No bank shall undertake the following transactions:
1)
Granting a loan or extending credit facilities, or issuing a guarantee or incurring any other financial liability on the security of its own shares.
2)
Granting, without security, a loan or credit facilities, or issuing a guarantee or incurring any other financial liability in respect of:
a.
Member of its Board of Directors or its Auditors.
b.
Establishments not taking the form of joint-stock companies in which any member of its Board or Auditor is a partner or a manager or has a direct financial interest.
c.
Persons or establishments not taking the form of joint stock companies in cases where any of the Bank's directors or Auditors is a Guarantor.
3)
Granting, without security, a loan or a credit facility or giving a guarantee or incurring any other financial liability in favor of any of its officials or employees for amounts exceeding a four month salary of any such concerned person.
Any member of a bank Board or auditor or manager who contravenes paras 2 and 3 of this Article, shall be considered as having resigned his position.
