Commercial Companies Law

Commercial Companies Law — Article 28

Any partner or shareholder, manager, the board of directors or any member thereof shall not, without the prior approval of all the shareholders or the general meeting, as the case may be, use the assets of the company or its funds for his/her benefit or the benefit of a third party, or conclude directly or indirectly any agreement with the company for his/her benefit or for the benefit of any one of his/her relatives up to the second degree. Ordinary contracts which the company concludes with its customers in the normal course of its activities are exempt from the foregoing. Whoever violates the provisions of this Article shall be liable to the company for the profits gained by him/her from such violation and for the damage resulting therefrom and an action for damages may be instituted by any interested person.

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