Directors, general managers, deputy general managers as well as their spouses, ascendants or
descendants and other intermediaries, are prohibited from contracting any loans, in any form
whatsoever, from the company. They shall not let the company grant overdraft facility to their
current account or otherwise, or have the company provide guarantee or security for their
commitments to third parties under penalty of the agreement being declared null.
P. 132 of 267
This prohibition shall not apply to legal entities which are members of the board of directors.
However, their permanent representative, when acting in an individual capacity, shall also be
governed by the provisions of paragraph 1 of this Article.
When the company operatesa bank or a financial institution, this prohibition shall not apply to
ordinary transactions carried out under normal conditions.
Other powers of theboard of directors
Unofficial translation
Machine-parsed
In force from 8 September 2026
Source page 131
Section 450 of the Acte uniforme révisé relatif au droit des sociétés commerciales et du groupement d'intérêt économique/akn/ohada/act/loi/undated/auscgie-2014