1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

Article 14 (The Provision of Credit to Directors)

1. Concerning the provision of credit which the directors of the bank receive from the said bank, the conditions thereof shall not be such as to be unprofitable to the said bank, in light of ordinary conditions of the said bank in the provision of credit.

2. In those situations where bank directors receive the provision of credit from the said bank, the authorization of the board of directors based on the provisions of Article 265, Paragraph 1 of the Commercial Code (Law No.48, 1899) (Transactions between Directors and the Company), must be made via the approval of two-thirds of the directors, where the majority of the directors are attending, regardless of the provisions of Article 260-2, Paragraph 1 (Method of Resolution of the Board of Directors).