Clarification in sight for limited liability companies
A law under consideration will soon clarify somewhat the amended law of 10 August 1915 concerning commercial companies in its article 1500-7, point 2° and put an end to hesitations and difficulties of interpretation (draft law n°7791). Indeed, this article providing for criminal sanctions for directors, commissaires, managers or members of the supervisory committee who have knowingly committed one of the offences set out in the said article contained a material error since 2016. The law of 10 August 2016 modernising the aforementioned law of 10 August 1915 as amended removed the prohibition on SARLs making loans or advances from company funds, giving security for the acquisition of company shares or pledging company shares. Consequently, the legislator should also have deleted the references to company shares in Article 1500-7, 2° in 2016.
The Chamber of Commerce issued a favourable opinion on 24 March 2021.