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Article 15
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Unless otherwise under any of the following circumstances, the capital of a company shall not be lend to any shareholder of the company or any other person:
- Where an inter-company or inter-firm business transaction calls for such lending arrangement; or
- Where an inter-company or inter-firm short-term financing facility is necessary provided that the amount of such financing facility shall not exceed forty percent of the amount of the net value of the lending enterprise.
The responsible person of a company who has violated the provisions of the preceding Paragraph shall be liable, jointly and severally with the borrower, for the repayment of the loan at issue and for the damages, if any, to company resulted there-from.
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