Under penalty of invalidity of the agreement, the general director or the deputy general director,
when one wasappointed, as well astheir spouses, ascendants or descendants and intermediaries,
are prohibited from contracting, in any form whatsoever, loans from the company, being
grantedan overdraft on a current account or otherwise, or to have the company provide guarantee
or secure their commitments to third parties.
However, when the company is a banking or financial institution, it may grant its general
director or its deputy general director, in any form whatsoever, a loan, an overdraft on a checking
account or otherwise, an endorsement, a suretyship or other guarantee, if these agreements
pertain toroutine transactions carried outin the ordinary course of business.
Absence and removal of the generaldirector
Unofficial translation
Machine-parsed
In force from 8 September 2026
Source page 144
Section 507 of the Acte uniforme révisé relatif au droit des sociétés commerciales et du groupement d'intérêt économique/akn/ohada/act/loi/undated/auscgie-2014