Despite the many advantages of the public limited company (Société anonyme), it must be acknowledged that it also has certain drawbacks, notably a rigid and burdensome governance structure due to the large number of management bodies, as well as the mandatory appointment of at least one statutory auditor. To address these issues, the legislator also introduced the simplified public limited company (Société anonyme simplifiée) under Title XV of Law 17-95. However, this legal form itself had several limitations, in particular the requirement to fully pay up the entire share capital at the time the articles of association of the simplified public limited company are signed, as well as restrictions relating to the profile of shareholders eligible for this corporate form. In view of these limitations, Law 19-20 repealed the provisions of Title XV concerning the simplified public limited company in Law No. 17-95. It introduced a new legal framework for a company known as the simplified joint-stock company (Société par actions simplifiée), whose specific features merit examination.
Nadia Azddou (Sun,) studied this question.
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