Directors, general managers and assistant general managers, as well as their spouses, ascendants
or descendants whether acting personally or through third parties shall, under pain of nullity of
the agreement be prohibited from contracting, in any form whatsoever, loans from the company,
to have the company grant them a current account overdraft or otherwise, to have it provide
security or guarantee for their commitments towards third parties.
This prohibition shall not apply to corporate persons that are members of the board of directors.
However, their permanent representative, when acting in his personal interest, shall also be
subject to the prohibitions of the first paragraph of this article.
Where the company runs a banking or financial institution, such prohibition shall not apply to
ordinary transactions concluded under normal terms.
Paragraph 5
Other powers of the board of directors
Official translation
Spot-checked
In force from 17 April 1997
Source page 109