President of France to. He was succeeded by Nicolas Sarkozy on 16 May 2007. Following a further change, the constitutional law on the modernisation of the institutions of the Fifth Republic, 2008, a President cannot serve more than two consecutive terms. François Mitterrand and Jacques Chirac are the only Presidents to date who have served a full two terms (14 years for the former, 12 years for the latter). In order to be admitted as an official candidate, potential candidates must receive signed nominations (informally known as "parrainages", for "sponsors") from more than 500 elected officials, mostly mayors. These officials must be from
President of France is forbidden, but official time is given to candidates on public TV. An independent agency regulates election and party financing. French presidential elections are conducted via run-off voting, which ensures that the elected president always obtains a majority: if no candidate receives a majority of votes in the first round of voting, the two highest-scoring candidates arrive at a run-off. After the president is elected, he or she goes through a solemn investiture ceremony called a ""passation des pouvoirs"" ("handing over of powers"). The French Fifth Republic is a semi-presidential system. Unlike many other European presidents, the French President is