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 one board of directors of cooperatives with a board of directors having their registered office in the territory of the same State Party.
Any natural person who, upon taking up a new role, infringes the provisions of the first paragraph of the foregoing Article within three months of his appointment shall resign from one of the boards of directors.
At the expiry of such time limit, the natural person shall be deemed to have been removed from his new office without the validity of the proceedings in which he took part being called into question.
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 75
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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