The articles of association may require that each director holds a number of shares of the company which they shall determine. This provision shall not apply in the case of employees appointed directors.
Any director who, on the day of his appointment, does not hold the number of shares required by the articles of association, or while in office, ceases to be the owner thereof, is infringing the provisions of the preceding paragraph. In such case, he must resign from his position, within three (3) months of his appointment or if the offence occurrs during his term in office within three (3) months from the date of transfer of shares that caused the violation. Upon the expiration of this period, he is deemed to have resigned from his office and shall return compensation received, in any form whatsoever without the validity of the proceedings in which he took part being called into question.
Auditors shall, subject to their professional responsibility, ensure compliance with the provisions of this article and report any violation in their report to the annual general meeting.
Unofficial translation
Transcription: Spot-checked
In force from 05-05-2014
Source page 117
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 417 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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