Loi n° 17-95 relative aux sociétés anonymes (modifiée notamment par les lois 78-12, 20-19, 27-20 et 19-20)

The SA (société anonyme) is the ONLY corporate form that can list on the Casablanca Stock Exchange. Minimum capital: MAD 3,000,000 if making a public offering, MAD 300,000 otherwise; minimum 5 shareholders, of any nationality (no Moroccan-shareholder requirement); statutory auditor mandatory. Two governance models: board of directors (with PDG or split Chairman/CEO) or executive board + supervisory board. Listed SAs must have an audit committee including independent directors, and publish a governance report in the annual report. Statutory auditors of public-offering companies are subject to rotation (max 4 mandates) and an alert duty to the AMMC.