Under penalty of nullity of the contract, it shall be forbidden to natural persons, managers or members to contract loans, under any form whatsoever, from the simplified cooperative, to obtain an overdraft on a checking account or otherwise, as well as to have the cooperative guarantee or endorse their commitments towards third parties.
Such measure shall also apply to spouses, ascendants and descendants of the individuals referred to in the first paragraph of this Article, as well as to any intermediary.
Sub-Section 4: Extraordinary general meeting
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 65
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 251 of the Acte uniforme relatif au droit des sociétés coopératives/akn/ohada/act/loi/2010-12-15/auscoop-2010
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