A natural person, who is a director in his own name or a permanent representative of a legal entity that is a director, shall not serve simultaneously on more than five (5) boards of directors of public limited companies having their headquarters in the territory of the same State party.
Notwithstanding the provisions of the first paragraph, shall not be taken into account, the director’s duties performed by that individual in companies controlled, within the meaning of
article 175 above, by the company in which he is a director.
Any natural person who, upon taking up a new role, infringes the provisions of the first paragraph of this article shall resign from one of the board of directors within three (3) months of his appointment.
At the expiration of this period, he shall be deemed to have resigned from his new office and shall pay back all compensation received, in any form whatsoever, without the validity of the proceedings in which he took part being called into question.
Unofficial translation
Transcription: Spot-checked
In force from 05-05-2014
Source page 119
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
How Lex Cameroon marks its texts →
Section 425 of the Acte uniforme révisé relatif au droit des sociétés commerciales et du groupement d'intérêt économique/akn/ohada/act/loi/2014-01-30/auscgie-2014