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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 R69sAbR5lQ2aRzarZNn0d4nxCWosrUmVmAOl/IK23jfxJy2iBdYAuzV8bfsAIaj2
 nBSpYOQgpvf4qLhhZnawNQ==

<SEC-DOCUMENT>0001181431-03-027935.txt : 20031029
<SEC-HEADER>0001181431-03-027935.hdr.sgml : 20031029
<ACCEPTANCE-DATETIME>20031029173600
ACCESSION NUMBER:		0001181431-03-027935
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031027
FILED AS OF DATE:		20031029

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MACPHERSON MICHELE DUNDAS
		CENTRAL INDEX KEY:			0001231771

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50223
		FILM NUMBER:		03964563

	MAIL ADDRESS:	
		STREET 1:		ACTIVCARD CORP.
		STREET 2:		6623 DUMBARTON CIRCLE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94555

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTIVCARD CORP
		CENTRAL INDEX KEY:			0001183941
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				450485038
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		6623 DUMBARTON CIRCLE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94555
		BUSINESS PHONE:		5105710100

	MAIL ADDRESS:	
		STREET 1:		6623 DUMBARTON CIRCLE
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94555
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<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd21070.xml
<DESCRIPTION>FORM 4
<TEXT>
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<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-10-27</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001183941</issuerCik>
        <issuerName>ACTIVCARD CORP</issuerName>
        <issuerTradingSymbol>(ACTI)</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001231771</rptOwnerCik>
            <rptOwnerName>MACPHERSON MICHELE DUNDAS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ACTIVCARD CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>6623 DUMBARTON CIRCLE</rptOwnerStreet2>
            <rptOwnerCity>FREMONT</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94555</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Sr. VP  Operations &amp; Services</officerTitle></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><value>Stock Option (right to buy)</value></securityTitle><conversionOrExercisePrice><value>8.95</value></conversionOrExercisePrice><transactionDate><value>2003-10-27</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>30000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F1"/></exerciseDate><expirationDate><value>2013-10-27</value></expirationDate><underlyingSecurity><underlyingSecuri
tyTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>30000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>30000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Option vests and becomes exercisable with respect to one-third of the total number of underlying shares on each of the fifth, sixth and seventh anniversaries of the grant date (10/27/03), or earlier upon the closing price of the Company's common stock reaching the following target prices for 90 consecutive calendar days: $20, $30, and $40.</footnote></footnotes><ownerSignature><signatureName>/s/ Blair W. Geddes, Attorney-in-fact</signatureName><signatureDate>2003-10-29</signatureDate></ownerSignature></ownershipDocument>



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<SEQUENCE>3
<FILENAME>rrd12923_14935.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
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<PRE>
POWER OF ATTORNEY
TO EXECUTE FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION
Date:  	October 29, 2003

Principal:  Michele Dundas-Macpherson
Attorneys-in-fact:	(1) Blair W. Geddes
	(2) Christopher Sozzi
	(3) Stephen C. Ferruolo
Corporations: ActivCard Corp.



1. Appointment
I, the Principal named above, hereby appoint each of the individuals listed above as Attorney-in-fact to act for me as my agent in any lawful way with respect to the signature and delivery of reports, statements and other filings (including amendments and supplements) required by Section 16 of the Securities and Exchange Act of 1934 and the rules and regulations promulgated thereunder.
2. Powers of attorneys-in-fact
The attorneys-in-fact each are authorized to act separately and not jointly, and each has full power of substitution and revocation.  I understand that in the temporary absence of one of the attorneys-in-fact, another employee or agent of the Corporations may be appointed to act as attorney-in-fact in his or her stead.  I hereby ratify and confirm all that my attorney(s)-in-fact shall lawfully do or cause to be done by virtue of this Limited Power of Attorney and the rights and powers herein granted.
3. Term
This power of attorney shall continue in effect until the later of (1) termination of my status as a "reporting person" of the Corporation under by Section 16 of the Securities Exchange Act of 1934, or (2) six months after the date of my last trade of securities of the Corporations while a reporting person.
Executed at 	Fremont, California_________________  [city, state] on the date set forth above.
Signature of Principal:	/s/ Michele Dundas-Macpherson












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