219b5486e148a3c8 a2ec18fb7a7f20b44b358a8c650f536777ad67afd7d292ca974aaae5f196c6740f0cb0c1 00d01cdb62ee6226957a3d6b6ec1d2523305331b512605d17a315306ee7a06061b06a014 4000e13607d93d20c09d8624e4cc8ca1a6d2d35d39c1d33327d9ddd3bddebdde8e392712 28640c096410a86790d1a937d2f0af8fb1f74aadf70772fc03fceb75ea435df9b4eaa5c4 7c4ce20584eb1994d9bdd8eb81e1e8ca098c93342011c8e90024eb736b3d0480d0c3a3bc 9e81a0d779eb194a78c1427af5f542f5c5a018ac67034724b29b554cc4eab9d9b8b95540 d16d028c2005a0724141315e5b26b962263121ebfa7a80008c53514b024110f696ae3bb5 13943c0f94b2bad00393eaf6ccba5582b283e2344b0be9a18720f44c3184a417bfbfde9c be480439cbcec0f731df2c33b3abb58a1f43ffefc296a7fcdfc23423cb032daf2e18a36d 70530408071526a82c9b62f8d5804e1c4bd1e3dbfbbf2d11ca28f661d057ece65bebfbac bfe19572577621083af63b310df8256f6ed9b778b23b415020306cffb9e1ef1d19462663 180923b1fb483296d2052ec9d5159a24395f39dd86df55e65657060ee46344e5662e2adf a11d957bb81e0c1e301b645f67b8c08d7392dd8ab924d3f87c9e4cd46a0f876a6855e4aa 8bd8477309dc5baa8ae2126c808f622b36a2137b01d659c1b5b6d4e449916229899a2a95 23667c8701127de3641969e15678a44263adb19a701c519ba6c144241fc9a78569c68590 e294b790e1701dcef9982e87ceb57069740e1a89aee91436e1d2d135844cc88d75389aae 2d1238d7b843323f02b05635ae694341fcf934c60fd2ad41537512cb9439c5da5563ba36 5aeb2c7d1a1b9d423b6cab937d80a36583ad0aeb18f7afef2ebacf6e6c831ee45edebd77 4772dceff763b7f44fdfad2cd27fb87521f6ffb58a73dd8efffed2e67cbef9b72aca158d 700d8673c1b0c9d891220510341475387f9f13f6326862ca8d09be8f55c613d16eb7c564 1c16f8224413ca650a88fdcee5e51046e262dc145928b9b7ae3bb092ba613b38c065793a f5e1a4efd1a4db65efb8207cd36d212234fe902ed7110fddce470cfaa8ca1aa6c5621b08 817e6a23b6e2c43ea5920c4e7a59e43274720fdb22f7ce233dd981514176dc93bd9e3759 2a3ccc95ea041674f97cfeec4962d7f89c8081958004bc42c602bbd405722f65b90fe83a e91226a7ed47201d232483523c8704762a61f0049d115a0b0d1fbc69c0e0ec68e7f9bb64 030e0f8039b62cdbb63c199da38a1c4bd233a807831272a0b78fba44faf4f4349885a01b 94ba706fabd5403abc838cb8dbda7a7177d00a1de1b73c2640067c1059602e0ebe0510c7 e00602db1008bcfe06573820182e9eafa834fe1f908aff57d36e0bd64c51d7698d2ef784 2d3035a81139eb50345d79367f5058ede7026e02b36a5cab2a6cc62d55ab329d45ab3a64 90ef2bd519f33034151940651f3c288ccd550eeb19935598aae955640a8dd7b86a5015c5 c32b45b8026e688a6e55785483a80433d4980cca290b2b443e7a9833e02ca341a618b654 e0fe5503b9a906baa947977df1036a142912fe058a102db8b70c221ee3ad665886a520fb 1001d1a146a4a3b879a05824645f0468befa9fd238a2f8b2466fe43c19ae70ea0491ca29 0c21177bc79d13ef10291146d020364471d0b169b19d922193f225c6767cff7a3f7b18f1 974ec68933edfb817bfbd9f7f6bd7bb7ece7edbf5457710cc3883eacc41a5c0ced914ea9 fba468eeed655f3f68a5c3e468b4777af3e8b9344aa3d1e832fda095c2e668d4ed9c7f6b 2e1ab3ba7712c00edd31d1818eaec740b62fb6ad3eb1c8ca7fd279f2a27b7d19c14cad74 d1ed9ed628f9be32ba4459c2818965978b66a4b7f0ddd7e5ef553f97b3edcf56a5b006d9 a858d645e7bc51bab62a5501bca95bd6fbd316b525cbb2de00f858ad606a093e9665760e c5e79400ec8e81a9c38364d6aa981f85a554b13e6f0bee58bd3d9e7f1672b272e23f3116 ca89ff83c15f7e17739094ea56c1a7a2f658dba9d6eb557fb7084dead08bb7d97a365503 102b419b42154c58dedc02dd546b0c881c8583c831bd5db77cadf1939fc9ab5e6f697977 ee689e22cbcb317af9ab505aa42ddf50e3b7959505ffac4b6f9ba634d580fb2f63edaa24 99d9d41980b116a176d5340b6d7f5357cd7a415441588a903b4d492abca6b342b3d91465 999e9edef037f09db680533593293ea5b972268386e7c750e6c395f6c33aed873eb5e85d 194839034de4d2162c9074e28e1180e6974592a4b786e33832b466876aa70854d881895a 002da45e50525c5c92b0509be086541a0022a32c0530c56518960ca9cc4e5d11cd7ffafe 393d2d1ec5e860915643fb448b8b4473a1793f8dfdd0514c79570cbef4f7ee41a7694abe 5421c778d9dd8d2fd72490d0c65a8b22c7b3136076ad4db1d4ec3d59dba534480c0c46ed e3e9fb96626fbf0a96b7b6cac160680b121203f12c16b7b68ac042415ff9101bff8f7a4b 9b4f6e65b32d3e1545ee80279be25351ed8f09101167e5797b02dc0038139a306d4d5c7f f75d697ffdd957653d4d8fd6d7d1a37787ff7d2e6e20efb204b99acf68030ebecacd80c2 34c5d5143d0a1ed604c9687242e43d009132c17951e6e6141d533014ce51193ff0c03827 e8db65b8b0ba22840b07b184ad2968ca730a9e9a4df64c0fa636318366725f72b1035e89 1397877a42462c9564554f040c5d91e364eb6e98eb1ec7842107045926f47e9f120392e3 8cbc01ba034746dc783f90e786b8a8898c914582234860c83896500c26e75d59c58d813b 1a0f735b47383d0cc6272faec665d5b9ab8b6c13ba08d91b28e89987432c856e4393f1e6 dc60b6d13798870e3ace3c5d452ea2db81b11e0d70e63287298c7b035c6834d95367181f e43de251b281e4077e971de6b21a652c6133de8fa393318639bc868118794e7d67c8bc3e cbffeff6cb3f13b092bea4f6281b0000000049454e44ae42608200000840010824000000 180000000210c0db01000000030000000000000000000000000000001b40000040000000 340000000100000002000000000000bf000000bf00000b430000004203000000000000b3 000000b3ffff0a43000000b3000000b3ffffff412100000008000000620000000c000000 01000000150000000c00000004000000150000000c0000000400000051000000f8130000 00000000000000008a0000001f000000000000000000000000000000000000008b000000 2000000050000000280200007802000080110000000000002000cc008b00000020000000 280000008b00000020000000010008000000000000000000000000000000000080000000 0000000000000000ffffff00fefdfd00f3ebe300f0e6dc00f5eee800faf7f300e7e8e800 dfbf9d00e2bf9b00e2c09e00e0bd9a00d4c4b300fcfdff00ddd4cb00dab99600e0d9d200 ddbc9a00e6c4a100debd9a00c6c0b900f8fafc00e4c29f00cdb59b00d8d7d700e1ccb600 e1be9a00cbb29800d3d2d100eeeeef00d5bda500c0b1a200f5f8f900ece3d800c4b8ad00 fafbfd00ebddcf00e7d5c300ede1d400f8f3ee00e8eaec00debd9c00d4b79a00e3d1bd00 e8d7c600f2e9e000fcf9f700e9dacb00fdfbf900eaddce00f8f9f800d7b69400cac6c300 bee8fb00d8eef700dcc3a800dec8af00dfbc9700dedede00f0f1f30077d1f4000cbffb00 19c0fa00e0bf9b00eeeeeb00c2ac9500e6e4e300f3f3f40013c2f80005c3fc00a7d7ee00 cdaf9000ab968000c7a78700b7a18900d2ccc500b39a7f001bc7fc0014c5fb00b9babb00 bcbdbd00a2a09e00b1b1b100d1b9a200f4fdff00ebf6fa003fbcee0046cbf6005ebdef00 bdc4c6009dbdce0027a7e3000db1e80014bceb00fdfdfb00d6b28e0000b1fc0086c3e500 cbd9e1000379b3000386d00041ade700478db200d5e0e6006ba9cb00b1cad7006a9ab400 b8daed00f8f8fa00d4ad870000a5fd0003a2f300009beb000695dd00319ad00075b6dc00 17acf300d3ab82002db6f800c0a18000009ffc0092a5b000a08b7500bb9c7b00b8987700 6bb0dc00fbf3ee00ecded 01010101010101ff01015e0101012e01307e5e015e7e5e0202015e015e7e5e015e01012e 06015e01025e010606010101012e06015e01010202010101012e065e0230065e015e025e 015e7e0201062e5e012e2e5e012e0602025e015e0201015e065e0101060601010101062e 020106060101307e0201062e020202015e015e015e7e5e015e015e02022e5e7e30010101 010101ff012e1930012c2c27192c240225252c7f7f012b052b2f2c061901052b25042b30 0431042b2c0401012d2b2c382f0101262601010127192c380537252b2e2b032b022b252c 24252c3706192c2f7e2b2524272c0125050130252c37272425250301012125192f052b2b 26302b25312d2b2b2b047f5e2b012c042b2f2c27250131037f2b2c312b270101010101ff 012e380227375e25313006041901012431011925255e7e063802192d012e193004253805 2e0601011905056d2101017f7f0101017f2f5e38032b012c262b2d2b031901022c2f2637 05250425252d01192625012b05012125012b213806060601303802042b19272e192f2501 01252d7e2b21315e2b0125382c5e06272b012f2d25032e2d38050101010101ff0130372c 1e250125197f3826190101242f01192f382637043802192d0130382e2125382c25190101 041937040501012638313101262401192d2b012c242b2d2b031901302e2d313727250425 252d0119262b012b05012625012b04377f2b2501303802042b19272e192f250101250306 25212530380125193821380419012c2d2f2d192f03010101010101ff012e38275e252106 2c2c2f02252b2f7f3725252e252f2c06372c042b2b2d382b19052d2c252d01010138372d 010101262c30212c047f012b05372c2b2e2b032b5e2b2b2f032c252c2d37312f272b2531 27372c193001302b2c1e272131250501012625382c032b2b26302b2b262f05062c2d382c 382c19272c312c06372519273725252f255e0101010101ff012e37272e2b26012e060101 5e060124252e02015e7e5e015e06022e0602380530010106060101010619262b01010124 2530042b01020101052b2e5e02380606015e0602012e060105192e06012e0602015e065e 010101302e2b0501062e010101012e042b01060601013006025e02015e02300602063001 307e02015e0630012b04017e5e010101010101ff0102242f2f2602010101010101010105 05010101010101010101010101010430010101010101010101032f06010101272c2f312e 01010101062d010101040603010101010101010101067e03010101010101010101010101 012d060101010101010101062d 0101010101010101010101010101010101010101010101010101010101027e7e7e7e7e7e 7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e06020101010100 0101021c525151515151515151524b20010101013a525151515151515151515242010101 013b50515151515151515151523a02010101234b51515151515151515152180201014251 5151514201010128525151515151515151514f42010101010167737d7d7d7d7d7d7d7d7d 7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d730701010101000101347a 4c77777b7b7b7b7c7c7c7a512801013a487a7c7c7c7c7c7c7c7c7c7a7a1c010143517a7c 7c7c7c7c7c7c7c7c7a7a4f230101147a7c7c7c7c7c7c7c7c7c7c7a5215010e7c7c7c7c22 010107487a7c7c7c7c7c7c7c7c7c7a7a340101015e58786e6e6e6e786e6e6e6e6e6e6e78 6e6e6e6e6e6e6e6e6e6e6e6e786e6e6e786e6e6e6e78615e01010100010d225f110f0f0f 0f0f0f33333333771f150134496d7575757575757575756d494828013a77757575757575 757575756d75484b01434175757575757575757575757548340107477575751f20014b77 6d7575757575757575756d75483a010101586e706464706e6e7164646464716e70646464 6464716f6f64646f6e7164716e6f64646f6e654301010100010d0c330f0f0f0f33333333 330f0f394142014b5f0f33335f5f5f5f6d6d6d6d6d7734014247757575756d6d6d6d7575 7575751f0d201b75757575756d6d6d75757575751f152017757575410701107575757575 6d6d6d6d7575756d49140101016b78727979666f716a797979796a716679797979796a64 717979726f68796a705b7979726e74670101010001014b330f0f330c032d030437330f0f 471c0110330f0f0f530403030319330f0f5f22013b175f5f5f4710032d032f47756d7541 1d010c757575750c0303032f5f756d6d4107010c756d6d491c0142476d6d751b21032d03 2b6d6d6d751f6c010136745655016b6f5b43010d54013571670101545401015a71360168 70610167715b4302686f6e460101010001010e330f115f140101010110330f115f140140 2a0f0f0f1f20010101402a0f0f0f1f3b0d0c0f1111413a0101010d0c5f330f4918010e6d 5f5f6d340101010d0c756d6d491c010e756d6d7514014317756d6d413b0101012053756d 6d412801015e586e763c766e5b2801737476766f6b01695b746101676446016970653043 726f6b015a706e582e0101000101072a11110f1f20010101402a11110f1f206c1e0f1113 41420101016c1e0f1113413a014b331111474b010101010e331129473401422a11110f1f 15010101105f0f0f47140142475f5f5f1f150d0c6d6d6d4918010101010c6d6d6d491801 01013c6e6e6e60606f6b015a7060606e6101627160656c06727301677174280168706101 6270607428010100010143531129134128010101321e11290b4107014b0f2929471c0101 01014b0f2929474b013a3329290f220d010101422a13290f220d43531129134128010101 422a29290f1f1543531129134107010e0f1113473401010101105f0f0f47340101013660 606060606061016263636364655e066663636701685b5e2e666369015a636a013b5c3d3d 6b01010001010d0c0f2908471c010101014b0f2908471c01103329293314010101011033 29290f22011d53132913413b010101431e1329131f3b010c1129084718010101431e1329 0b4128010c112908471c01422a29290f2215010101072a29080f22150101205745454545 455802021c59345a5b36013a59594301465c36013a59280106591801205d45453c5e0100 0101010e0f08080f484f504f4f510f0808331401402a29083f4a52504f5051330a08131f 43231e13080a4151504f50524a0a080a1b3a010e0f080833340101010d0c13080a471801 0e0f08083314013b533f080a4a51504f5051410a081a1b3b0101013c4545454545454654 54540d55563c5554545454203c453c5554545436360d5454364445455743010001010142 2a3f080a4748484848490a0808392223201e1a080a33484848484a290808091728014b0f 0808084a4848484c330a080a331c01422a08081122150101010e0f080a333401422a0808 111f150d0c13080a114c4848484c0f0a083f2a1d01010135454545454545454d4d4d4d4d 4e454e4d4d4d4d4d4545454e4d4d4d4e4e4d4d4d4e454545443601000101012319393f0a 1612121212120a0a0a390c230119390a0a0a12121212120a0a0a091e3b0140080b080a12 12121212160a0a0a0f10013b1e090a094128010101422a0a0a0b1f23431e090a09412801 21113f0a0a12121212120a0a0a1a083b0101013644454545454545454545454545454545 45454545454545454545454545454545454545454546010001010101062b080b0b0b0b0b 0b0b0b0b0b372d010110110a0a0a161a0b0b0b0b0b0b13310101012d380b0b0b0b0b0b0b 0b0b0b13193201230c390b1a1b3a0101013b1e390b0b173b010c090a161b18010121370b 0b0b0b0b0b0b0b0b0b0b250d010101023c3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d 3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3e35010001010101010205242525252525252525 26270101012829160a0a2a2b2c252525252c2d02010101012e042f252525252525252c04 30010101032525252c270101010d212525253132010e0b0a16333401010106042c252525 252525252f 01201e1616161b0701010101010101010101010101010101010101010101010101010101 0101010101010101010101010101010101211116160b 0101010101010101010101000101010101010101010101010101010101010101010d191a 16121b1c0101010101010101010101010101010101010101010101010101010101010101 010101010101010101010101011d1e1616161f1d 0101010101010100010101010101010101010101010101010101010101010e 010101010101010101150c 01010100010101010101010101010101010101010101010101010708090a0b0c0d 0101010101010e0b0a0a0f 010101010101010101010101010101019000000026060f001601574d4643010000000000 010000000000000002000000f400000000000000f 4c0000006400000000000000000000008a0000001f00000000000000000000008b000000 200000002900aa0000000000000000000000803f00000000000000000000803f00000000 00000000000000000000000000000000000000000000000000000000220000000c000000 ffffffff460000001c00000010000000454d462b024000000c000000000000000e000000 140000000000000010000000140000000400000003010800050000000b02000000000500 00000c0220008b00030000001e0004000000070104000400000007010400e1090000410b 2000cc0020008b000000000020008b0000000000280000008b0000002000000001000800 00000000000000000000000000000000800000000000000000000000ffffff00fefdfd00 f3ebe300f0e6dc00f5eee800faf7f300e7e8e800dfbf9d00e2bf9b00e2c09e00e0bd9a00 d4c4b300fcfdff00ddd4cb00dab99600e0d9d200ddbc9a00e6c4a100debd9a00c6c0b900 f8fafc00e4c29f00cdb59b00d8d7d700e1ccb600e1be9a00cbb29800d3d2d100eeeeef00 d5bda500c0b1a200f5f8f900ece3d800c4b8ad00fafbfd00ebddcf00e7d5c300ede1d400 f8f3ee00e8eaec00debd9c00d4b79a00e3d1bd00e8d7c600f2e9e000fcf9f700e9dacb00 fdfbf900eaddce00f8f9f800d7b69400cac6c300bee8fb00d8eef700dcc3a800dec8af00 dfbc9700dedede00f0f1f30077d1f4000cbffb0019c0fa00e0bf9b00eeeeeb00c2ac9500 e6e4e300f3f3f40013c2f80005c3fc00a7d7ee00cdaf9000ab968000c7a78700b7a18900 d2ccc500b39a7f001bc7fc0014c5fb00b9babb00bcbdbd00a2a09e00b1b1b100d1b9a200 f4fdff00ebf6fa003fbcee0046cbf6005ebdef00bdc4c6009dbdce0027a7e3000db1e800 14bceb00fdfdfb00d6b28e0000b1fc0086c3e500cbd9e1000379b3000386d00041ade700 478db200d5e0e6006ba9cb00b1cad7006a9ab400b8daed00f8f8fa00d4ad870000a5fd00 03a2f300009beb000695dd00319ad00075b6dc0017acf300d3ab82002db6f800c0a18000 009ffc0092a5b000a08b7500bb9c7b00b89877006bb0dc00fbf3ee00ecded 010101010101010101010101010101010101010101010101010101ff01015e0101012e01 307e5e015e7e5e0202015e015e7e5e015e01012e06015e01025e010606010101012e0601 5e01010202010101012e065e0230065e015e025e015e7e0201062e5e012e2e5e012e0602 025e015e0201015e065e0101060601010101062e020106060101307e0201062e02020201 5e015e015e7e5e015e015e02022e5e7e30010101010101ff012e1930012c2c27192c2402 25252c7f7f012b052b2f2c061901052b25042b300431042b2c0401012d2b2c382f010126 2601010127192c380537252b2e2b032b022b252c24252c3706192c2f7e2b2524272c0125 050130252c37272425250301012125192f052b2b26302b25312d2b2b2b047f5e2b012c04 2b2f2c27250131037f2b2c312b270101010101ff012e380227375e253130060419010124 31011925255e7e063802192d012e1930042538052e0601011905056d2101017f7f010101 7f2f5e38032b012c262b2d2b031901022c2f263705250425252d01192625012b05012125 012b213806060601303802042b19272e192f250101252d7e2b21315e2b0125382c5e0627 2b012f2d25032e2d38050101010101ff0130372c1e250125197f3826190101242f01192f 382637043802192d0130382e2125382c2519010104193704050101263831310126240119 2d2b012c242b2d2b031901302e2d313727250425252d0119262b012b05012625012b0437 7f2b2501303802042b19272e192f25010125030625212530380125193821380419012c2d 2f2d192f03010101010101ff012e38275e2521062c2c2f02252b2f7f3725252e252f2c06 372c042b2b2d382b19052d2c252d01010138372d010101262c30212c047f012b05372c2b 2e2b032b5e2b2b2f032c252c2d37312f272b253127372c193001302b2c1e272131250501 012625382c032b2b26302b2b262f05062c2d382c382c19272c312c06372519273725252f 255e0101010101ff012e37272e2b26012e0601015e060124252e02015e7e5e015e06022e 0602380530010106060101010619262b010101242530042b01020101052b2e5e02380606 015e0602012e060105192e06012e0602015e065e010101302e2b0501062e010101012e04 2b01060601013006025e02015e02300602063001307e02015e0630012b04017e5e010101 010101ff0102242f2f260201010101010101010505010101010101010101010101010430 010101010101010101032f06010101272c2f312e01010101062d01010104060301010101 0101010101067e03010101010101010101010101012d060101010101010101062d 01010101010101010101010101027e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e7e 7e7e7e7e7e7e7e7e7e7e7e7e7e060201010101000101021c525151515151515151524b20 010101013a525151515151515151515242010101013b50515151515151515151523a0201 0101234b5151515151515151515218020101425151515142010101285251515151515151 51514f42010101010167737d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d7d 7d7d7d7d7d7d7d7d7d730701010101000101347a4c77777b7b7b7b7c7c7c7a512801013a 487a7c7c7c7c7c7c7c7c7c7a7a1c010143517a7c7c7c7c7c7c7c7c7c7a7a4f230101147a 7c7c7c7c7c7c7c7c7c7c7a5215010e7c7c7c7c22010107487a7c7c7c7c7c7c7c7c7c7a7a 340101015e58786e6e6e6e786e6e6e6e6e6e6e786e6e6e6e6e6e6e6e6e6e6e6e786e6e6e 786e6e6e6e78615e01010100010d225f110f0f0f0f0f0f33333333771f150134496d7575 757575757575756d494828013a77757575757575757575756d75484b0143417575757575 7575757575757548340107477575751f20014b776d7575757575757575756d75483a0101 01586e706464706e6e7164646464716e706464646464716f6f64646f6e7164716e6f6464 6f6e654301010100010d0c330f0f0f0f33333333330f0f394142014b5f0f33335f5f5f5f 6d6d6d6d6d7734014247757575756d6d6d6d75757575751f0d201b75757575756d6d6d75 757575751f1520177575754107011075757575756d6d6d6d7575756d49140101016b7872 7979666f716a797979796a716679797979796a64717979726f68796a705b7979726e7467 0101010001014b330f0f330c032d030437330f0f471c0110330f0f0f530403030319330f 0f5f22013b175f5f5f4710032d032f47756d75411d010c757575750c0303032f5f756d6d 4107010c756d6d491c0142476d6d751b21032d032b6d6d6d751f6c010136745655016b6f 5b43010d54013571670101545401015a7136016870610167715b4302686f6e4601010100 01010e330f115f140101010110330f115f1401402a0f0f0f1f20010101402a0f0f0f1f3b 0d0c0f1111413a0101010d0c5f330f4918010e6d5f5f6d340101010d0c756d6d491c010e 756d6d7514014317756d6d413b0101012053756d6d412801015e586e763c766e5b280173 7476766f6b01695b746101676446016970653043726f6b015a706e582e0101000101072a 11110f1f20010101402a11110f1f206c1e0f111341420101016c1e0f1113413a014b3311 11474b010101010e331129473401422a11110f1f15010101105f0f0f47140142475f5f5f 1f150d0c6d6d6d4918010101010c6d6d6d49180101013c6e6e6e60606f6b015a7060606e 6101627160656c0672730167717428016870610162706074280101000101435311291341 28010101321e11290b4107014b0f2929471c010101014b0f2929474b013a3329290f220d 010101422a13290f220d43531129134128010101422a29290f1f1543531129134107010e 0f1113473401010101105f0f0f47340101013660606060606061016263636364655e0666 63636701685b5e2e666369015a636a013b5c3d3d6b01010001010d0c0f2908471c010101 014b0f2908471c0110332929331401010101103329290f22011d53132913413b01010143 1e1329131f3b010c1129084718010101431e13290b4128010c112908471c01422a29290f 2215010101072a29080f22150101205745454545455802021c59345a5b36013a59594301 465c36013a59280106591801205d45453c5e01000101010e0f08080f484f504f4f510f08 08331401402a29083f4a52504f5051330a08131f43231e13080a4151504f50524a0a080a 1b3a010e0f080833340101010d0c13080a4718010e0f08083314013b533f080a4a51504f 5051410a081a1b3b0101013c454545454545465454540d55563c5554545454203c453c55 54545436360d54543644454557430100010101422a3f080a4748484848490a0808392223 201e1a080a33484848484a290808091728014b0f0808084a4848484c330a080a331c0142 2a08081122150101010e0f080a333401422a0808111f150d0c13080a114c4848484c0f0a 083f2a1d01010135454545454545454d4d4d4d4d4e454e4d4d4d4d4d4545454e4d4d4d4e 4e4d4d4d4e454545443601000101012319393f0a1612121212120a0a0a390c230119390a 0a0a12121212120a0a0a091e3b0140080b080a1212121212160a0a0a0f10013b1e090a09 4128010101422a0a0a0b1f23431e090a0941280121113f0a0a12121212120a0a0a1a083b 010101364445454545454545454545454545454545454545454545454545454545454545 454545454546010001010101062b080b0b0b0b0b0b0b0b0b0b372d010110110a0a0a161a 0b0b0b0b0b0b13310101012d380b0b0b0b0b0b0b0b0b0b13193201230c390b1a1b3a0101 013b1e390b0b173b010c090a161b18010121370b0b0b0b0b0b0b0b0b0b0b250d01010102 3c3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d3d 3e3501000101010101020524252525252525252526270101012829160a0a2a2b2c252525 252c2d02010101012e042f252525252525252c0430010101032525252c270101010d2125 25253132010e0b0a16333401010106042c252525252525252f 010101010101010101010101010101010101010101201e1616161b 01211116160b 01010101010101010101010101010101010d191a16121b1c010101010101010101010101 0101010101010101010101010101010101010101010101010101010101010101011d1e16 16161f1d 01010101010101010101010101010e111212131401010101010101010101010101010101 0101010101010101010101010101010101010101010101010101010101150c 010101010101010101010708090a0b0c0d01010101010101010101010101010101010101 01010101010101010101010101010101010101010101010101010e0b0a0a0f 0101010101010101010101000c00000040092900aa0000000000000020008b0000000000 040000002701ffff030000000000 Les clauses d'agrément : analyse des cas Barilla, Midi Libre et Sanofi Cas pratique Dans une SA est-il possible de se protéger contre l'investisseur qui prend le contrôle d'une personne morale déjà actionnaire. Contournant ainsi la clause d'agrément prévue dans les statuts? Le terme cession doit être entendu dans un sens large. La jurisprudence : la clause peut jouer quel que soit le moyen de transmission des droits sociaux qui est utilisé. Difficulté particulière quand l'agrément a été donné à une personne morale. [...]
[...] Le CA a désigné comme bénéficiaires de la cession de ces actions un certain nombre d'actionnaires de la société du journal. Des consorts actionnaires ainsi que la société du journal ont assigné la société Etarci et la société SCPPML pour que les cessions litigieuses leur soient déclarées inopposables et que les consorts soient déclarés cessionnaires de ces actions. Une cession d'actions au profit d'un des actionnaires peut-elle être considérée comme frauduleuse, le conseil d'administration peut-il ordonner la cession de ces actions à un cessionnaire désigné par celui-ci? [...]
[...] Lorsque l'actionnaire cédant se voit opposer un refus d'agrément, il peut toujours retirer son offre de cession. Il y a là un véritable droit de repentir au profit du cédant qui ne peut être évincé de la société contre son gré, malgré toute clause contraire des statuts. Dans le cas de l'arrêt de 1994, même si le CA n'était pas fondé à se prévaloir d'une clause d'agrément à l'encontre d'un actionnaire, il ne pouvait pas non plus imposer aux sociétés SCPPML et Etraci de vendre leurs actions. [...]
Bibliographie, normes APA
Citez le doc consultéLecture en ligne
et sans publicité !Contenu vérifié
par notre comité de lecture
