Securities, sureties, guarantees, and earliest demand guarantees provided by the company for
commitments made by third parties shall be the subject of prior authorization of the board of
directors.
The board of directors may authorize the chairperson managing director or the general manager,
as the case may be, to provide securities, sureties, guarantees, or earliest demand guarantees for
a total amount to be fixed by the board.
The authorization may also fix, for every commitment an amount above which security, surety,
guarantee, or earliest demand guarantees of the company may not be provided.
Where a commitment exceeds either of the amounts so fixed, the authorization of the board of
directors shall be required in each case.
The duration of the authorization provided for in the preceding paragraph shall not be more than
one year no matter the duration of the commitments for which security, surety or guarantee has
been provided.
Notwithstanding the provisions of the preceding paragraphs, the chairperson managing director
or the general manager, as the case may be, may be authorized to provide, with respect to tax
and customs services, securities, sureties, guarantees or earliest demand guarantees of an
unlimited amount on behalf of the company.
The chairperson and managing director or the general manager, according to the circumstances,
may delegate his powers in pursuance of the preceding paragraphs.
Where the securities, sureties, guarantees, or earliest demand guarantees have been provided
for a total amount exceeding the maximum fixed for the current period, it shall not affect third
parties who are unaware of this fact unless the amount of the commitment in question alone
exceeds one of the maximum fixed by decision of the board of directors taken in pursuance of
the provisions of this article.
Paragraph 4
Prohibited agreements
Official translation
Spot-checked
In force from 17 April 1997
Source page 109