Subsection 4: Advertising

The conditions of publication prescribed for ordinary commercial companies are replaced, in respect of mutual guarantee companies, by the following provisions: 1. Prior to any transaction, three copies of the articles of association, together with a complete list of the directors or managers and the members, indicating their name, profession, domicile and the amount of each subscription, shall be filed with the clerk of the court in whose jurisdiction the…

The directors of a mutual guarantee company are personally liable for any loss resulting from a breach of the articles of association or of the provisions of this section.

The detailed rules for the application of this section shall be laid down by decree in the Conseil d’Etat.