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Shareholders are now granted the right to borrow from the compa-
ny whereby shareholders having paid their due capital subscription
obligations may assume debts to companies whose profit is sufficient
to cover its loss. In the event of violation of these conditions, the per-
sons loaning the debt instead of the shareholder shall be faced with
judicial monetary fines of at least three hundred days. Although the
amendment aims only to enable borrowings in the presence of urgent
needs, we are of the opinion that the shareholders will be able to
become indebted to companies as long as it does not constitute crimes
of abuse of confidence or fraudulent bankruptcy, regardless of whether
the necessities are urgent or not.
Furthermore, the Amendment Act narrows the scope of persons
related to the prohibition on loans with regards to board members and
their relatives. As per the amended provision, board members and their
relatives who are shareholders in the company may borrow from the
company as long as the conditions set forth hereinabove are satisfied.
The provision including the unlimited and capital companies to which
the board members and their relatives are partners within the scope of
the prohibition is abrogated. Only the board members and their rela-
tives who are not shareholders in the company are prohibited from
being indebted to the company.
COMMERCIAL LAW
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