The company is prohibited from taking its own shares as collaterals/pledges, directly or indirectly through person acting in his own name but on behalf of the company.
Shares taken as pledges/collaterals by the company must be returned to their owner within a period of one (1) year. The refund/return shall be made within a period of two (2) years if the transfer of the pledge to the company is consequent to a universal assignment of assets or a court decision; failing this, the pledge agreement shall automatically be null.
The prohibition provided for in this article does not apply to daily operations of credit, microfinance or surety/guarantee insurance institutions duly authorized.
Unofficial translation
Transcription: Spot-checked
In force from 05-05-2014
Source page 170
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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Section 642 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
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