SECTION 231

Any of the managers referred to in Article 230 above who, in that capacity and in bad faith: 1° uses money belonging to the company by carrying out purely hazardous or fictitious operations; 2 with intent to conceal the insolvency of the company, buys goods with a view to reselling them at a lower price or, with the same intent, uses ruinous means to obtain funds; 3° after the suspension of payments by the company pays or permits a creditor to be paid to the detriment of the body of creditors; 4° makes the company enter into a contract without receiving any security in exchange, or into commitments deemed too expensive having regard to company’s situation when the contract is entered into; 5° keeps or permits the accounts of the company to be kept in an irregular or incomplete manner under the conditions described in Article 228-4° above; 6° fails to make at the registry of the competent court, within the time limit of thirty days, the declaration that the company has suspended all payments; 7° misappropriates or conceals, attempts to misappropriate or to conceal any part of his property or, with a view to concealing all or part of his estate from proceedings against the company that has suspended payments or against partners or creditors of the company, fraudulently declares himself debtor of sums of money he does not owe, shall be punished with the penalties provided for the offence of culpable bankruptcy.