Rainier III, Prince of Monaco (He suspended the previous constitution in 1959, saying that it "has hindered the administrative and political life of the country.") The changes ended autocratic rule, placing power with the prince and a National Council of eighteen elected members. At the time of his death, he was the world's second longest-serving living head of state (independent), ranking just below the King of Thailand, Bhumibol Adulyadej. After a year-long courtship described as containing "a good deal of rational appraisal on both sides" ("The Times", 7 April 2005, page 59), Prince Rainier married Oscar-winning American actress Grace Kelly (1929–1982) in 1956. The ceremonies
Rainier III, Prince of Monaco Onassis, who took control of the Société des Bains de Mer (SBM) and envisioned Monaco as solely a gambling resort. Prince Rainier regained control of SBM in 1964, effectively ensuring that his vision of Monaco would be implemented. In addition, the Societé Monégasque de Banques et de Métaux Précieux, a bank which held a significant amount of Monaco's capital, was bankrupted by its investments in a media company in 1955, leading to the resignation of Monaco's cabinet. As Prince of Monaco, Rainier was also responsible for the principality's new constitution in 1962 which significantly reduced the power of the sovereign.