SECTION 231

The managers referred to in article 230 above who, in that capacity and mala fide:: 1) used money belonging to the corporate body by carrying out mere chance operations or fictitious operations; 2) with intentto delay the insolvency situation of the legal entity, made purchases with a view to reselling them at lower prices or, with the same intent, used ruinous means to obtain funds; 3) after insolvency by the legal entity, paid or permitted a credit or to be paid to the detriment of the body of creditors; 4) made the legal entity enter into contract, on behalf of third parties, without receiving securities in exchange, for undertakings deemed too important for his position when they were contracted; 5) kept or permitted to be kept or allowed to be kept irregularly or incompletely the accounts of the corporate body under the conditions laid down in article 228-4° above; 6) failed to make at the registry of the competent court, within a period of thirty (30) days , the declaration of the situation of cessation of payments of the corporate body shall be punished with the penalties of bankruptcy