The articles of association may require that each director holds a number of shares of the
company which they shall determine. This provision shall not apply in the case of employees
appointed directors.
Any director who, on the day of his appointment, does not hold the number of shares required by
the articles of association, or while in office, ceases to be the owner thereof, is infringing the
provisions of the preceding paragraph. In such case, he must resign from his position, within
three (3) months of his appointment or if the offence occurrs during his term in office within
three (3) months from the date of transfer of shares that caused the violation. Upon the expiration
of this period, he is deemed to have resigned from his office and shall return compensation
received, in any form whatsoever without the validity of the proceedings in which he took part
being called into question.
Auditors shall, subject to their professional responsibility, ensure compliance with the provisions
of this article and report any violation in their report to the annual general meeting.
Unofficial translation
Machine-parsed
In force from 8 September 2026
Source page 123
Section 417 of the Acte uniforme révisé relatif au droit des sociétés commerciales et du groupement d'intérêt économique/akn/ohada/act/loi/undated/auscgie-2014