Subject to legal or regulatory provisions specific to the business, suretyships, endorsements and guarantees subscribed by the cooperative with a board of directors for commitments made by third parties shall be subject to prior authorization of the board of directors.
When the cooperative with a board of directors carries on the business of a bank or financial institution, or operates mainly in the field of savings and credit, this restriction shall not apply to current operations concluded under normal conditions.
Paragraph 4: Prohibited agreements
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 79
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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