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<DIV class="loc article-pre-content"
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id=article-header_1-0
class="comp right-rail__offset article-header article-header--termsc mntl-block"
style="BOX-SIZING: border-box; grid-area: header / header / header / header">
<H1 id=article-heading_2-0 class="comp article-heading mntl-text-block"
style="BOX-SIZING: border-box; FONT-FAMILY: Cabin-semi-bold, sans-serif; POSITION: relative; FONT-WEIGHT: 400; MARGIN: 0px 0px 1px; LINE-HEIGHT: 1.1">Société
Anonyme (S.A.)</H1>
<DIV id=sponsorship-wrapper_1-0 class="comp sponsorship-wrapper mntl-block"
style="BOX-SIZING: border-box"></DIV>
<DIV id=article-meta_1-0 class="comp article-meta mntl-block"
style="BOX-SIZING: border-box; POSITION: relative; MARGIN: 0px 0px 1px; DISPLAY: inline-block"
data-tracking-container="true">
<DIV id=finance-bylines_1-0 class="comp finance-bylines mntl-bylines"
style="BOX-SIZING: border-box">
<DIV id=mntl-bylines__group_1-0
class="comp mntl-bylines__group--author mntl-bylines__group mntl-block"
style="BOX-SIZING: border-box; VERTICAL-ALIGN: baseline; POSITION: relative; LINE-HEIGHT: 2">
<DIV id=mntl-bylines__item_1-0
class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"
style="BOX-SIZING: border-box; DISPLAY: inline-block; LINE-HEIGHT: 1"><SPAN
class=mntl-attribution__item-descriptor
style="BOX-SIZING: border-box; DISPLAY: inline-block">By</SPAN><SPAN> </SPAN>
<DIV class=mntl-dynamic-tooltip--trigger
style="BOX-SIZING: border-box; POSITION: relative; DISPLAY: inline-block"
data-tooltip-position-y="bottom" data-tooltip-position-x="left"
data-inline-tooltip="true"
data-tooltip="Investopedia contributors come from a range of backgrounds, and over 20+ years there have been thousands of expert writers and editors who have contributed.">THE
INVESTOPEDIA TEAM</DIV></DIV><SPAN> </SPAN>
<DIV class=mntl-attribution__item-date
style="BOX-SIZING: border-box; DISPLAY: inline">Updated October 31,
2021</DIV></DIV>
<DIV id=mntl-bylines__group_1-0-1
class="comp mntl-bylines__group--finance_reviewer mntl-bylines__group mntl-block"
style="BOX-SIZING: border-box; VERTICAL-ALIGN: baseline; POSITION: relative; LINE-HEIGHT: 2">
<DIV id=mntl-bylines__item_1-0-1
class="comp mntl-bylines__item mntl-attribution__item"
style="BOX-SIZING: border-box; DISPLAY: inline-block; LINE-HEIGHT: 1"><SPAN
class=mntl-attribution__item-descriptor
style="BOX-SIZING: border-box; DISPLAY: inline-block">Reviewed
by</SPAN><SPAN> </SPAN>
<DIV class=mntl-dynamic-tooltip--trigger
style="BOX-SIZING: border-box; POSITION: relative; DISPLAY: inline-block"
data-tooltip-position-y="top" data-tooltip-position-x="left"
data-inline-tooltip="true"
data-tooltip="Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. She has been an investor, entrepreneur, and advisor for more than 25 years. She is a FINRA Series 7, 63, and 66 license holder.">KHADIJA
KHARTIT</DIV></DIV></DIV>
<DIV id=mntl-bylines__group_1-0-2
class="comp mntl-bylines__group--fact_checker mntl-bylines__group mntl-block"
style="BOX-SIZING: border-box; VERTICAL-ALIGN: baseline; POSITION: relative; LINE-HEIGHT: 2">
<DIV id=mntl-bylines__item_1-0-2
class="comp mntl-bylines__item mntl-attribution__item"
style="BOX-SIZING: border-box; DISPLAY: inline-block; LINE-HEIGHT: 1"><SPAN
class=mntl-attribution__item-descriptor
style="BOX-SIZING: border-box; DISPLAY: inline-block">Fact checked
by</SPAN><SPAN> </SPAN>
<DIV class=mntl-dynamic-tooltip--trigger
style="BOX-SIZING: border-box; POSITION: relative; DISPLAY: inline-block"
data-tooltip-position-y="top" data-tooltip-position-x="left"
data-inline-tooltip="true"
data-tooltip="Suzanne is a researcher, writer, and fact-checker. She holds a Bachelor of Science in Finance degree from Bridgewater State University and has worked on print content for business owners, national brands, and major publications.">SUZANNE
KVILHAUG</DIV></DIV></DIV></DIV></DIV></HEADER></DIV>
<DIV class="loc article-content"
style="BOX-SIZING: border-box; FONT-SIZE: 18px; FONT-FAMILY: SourceSansPro, sans-serif; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(17,17,17); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: 0px; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; grid-area: content / content / content / content; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial">
<DIV id=article-body_1-0 class="comp article-body mntl-block"
style="BOX-SIZING: border-box">
<DIV id=mntl-sc-page_1-0
class="comp article-body-content mntl-sc-page mntl-block"
style="BOX-SIZING: border-box" data-bind-scroll-on-start="true"
data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]"
data-sc-load-immediate="1" data-sc-breakpoint="50em"
data-sc-max-track-height="600" data-sc-min-track-height="250"
data-sc-ad-track-spacing="90" data-sc-ad-label-height="0"
data-sc-sticky-offset="80"><SPAN id=toc-what-is-a-socit-anonyme-sa
class=heading-toc style="BOX-SIZING: border-box"></SPAN>
<H2 id=mntl-sc-block_1-0
class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"
style="BOX-SIZING: border-box; FONT-FAMILY: Cabin-semi-bold, sans-serif; FONT-WEIGHT: 400; COLOR: rgb(17,17,17); MARGIN: 0px; LINE-HEIGHT: 1.2"><SPAN
class=mntl-sc-block-heading__text style="BOX-SIZING: border-box">What Is a
Société Anonyme (S.A.)?</SPAN></H2>
<P id=mntl-sc-block_1-0-1
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0"><EM
style="BOX-SIZING: border-box">Société anonyme</EM><SPAN> </SPAN>(S.A.) is
a French term for a<SPAN> </SPAN>public limited
company<SPAN> </SPAN>(PLC) and has many equivalents all over the world. An
S.A. is the equivalent of a corporation in the United States, a public limited
company in the United Kingdom, or
an<SPAN> </SPAN>Aktiengesellschaft<SPAN> </SPAN>(AG) in Germany.</P>
<DIV id=mntl-sc-block_1-0-2
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV>
<P id=mntl-sc-block_1-0-3
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">An
S.A. is a type of business structure that establishes a company as a legal
person that can own and transfer property, enter contracts, and be held liable
for crimes. Some of its key benefits are that it limits the owners’ personal
liability for the company’s actions and ensures the continuity of the moral
entity without any dependence on the founders, owners ,or shareholders'
lives.</P>
<DIV id=mntl-sc-block_1-0-4
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV>
<DIV id=mntl-sc-block_1-0-5
class="comp mntl-sc-block finance-sc-block-callout mntl-block"
style="BOX-SIZING: border-box">
<DIV id=mntl-sc-block_1-0-6
class="comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block"
style="BOX-SIZING: border-box; MARGIN-TOP: 1px; POSITION: relative; MARGIN-LEFT: 1px; MARGIN-RIGHT: 1px"
data-tracking-container="true" data-tracking-id="mntl-sc-block-callout">
<H3 id=mntl-sc-block-callout-heading_1-0
class="comp mntl-sc-block-callout-heading mntl-text-block"
style="BOX-SIZING: border-box; FONT-FAMILY: Cabin-semi-bold, sans-serif; TEXT-TRANSFORM: uppercase; FONT-WEIGHT: 400; PADDING-TOP: 1px; PADDING-LEFT: 1px; MARGIN: 0px; DISPLAY: block; LINE-HEIGHT: 1.2; PADDING-RIGHT: 1px">KEY
TAKEAWAYS</H3>
<DIV id=mntl-sc-block-callout-body_1-0
class="comp mntl-sc-block-callout-body mntl-text-block"
style="BOX-SIZING: border-box; PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-RIGHT: 1px">
<UL
style="LIST-STYLE-TYPE: disc; BOX-SIZING: border-box; MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">
<LI style="BOX-SIZING: border-box">A<SPAN> </SPAN><EM
style="BOX-SIZING: border-box; MARGIN-BOTTOM: 0px">société
anonyme</EM><SPAN> </SPAN>is a French business structure that is
equivalent to a corporation in the United States or a public limited company
in the United Kingdom.</LI>
<LI style="BOX-SIZING: border-box">In 1808, the French government implemented
the société anonyme as one of several measures to provide structure to the
nation's commerce and to prevent the rampant speculation that had lead to a
cycle of boom and busts.</LI>
<LI style="BOX-SIZING: border-box; MARGIN-BOTTOM: 0px">A benefit of a société
anonyme is that it limits an owner's risk and protects the owner's personal
assets against creditor claims.</LI></UL></DIV></DIV></DIV><SPAN
id=toc-understanding-the-socit-anonyme class=heading-toc
style="BOX-SIZING: border-box"></SPAN>
<H2 id=mntl-sc-block_1-0-7
class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"
style="BOX-SIZING: border-box; FONT-FAMILY: Cabin-semi-bold, sans-serif; FONT-WEIGHT: 400; COLOR: rgb(17,17,17); MARGIN: 0px; LINE-HEIGHT: 1.2"><SPAN
class=mntl-sc-block-heading__text style="BOX-SIZING: border-box">Understanding
the Société Anonyme</SPAN></H2>
<P id=mntl-sc-block_1-0-8
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">The
société anonyme is a popular<SPAN> </SPAN>business
structure<SPAN> </SPAN>with equivalents in many other languages and
countries. In all cases, a company designated S.A.<SPAN> </SPAN>protects
its owners’ personal assets<SPAN> </SPAN>against claims by creditors, which
makes many individuals more willing to start companies, as it limits their
risk.</P>
<DIV id=mntl-sc-block_1-0-9
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV>
<P id=mntl-sc-block_1-0-10
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">The
S.A. structure also makes it easier to meet a growing business' capital-funding
needs, as numerous investors can contribute large or small amounts of money as
shareholders if the company<SPAN> </SPAN>opts for public ownership. The
S.A. is thus a key component of a robust capitalist economy.</P>
<DIV id=mntl-sc-block_1-0-11
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box">
<DIV id=native_1-0 class="comp native mntl-native"
style="BOX-SIZING: border-box; WIDTH: 600px; --native-ad-height: auto"
data-right-rail-index="3">
<DIV id=mntl-native__adunit_1-0
class="comp mntl-native__adunit mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt native dynamic is-requested"
style="BOX-SIZING: border-box; TEXT-ALIGN: center">
<DIV id=native class=wrapper style="BOX-SIZING: border-box"
data-sizes='[[1, 3],"fluid"]' data-type="native" data-targeting="{}"
data-rtb="false" data-priority="4" data-pos="native"></DIV></DIV></DIV></DIV>
<DIV id=mntl-sc-block_1-0-12
class="comp mntl-sc-block finance-sc-block-callout mntl-block"
style="BOX-SIZING: border-box">
<DIV id=mntl-sc-block_1-0-13
class="comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block"
style="BOX-SIZING: border-box; BORDER-TOP: rgb(225,226,230) 1px solid; BORDER-RIGHT: rgb(225,226,230) 1px solid; MARGIN-TOP: 0px; BORDER-BOTTOM: rgb(225,226,230) 1px solid; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN-LEFT: 0px; BORDER-LEFT: rgb(225,226,230) 1px solid; PADDING-RIGHT: 0px; MARGIN-RIGHT: 0px"
data-tracking-container="true" data-tracking-id="mntl-sc-block-callout">
<DIV id=mntl-sc-block-callout-body_1-0-1
class="comp mntl-sc-block-callout-body mntl-text-block"
style="BOX-SIZING: border-box"><SPAN> </SPAN>
<P
style="BOX-SIZING: border-box; VERTICAL-ALIGN: baseline; MARGIN-TOP: 0px; DISPLAY: inline">One
of the société anonyme's key benefits is that it establishes the company as a
legal person and thus limits the owners’ personal liability for the company’s
actions.</P></DIV></DIV></DIV><SPAN id=toc-history-of-socit-anonyme-sa
class=heading-toc style="BOX-SIZING: border-box"></SPAN>
<H2 id=mntl-sc-block_1-0-14
class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"
style="BOX-SIZING: border-box; FONT-FAMILY: Cabin-semi-bold, sans-serif; FONT-WEIGHT: 400; COLOR: rgb(17,17,17); MARGIN: 0px; LINE-HEIGHT: 1.2"><SPAN
class=mntl-sc-block-heading__text style="BOX-SIZING: border-box">History of
Société Anonyme (S.A.)</SPAN></H2>
<P id=mntl-sc-block_1-0-15
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">On
Jan. 1, 1808, the French government put into effect the provisions regarding the
formation and structure of a société anonyme as part of the country's new code
regulating commerce. One purpose of these new regulations was to prevent the
rampant<SPAN> </SPAN>speculation<SPAN> </SPAN>that had rocked the
French markets prior to and during the French Revolution. The code recognized
three forms of business organization: the<SPAN> </SPAN><EM
style="BOX-SIZING: border-box">société en nom
collectif,</EM><SPAN> </SPAN>the<SPAN> </SPAN><EM
style="BOX-SIZING: border-box">société en commandite,</EM><SPAN> </SPAN>and
the société anonyme.</P>
<DIV id=mntl-sc-block_1-0-16
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV>
<P id=mntl-sc-block_1-0-17
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">A
société en nom collectif is a standard partnership in which all partners
have<SPAN> </SPAN>unlimited liability, any partner could act for the
others, and all partners are actively engaged in the enterprise.</P>
<DIV id=mntl-sc-block_1-0-18
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV>
<P id=mntl-sc-block_1-0-19
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">By
comparison, the société en commandite is comprised of limited partners (also
known as sleeping or<SPAN> </SPAN>silent partners) and active partners. The
limited partners provide assets or capital to the enterprise and have limited
liability, while the active partners are responsible for all management
activities and have unlimited liability.</P>
<DIV id=mntl-sc-block_1-0-20
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV><SPAN
id=toc-requirements-of-a-socit-anonyme-sa class=heading-toc
style="BOX-SIZING: border-box"></SPAN>
<H2 id=mntl-sc-block_1-0-21
class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"
style="BOX-SIZING: border-box; FONT-FAMILY: Cabin-semi-bold, sans-serif; FONT-WEIGHT: 400; COLOR: rgb(17,17,17); MARGIN: 0px; LINE-HEIGHT: 1.2"><SPAN
class=mntl-sc-block-heading__text style="BOX-SIZING: border-box">Requirements of
a Société Anonyme (S.A.)</SPAN></H2>
<P id=mntl-sc-block_1-0-22
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">An
S.A. is subject to different tax regulations than a<SPAN> </SPAN>sole
proprietorship<SPAN> </SPAN>or partnership, and, in the case of a public
S.A., different accounting and auditing requirements. In addition, to be valid,
a société anonyme must meet certain requirements. While these requirements vary
depending on the country, most S.A.s must file<SPAN> </SPAN>articles of
incorporation, have a board of directors, a managing director or a management
board, a supervisory board, a statutory auditor and deputy, a unique name, and
some minimum amount of capital. It is generally constituted for 99 years
maximum.</P>
<DIV id=mntl-sc-block_1-0-23
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV>
<P id=mntl-sc-block_1-0-24
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">In
Luxembourg, for example, an S.A. must be funded with at least €30,000, 25% of
which must be deposited during the incorporation process, and have at least
two<SPAN> </SPAN>partners. An S.A. in Luxembourg must also pay various
costs such as notary fees, the cost of registration with other regulatory
agencies, as well as statutory auditor fees.<SPAN
class="mntl-inline-citation mntl-dynamic-tooltip--trigger"
style="BOX-SIZING: border-box; FONT-SIZE: 13px; CURSOR: pointer; TEXT-DECORATION: none; VERTICAL-ALIGN: super; FONT-WEIGHT: 400; COLOR: rgb(0,0,238); PADDING-BOTTOM: 15px; MARGIN-LEFT: 2px; LETTER-SPACING: 0.07em"
data-id="#citation-4"><SPAN
style="BOX-SIZING: border-box; pointer-events: none">1</SPAN></SPAN><SPAN> </SPAN>Well-known
companies that are established as S.A.s include Nestlé,<SPAN
class="mntl-inline-citation mntl-dynamic-tooltip--trigger"
style="BOX-SIZING: border-box; FONT-SIZE: 13px; CURSOR: pointer; TEXT-DECORATION: none; VERTICAL-ALIGN: super; FONT-WEIGHT: 400; COLOR: rgb(0,0,238); PADDING-BOTTOM: 15px; MARGIN-LEFT: 2px; LETTER-SPACING: 0.07em"
data-id="#citation-1"><SPAN
style="BOX-SIZING: border-box; pointer-events: none">2</SPAN></SPAN><SPAN> </SPAN>Anheuser-Busch
InBev,<SPAN class="mntl-inline-citation mntl-dynamic-tooltip--trigger"
style="BOX-SIZING: border-box; FONT-SIZE: 13px; CURSOR: pointer; TEXT-DECORATION: none; VERTICAL-ALIGN: super; FONT-WEIGHT: 400; COLOR: rgb(0,0,238); PADDING-BOTTOM: 15px; MARGIN-LEFT: 2px; LETTER-SPACING: 0.07em"
data-id="#citation-2"><SPAN
style="BOX-SIZING: border-box; pointer-events: none">3</SPAN></SPAN><SPAN> </SPAN>and
L’Oréal.<SPAN class="mntl-inline-citation mntl-dynamic-tooltip--trigger"
style="BOX-SIZING: border-box; FONT-SIZE: 13px; CURSOR: pointer; TEXT-DECORATION: none; VERTICAL-ALIGN: super; FONT-WEIGHT: 400; COLOR: rgb(0,0,238); PADDING-BOTTOM: 15px; MARGIN-LEFT: 2px; LETTER-SPACING: 0.07em"
data-id="#citation-3"><SPAN
style="BOX-SIZING: border-box; pointer-events: none">4</SPAN></SPAN></P>
<DIV id=mntl-sc-block_1-0-25
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV><SPAN id=toc-examples-of-a-socit-anonyme-sa
class=heading-toc style="BOX-SIZING: border-box"></SPAN>
<H2 id=mntl-sc-block_1-0-26
class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"
style="BOX-SIZING: border-box; FONT-FAMILY: Cabin-semi-bold, sans-serif; FONT-WEIGHT: 400; COLOR: rgb(17,17,17); MARGIN: 0px; LINE-HEIGHT: 1.2"><SPAN
class=mntl-sc-block-heading__text style="BOX-SIZING: border-box">Examples of a
Société Anonyme (S.A.)</SPAN></H2>
<P id=mntl-sc-block_1-0-27
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">Many
other countries and languages employ the société anonyme structure. Some
examples:</P>
<DIV id=mntl-sc-block_1-0-28
class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"
style="BOX-SIZING: border-box"></DIV>
<UL id=mntl-sc-block_1-0-29
class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"
style="LIST-STYLE-TYPE: disc; BOX-SIZING: border-box; MARGIN-TOP: 0px; COUNTER-RESET: section 0">
<LI style="BOX-SIZING: border-box">Brazil: Sociedad Anônima</LI>
<LI style="BOX-SIZING: border-box">Denmark: Aktieselskab (A/S)</LI>
<LI style="BOX-SIZING: border-box">India: Public Limited (LTD.)</LI>
<LI style="BOX-SIZING: border-box">Indonesia: Perseroan Terbatas Terbuka (P.T.
Tbk.)</LI>
<LI style="BOX-SIZING: border-box">Japan: Kabushiki Gaisha (K.K.)</LI>
<LI style="BOX-SIZING: border-box">Korea: Jusighoesa (J)</LI>
<LI style="BOX-SIZING: border-box">Malaysia: Berhad (Bhd)</LI>
<LI style="BOX-SIZING: border-box">The Netherlands:<SPAN> </SPAN>Naamloze
Vennootschap<SPAN> </SPAN>(N.V.)</LI>
<LI style="BOX-SIZING: border-box">Norway: Aksjeselskap (AS)</LI>
<LI style="BOX-SIZING: border-box">Poland: Spólka Akcyjna</LI>
<LI style="BOX-SIZING: border-box">Sweden: Aktiebolag
(AB)</LI></UL></DIV></DIV></DIV></BODY></HTML>