SECTION 449

Suretyships, endorsements and guarantees, autonomous counter-guarantees and other guarantees subscribed by companies other than those operating duly accredited credit, microfinance or deposit insurance institutionsand for commitments made by third parties shall be subject to prior authorization of the board of directors. The board of directors may, within the limit of a total amount that it sets, authorize the chief executive officer or general manager, as the case may be, to give suretyships, endorsements, guarantees, autonomous guarantees or counter-guarantees for commitments contracted by third parties. Such authorization may also set, per commitment, an amount beyond which the suretyship, endorsement, guarantee, autonomous guarantee or counter-guarantee of the company cannot be granted. Where an obligation exceeds either one of the amounts thus fixed, the authorization of the board of directors is required. The duration of the authorizations provided for in the preceding paragraphs may not exceed one (1) year regardless of the term of secured, guaranteed or endorsed commitments. The chief executive officer or general manager, as the case may be, may delegate the powers vested to him pursuant to the preceding paragraphs. Suretyships, endorsements and guarantees granted without authorization for commitments entered into by third parties shall be null. Where suretyships, endorsements, guarantees, autonomous counter-guarantees and other guarantees have been granted for a total amount that exceeds the limit set for the current period, the excess cannot be invoked against third parties who had no knowledge of itunless the amount of the commitment invoked exceeds, by itself, one of the limits set by the decision of the board of directors taken pursuant to the provisions of this article. In this case, suretyships, endorsements, guarantees, autonomous counter-guarantees and other sureties shall be null. Forbidden agreements