# French — Corporate / M&A / JV / Resolutions / POA Sub-Lexicon

Unified French-to-English mapping covering M&A documents, joint ventures,
shareholders' agreements, shareholder loans, corporate resolutions and corporate
governance, and powers of attorney / proxies.

For substantive English vocabulary and drafting notes, see
`references/corporate-ma-jv.md`.

## Core M&A Document Terms

| French | English |
|---|---|
| contrat de cession d'actions / contrat d'acquisition d'actions | share purchase agreement (SPA) |
| contrat de cession de parts sociales | share purchase agreement (SPA) |
| cession de fonds de commerce | asset purchase agreement / business transfer agreement |
| prêt d'actionnaire / avance en compte courant d'associé | shareholder loan |
| acte de transfert / acte de cession | transfer deed / transaction deed |
| lettre de divulgation / lettre d'information | disclosure letter |
| déclarations et garanties du vendeur | seller's representations and warranties |
| indemnisation / garantie d'indemnisation | indemnity / indemnification |
| clause d'ajustement de prix | price adjustment clause |
| prix d'acquisition / prix de cession | purchase price |
| contrepartie | consideration |
| contrepartie différée | deferred consideration |
| complément de prix / earn-out | earn-out |
| arrhes | withdrawal deposit (Art. 1590 French Civil Code) |
| dépôt de garantie | deposit |
| date de réalisation / closing | completion (UK) / closing (US) |
| date de signature / signing | signing / exchange |
| conditions suspensives à la réalisation | conditions to completion |
| période intermédiaire / période intercalaire | interim period |
| engagements au cours de la période intermédiaire | interim covenants |
| clause de changement défavorable significatif (MAC) | material adverse change clause |
| audit préalable / due diligence | due diligence |
| data room | data room |
| lettre d'intention | letter of intent (LOI) |
| protocole d'accord | memorandum of understanding (MOU) |
| offre ferme / offre engageante | binding offer |
| offre indicative / offre non engageante | non-binding offer / indicative offer |
| garantie de passif | seller's warranty / indemnity against liabilities |

## Price Mechanism (M&A)

| French | English |
|---|---|
| locked-box / prix bloqué | locked-box pricing |
| mécanisme de comptes de réalisation | completion accounts mechanism |
| dette financière nette | net debt / net financial position |
| besoin en fonds de roulement (BFR) | net working capital |
| niveau cible de BFR | target working capital |
| ajustement de prix | price adjustment |
| expert indépendant / tiers expert | independent expert / third-party expert |
| détermination opposable | binding determination |

## Warranty Claim Limitations (M&A)

| French | English |
|---|---|
| franchise individuelle / de minimis | de minimis (per claim threshold) |
| franchise globale / seuil de déclenchement | basket / threshold |
| franchise de dépassement | excess basket / deductible |
| seuil de basculement | tipping basket |
| plafond / cap | cap |
| délai de prescription contractuel | contractual limitation period |
| délai de péremption | time limit / survival period |
| obligation de minimiser le préjudice | duty to mitigate |
| notification de la réclamation | notice of claim |
| recours contre les tiers | third-party recovery |

## Escrow and Holdback

| French | English |
|---|---|
| compte séquestre / compte d'entiercement | escrow account |
| montant séquestré | escrow amount |
| séquestre / agent séquestre | escrow agent |
| convention de séquestre | escrow agreement |
| retenue (sur prix) | holdback |
| libération du séquestre | release of escrow |
| retenue indemnitaire | indemnity holdback |

## Tax-related M&A Terms (interface)

For substantive tax vocabulary, see `references/taxes.md` and the French tax
sub-lexicon `french-taxes.md`.

| French | English |
|---|---|
| garanties fiscales | tax warranties |
| garantie fiscale / convention de garantie fiscale | tax indemnity / tax covenant |
| exercice fiscal antérieur au closing | pre-closing tax period |
| exercice fiscal à cheval | straddle period |
| neutralité fiscale de l'opération | tax neutrality of the transaction |
| réévaluation fiscale / step-up | step-up in basis |
| valeur fiscale d'origine | tax basis |
| déficits reportables | tax loss carry-forwards |
| prise en charge du risque fiscal | assumption of tax risk |

## SHA and Shareholder Loan Terms

| French | English |
|---|---|
| droit de préemption | right of first refusal / pre-emption right |
| droit de première offre | right of first offer (ROFO) |
| droit de sortie conjointe / tag-along | tag-along right |
| obligation de sortie conjointe / drag-along | drag-along right |
| clause de conservation des titres / lock-up | lock-up provision |
| clause de non-concurrence | non-compete clause |
| clause de non-sollicitation | non-solicitation clause |
| option d'achat | call option |
| option de vente | put option |
| situation de blocage / impasse | deadlock |
| mécanisme de résolution de blocage | deadlock resolution mechanism |
| roulette russe | Russian roulette |
| Texas shoot-out | Texas shoot-out |
| Mexican shoot-out | Mexican shoot-out |
| clause de bon sortant / good leaver | good leaver provision |
| clause de mauvais sortant / bad leaver | bad leaver provision |
| juste valeur / valeur de marché | fair market value |
| avance en compte courant d'associé portant intérêts | interest-bearing shareholder loan |
| avance en compte courant d'associé non rémunérée | interest-free shareholder loan |
| subordination | subordination |
| remboursement de l'avance en compte courant | repayment of the shareholder loan |
| cessionnaire autorisé | permitted transferee |

## Parties and Roles

| French | English |
|---|---|
| vendeur / cédant | seller / vendor |
| acquéreur / cessionnaire | buyer / purchaser |
| société cible | target company |
| société acquéreuse | acquiring company |
| garant (des déclarations et garanties) | warrantor |
| partie indemnisante | indemnifying party |
| partie indemnisée | indemnified party |
| directeur général / président-directeur général (PDG) | chief executive officer (CEO) / managing director |
| conseil d'administration | board of directors |
| associé / actionnaire | shareholder |
| actionnaire majoritaire | majority shareholder |
| actionnaire minoritaire | minority shareholder |
| bénéficiaire effectif | ultimate beneficial owner (UBO) |

## Transaction Deed Terms

| French | English |
|---|---|
| acte notarié de transfert | notarial deed of transfer |
| ordre de mouvement / ordre de transfert | share transfer form |
| inscription en compte | book-entry registration |
| agrément | approval clause / consent clause |

## Core JV Document Terms

| French | English |
|---|---|
| accord de coentreprise / contrat de joint-venture | joint venture agreement (JVA) |
| accord de consortium | consortium agreement |
| accord de co-investissement | co-investment agreement |
| société commune / coentreprise | joint venture company (JVCo) |
| société de projet / société ad hoc | special purpose vehicle (SPV) |
| partenaire / coentrepreneur | joint venture partner |
| apport en numéraire | cash contribution |
| apport en nature | contribution in kind |
| apport en industrie | contribution of services / sweat equity |
| participation | equity interest / shareholding |
| quote-part / pourcentage de participation | percentage interest |
| gouvernance | governance |
| comité de direction / comité de gestion | management committee / steering committee |
| droit de veto | veto right |
| matières réservées / décisions réservées | reserved matters |
| majorité qualifiée | qualified majority / supermajority |
| unanimité | unanimity |
| clause de sortie | exit clause |
| offre conjointe / offre groupée | joint bid |
| plan d'affaires | business plan |
| budget | budget |
| programme de travail | work programme |
| répartition des bénéfices et des pertes | profit and loss sharing |
| distribution de dividendes | dividend distribution |
| politique de distribution | distribution policy |
| appel de fonds | capital call / cash call |
| dilution | dilution |
| territoire | territory |
| domaine d'activité / objet social | scope of business / corporate purpose |
| exclusivité | exclusivity |
| durée | term |
| résiliation / dissolution | termination / dissolution |
| liquidation | winding-up / liquidation |

## Core Corporate Resolution Terms

| French | English |
|---|---|
| procès-verbal du conseil d'administration | minutes of the board of directors |
| résolution du conseil d'administration | board resolution |
| délibération du conseil d'administration | board resolution / board deliberation |
| procès-verbal de l'assemblée générale | minutes of the general meeting |
| résolution de l'assemblée générale | shareholders' resolution |
| assemblée générale ordinaire (AGO) | ordinary general meeting (OGM) |
| assemblée générale extraordinaire (AGE) | extraordinary general meeting (EGM) |
| assemblée générale mixte | combined general meeting |
| convocation | notice of meeting / convening notice |
| ordre du jour | agenda |
| quorum | quorum |
| vote à la majorité simple | simple majority vote |
| vote à la majorité qualifiée | qualified majority vote / supermajority vote |
| vote à l'unanimité | unanimous vote |
| feuille de présence | attendance sheet |
| rapport de gestion | management report / directors' report |
| rapport du commissaire aux comptes | auditor's report |
| approbation des comptes | approval of the accounts / financial statements |
| affectation du résultat | allocation of profits / appropriation of earnings |
| augmentation de capital | capital increase / share capital increase |
| réduction de capital | capital reduction |
| émission d'obligations | issuance of bonds |
| nomination / désignation | appointment |
| révocation | removal / dismissal |
| renouvellement de mandat | renewal of appointment / re-appointment |
| ratification | ratification |
| délégation de pouvoirs | delegation of powers |
| consultation écrite | written resolution / written consultation |

## Corporate Officers and Bodies

| French | English |
|---|---|
| président du conseil d'administration | chairman of the board |
| directeur général (DG) | chief executive officer (CEO) / managing director |
| directeur général délégué | deputy managing director / deputy CEO |
| président-directeur général (PDG) | chairman and chief executive officer |
| président (de SAS) | president (of an SAS) |
| administrateur | director |
| administrateur indépendant | independent director |
| directoire | management board (executive board) |
| gérant | manager (of an SARL/SCI) |
| commissaire aux comptes | statutory auditor |
| secrétaire du conseil | company secretary / board secretary |
| représentant légal | legal representative / authorised signatory |
| pouvoirs de signature | signatory powers / signing authority |

## Company Types

| French | English |
|---|---|
| société par actions simplifiée (SAS) | simplified joint-stock company (SAS) |
| société à responsabilité limitée (SARL) | limited liability company (SARL) |
| société civile immobilière (SCI) | real estate holding company (SCI) |
| société en nom collectif (SNC) | general partnership (SNC) |
| société en commandite simple (SCS) | limited partnership (SCS) |
| société européenne (SE) | European company (SE — Societas Europaea) |

## Substantive Resolution Content

| French | English |
|---|---|
| approbation des comptes annuels | approval of the financial statements |
| distribution des bénéfices | distribution of profits / dividend distribution |
| imputation des pertes | coverage of losses |
| nomination des administrateurs | appointment of directors |
| révocation des administrateurs | removal of directors |
| octroi de pouvoirs | granting of powers |
| autorisation de réaliser des opérations | authorisation to carry out transactions |
| modification des statuts | amendment of the articles of association |
| fusion | merger |
| fusion-absorption | merger by absorption |
| fusion par création d'une société nouvelle | merger by formation of a new company |
| scission | demerger / spin-off |
| scission totale / partielle | total demerger / partial demerger |
| transformation | conversion (of corporate form) |
| dissolution et liquidation | dissolution and winding-up |
| ratification des actes accomplis | ratification of actions taken |

## Powers of Attorney and Proxies

### Types of Power of Attorney

| French | English |
|---|---|
| procuration / mandat | power of attorney (POA) / mandate |
| procuration générale / mandat général | general power of attorney |
| procuration spéciale / mandat spécial | special power of attorney |
| procuration limitée | limited power of attorney |
| procuration notariée / acte authentique | notarial power of attorney / authentic deed |
| procuration sous seing privé | power of attorney by private deed |
| procuration irrévocable | irrevocable power of attorney |
| procuration bancaire | banking power of attorney |
| procuration ad litem | power of attorney for legal proceedings |
| faculté de substitution | power of substitution / right to delegate |

### Scope, Authentication and Lifecycle

| French | English |
|---|---|
| pouvoirs de représentation | powers of representation |
| signature individuelle | sole signing authority (any one signatory may bind) |
| signature conjointe | joint signing authority (two or more signatories required) |
| acte authentique | authentic deed (notarial) |
| acte sous seing privé | private deed |
| légalisation de signature | authentication of signature |
| apostille | apostille (Hague Convention 1961) |
| légalisation consulaire | consular legalisation |
| traduction assermentée / traduction certifiée | sworn translation / certified translation |
| révocation du mandat | revocation of the mandate |
| renonciation du mandataire | renunciation by the agent |
| caducité / extinction | lapse / termination |
| incapacité du mandant | incapacity of the principal |

### Proxy (Meeting) Terms

| French | English |
|---|---|
| pouvoir de vote / mandat de vote | voting proxy |
| formulaire de pouvoir | proxy form |
| pouvoir en blanc | blank proxy |
| pouvoir avec instructions de vote | directed proxy / instructed proxy |
| pouvoir discrétionnaire | discretionary proxy |
| sollicitation de pouvoirs | proxy solicitation |
| vote par correspondance | postal voting |
| vote électronique | electronic voting |
| vote fractionné | split voting |

### Verbal Anchors

| French | English |
|---|---|
| par les présentes, donne pouvoir spécial à | hereby grants a special power of attorney to |
| avec les pouvoirs les plus étendus | with the broadest powers |
| avec faculté expresse de | with express authority to |
| avec faculté de substitution | with the right of substitution |
| la présente procuration est irrévocable | this power of attorney is irrevocable |
| la présente procuration est valable jusqu'à révocation | this power of attorney is valid until revoked |
| le soussigné, en sa qualité de représentant légal de | the undersigned, in his/her capacity as legal representative of |

## Section Headings

| French | English |
|---|---|
| DÉFINITIONS ET INTERPRÉTATION | DEFINITIONS AND INTERPRETATION |
| CESSION ET TRANSFERT | SALE AND TRANSFER |
| PRIX D'ACQUISITION | PURCHASE PRICE |
| CONDITIONS À LA RÉALISATION | CONDITIONS TO COMPLETION |
| RÉALISATION | COMPLETION |
| DÉCLARATIONS ET GARANTIES | REPRESENTATIONS AND WARRANTIES |
| INDEMNISATION | INDEMNIFICATION |
| LIMITATIONS DE RESPONSABILITÉ | LIMITATIONS ON LIABILITY |
| NON-CONCURRENCE | NON-COMPETE |
| CONFIDENTIALITÉ | CONFIDENTIALITY |
| DISPOSITIONS GÉNÉRALES | MISCELLANEOUS |
| CRÉATION DE LA SOCIÉTÉ COMMUNE | FORMATION OF THE JOINT VENTURE |
| APPORTS | CONTRIBUTIONS |
| GOUVERNANCE ET GESTION | GOVERNANCE AND MANAGEMENT |
| MATIÈRES RÉSERVÉES | RESERVED MATTERS |
| BLOCAGE | DEADLOCK |
| TRANSFERT DE TITRES | TRANSFER OF SHARES |
| RÉSILIATION ET SORTIE | TERMINATION AND EXIT |
| RÉPARTITION DES RÉSULTATS | PROFIT AND LOSS SHARING |
| OUVERTURE DE LA SÉANCE | OPENING OF THE MEETING |
| CONSTATATION DU QUORUM | QUORUM VERIFICATION |
| PREMIÈRE RÉSOLUTION | FIRST RESOLUTION |
| POUVOIRS | POWERS |
| CLÔTURE DE LA SÉANCE | CLOSING OF THE MEETING |
| PROCURATION SPÉCIALE | SPECIAL POWER OF ATTORNEY |
| PROCURATION GÉNÉRALE | GENERAL POWER OF ATTORNEY |
| POUVOIR DE VOTE | VOTING PROXY |

## Notes

- **"Completion" vs "Closing"**: UK practice uses "completion"; US practice uses "closing".
  Default to UK unless the document context or governing law indicates US style.

- **"Garantie de passif"**: A specifically French mechanism where the seller indemnifies
  the buyer against undisclosed liabilities. No exact English equivalent — translate as
  "seller's warranty" or "indemnity against liabilities" depending on context.

- **"Garantie d'actif et de passif" (GAP)**: Broader than garantie de passif — covers both
  assets and liabilities. Translate as "representations and warranties" or "balance sheet
  warranty" depending on the scope of the clause.

- **"Compte courant d'associé"**: A current account loan from a shareholder to the company.
  Translate as "shareholder loan" or "shareholder current account" depending on context.

- **"Agrément"**: In French corporate law, refers to the requirement of board/shareholder
  approval before shares can be transferred. Translate as "approval clause" or "consent
  clause".

- **"Coentreprise"**: The standard French term for a joint venture. Can also be
  "entreprise commune" or simply "joint-venture" (borrowed English).

- **"Apport en industrie"**: A contribution of services or know-how rather than cash or
  assets. Not available in all company forms (prohibited in SA). Translate as
  "contribution of services" or "sweat equity".

- **"Matières réservées"**: Decisions requiring unanimity or special majority. Translate
  as "reserved matters" (UK standard).

- **"Délibération"**: In French corporate law, refers to both the discussion and the
  resulting decision/resolution of a collective body. Translate as "resolution" when
  referring to the decision itself, or "deliberation" when referring to the discussion
  process.

- **"Commissaire aux comptes"**: The French statutory auditor, a role required by law
  for companies above certain thresholds. Translate as "statutory auditor", not "auditor"
  (which is the generic term).

- **"Gérant"**: The manager of an SARL or SCI. Translate as "manager", not "director"
  (which is used for SA board members — "administrateur").

- **SA vs SAS**: An SA has a formal board of directors (conseil d'administration) or
  a dual structure (directoire + conseil de surveillance). An SAS has a president
  (président) and flexible governance. Preserve the company form in translation.

- **"Procuration" vs "mandat" vs "pouvoir"**: French uses these interchangeably for
  representation. Translate as "power of attorney" (or "mandate" for civil-law
  emphasis) when the operative scope is signing/representation, and "proxy" when the
  scope is attendance and voting at a meeting.

- **"Acte authentique" vs "acte sous seing privé"**: Authentic deeds are executed
  before a notary; private deeds are not. Both can confer powers; the formal nature
  matters for evidentiary value and for cross-border use (apostille).

- **"Arrhes" (Art. 1590 CC)**: French "arrhes" allow either party to walk away — the
  party giving up the deposit forfeits it; the party returning the deposit must pay
  double. Translate as "withdrawal deposit" with a translator's note. Do NOT translate
  as "earnest money" (US-only with different mechanics).

- **"Apostille" vs "légalisation"**: Use "apostille" only for Hague Convention countries;
  use "consular legalisation" for non-Hague countries.

## Additional Lawlinguists-validated French Corporate / M&A Mappings

| French | English |
|---|---|
| Code de commerce — Livre II | French Commercial Code — Book II (corporate law) |
| société anonyme (SA) | joint-stock company (public limited) |
| société par actions simplifiée unipersonnelle (SASU) | single-shareholder SAS |
| entreprise unipersonnelle à responsabilité limitée (EURL) | single-member SARL |
| société civile | civil (non-trading) company |
| société en commandite simple (SCS) / par actions (SCA) | limited partnership / partnership limited by shares |
| société coopérative | cooperative company |
| statuts | articles of association |
| capital social souscrit / libéré | subscribed / paid-up share capital |
| commissaire aux apports | in-kind contribution auditor |
| prime d'émission | share premium |
| actions | shares |
| parts sociales | quotas (in SARL/SCI) |
| actions de préférence | preference shares |
| actions à droit de vote double | double-voting shares (SA — for loyal shareholders holding ≥2 years) |
| auto-détention / actions auto-détenues | treasury shares / own shares |
| démembrement (usufruit / nue-propriété) | splitting between usufruct and bare ownership |
| conseil de surveillance | supervisory board (in two-tier SA) |
| président du conseil d'administration (PCA) | chairman of the board |
| président directeur général (PDG) | chair-CEO (combined role in one-tier SA) |
| procès-verbal | minutes |
| majorité simple / qualifiée | simple / qualified majority |
| pacte d'actionnaires / pacte d'associés | shareholders' agreement / partners' agreement |
| clause d'agrément | approval clause (requiring shareholder or board consent for share transfers) |
| clause de préemption | pre-emption clause |
| clause de sortie conjointe (tag-along) | tag-along clause |
| clause de sortie forcée (drag-along) | drag-along clause |
| clause d'inaliénabilité / de lock-up | inalienability / lock-up clause |
| buy-or-sell / clause de bonne foi | buy-or-sell clause (shotgun clause) |
| fusion absorption | merger by absorption |
| fusion par création de société nouvelle | merger by creation of new company |
| apport partiel d'actifs | partial contribution of assets |
| OPA (offre publique d'achat) | takeover bid |
| OPE (offre publique d'échange) | exchange offer |
| OPR (offre publique de retrait) | public withdrawal offer |
| retrait obligatoire / squeeze-out | squeeze-out |
| garantie d'actif et de passif (GAP) | representations and warranties insurance package (French M&A specificity — combined asset and liability warranty) |
| garantie de reconstitution | restitution / make-whole warranty |
| séquestre / escrow | escrow |
| conditions suspensives (closing) | conditions precedent to closing |
| réalisation / closing | completion / closing |
| acte de cession | transfer deed / deed of assignment |
| ordre de mouvement | securities transfer order (for SAS share transfers) |
| registre des mouvements de titres | securities transfer register |
| registre des associés (SARL) | register of members |
