French Commercial code
In forceThe Supervisory Board may authorise the Management Board to grant sureties, endorsements or guarantees on behalf of the company, up to a total amount that it shall determine. This authorisation may also set, for each commitment, an amount in excess of which the company's surety, endorsement or guarantee may not be given. Where a commitment exceeds either of the amounts thus set, the authorisation of the Supervisory Board is required in each case.
The term of the authorisations provided for in the previous paragraph may not exceed one year, regardless of the term of the commitments guaranteed, endorsed or secured.
As an exception to the provisions of the first paragraph, the Management Board may be authorised to grant sureties, endorsements or guarantees in the name of the company in respect of tax and customs authorities, with no limit on the amount.
The Management Board may delegate the authority it has received pursuant to the preceding paragraphs.
If sureties, endorsements or guarantees have been given for an amount totaling or exceeding the limit set for the current period, the excess may not be enforced against third parties who have not been made aware of it, unless the amount of the commitment invoked alone exceeds one of the limits set by the decision of the Supervisory Board taken pursuant to the first paragraph.
