1. No person, in his personal capacity or in his capacity as the representative of a legal person, may serve as a Director of more than five joint stock companies headquartered in the State, or a chairman or deputy chairman of more than two companies headquartered in the State, nor be a Managing Director of more than one Company headquartered in the State. 2. The position of any Director who violates the provisions of Clause [1] of this Article shall be null and void in respect of the boards of directors of companies exceeding the legal limit, taking into consideration the recent appointment. A Director whose position is invalidated shall pay back all amounts received from the Company.
Interpretation and application must be checked against the official text and current version.