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LEBANON CODE OF COMMERCE
LEGISLATIVE DECREE N° 304 OF 24 DECEMBER 1942

The President of the Lebanese Republic, Whereas the proclamation of 26 November 1941, On the proposal of the Minister of Justice,
And after approval by the Council of Ministers on 24 December 1942, Decrees what follows

BOOK I
TRADE, MERCHANTS AND STOCK-IN-TRADE

TITLE I - GENERAL PROVISIONS

Article 1
The present code contains the rules relating to all acts of trade, irrespective of the legal quality of their performer, on the one hand, and
provisions enforceable on professional traders, on the other.

Article 2
Unless otherwise specified in the present code, common law provisions shall apply. in commercial matters, only in so far as they are
reconcilable with the principles proper to the commercial law.

Article 3
In the absence of any applicable legal provision, the judge can draw upon previous test cases for guidance as much as he may let
himself inspired by the strictures of commercial equity and loyalty.

Article 4
In his assessment of the effects of a commercial operation, the judge shall apply well established usages, unless it becomes apparent
that the parties had. agreed to derogate them, and unless such usages run counter to imperative legal provisions.
Special or local usages are presumed to override general usages.

Article 5
Trade exchanges, fairs and markets, general warehouses, entrepots and other institutions for trade, are, whenever necessary, governed
by special laws or regulations.

TITLE II - TRADE ACTS

Article 6
Are considered land trade acts by their own nature such acts as are hereinafter listed, as well as those which, by their apparently
identical characters and the identical purpose they pursue, could be likened thereto:
1 - The purchase of goods or other movables, corporeal and incorporeal, with a view to re-sale at a profit, either in a state of nature or
after they have been fashioned or transformed;
2 - The purchase of the same movable objects for letting or renting for subletting;
3 - The re-sale, letting or sub-letting of the objects thus purchased or rented;
4 - Exchange or bank operations;
5 - Supplying;
6 - Manufacturing, even if this is ancillary to an agricultural exploitation, but excluding the case when transformation is achieved
through simple manual work;
7 - Land, water or air transport;
8 - Commission and brokerage;
9 - Fixed premiums insurance; 10 - Public entertainments; 11 - Publishing; 12 -General warehousing; 13 - Mining or petroleum
enterprises; 14 - Real estate enterprises; 15 - Buying buildings for re-sale at a profit; 16 - Business agencies.

Article 7
Are likewise acts of maritime trade
1 - Any construction enterprise, all purchases of vessels for internal or external navigation, in order to exploit them commercially or
for re-sale, and all sales of vessels thus acquired; 2 - A11 maritime expeditions and all operations related thereto, as well as the
purchase or sale of gear, tackle and supplies; 3 - Freighting or chartering of vessels, bulk borrowing or lending; 4 - All other contracts
concerning sea trade, such as agreements and conventions for the crew's hire and wages, the employment of sea-farers for the manning
of trade vessels.

Article 8
The law also recognizes as acts of trade all those that are performed by the merchant for the requirements of this trade. Barring proof
to the contrary, a merchant's acts are presumed, in the event of doubt, to be so designed.

TITLE III - MERCHANTS

CHAPTER 1 - Traders in general and the legal qualification required to go into trade

Article 9

Traders are
1 - Those whose profession is to transact acts of trade; 2 - Companies whose object is commercial.
Those whose object is civil, but which have assumed the form of joint-stock companies or of partnership companies limited by shares,
shall be submitted to all the merchant's obligations as specified in chapters 2 and 3 and hereinafter, as well as- to the system of
composition and insolvency as is laid down in Book V of the present code.

Article 10
Those who individually carry on a small trade or simple handicraft with minimal overheads, such as the peddler, the journeyman
retailer or he who undertakes small transport operations by land or water, are not subject to those obligations concerning trade books,
nor to the publicity rules prescribed by the present code.

Article 11
The married woman, whatever the provisions of her personal status, is legally qualified for trading only in so far as she obtains her
husband's express or tacit agreement.
Tacit agreement is presumed granted when trade is public and manifest, and is carried on without the husband's opposition.

Article 12
Agreement thus granted may be cancelled for just motives by the husband, subject to judicial control, if need be.
Such cancellation shall be mentioned in the trade register.

Article 13
The married woman regularly qualified enjoys unrestricted legal capacity to transact all acts in the interest of her commercial
enterprise.
However she must be specifically authorized if she intends to join a partnership or be financed in a limited company.

Article 14
The married woman's rights are limited, if need be, by the rules of her personal status or by those of her matrimonial regime.

Article 15
Any separate maintenance pronounced abroad shall be no bar against Third Parties, in Lebanon, unless such separation has been duly
entered on-the trade register of the place where the spouses or either of them carries on a commercial trade.

CHAPTER 2 - Trade books

(Article 16 (as modified by the Law promulgated by Decree N° 9800 of ---------- (4 May 1968

Any natural or juridical person duly qualified as trader is required to keep a ledger on which he shall record, day by day, all the
operations concerning, under whatever title this may be, his commercial enterprise and, at the least, whenever he is prevented from
doing so by the very nature of his work in the enterprise, relate month by month, the results of these operations, on condition that in
the latter case, he should keep all the documents which make possible the checking of the regularity of these operations, day after day,
throughout the period provided in article 19 of the Code of Commerce.
He must equally draw up an annual inventory of all the elements of his enterprise and all the accounts thereof in order to strike the
Balance Sheet and the Profit and Loss Account and to record, at the very least, the Balance Sheet and the Profit and Loss Account in
the inventory book. If this book does not comprise the detailed elements of the inventory, the supporting documents must be filed and
kept throughout the period referred to in article 19 of the Code of Commerce.

Article 17
Compulsory trade books are to be kept by calendar order, without spacing, gaps, marginal annotations, interlinear spacing or erasures.

Article 18
They are numbered, initialed and countersigned, either in the town where sits the Court of primary jurisdiction by the president of this
Court, or by the conciliation magistrate.

Article 19
The books must be kept by the trader for a period of 10 years after their closure.

Article 20
They-may be accepted as documentary evidence in Court in favor of the trader on condition that they are regularly kept, that their
statements are used against another trader and that the dispute concerns an act of trade.
In all cases, they are proof against the trader who has kept them; if the latter refuses to produce them, the oath may be administrated
by the judge to the other party.

Article 21
The books are submitted to Court in full only in the event of an inheritance, the apportionment of common property, company,
composition and insolvency. Apart from these cases, the presentation of the books may always be offered, required or even prescribed
as a matter of course in order to draw therefrom what concerns the dispute.

CHAPTER 3 - The trade register

Article 22
The trade register enables the public to collect complete information regarding all the business houses operating in the country.
It is also, whenever expressly stated by the law, an instrument of publicity designed to use the entries therein against Third Parties.

Article 23
A register is kept in the district of each Court of primary jurisdiction, by a Clerk, under the supervision of a president or that of a judge
specially designated each year by the latter.

Section 1 - Registration of traders of every nationality whose main establishment is in Lebanon

Article 24
Every trader must require the Court Clerk in whose district his main establishment lies, to list him on the register within one calendar
month of the opening or the acquisition of his stock-in-trade. The applicant remits the Clerk a declaration, in duplicate, duly signed by
him; the declaration indicates
1 - The trader's surname and first names;
2 - The name under which he carries on his trade and, if need be, his nickname and borrowed name;
3 - The date and place of birth;
4 - His original nationality and, in the event of his acquiring a new nationality, the date and the process by which such
nationality was acquired;
5 - If the case concerns a married woman of foreign nationality who, under the terms of her personal status, is not authorized to
engage in trading without her husband's expressed authorization, the authorization given in conformity with this status;
6 - The matrimonial regime of the trader of foreign nationality, unless this is legal community (of property);
7 - The object of the trade;
8 - The places where lie the branches or agencies of the stock-in-trade in Lebanon or in Syria;
9 - The sign or "style" of the establishment;
10 - The surname, first names, date and place of birth as well as nationality of the proxies; 
11 - The trade establishment which the
applicant has previously exploited or those under exploitation within the territorial competence of other Courts.
The Clerk reproduces the contents of the declaration on the trade register. He remits the applicant one copy of it, on the bottom of
which he certifies it true to original.

Article 25
Must also be mentioned on the trade register
1 - Any change or modification relating to the facts, the entry of which in
the register is prescribed by the preceding article.
2 - The patents exploited and the manufacturing or trade marks employed by
the trader;
3 - The rulings or orders appointing a legal counsel to the registered trader
or pronouncing a prohibition on him, as well as decisions of repletion.
4 - Judgments or orders adjucating insolvency, confirming a scheme of
arrangement, pronouncing the termination or annulment, declaring excusability,
closing the insolvency for insufficient assets, rescinding a
closure order, pronouncing rehabilitation.
5 - Conveyance of the stock-in-trade.
Entries are required of the trader in cases referred to in Nos. 1, 2 & 5 of the present article. They are so required by the Clerk and the
Court who pronounced the decisions for entry, in the cases referred to in Nos. 3 6c 4 of the present article.
Entries are effected as a matter of course by the Clerk when judgment has been passed by the Court in whose office the register is
kept.

Section 2 - Registration of trading companies of every nationality whose main establishment is in Lebanon

Article 26
Trading companies of every nationality whose main establishment is in Lebanon must be entered on the trade register of their head
office. Registration is requested within one month of the company formation, either by the Manager or by the Directors.
Petitioners produce in the Court office an abstract of the deed of partnership on stamped paper, in duplicate signed by them, bearing
notably the following indications
1 - The surnames and names of partners other than the shareholders and
sleeping partners, the date and place of birth, the nationality of each
of them;
2 - The style or denomination of the company;
3 - The object of the company;
4 - The places where the company operates branches or agencies, either in
Lebanon or abroad;
5 - The names of partners or Third Parties authorized to administer, manage or sign for the company; 
6 - The amount of the company
capital and the amount of sums or value to be provided by the shareholders or sleeping partners, as well as the individual importance
of contributions in cash and those in other goods;
 7 - The time when the company commences and that when it must end; 
8 -   The nature of the company;
9 - If it is with sliding capital, the level down to which capital may be reduced.

Article 27
Are to be equally mentioned on the trade register
1 - Any change or modification regarding the facts entry of which is prescribed by the preceding article;
2 - The surnames, names, date and place of birth, as well as the nationality of Managing Directors, Hoard Directors or
Directors appointed in the course of the duration of the company;
3 - The patents exploited and the manufacturing or trade marks employed by the company. Registration thereof is
required of Managing Directors or Board Directors in office at the time when such registration is to be made.
4 - Judgments or orders pronouncing the dissolution or nullity of the company;
5 - Judgments or orders adjudicating the Company's insolvency or confirming its scheme of arrangement as well as
decisions relating thereto.

Section 3 - Traders of every nationality operating their main establishment abroad and a branch office or agency in Lebanon

Article 28

Any trader operating a main establishment in a foreign country and a branch office or agency in Lebanon must, whatever his
nationality, have himself registered within the month following the opening of such agency or branch office, in the Court Office
within whose territorial competence the agency lies. The declaration must contain the aforementioned entries with indication of the
place of the main establishment.
Equally to be mentioned on the trade register are all the modifications stated above as well as the foregoing judgments or orders, when
they have been declared executory by the Courts of those countries.

Section 4 - Foreign companies operating a branch office or an agency in Lebanon

Article 29
Excluding joint-stock companies or partnership companies limited by shares governed by High Commissioner's Order No. 96 of 30
January 1926, any foreign commercial company operating a branch office or an agency in Lebanon is required to register on the trade
register.

Article 30
If a merchant dies or ceases to practice his trade without having transferred his commercial establishment to another person, or if a company is dissolved, the registration pertaining to them in the Commercial Register must be deleted.
Such deletion shall be carried out directly pursuant to a decision issued by the judge entrusted with supervising the register.

Article 31
Every entry in the Commercial Register for which no time limit is specified in the preceding articles must be requested within one month starting from the date of the instrument or act requiring its registration.
As for judgments and decisions, the time limit begins from the date they are issued.

Article 32
All registrations and entries in the Commercial Register shall be carried out based on a declaration submitted in accordance with the forms prescribed.

Article 33
The registrar may not refuse to carry out the requested entries except when the submitted declarations do not include all the required information.
The registrar must present to the president or to the judge entrusted with supervising the Commercial Register any deficiencies he finds in such declarations.

Article 34 – Amended
Any person may request to be provided with a copy of the entries recorded in the register upon payment of a fee determined by decree.
The registrar may, when necessary, issue a certificate indicating the absence of entries.
As for verifying that the copies conform to the original, such certification shall be made by the president of the court or by the judge entrusted with supervising the Commercial Register.

Article 35
The copies issued by the registrar may not include:
Judgments declaring bankruptcy if the bankrupt has regained his civil rights.
Judgments ordering interdiction or the appointment of a judicial supervisor if a decision has been issued lifting the interdiction or supervision.

Article 36
Every trader and company, under obligation of registration, is required to state on his letters, invoices, order sheets, price lists,
pamphlets and other printed matter emanating from his house, the place where he is registered and his registration number.

Article 37 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Any trader, manager or company director who does not carry out within the prescribed time-limits the compulsory inscriptions or who
does not show the necessary references on the letters, invoices, or other printed matter emanating from his house is under penalty of a
fine from fifty to one thousand Lebanese Pounds. The fine is inflicted by the Court of primary jurisdiction on the request of the
president or of the judge in charge of the supervision of the trade register, after the interested party has been heard or summoned. The
Court ordains that the omitted inscription shall be made within a fortnight. If it has not been effected, within this time-limit, the fine
duly inflicted shall be doubled. The Court Recorders who do not conform to the obligations provided by the present rule shall be
subject to disciplinary proceedings.

Article 38 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Any incorrect reference given in ill faith with the view to its registration or inscription in the trade register is under penalty of a fine
from 250 to 5,000 Pounds and of a term of imprisonment from one month to six months or of either penalty, without prejudice to the
application of cumulative penalties to the stronger sentence passed in conformity with special laws and the Penal Code for all offences
resulting from the incorrect reference.
The sentence of the Misdemeanor Court passing the condemnation ordains that the incorrect reference shall be rectified 'in the
wording that it determines.

Article 39
These penalties are enforceable without prejudice to the invalidation of opposition to Third Parties of the facts or mentions, the entry
of which on the trade register is prescribed under penalty of nullity.

TITLE IV - STOCK-IN-TRADE

Article 40 (Abrogated and replaced by Decree-Law N° 11 of 11 July 1967)

Article 41 (Abrogated and replaced by Decree-Law N° 11 of 11 July 1967)

BOOK II

COMMERCIAL COMPANIES

TITLE I - GENERAL PROVISIONS

Article 42
The rules laid down by the code of obligations relating to company contracts are enforceable on commercial companies, only in so far
as they would not be in expressed or even tacit contradiction with the rules of the present code.

Article 43
All commercial companies, with the exception of participating companies, are to be stated in writing. But Third Parties may, if need
be, be admitted to prove by all means the existence either of the company, or of such company clause.

Article 44
Deeds of partnership of all commercial companies, with the exception of participating companies, must, under penalty of nullity, be
published, through the completion of formalities which shall be detailed hereinafter.

Article 45
All commercial companies, under the same exception, are endowed with moral personality.

TITLE II - PARTNERSHIP COMPANIES

Article 46
A partnership company, which operates under a style, is constituted by two or several persons who are personally and jointly
responsible for the liabilities of the company.

Article 47
The partnership deed of the company may be indifferently authenticated or under private seal; in the latter case, as many copies as
there are partners must be made out.

Article 48
Within the month of the company formation, a duplicate or copy of the deed of partnership is to be deposited in the Clerk's Office of
the Court of primary jurisdiction where the company head office lies.

Article 49
Within the same time-limit the company must be entered on the trade register of its head office.
This publicity shall be made by abstract and shall contain all the entries which Third Parties are interested to know, notably
1 - The names, first names, nationality, domiciles of the partners and the style of the company;
2 - The form of the company;
3 - Its object;
4 - Its head office and its branch offices and agencies;
5 - The amount of the company capital and the value attributed to contributions;
6 - The names of partners or of proxies empowered to sign for the company;
7 - The date of formation and the duration of the company.

Article 50
In the event of a subsequent modification of the deed of partnership a new deposit must be lodged with the Clerk's office.
Registration must also be made in the trade register, if this concerns an item of interest to Third Parties.

Article 51
Failure to deposit in the Clerk's Office or to enter in the trade register the deed of partnership entails the nullity of the company and, in
the event of prejudice to Third Parties, the joint liability of all the partners.
The omission of an entry of interest to Third Parties, either in the Articles deposited in the Clerk's Office, or in the abstract of the trade
register, invalidates the opposition of this clause to interested parties.
Failure of publicizing alterations to the Company deed invalidates the opposition of such modifications to Third Parties.

Article 52
Nullity for defaulting in publicity is not prescribed. It may however be invoked by all interested parties, but the partners are not
authorized to avail themselves of it against Third Parties.
However, if the publicity formalities were belatedly completed, only those persons who have dealt with the company before its
compliance with regulations may avail themselves of the nullity incurred.

Article 53
Each of the partners of a partnership company must be considered as trading by himself under. a company style; each acquires the
legal quality of trader and the failure of the company entails the individual failures of all the partners.

Article-54
The "style" is composed of the names of all the partners or of some of them followed by the words "& Co.". It must always correspond
to the present personnel of the company; the Third Party who would knowingly allow his name to stand in the style would be liable for
the debts of the company in relation to anyone who might have thus been misled into error.

Article 55
Apart-from conveyances which would have been expressly provided for in the deed of partnership, the partners' shareholding interests
may not be ceded to Third Parties, except by the unanimous consent of all the partners and subject to compliance with all the publicity
obligations.
Hut a partner is authorized to transmit to a Third Party the rights and advantages deriving from his holding interest, such agreement
having effect only between the contracting parties.

Article 56
Management belongs to all partners, unless it has been entrusted, by the Articles or a subsequent deed, to one or several partners or
even to an outsider.

Article 57
Managers are subject to dismissal in accordance with the same conditions as have governed their appointment; however, if the
dismissal is abusive, this may give title to damages within the framework of article 822 of the code of obligations. Substitution of a
new manager for a statutory manager must be published.

Article 58
Managers may perform all acts required for the normal operation of the enterprise under partnership, except for such curtailment of
their powers as many be provided by the (company) Articles.

Article 59 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Without the special permission of partners renewable if need be every year, managers may not conclude for their personal account any
deal with the company or any agreement wherein one of them or all should have a direct or indirect interest. Usual contracts bearing
on operations effected by the company with its customers are excluded from this prohibition.

Article 60
Neither can Managers, without due authorization renewed every year, apply themselves to the management of a similar enterprise.

Article 61
If there are several Managers, each of them may veto the conclusion of operations contemplated by the others. The decision lies with
the majority of Managers unless the veto is grounded on the unstatutory character of the projected act. Eventually, it shall lie with the
Court to appreciate the character of the act.

Article 62
Managers commit the company, whenever they act within the limits of their powers and that they sign under the company style, even
if such signature is used in their own interest, except when the Third Party is of ill faith.

Article 63
The company creditors take action against the company which they must serve with formal notice to pay them, and against each of the
partners within the partnership at the time when the commitment is contracted; the latter are held jointly on their personal assets.

Article 64
The causes for dissolution, common to all trading companies, are the following .
1 - Expiry of the time for which the company had been formed; 2 - The normal end of the contemplated enterprise; 3 - The
disappearance of the very object of the enterprise.
On the other hand, the Court may always, upon the partners' request, either declare the dissolution of the company for such causes as it
may appreciate, or decide the exclusion of such a partner who does not meet his obligations under the partnership.

Article 65
Partnership companies are, moreover, submitted to the following causes of dissolution
1 - The will of one of the partners, if the company has been formed for unlimited duration, on condition that such withdrawal
does not endanger the legitimate interests of the company, due regard being taken of the circumstances during which this intervenes;
2 - General disqualification of one of the partners;
3 - The insolvency of one of them.
However, the other partners may unanimously decide to continue the partnership among themselves, to the exclusion of the resigning
partner, but on condition that the measures of legal publicity are proceeded with.

Article 66
Unless otherwise provided in the Articles, in the event of a partner's death, the partnership company continues among the survivors if
the pre-deceased leaves neither spouse nor descendant to collect titles. Otherwise, the company continues with the spouse or the
descendants, who assume the quality of sleeping partners.

Article 67
In all cases, the value of partnership titles of a pre-deceased or excluded partners is assessed by special stock-taking, unless another
mode of assessment is provided under the Articles.

Article 68
The dissolution, except in the event when it conforms to provisions in the partnership deed, must be published in like manner and
time-limit as the deed itself. The same applies when one of the partners is exc luded or when the company is continued after the death
of one of the partners.

Article 69
After the dissolution of trading companies, their personality is supposed to survive only during the period and for the requirements of
liquidation.

Article 70
If the Articles fail to designate the liquidator or liquidators and if the partners fail to agree on their choice, it shall lie with the Court of
the head office to appoint them.

Article 71
The deliberations or the judicial ruling designating the liquidators shall be published by the latter.

Article 72
Upon their taking office, the liquidators are required to proceed with stocktaking, jointly with the managers.

Article 73
The liquidators shall recover what may be due to the company by Third Parties or by the partners; they shall settle the company's
debts, realize the assets and perform such acts as may be necessary for liquidation.
But they could not continue the exploitation of the company enterprise nor cede its stock-in-trade globally, without obtaining special
authorization from the partners.

Article 74
Upon the partners' request, the liquidators shall have to provide all information regarding the state of liquidation, on condition that the
process of liquidation is not impeded by abusive requests.

Article 75
Sharing-out shall be effected according to the provisions of the deed of partnership and, also, in conformity with the rules laid down in
articles 941 to 949 of the code of obligations.

Article 76
In all trading companies, except for proceedings which may be taken against the liquidators as such, cases brought by the company's
creditors against its partners, their heirs or other persons concerned,, shall be limited to five years after the dissolution of the company,
or after the departure of a partner in so far as he may be concerned.
This time limitation commences on the day when publicity has been completed whenever such publicity is required. Limitation in
respect of cases which may arise from the liquidation itself commences on the day this liquidation is closed.
The time-limitation may be interrupted or suspended according to what is provided by the rules of common law.

TITLE III - JOINT-STOCK COMPANIES

Article 77
The joint-stock company is a company deprived of a "style", formed by a certain number of persons who subscribe to shares,
negotiable securities, and who are held for the company liabilities only up to the amount of their contribution.

Article 78 (as modified by Decree-Law N° 54 of 16 June 1977)
Whatever its object, every joint-stock company shall be subject to the laws and practices of commerce.
All joint-stock companies established in Lebanon shall have their Read Office in Lebanese territory, and such companies shall - as a
matter of unqualified right - vested with Lebanese nationality, notwithstanding any text to the contrary.
One third of joint-stock companies capital whose object is the operation of a public service shall be made up of nominal shares
belonging to Lebanese shareholders. In any case, such shares may not be ceded except to Lebanese shareholders, failing which cession
shall be null and void.

CHAPTER 1 - Formation

Article 79 (as modified by the Law promulgated by Decree No 9798 of ---------- (4 May 1968
The number of Founders may not be less than three. No one may participate in the foundation of a joint-stock company if he has been
declared insolvent and has not been rehabilitated over the last ten years at least, convicted in Lebanon or abroad within less than ten
years, for a crime or offence, subject to penalties of swindling, or embezzlement of funds or securities, the mala fide issue of unfunded
cheques, for impairing the financial security of the State as is defined in articles 319 and 320 of the Penal Code, or for receiving goods
acquired though these crimes.
The same conditions apply to representatives of juridical persons participating in the foundation of a company.
Company Founders are jointly liable for commitments entered into and for expenses made towards the formation of the company,
without recourse against subscribers for shares in the event the company failed to be formed.

Article 80 (as modified by the Law of 23 November 1948 and by Decree-Law ---------- (N° 54 of 16 June 1977 With due regard to the
provisions of laws and regulations which submit the performance of certain activities to a prior license, the setting up of joint-stock
companies shall require no authority emanating from the administrative authorities.
The articles of association of the joint-stock company and any subsequent modification shall be submitted and registered with the
Notary of the district where the company's head office is located.

Article 81 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Before any call is made to the public for subscription to the company capital, Founders are required to have it inserted in the Official
Gazette and in two newspapers, one a local daily and the other economic, a notice bearing the signature and address of each of them
and indicating notably the, "style" and the head office of the company and of its branches, its object, its duration, the amount of the
company capital, the nominal value of the shares and the initial down payment, the importance of contributions in kind, the clause of
fixed interest, the conditions of profit-sharing, the number of directors, their statutory remuneration and their powers.
The individual subscription form, the share certificate, as well as the posters, circular letters and prospectuses must carry the
statements of the notice, with reference to the issue of the newspapers where it was published.

Article 82 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Any infringement to the provisions of the preceding article is liable to a fine from 1,000 to 5,000 Lebanese Pounds, without prejudice
to the Court's powers to cancel, if need be, such subscriptions as may have already been collected.

Article 83 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
The company capital which may not be less than 300,000 Lebanese Pounds must be fully subscribed.

Article 84
The minimum rate of fractional shares is 25 Lebanese Ponds and each subscriber is required to make a minimum down payment, in
cash, of one quarter of the amount of his shares.

Article 85 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Founders may deposit these sums paid-in by subscribers before the definitive formation of the company in one of the State-approved
banks under an account established in the name of the company with the list of subscribers and the sums individually paid-in.
These sums shall be withdrawn after the formation of the company under the signature of the person or persons duly qualified
according to the Articles and upon the production of copies, certified true to the Articles, of the decree authorizing the formation and
of the minutes of the Constituent Meeting.
In the absence of a deposit or when the sums so deposited have been withdrawn or disposed of wholly or partially before the definitive
formation of the company, infringers are liable to a fine equal to 10 per cent of the value of the sums deposited, withdrawn or utilized
and are open, if the case so requires, to penalties for breach of trust or dishonest management, without prejudice to liabilities under
civil law which such acts may involve them into.
If the company has not been formed within the six-month time-limit dating from the authorization, any subscriber shall be entitled to
petition the judge of summary procedure to appoint a provisional administrator whose terms of reference will be to withdraw the sums
and repay them to the subscribers after deducting charges for distribution. _

Article 86 (as modified by the Law promulgated by Decree NO 9798 of ---------- (4 May 1968
The accuracy of evaluation of contributions in kind is subject to the appreciation of one or several experts appointed by ordinance
from the president of the Court in whose locality lies the head office of the company upon the request of the Founders, such expert or
experts to be selected from the panel of experts officially agreed by the Court.
The vesting of individual advantages in the company Articles on whomsoever is prohibited.

Article 87
The experts' report shall be put at the disposal of subscribers; the latter shall be authorized to relinquish their subscription if the
Founder's assessment exceeds by 20 per cent the actual value of initial shares and advantages, according to the appreciation of
competent persons.
It shall lie with the Founders to subscribe in substitution of the defaulting subscribers or to have others subscribe for the latter's shares.

Article 88
The initial shares must be paid up at the time of the formation of the company.

Article 89
They remain registered, must be left attached to the counterfoil and struck with a stamp indicating their nature and the date of the
formation of the company; they shall not be negotiable until after the approval by the General Meeting of the accounts of the second
financial year.
Non-negotiability does not apply to the initial shares allotted to shareholders of an amalgamated company, whose securities had
already become negotiable.

Article 90 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Within one calendar month of the expert's report, the Founders are required to convene a general meeting of the shareholders, such
meeting to be announced ten clear days in advance, wherein the expert's report on the evaluation of contributions in kind shall be
submitted.
Deliberations shall then be held in conformity with the rules of quorum and majority proper to such meetings. Contributions in kind
shall be barred from voting, even though they should equally be subscribers for shares in cash or agents for such subscribers.
This procedure may not be imposed whenever there are contributors in cash outside contributors in kind.

Article 91 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
Completion of these formalities does not preclude subsequent proceedings for liability which may be jointly initiated within five years
dating from formation, against the Founders, contributors in cash, first directors, first supervisory commissioners and experts
whenever a substantial and conscious overestimation of the contributions in kind should be demonstrated.

Article 92
The constituent meeting verifies in all cases, with supporting evidence, if all the terms of the company formation have been met.

Article 93
The meeting appoints the first Directors, in the event they have not been designated in the Articles, as well as the first supervisory
commissioners, and the company is formed upon their acceptance.
Directors and supervisory commissioners must ascertain, under their joint responsibility, that the company has been formed in
accordance with regulations.

Article 94
When a joint-stock company has been formed irregularly, any interested party shall be empowered, within a period of five years, to
give it formal notice that the omitted formality should be accomplished.
In the event of failure by the company to initiate, within one calendar month, a regularizing procedure, the interested party shall be
authorized to have it pronounced null.
Nullity may not be opposed to Third Parties by the partners.
The annulled company is liquidated as a de facto company.

Article 95 (as modified by the Law promulgated by Decree N° 9798 of ---------- (4 May 1968
In the event of irregular formation, proceedings for joint liability may be taken, alongside proceedings for nullity, by the partners or
Third Parties against the Founders, the first directors, first supervisory commissioners and equally against contributors in kind and
experts in those cases where the formalities for verification should not have been faithfully observed.
But the plaintiff will be required to prove the existence of a relationship of cause to effect between the irregularity of formation and
the prejudice he sustained.
These proceedings for liability shall have the same duration as proceedings for nullity, without however being subject to curtailment to
less than three years through rectification of the irregularity.

Article 96 (as modified by the Law promulgated by Decree N° 9798 of -_------_- (4 May 1968
Shall be under the penalty of a fine from 500 to 5,000 Lebanese Pounds those persons who, even in bona fide, should have delivered
to subscribers final certificates of shares of a joint-stock comp any irregularly incorporated, as well as those who should have
negotiated or participated in negotiating such shares, or officially published the value of these shares, in case where irregularity was at
least apparent.

Article 97
Any fraudulent scheming designed to urge subscriptions or payment shall come under penalties for swindling.

Article 98
Once the company has been formed, the Directors are bound to proceed with the initial formalities of publicity, of deposit in the
Clerk's Office and of registration on the trade register, such as are prescribed for all companies.

Article 99
Default in publicity shall entail the same penalties : nullity either of the company, or of the omitted clause; joint liability of the first
Directors and the first supervisory commissioners, whose duty is to control the completion of all formalities.

Article 100
In addition, the company is submitted to a permanent publicity thus constituted
Articles must be put up on the Notice Board of the company offices.
Any person may obtain a copy certified true, against normal remuneration.
All the printed or autographed matters of the company must make mention of its denomination, whether it is a joint-stock company,
the amount of its capital and the portion which has been paid down.

Article 101 (as modified by the Law promulgated by Decree NO 9798 of ----------- (4 May 1968
Every year, two months following the approval of accounts by the general meeting, the Directors shall have the Balance Sheet of the
closed financial year published in the Official Gazette, as well as in an economic newspaper and a local daily, together with the list of
the members of the Board and of the account commissioners.

Article 102 (as modified by the Law promulgated by Decree NO 9798 of ----------- (4 May 1968
The formality regarding the publicity of the Balance Sheet shall be under the sanction of a fine of between 1,000 and 5,000 Lebanese
Pounds; formalities concerning the posting of the Articles and of the reference to be carried on the written material emanating from
the company shall be under the sanction of a fine of between 100 and 1,000 Lebanese Pounds. In the event of a second offence,
penalty shall be doubled.

CHAPTER 2 - Securities issued by joint-stock companies and the legal status of holders of such securities

Article 103 (as modified by Decree-Law No 54 of 16 June 1977)
Joint-stock companies issue shares. They may issue debentures, as they may also issue debentures convertible into shares.
They are forbidden to issue founder-shares, that is to say, securities giving title to profit-sharing without a previous contribution to
capital.

Section 1 - Shares

Article 104
Shares are equal subdivisions of the company capital, indivisible, to which correspond a negotiable security either registered, or to
Order, or to Bearer.

Article 105
The share confers on its holder a certain number of specific rights right to dividend, right to option to subscription in the event of
capital increase, right to refund of the nominal amount of the share and to the apportionment of the company's assets, right of vote at
general meetings, right of conveyance of his title.

Article 106
The dividend must bear only on the net profit resulting from a genuine balance sheet and which remains available after providing for
the legal and statutory reserve funds.

Article 107 (as modified by the Law promulgated by Decree N° 9798 of ----------- (4 May 1968 Every fictitious dividend distribution
involves the civil liability of the Directors towards whosoever may be prejudiced therefrom. Liability of the account commissioners is
equally involved if they have failed in their supervisory duties.
Penal liability of these very persons may be involved if dividends are dis tributed in the absence of any Balance Sheet or by virtue of a
report on fraudulent stock-taking, Balance Sheet, or Profit and Loss Account. Their penalty shall be that of swindling.

Article 108
Shareholders who have received these dividends are not bound to refund them unless their dishonesty or their serious offence
equivalent to fraud has been proved.
Action for recouping, which may be taken against them, either by the company, or by the company's creditors, shall force them to
bear, in addition to the sum unduly received, the interests on this sum from the day of payment.
This action is time-limited to five years dating from distribution.

Article 109
Sums distributed in conformity with clauses of fixed interests paid to shareholders in all eventualities and posted to the comp any's
overheads do not constitute fictitious dividends.
However, to be in order, such a clause is submitted to the following conditions : the rate of interest may not exceed 4 per cent; the
application time of the clause is of a maximum five years; the interests paid shall be comprised in the expenditures of the first
establishment to be written off as such in the balance sheets showing a profit.
This clause must be published in accordance with regulations, under penalty of nullity.

Article 110
In principle, all the shareholders of the same company must enjoy the same rights and participate in the same advantages.
However it is permitted to create, by a resolution of an extraordinary meeting deliberating as shall be indicated hereinafter, preference
shares whenever the Articles are not formally against them.

Article 111
If the general assembly adopts a resolution that would in any way diminish the rights attached to a particular class of shares, such resolution shall not become effective unless approved by a special assembly composed of the holders of the said class of shares.
This assembly shall follow, in its deliberations, the rules governing quorum and voting applicable to extraordinary general assemblies.

Article 112
When the share capital is increased through the creation of new shares to be subscribed for in cash, the shareholders of all existing classes shall, in principle, have a preemptive right to subscribe to all the new shares, in proportion to the shares they already hold, and in a manner that does not permit any reduction of this right.
The extraordinary assembly that approved the capital increase shall take all necessary measures with respect to the surplus shares remaining after such proportional allocation.

Article 113 – Amended
However, this assembly may decide that the preemptive subscription right shall not be preserved for existing shareholders, or that it shall be preserved only partially, or that it shall not be preserved in proportion to the shares previously held.
In such case, every allocation of new shares—whether to non-shareholders or to a class of preferred shareholders—shall be subject to the investigation required for contributions in kind.
This investigation shall cover all shares allocated to persons who are not shareholders.
As to shareholders, the investigation shall only cover any allocation exceeding the proportion determined in relation to their existing shares.
If such investigation is not conducted, the capital increase shall be void.

Article 114
Upon the company’s liquidation, every shareholder shall have the right—provided that sufficient assets remain—to recover the nominal value of his share, while preserving the priority rights granted to preference shares.
Any surplus shall be distributed among all shareholders in proportion to the number of shares they hold.

Article 115 – Amended
A company may redeem its capital by allocating an amount from its profits to a special reserve or to a depreciation fund designated for that purpose.
Redemption shall take place in accordance with the methods provided for in the company’s bylaws or those approved by the general assembly.
Upon redemption, the shares redeemed shall be replaced with shares known as “jouissance shares”, which grant their holders the privileges of ordinary shares except for the right to the dividend specified in the bylaws and except for the nominal share value upon the company’s liquidation.

Article 116
Every shareholder is entitled to take part in the different meetings which are held for the formation and the operation of the company,
and to vote therein with a power, in principle, equal to the number of shares he holds.

Article 117
However, paid up shares, existing under registration in the name of the same holder for at least the last two years before each meeting
is convened, shall give title to two votes each.
Registered shares are supposed, from the point of view of time elapsed, to have belonged to the same holder, when they have been
acquired through inheritance, donation or legacy.

Article 118
Without prejudice to the restrictions on contribution shares and the directors' guarantee shares, every shareholder is totally free to
convey his title to an acquirer who shall assume his partnership's rights and obligations.
However a preemption right may be stipulated in the Articles, on behalf either of the partners or of a number of them, or of the
company itself, on condition that it is used within a time-limit and payment terms determined by statute. But the exercise of this right
should not degenerate into abuse, either by suppressing practically the negotiable character of the share, or by causing the shareholder
a serious prejudice.
The preemption right stipulated on behalf of the company may not be exercised by the company except through reserves.

Article 119
The holder of a share which is not fully paid up is required to answer the company's call far funds.
Are severally held for the payment of the unpaid (balance) all those who have held the share before him, but only for the two-year
period following the transfer.
The share shall remain registered until it has been fully paid up.
All statutory clauses contrary to the provisions of the present article would be null.

Article 120
The old shareholder who has been forced to pay up a security conveyed by him shall be legally subrogated in the company's rights and
proceedings against all subsequent holders of the security.

Article 121
In cases of default of total payment, the company may proceed, after serving summons on the defaulting shareholder, with hammering
at the Exchange at the latter's expenses, risks and perils.
If the proceeds of the sale are below the amount of the payment due, the shareholder shall be held the excess.

Section 2 - Debentures

Article 122 (as modified by the Law promulgated by Decree NO 9798 of ----------- (4 May 1968
The company may issue negotiable and indivisible debentures, of an equal nominal amount, delivered to subscribers as counterpart for
the sums loaned by them.
There can be no issue of debentures until all the capital subscribed by shareholders has been paid up.
Directors or managers who shall have issued or allowed the issue of debentures in violation of the preceding paragraph shall be under
penalty of a fine of between 1,000 and 5,000 Lebanese Pounds, and such debentures shall be null.

Article 123
The debenture-holder is entitled to a fixed interest payable at periodical intervals and to the refund of his capital out of the company
assets.

Article 124 (as modified by Decree-Law NO 54 of 16 June 1977)
With due regard to the rules applicable on real estate credit companies, no debentures may be issued for an amount in excess of double
the company's capital still available following the last approved balance sheet.

Article 125
Even when provided by the Articles, the issue of debentures may not take place except after the regular deliberation of a general
meeting.

Article 126 (as modified by the Law promulgated by Decree NO 9798 of ___-___-__- (4 May 1968
Prior to any publicity preceding issue, company directors are required under penalty of a fine of between 1,000 and 5,000 Lebanese
Pounds to insert in the Official Gazette, as well as in an economic newspaper and a local daily, a notice bearing the signature and
address of each one of them and indicating notably; the date of the resolution of the general meeting authorizing the issue; the number
and value of the debentures to be issued; the rate of interest; the time, the conditions and the guarantees of refund; the amount of the
capital and of its paid-in portion; the importance of the contributions in kind; the existence of a clause of fixed interest; the results of
the last Balance Sheet certified true.

Article 127 (as modified by the Law promulgated by Decree N° 9798 of ----------(4 May 1968
The subscription form, the certificate of debentures as well as the posters, circulars-letters and prospectuses must reproduce the
statements of this notice, with reference to the issues of the newspapers wherein it was published.

Article 128
Those who would have subscribed to debentures, without compliance with these formalities, may have their subscription cancelled.

Article 129 (as modified by the Law promulgated by Decree NO 9798 of ----------(4 May 1968
Any debentures issue, once realized, must be mentioned in the trade register through the good offices of the Directors.
If they fail to comply with this formality, they shall be under penalty of a fine of between 500 and 2,500 Lebanese Pounds.

Article 130
If the debentures have not been initially fully paid up, and if calls for fund remain unanswered, the company may have recourse to the
hammering-down procedure at the Exchange.

Article 131
Debentures on mortgage may be issued. The issue of such securities is governed by the High Commissioner Order No. 77/L.R. of 26
May 1933.

Article 132 (as modified by the Law promulgated by Decree NO 9798 of ----------(4 May 1968
Premium debentures must be duly authorized by the government following the proposal of the Minister of National Economy.

Article 133
Debentures may be issued with refund premiums which are paid at the time the security is redeemed.

Article 134
The refund of debentures is effected according to the terms laid down at the time of issue, and the company is not entitled to delay or
advance its period (of maturity).

Article 135
Notwithstanding clauses to the contrary, debenture-holders are gathered in a group which is self-formed at every issue and whose
decisions, taken by majority vote, are compulsory upon all.

Article 136
After the closing of subscription, the issuing company shall convene a general meeting of debenture-holders, who shall approve the
statutes of the group and who shall appoint their representatives.

Article 137
The general meeting of debenture-holders may be convened whenever it is deemed necessary, either by a group of holders
representing 1/20 of the debentures, or by the joint-stock company.

Article 138 (as modified by the Law promulgated by Decree N° 9798 of
(4 May 1968
The meeting shall be convened by two consecutive insertions, within eight
days of each other, in the Official Gazette, in an economic newspaper and in
a local daily, indicating the subjects on the agenda which, alone, may be
debated.

Article 139
Quorum and voting shall be governed by the rules laid down in articles 193 and 195 concerning shareholders general meetings.

Article 140
Representatives of a debenture-holders group may validly take all measures designed to safeguard the letter's rights.

Article 141
But such measures as may be intended to grant an extension of the refund time-limit, or to reduce either the interest rates, or the
capital of the debt, or the sureties matching it and, broadly speaking, all measures sacrificing the rights of debenture-holders, shall not
be adopted except by the debenture-holders general meeting in conformity with the conditions of quorum set in the first paragraph of
article 193 and by a two-thirds majority of the attending holders or their proxies.

Article 142
Debenture-holders' proxies shall be entitled to attend the s hareholders' general meetings, but without debating power, after having
obtained the same communications as the shareholders.

Article 143
When any company has continued to pay interests or dividends for shares, debentures or other securities repayable through drawing, it
may not repeat these sums, when the security is presented for refund, notwithstanding any clause to the contrary.

CHAPTER 3 - Operation of joint-stock companies

Section 1 - Directors

Article 144 (as modified by the Law promulgated by Decree N° 9798 of --_ (4 May 1968 The management of the joint-stock
company shall be entrusted to a Hoard of Directors consisting of three members, at least, and of twelve members, at most.
Without prejudice to what could be provided by special legislation for certain joint-stock companies, the majority at least of the
members of the Board of Directors must be of Lebanese nationality.
The Hoard of Directors must appoint one of its members for the chairmanship.

Article 145
Their remuneration consists either of an annual stipend, or in tallies for attendance, or a percentage of the net profit, or a combination
of these various advantages.
The profit on which the Directors' percentage is based must comprise, in principle, only the net product of the exploitation which is the
object of the company.
Thus portfolio proceeds may not be included but exceptionally and by virtue
of a special resolution of the general meeting renewed every year.

Article 146 (as modified by the Law of 23 November 1948)
Directors are elected by the shareholders' general meeting. However, the first Directors may be designated by the company Articles.
If, in the intervening period between two annual meetings, the number in office is reduced by death, resignation or any other cause,
below half the minimum number set by the Articles, or below three, the remaining Director must convene a general meeting within a
maximum time-limit of two months in order to provide the vacant posts.

Article 147 (as modified by the Law promulgated by Decree N° 14028 of ----------- (16 March 1970
The general meeting elects the members of the Hoard of Directors from among those shareholders who hold a minimum number of
shares as fixed in the Articles. Such shares shall remain registered; they shall be struck with the "not negotiable" stamp and deposited
in the company's treasury.
They shall be assigned to provide security for the individual and collective liability of the Directors for all acts of mismanagement of
which they might be guilty.

Article 148 (as modified by the Law promulgated by Decree N° 9798 of ----------- (4 May 1968
None may be called to directorship if he has been declared insolvent and has not been rehabilitated over the last ten years at least,
convicted in Lebanon or abroad within the last ten years at least for a crime or offence or for attempted crime or offence described as
forgery, theft, swindling, breach of trust, for an offence liable to sanctions for swindling, or embezzlement of funds or securities, for
the mala fide issue of unfunded cheques or for attempt against the State financial security within the provisions of articles 319 and 320
of- the Penal Code, or for receiving goods acquired through these crimes.
The same conditions apply to representatives of juridical persons sitting on the Board of Directors

Article 149
Directors by virtue of the statutes are appointed for a maximum period of 5 years; those who are appointed by the shareholders'
meeting are for a maximum period of three years, subject to re-election.
The statutes may provide for the partial renewal of the Hoard.

Article 150
Notwithstanding any clause to the contrary, Directors are liable to dismissal ad nutum.

Article 151
In case the dismissal should have been decided by the shareholders' general meeting, while the matter was not included on the agenda,
such a resolution shall not take effect except after it has been confirmed by a new meeting whose agenda shall state the object. This
second meeting shall be convened by the supervisory commissioners, within two months of the first. It shall be chaired by one of the
commissioners.

Article 152
Any change effected in the composition of the Board shall be mentioned in the trade register by the Directors.

Article 153 (as modified by the Law promulgated by Decree No 9798 of
(, May 4 1968 and by Decree-Law N° 54 of 16 June 1977
The Chairman of the Board of Directors shall discharge the duties of General
Manager. The Chairman shall be at liberty to propose that the Board appoints
a General Manager other than himself. However, such Manager shall discharge
his duties on behalf of the Chairman and under his personal responsibility.
The Chairman of the Board of Directors may appoint a consultative committee made up of members of the Board or managers from
outside the Board, or members of Board and managers.
Members of this committee shall be charged to look into matters referred to them by the Chairman. The committee's findings shall be
binding neither on the Chairman nor on the Board.
In case the Chairman should find himself definitively prevented from discharging his duties, he may delegate such duties, wholly or
partially, to a Director, for a limited period of time.
In case the Chairman should find himself definitively prevented from discharging his duties, the Board of Directors shall deem him
resigning and appoint another.
Directors may fill administrative posts in the company for a salary which shall be fixed by the Board of Directors, but in this event
they shall not have the benefit of the provisions of the Code of Labor, except if they have been on the payroll of the company for at
least two years by the time they accede to the post of Directors.

Article 154 (as modified by the Law of 15 February 1957)
None can exercise more than four chairman's mandates, provided that General Managers are appointed in two out of the four
companies that he chairs.
None can be Director in more than six companies, whose head office is in Lebanon.
If a Director is over 70 years of age, he may not hold directorship in more than two companies.
Is considered chairman or Director of a single company whoever is chairman or Director of several insurance companies operating
under the same style.

Article 155 (as modified by the Law of 23 November 1948)
The chairman of the Board is reputed a trader for the enforcement of article 135 only in the following cases
The commercial Court must apply on him those forfeitures which the law attaches to insolvency if the company is declared insolvent
and that this is ascribable to fraud or to serious offences in the management of the company's affairs.
If the chairman's functions have been delegated wholly or partially to a Director, as provided under article 153, the latter incurs, in so
far as this delegation is concerned, the responsibilities defined by the present article, in lieu of the chairman.

Article 156 (as modified by the Law of 23 November 1948)
The attendance or representation of at least half of the Directors is required for the validity of the Board's resolutions.. A Director is
forbidden to represent more than one other Director.

Article 157 (as modified by the Law promulgated by Decree NO 9798 of --_-------- (4 May 1968
The Board of Directors has the most extensive powers to carry out the resolutions of the general meeting and to transact such
operations as are a normal part of the business management and which are not to be considered as current affairs. These powers have
no other limitations or restrictions, except for what may be edicted by law and company Articles.
The chairman of the Board of Directors and, eventually, the General Manager or the Managing Director in pursuance of sub-paragraph
4 of article 153, representing the company before Third Parties, assume the execution of the resolutions of the Board and the dispatch
of the company's current business, such as may be determined by the Articles or usage, under the supervision of the Board of
Directors.
The Board of Directors may, for a short and limited period, delegate certain of its powers to its chairman or to the Deputy General
Manager, such delegation being subject to registration on the trade register.
The company is held for the acts of its representatives performed within the scope of their powers; beyond that scope it shall be held
only for such acts as may be authorized or approved by the shareholders' general meeting.

Article 158 (as modified by the Law promulgated by Decree N° 9798 of ----------- (4 May 1968
Any deal concluded between-the company and a Director is subject to the prior approval of the general meeting, whether such deal is
transacted directly or through a middleman. Acts covering day-to-day operations between the company and its customers are
exempted from this provision.
Equally submitted to this authorization is any transaction passed between the company and another establishment which would be
owned by one of the Directors and in which the latter would be a joint partner, manager or director: The Director who should be in-
one of these cases is required to advise the Board of Directors accordingly.
The Board of Directors and the supervisory commissioner submit - separately -to the general meeting a report on the transactions to be
concluded, and the general meeting shall take its decision in the light of these two reports. Transactions so authorized may not be
incriminated except in the event of concealment.
Authorization must be renewed every year if it concerns transactions involving long-term consecutive commitments.
Directors are forbidden, except when they are juridical persons, to obtain in their favor from the company, in any manner whatsoever,
an open current account, a guarantee or an endorsement of trade Bills made out to the order of Third Parties. Such prohibition does not
apply to banks if the aforementioned acts constitute normal operations within the scope of these banks.

Article 159
Directors may not, without special authorization renewed every year, take part in the management of a similar company.

Article 160
Directors are forbidden to take an interest in all companies, associations, syndicates or groupings of whatever description, which
would undertake operations designed to influence in the Stock Market all sorts of securities issued by the company.

Article 161
Directors must establish, at the end of the first semester of every financial year, a summary statement of the liabilities and assets, and,
at the end of the year, a stock-taking, a balance sheet, and a Profit and Loss Account.

Article 162 (as modified by the Law promulgated by Decree NO 9798 of _-_----___- (4 May 1968
The Balance Sheet must be clear and methodical. Any change from one year to another in the method of its establishment or
presentation is to be accompanied by special explanations in the report of the account commissioners.

Article 163 (as modified by the Law promulgated by Decree N° 9798 of _-_____--_- (4 May 1968
The Balance Sheet must comprise all the postings which shall be determined by decree and, in all cases, reveal the amount of holding
interests which the company may have in other enterprises either in the form of shareholding, or in a different form and, especially,
the amount of advances which would have been granted to subsidiaries.

Article 164
It is for the Directors to convene the shareholders' general meetings.

Article 165
Directors are required to setup reserve funds, by diverting 10 per cent of the net profit,-until the fund has reached one-third of the
company capital.

Article 166
Directors are responsible, even towards Third Parties, for all fraudulent acts and all infringements to the Law and the Articles.
Proceedings open to the injured party are individual; they may not be checked, even in relation to shareholders, by a vote of the
general meeting granting final discharge to the Directors.

Article 167
Directors are, on the other hand, responsible to shareholders for their mismanagement.
As a general rule, the Directors' liability for mismanagement is not involved in relation to Third Parties. However, in the event of
insolvency or juridical liquidation of the company, demonstrating insufficient assets, the commercial Court may, either on the request
of the Receiver or judicial Liquidator, or that of the Public Prosecutor's office, or even officially, decide that the company's debts shall
be borne, up to an amount it shall determine, by the Directors and all other persons vested with a management or supervisory mandate,
with or without joint (liability). In order to clear their responsibility, they must produce proof that in their management of the
company's business they have exercised the diligence of a salaried proxy.

Article 168
The case to be brought against the Directors by virtue of the first paragraph of the preceding article, lies with the company. But in the
event of the latter's inertia, any shareholder may take proceedings in its place within the limit of his interest in the company.

Article 169
Final discharge, if it is to be used as defense, must always be preceded by a statement of the company's account and the
commissioners' report; it only covers facts of management with which the general meeting may have been acquainted.

Article 170
Responsibility may be either individual and proper to one of the Directors, or common to all, in which case they shall be jointly held
for the payment of indemnity, unless a number of them has protested against the resolution taken in spite of them and has their
objection inserted in the minutes.
The final apportionment among the responsible parties shall be made according to the part assumed by each one in the offence.

Article 171
Proceedings for liability are limited to five years dating from the meeting during which the Directors were required to account for their
management.

Section 2 - Supervisory commissioners

Article 172
The constituent meeting, then the ordinary meetings appoint one or several supervisory commissioners, whose functions are for a
one-year term, but who may be returned.

Article 173
A complementary commissioner, selected from the panel of chartered accountants approved by the Court of primary jurisdiction, with
the same powers and remuneration, is seconded to them.
He is designated by order of the Court of the company's head office, such order to be uttered on the request of the Board within two
months following the formation of the company, their every year, within the month following the holding of the ordinary general
meeting.

Article 174
The supervisory commissioners exercise a permanent control over the company's operations. They may require to be acquainted with
all deeds, all documentary evidence in support of accounts, demand ail information from the Directors.
Stock-taking, the balance sheet and the Profit and Loss Account shall be put at their disposal fifty days, at the latest, prior to the
general meeting.

Article 175
The commissioners report to the general meeting on the situation of the company, the balance sheet, the accounts tabled before them
by the Directors and the proposed dividend distribution.
Failure (to produce) this report would nullify the deliberation of the general meeting approving the accounts.

Article 176
Commissioners are required to convene the general meeting whenever the Directors omit so doing, in cases specified by law or by the
Articles.
Likewise they are empowered to convene the meeting in all cases they deem it needful.
They are even bound to do it, when they are so required by a group of shareholders representing one-fifth of the company's capital.

Article 177
They are not to take any interest in a group whose object would be to influence Stock Exchange dealings involving any of the
company's securities.

Article 178
The auditors shall be liable, whether individually or jointly—even toward third parties—whenever they commit a fault in the course of their audit, without prejudice to the statute of limitations after five years.

Section 3 - Shareholders general meetings

Article 179
There are a shareholders' constituent meeting, ordinary meetings and extraordinary meetings.

Article 180
Power to convene, in respect of ordinary and extraordinary meetings, lies as a matter of principle with the Directors, and, in respect of
the constituent meeting, with the Founders.
Supervisory commissioners may substitute for Directors in the aforementioned cases.

Article 181
Shareholders who cannot attend a meeting may have themselves represented by proxies, who must themselves be shareholders, except
as regards the legal representatives of shareholders deprived of legal capacity.

Article 182
An attendance sheet is kept, wherein are mentioned the names and domiciles of shareholders attending and represented, the number of
shares each of them holds and the number of votes relating to these shares.
This sheet shall be deposited in the company's head office and communicated to any applicant who shall prove his shareholding
quality.

Article 183
An office shall be set up, composed of at least a chairman and a secretary.

Article 184
The meeting may debate only matters on the agenda, without prejudice to unforeseen or urgent matters which may be raised in the
course of a meeting.

Article 185
Any shareholder, whatever the type of shares he holds, and even though he possess only the provisional voucher, may cast his vote.

Article 186
Without prejudice to the double voting power which is the privilege of holders of registered shares for at least two years beforehand,
as was explained above, each shareholder has as many votes as the shares he holds or represents, without limitation thereon, unless
such limitation is formally provided by the Articles, and on condition it is identical for all shares, irrespective of the category to which
they belong.

Article 187 (as modified by the Law of 23 November 1948)
The shareholder is precluded from voting in his personal name or as proxy, whenever the matter concerns vesting him with a specific
advantage or that the meeting is required to take a decision in respect of a dispute between himself and the company.

Article 188
Debenture-holders' representatives attending a meeting have no voice in the matter.

Article 189
Upon the request of a single shareholder, secret ballot is compulsory in all matters of a personal character, such as the revocation of
Directors or the questioning of their responsibility.

Article 190
When the attending shareholders do not think themselves sufficiently acquainted with the matters submitted for debate, the meeting
shall be deferred to eight days, if one quarter of the members at the meeting so requires.

Article 191
Minutes of the sitting must be drafted and signed by the members of the office.

Article 192
The decisions taken in accordance with regulations, the conditions of quorum and majority proper to each meeting, without fraud or
diversion of power, are binding on all shareholders even absentees and dissidents.

Article 193 (as modified by the Law promulgated by Decree NO 9798 of -______---- (4 play 1968
The constituent meeting deliberates validity only when it is composed of the company capital. If this quorum is not secured, a new
meeting may be convened following two insertions made, at a week's interval, in the Official Gazette, an economic newspaper and a
local daily. Convocation states the agenda of the preceding meeting and the results obtained. This second meeting deliberates validly
if it is composed of shareholders representing at least fifty per cent of the company capital.
If this quorum is not yet secured, a third assembly representing only ---third of the company capital,. at least- may I° '--

Article 194 (as modified by the Law promulgated by Decree N° 9798 of ___________ (4 May 1968
As regards the verification of contributions in kind, quorum must be calculated exclusively on the shares subscribed or held by
shareholders other than those contributing in kind.

Article 195 (as modified by the Law of 23 November 1948)
In the meetings referred to in articles 193 & 194, resolutions are passed by a two-thirds majority of the shareholders attending or
represented.

Article 196
Ordinary meetings are convened annually, at the end of the financial year, to decide on the Directors' accounts and dividend
distribution and to appoint new supervisory commissioners, as well as Directors when their term of office has come to expiry.
They may convene also in the course of a financial year in unforeseen circumstances, provided that this does not concern a
modification of the Articles.

Article 197 (as modified by the Law promulgated by Decree N° 9798 of ----------- (4 May 1968
Subject to the nullity of subsequent deliberations, any shareholder, any debenture-holder may have access at the head office to
stock-taking, the Balance Sheet, the Profit and Loss Account, the list of shareholders, the report of the Hoard of Directors, the report
of the supervisory commissioners, the consolidated Profit and Loss Account and the consolidated Balance Sheet if any exists, and to
the report of the supervisory commissioners on these consolidated Account and Balance Sheet, within the-fifteen clear days preceding
the annual meeting. Directors are required to complete the list of shareholders as and when stocks to Hearer are deposited.
Interested parties may take or have themselves delivered copy of these documents, at their expense, barring the inventory
(stock-taking).
The company is not authorized to levy on such copies anything more than the charges set down in the price-list established by the
Ministry of National Economy.

Article 198
The ordinary meeting is to. be composed of a number of shareholders representing one-third at least of the company's capital.
If such quorum is not obtained, a second meeting shall be convened, and it deliberates validly, whatever portion of the capital is
represented.

Article 199 (as modified by the Law of 23 November 1948)
In all cases where no contrary provisions exist, resolutions are passed by absolute majority of the number of shareholders attending or
represented.

Article 200
Extraordinary assemblies shall deliberate on the amendments intended to be introduced to the company’s bylaws.

Article 201 (as modified by the Law of 23 November 1948 and by Decree-Law ----------- (N° 54 of 16 June 1977
By adhering to the provisions of article 80 of the following rules, extraordinary meetings shall be empowered to modify the Articles of
Associations in all their clauses, on condition that the nationality of the company is not changed, that the shareholders' commitments
are not increased, and that Third Parties rights are not impaired.

Article 202 (as modified by the Law of 23 November 1948) '
Regarding the resolutions involving modification of the company's object or form, quorum must not be less than three-quarters of the
company's capital.

Article 203
Concerning all other permissible modifications, quorum shall be two-thirds, half or at least one-third of the capital in the course of
three consecutive meetings, convened as constituent meetings.

Article 204 (as modified by the Law of 23 November 1948)
In extraordinary general meetings, resolutions are passed by a two-thirds majority of the shareholders attending or represented.

Article 205 (as modified by the Law promulgated by Decree N° 9798 of ___ __-_____ (4 May 1968
Increase of the company capital may be effected only after the total initial capital has been paid up.

Article 206 (as modified by the Law promulgated by Decree NO 9798 of --------- (4 May 1968
The legal rules governing the formation of joint-stock companies must be observed in what regards the issue of new shares, subject to
the same sanctions for capital increase, of fine and liability chargeable on the officiating Directors, on shareholders whose
contributions have not been approved in accordance with regulations, on supervisory commissioners and on experts.

Article 207
If new shares are subscribed by others than the old shareholders, in spite of
the latter's option, and that the company possesses a reserve capital, such shares shall be issued at a price higher than their nominal
value, with excess corresponding to participation to reserves.

Article 208
Reduction of the company's capital may not be voted, except without prejudice to Third Parties' rights.
In consequence, deliberation of the general meeting deciding thereon shall not be executory except after its publication in the Official
Gazette and on condition that, within three months, creditors have not opposed it.
Opposition shall suspend the reduction of capital, until the Court has decided whether or not the reduction impairs Third Parties'
rights.

Article 209
Any irregular capital reduction, effected via the purchase by the company of its own shares, whether this is paid for out of the
company's capital or the legal reserve, commits the Directors' liability.

Article 210
The merger of several companies shall be decided by deliberation in general extraordinary meetings of each of these companies.

Article 211
In the event of the formation of a new company through the amalgamation of the older ones, the legal rules of formation must be
observed.
Publicity formalities shall be met, in as such as the advance dissolution of the various companies is concerned as it is in respect of the
creation of the new company.

Article 212
In case of a take-over of one company by another, the annexed company shall publish its advance dissolution; the annexing company
shall submit to the rules of fundamentals and form governing capital increase.

Article 213
Provisions relating to Third Parties' rights, in the event of capital reduction, are applicable on all deliberations deciding a merger or a
take-over bid.

Article 214
Legal rules relating to conditions governing general meetings deliberations are subject to nullity of the irregular decision, at least
whenever it is established that such irregularity has actually distorted the results obtained.
This nullity may be invoked by all interested parties.
It is covered when the deliberation is righted into order or by a one-year time limitation dating from the day of the meeting.

Article 215
Shall be under the penalties provided for swindling, without prejudice to damaged, all those who, in a general meeting of share- or
debenture-holders, shall have fraudulently created or attempted to create a fictitious majority, notably by declaring themselves the
holders of shares belonging to rightful claimants who cannot vote, or by securing pledges of special advantages in the event of their
voting in one sense or their abstaining from voting, or by using such powers as may be acquired for a consideration or by any other
illegal means.
Accomplices in these dealings shall be under the same penalties.

CHAPTER 4 - Dissolution of joint-stock companies

Article 216 (as modified by the Law of 23 November 1948)
Joint-stock companies are dissolved by the termination of the period set or of the enterprise for which they have been contracted, or
through impossibility of continuing the enterprise.
They are equally dissolved by the will of the partners expressed in a general meeting within the terms provided under articles 202 &
204, as well as in ail the specific cases referred to in the Articles.
In the event of the loss of three-quarters of the company's capital, the Directors are required to convene a general meeting, for the
purpose of deciding if the situation calls for the untimely dissolution of the company, the reduction of capital or any other appropriate
measure.

Article 217
At all events, whether the Directors have neglected the convening of a meeting, that this may not have been held due to short quorum,
or that the meeting may have discarded dissolution, any shareholder retains the right to put the matter before the Court.

Article 218
Once the decision is taken, this must be published whatever it may be.

Article 219
In principle, liquidation is effected in accordance with the rules governing partnerships.

Article 220
If they are not so designated by the Articles, the Liquidators shall be appointed by a vote of the ordinary general meeting, unless the
case calls for advance dissolution in which event the extraordinary meeting appoints at the same time the Liquidators.
If the general meeting fails to reach a decision, appointment shall lie with the Court.

Article 221
The supervisory commissioners, to whom is seconded .an expert appointed by the Court, remain in office and shall control the
liquidation.

Article 222
The Liquidators shall receive the Directors' management accounts from the last balance sheet approved by the general meeting until
the opening of liquidation. They shall approve them or submit to the Court such difficulties as might arise.

Article 223
If the liquidation lasts for more than one year, the Liquidators are required to strike the annual balance sheet and publish it.

Article 224
At the end of their operation, the Liquidators shall strike the final balance sheet, which shall apportion to each shareholder his share in
the distribution of the company's assets.

Article 225
The supervisory commissioners shall draft a report on the accounts submitted by the liquidators. The ordinary general meeting shall
approve these accounts and give final discharge to the Liquidators; otherwise it shall contest the accounts and the issue shall be
brought before the Court.

TITLE IV - LIMITED PARTNERSHIP COMPANIES

Article 226
The partnership company which operates under a style comprises two categories of partners : the financed partners, who alone may be
in charge of management and who are individually and jointly held for the payment of the company's debts; the sleeping partners,
leasers of funds who are held only up to the amount of their contribution.

Article 227
There are two sorts of partnership companies : the simple partnership company and the partnership limited by shares.

Article 228
The partnership company manifests itself to the public under a style comprising exclusively the names of the financed partners. When
one financed partner exists, his name may be followed by the words "& Co."
The sleeping partner who should allow the insertion of his name in the company style, would be held towards bona fide Third Parties
as financed partner.

Article 229
The financed partners, whether all manage together, or one or several manage for all, are under the same juridical statute as the
member of a joint liability partnership.

Article 230
The sleeping partner may not intervene in the management of the company in relation to Third Parties, even by virtue of a power of
proxy.
In the event of infringement to this prohibition, he would be held, indefinitely and jointly with the financed partners, for commitments
resulting from his management; his liability, according to the number or seriousness of his interference, may be either limited to the
consequence of the operations concluded, or extended to the whole of the company's liabilities.
However, the supervision exercised over the Manager's operations, the advice and counsels which are given them, the authorization
which is conferred on them to transact business in excess of their powers, do not constitute acts of interference.

Article 231
The partnership company is governed by the rules of formation and dissolution applicable to private companies, even in what concerns
sleeping partners.

Article 232
In partnerships limited by shares, the company's capital is divided into shares, and the sleeping partner is under the same legal statutes
as the shareholder in joint-stock companies.

Article 233
Partnership companies limited by shares are, whatever their object, submitted to the laws and usages of trade.

Article 234 (as modified by the Law of 23 November 1948 and by Decree-Law ---------- (No 54 of 16 June 197? The legal regulations
relating to joint-stock companies shall apply to the formation and operation of partnerships limited by shares.

Article 235
All the obligations imposed by law on Directors of joint-stock companies apply to Managers of partnership companies limited by
shares.

Article 236
Supervisory commissioners must be at least three in number, including the chartered accountant designated by Court Ordinance. They
may not be selected out of the financed partners.
They deliberate in meetings and convene whenever control verification must be exercised.
The Articles set the duration of the term of office of supervisory board. However, the first Board is appointed only for one year.

Article 237
All the resolutions of general meetings; except those relating to the approval of management, are presumed to be approved by the
financed partners, such approval to be expressed according to the rules laid down in the Articles.

TITLE V - COMPANIES WITH SLIDING CAPITAL (COOPERATIVES)

Article 238
Any company may set down in its Articles that its capital is variable; it shall then be submitted, alongside its general rules which are
proper according to its special form, to the provisions of the following articles.
This clause of the Articles must be published.

Article 239
The capital of a company with sliding capital may, at any time, be increased following the adherence of new members or new
payments effected by the partners, or reduced as a result of the total or partial withdrawal of contributions by partners.
Except for contrary provisions in the Articles, such capital increases or reductions are effected freely, and are exempted from
publicity.

Article 240 (abrogated by Decree-Law N° 54 of 16 June 1977)

Article 241
Articles shall determine a sum below which capital may not be reduced by the refund of contributions or withdrawals by partners.
This sum may not be less than one-fifth of the company's capital.
This provision of the Articles is subject to publicity.

Article 242
One clause of the Articles may confer on the general meeting the right to decide, by the majority vote required for the modification of
the company's Articles, that one or several of the partners shall no longer be partners in the company, without however being deprived
of their acquired rights on the company's reserves.

Article 243
The partner who shall no longer be part of the company, either by his own volition, or as a result of a resolution of the general
meeting, shall-be held for three years towards the partners and Third Parties in all commitments existing at the time of his withdrawal.

Article 244
If the company has been vested with shareholding form, these shares are to remain registered even after they have been paid up.
The Articles may empower the general meeting or the Board to oppose the conveyance of these securities, on condition however that
such veto is not abusive in character

Article 245
Whatever the form of the company, it shall not be dissolved by the withdrawal, the failure, the ruin, general disability or the death of
one of the partners; it shall continue, as a matter of right, among the other partners.

Article 246
The provisions of the present code do not apply to agricultural cooperative societies, except in so far as they do not derogate the
special legislations governing these societies.

TITLE VI - PARTICIPATING COMPANIES

Article 247
A participating company distinguishes itself from other trading companies in that it has existence only among the parties concerned
and is not intended to be known by third parties.

Article 248
The parties' agreements freely set down the partners' reciprocal rights and obligations, their participation to profit and loss, provided
that the general principles of the company's contract are applied.

Article 249
The existence of these agreements may be established according to the modes of proof accepted in commercial matters.

Article 250
Participating companies are not submitted to the publicity formalities prescribed for all other trading companies.

Article 251
The participating company does not constitute a juridical person.

Article 252
Third Parties have no judicial links except with the one partner with whom they have contracted.
However, a silent partnership (Société en participation) that presents itself to third parties in such capacity may be treated, with respect to those third parties, as a de facto company.

Article 253
No transferable and negotiable securities may be issued on the partners' behalf.

TITLE VII - LIMITED LIABILITY COMPANIES
(See Decree-Law NO 35 of 5 August 1957)

HOOK III
GENERAL COMMERCIAL CONTRACTS AND CERTAIN COMMERCIAL CONTRACTS

TITLE I - GENERAL PROVISIONS

Article 254
The proof of commercial contract is not, in principle, submitted to the restrictive rules governing civil contracts. Subject to the
exceptions resulting from specific legal provisions, they may be established by all modes of proof which owing to practices or
circumstances the judge believes must be admitted.

Article 255
In commercial matters, the date of private written (papers) may be established in respect of third parties by all modes of proof.
The date of negotiable securities and their endorsement is held true until proof to the contrary.

Article 256
The co-debtors of a commercial obligation are presumed to be jointly committed.
The same presumption is valid for the sureties of a commercial debt.

Article 257
In commercial matters, the legal rate of interest is set at 9 per cent.

Article 258
Quotations at the Exchange and the average market prices are evidence of the fair price and the current price, except for a contrary
agreement.

Article 259
No commercial provision of work or service is presumed given free of charge. When no wage, brokerage or commission has been
fixed by the parties concerned, the usual professional remuneration is in order.

Article 260
In commercial matters, the judge may not grant grace periods except under very exceptional circumstances.
The party which has judicially applied for canceling may no longer exact execution; but the party which has formulated a request for
execution may apply for canceling in lieu thereof.
Performances after proceedings for canceling have been taken are no longer valid.

Article 261
In contracts for successive performances, default in the execution of a performance entitles the party which has honored its obligations
to apply for the canceling of all the non executed performances, without prejudice to its title for damages.

Article 262
In trading matters, action is lost by time limitation after the lapse of ten years, whenever no shorter term has been set.
If in the meantime a sentence of conviction has been pronounced, the time limitation of the action resulting from the adjudicated
subject-matter is in all cases of ten years.

Article 263
The sale, the loan, the transport contract, the insurance contract and other contracts unregulated by the present code are governed by
the code of obligations and by usage.
To the transport contract shall additionally apply the special laws relating to public transport enterprises.
Exchange dealings, involving either securities or goods, are regulated by those provisions concerning diverse types of contracts from
which they borrow the forms or in which they are cancelled, as well as by those special rules of trade exchanges.
Contracts relating specifically to sea-borne trade are the subject of special provisions in the merchant shipping law.

TITLE II - TRADE PLEDGE
Article 264
The trade pledge, subject to the following provisions, is that which stands security for a trade debt.

Article 265
The pledge may, subject to the following reserves, be established by every means of proof that the judge shall deem himself bound to
accept.
The pledge of a registered security is ascertained by conveyance by way of guarantee stated equally on the registers of the issuing
establishment and on the security itself.
That of the security "To Order" is established by endorsement expressed "as set in pledge" or by equivalent wording.
As regards ordinary claims to a named person, their pledge requires in all
cases a written deed with certified date and notified to the debtor of the claim under pledge.

Article 266
The pledge contract produces no effect, as such, if the object of the pledge remains within the debtor's possession so that it would
appear to Third Parties' eyes as being part of his free patrimony and as likely to procure fresh credit. It must be remitted to and remain
in the creditor's possession of a Third Party which shall hold it on his behalf.
Such conveyance of possession is reputed sufficiently realized by the handing over of the keys of the locked premises which contain
the goods or objects under pledge, provided that the premises do not carry the debtor's signboard, or by the handing over of a
representative title as may be required by trading practices.

Article 267
The pledge is bound to remit to the debtor who requests it a receipt specifying the nature, the quality, the quantity, the weight, as well
as all distinguishing signs of the goods received in pledge.

Article 268
If the pledge consists of fungible things or titles, the contract remains, even though such things or titles have been replaced by things
or titles of the same kind.
If the things or titles are non fungible, the debtor may also, with the creditor's consent, withdraw and replace them by others, at least if
the initial deed of pledge has provided for such right.

Article 269
The creditor is bound to exercise on the debtor's behalf all the rights inherent to the goods or titles received in pledge.
If the case concerns a credit title with option rights, the debtor who wishes to avail himself of the option must provide the creditor with
the necessary funds, at least two days before the time-limit set by the option.

Article 270
When unpaid up titles have been tendered in pledge, the debtor must, if a call for further payments .is made, provide the creditor with
funds at least two days before payment is due, failing which the pledgee may proceed with the sale of the titles.

Article 271
In the event of default of payment on maturity, the creditor may, eight days after serving summons to the debtor and the Third Party
pledge leaser if any, lodge a petition with the Head of the executive office, who shall proceed with the public sale of the objects under
pledge. The creditor shall be paid by preferential right out of the proceeds.
Any clause of the pledge contract which should authorize the creditor to appropriate the pledge to himself or to dispose of it without
the aforementioned formalities, is null.

TITLE III - POWER OF PROXY, COMMISSION AND BROKERAGE

CHAPTER 1 - Commercial proxy

Article 272
Proxy is commercial when it relates to trading operations.
It assumes the more specific name of commission and is regulated by the provisions of the next chapter when the authorized agent is
to act in his own name or under a company name on behalf of his employer.
When the authorized agent is to act in the name of his employer, his rights and obligations are determined in Book VIII of Part II of
the Code of Obligations.

Article 273
In trade matters, the authorized agent is always entitled, barring contrary stipulations, to a remuneration which in the absence of a
conventional arrangement is determined by professional rates, usages or circumstances.

Article 274
Proxy for trade, unless it involves general powers, does not authorize non-trading acts except by virtue of an express declaration.

Article 275
The authorized agent who has received instructions only for part of the operation is presumed to have elbow room for the surplus.

Article 276
The authorized agent is bound to pay the interests on the sums belonging to his employer, as from the day when in compliance with
his orders, he should have remitted or consigned such sums.

Article 277
When, additionally to the character of a power of proxy, the contract presents the constituent elements of a work contract, as is
generally the case for covenants between a merchant and his various agents, canvassing-clerks, travelling agents, Managing Directors,
branch or agency Managers, the rules of the work contract on the relations between the merchant and his authorized agent and the
rules of the power of proxy in respect of Third Parties, shall apply.

Article 278
Depending on the state of subordination or independence resulting from the agreements concluded, trade representatives are to be
considered, now as officials in charge, now as more authorized agents.
However, they are always entitled, in the event even of a non-abusive termination of the contract, to the observance of the usual term
of previous notice, at least if trade representation is their only profession.
When a trade representative, authorized agent of several business houses, has premises, a personnel, an organization and overheads
which admit of his being considered as a true operator of trade representations, he personally becomes a merchant.

CHAPTER 2 - The commission

Article 279
A commissioner is he who takes it upon himself to conclude in his own name, but for the account of an employer, sales, purchases, or
other trading operations, in return for a title to commission or financial provision.
The rules of proxy are applicable on the commission contract, without prejudice to the provisions of the present chapter.

Article 280
The intermediary, dealing in his own name,.-.acquires the rights resulting from the contract and is directly committed towards the
persons with whom he deals, as if the subject-matter concerned him personally. Third Parties may set against him all the exceptions
proceeding from their personal relations with him, as no direct action lies against the employer.
As for the in the relations between the employer and the commissioner or the letter's creditors the rules of proxy shall apply.

Article 281
The commissioner is bound to execute the orders received personally, unless usage or agreement authorizes him to use a third party as
substitute or that such substitution has been imposed by circumstances. In such cases, the employer may act directly against the person
whom the commissioner has taken for substitute.

Article 282
The commissioner may not constitute himself counterparty to his employer except with the letter's consent.

Article 283
The commissioner acts at his own risks and perils if, without the employer's consent, he grants a Third Party credit or a loan of funds.

Article 284
Excepting the case when he grants credit without being empowered to, the commissioner is answerable for payment or the execution
of other commitments incumbent on those with whom he has dealt, only if he has stood security therefor or if such is the trading
practice in the district where he is established.
The commissioner who stands security for the person with whom he deals is entitled to a special commission known as del credere,
which in the absence of an agreement, is fixed by the practices of the district where the commissioner operates.

Article 285
Without prejudice to the provisions of the preceding article, the commission is due by the fact that operation has been concluded, even
though the Third Party does not meet the commitments he has assumed, unless non execution is the outcome of a mistake by the
commissioner.
Commission is equally due if the conclusion of the deal has been prevented by a cause ascribable to the employer.
As for those operations which have not been completed for other causes, the commissioner may only claim, for the steps he has taken,
such indemnity as would be due according to market practice.

Article 286
Barring an agreement to the contrary, the commission is assessed on the gross amount of the operation, including accessory charges.

Article 287
The commissioner is entitled to the refund with interest, of all charges, advances and disbursements effected in the interest of the
employer.
He may also enter into account an indemnity for-warehousing and transport charges, but not for the wages and salaries of his
personnel.

Article 288
Every commissioner has preferential claim on the value of the goods sent to him, deposited or consigned, by the mere fact of dispatch,
deposit or consignation, for ells loans, advances or payments he provides, either before receipt of the goods, or while they are in his
possession.
Such preferential claim continues to exist only within the framework of the condition laid down by article 266 of the present code.
The commissioner's preferential claim includes, in addition to the principal, the interests, commissions and charges.
If the goods have been sold and delivered for the employer's account, the commissioner gets, out of the proceeds of the sale, the refund
of his claim, before the employer's creditors.

Article 289
The employer who revokes the commission or the commissioner who relinquishes it without just motive, incurs damages.

Article 290
The forwarding-commissioner who, in consideration of a salary and in his own name, takes charge of the dispatch or re-dispatch of
goods for his employer's account, is likened to a commissioner, but is none the less for it submitted, in as far as the transport of goods
is concerned, to the provisions governing the carrier.

CHAPTER 3 - Brokerage

Article 291
Brokerage is a contract under which one party called broker, is charged in return for a remuneration, either to indicate to the other
party the opportunity of concluding an agreement, or to serve him as middleman for the negotiation of a contract.
The rules of proxy are, broadly speaking, applicable to brokerage.

Article 292
In the absence of official or agreed rates, the broker's remuneration is determined by usage or adjudicated by the judge according to
circumstances.
When the agreed salary appears out of proportion-,with the nature of the business and the attendance it entails, it may be reduced by
the judge to the fair remuneration of the service rendered.

Article 293
The broker is entitled to his remuneration as soon as the indication he has given or the negotiations he has conducted lead to the
conclusion of a contract.
When the contract has been concluded under suspensive condition, brokerage is due only after the fulfillment of the condition.
If it has been agreed that the broker's expenses would be refused to him, these are due to him even though the business has not
materialized.

Article 294
The broker forfeits all claims to a remuneration or the refund of his expenses if he acts in the interests of the contracting Third Party,
in disregard of his obligations, or if he gets from him promise of a. remuneration in circumstances conflicting with the rules. of good
faith.

Article 295
The broker may not act as middleman for persons notoriously insolvent or of whose incapacity he is aware.

Article 296
He is required to register, with their clauses and specific terms, all the operations concluded through his intermediary, to keep all the
documents relating thereto and to deliver a copy certified true to each of the parties who might require it.
In sales according to sample, he must keep the sample until the operation has been brought to good termination.

Article 297
Brokerage or mediation operations at Stock Exchanges or Commodity Exchanges are submitted, in so far as is needful, to a special
legislation.

TITLE IV - CURRENT ACCOUNT

Article 298
Current account exists whenever two persons, due to effect mutual remittances of valuables, agree to transform their claims into mere
items of debit and credit, forming the elements of a single account so that the final balance of this account, when it is closed,
constitutes a single claim due and available for payment.

Article 299
The scope of the current account depends on the will of the parties, who may include in it either all their operations, or only those of a
determined sort.
The current account may be "mutually open" or "unilaterally open". In the latter case, one of the parties is not bound to effect
remittances to the other so long as he is provided with sufficient funds, as the account must in no case show a creditor balance in his
favor.

Article 300
The existence of a current account does not exclude the right to a commission or to the refund of charges relating to operations
referring thereto. Entry is made in the account, except for a clause to the contrary.

Article 301
Should an endorser fail to indicate his address, or should he indicate it in an illegible manner, it suffices that the notice is served to the
endorser preceding him.
Anyone who has a notice to serve may do so in any form, even by the simple return of the Bill of Exchange.
He has to prove that he served notice within the given time-limit. Such time limit shall be considered as observed if a letter including
the notice has been posted within the said time-limit.
He who fails to serve notice within the time-limit indicated above incurs no forfeiture; he is liable, should the case arise, for the
prejudice caused by his negligence, but damages must not exceed the amount of the Bill of Exchange.

Article 302
Remittances are fully entitled to produce interests on behalf of the remitter and chargeable to the recipient, at the rate set by agreement
or usage, or failing which, at the legal rate.

Article 303
Debts entered in a current account lose their specific character and their individuality proper. They can no longer be the object, as a
distinct item, of a payment, a compensation, recourse to proceedings or distraint, nor can they be forfeited by time limitation
separately.
Personal or real sureties, attaching to debts passed into account, disappear, except for different clauses by the parties.

Article 304
Before the closing of a current account neither party shall be considered the other's debtor or creditor. Only the closure of the account
fixes the state of their legal relations, produces as a matter of unstinted right the global compensation of the debit and credit items and
determines the creditor and the debtor.

Article 305
The account is closed and wound-up on maturities set down by the contract or by local usages and, failing which, at the end of each
semester.
Claim of the balance constitutes a liquid claim subject to exacting and which, from the day of winding-up, produces interests at the
rate fixed by the current account, when the balance is brought forward, or at the legal rate in the contrary case.
Actions in redress of an account for error, omissions, duplication or other rectifications must be initiated within six months.

Article 306
The contract is terminated at the end of the period set in the agreement and, failing an agreed time-limit, at the will of one of the
parties. It equally comes to an end through the death, incapacity or the insolvency of one of them.

TITLE V - BANK OPERATIONS

Article 307
The bank which receives a sum of money as deposit acquires ownership thereof. It must refund it in one or several installments of
equivalent value on the depositor's first request or within the terms of time-limit or prior notice laid down in the contract.
All deposit or refund operations must-be stated in writing.
In the absence of agreement to the contrary, interests, if any, are due as from the working day following each deposit and up to the eve
of the day of each refund.

Article 308
When the bank deposit has for object credit titles, ownership of such titles remains with the depositor, except for proof of intent to the
contrary.
Such intent is presumed if the depositor has, in writing, unreservedly ceded to the bank the right to dispose of these titles, or
recognized to the bank the faculty to hand back titles of the same kind.
The rules of proxy apply to those bank deposits in which the bank takes charge of the management of the titles in return for a
commission.

Article 309
Deposits made in safes or in compartments of safes are governed by the rules of hiring out.
The bank answers for the inviolability of the safes let.

Article 310
By the contract for the opening of credit, the creditor undertakes to keep at the disposal of the credited party certain sums which the
letter may be able to use as a whole or by successive portions, according to his needs, in the course of a set time-limit.
Except for a clause to the contrary, the refunds or remittances by the credited during the period of the contract increase by as much
(the sums) available for his benefit.

Article 311
The contract for the opening of credit may be denounced by the creditor, if the credited becomes 'insolvent or if he was already so
unknowingly to the creditor at the time of the contract.
In case of a notable reduction of guarantees, real or personal, provided by the credited, the creditor is entitled to obtain supplementary
guarantee or, depending on the case, the reduction or closure of the credit.

Article 312
When mortgage has been provided by way of surety, the registration taken at the time of the contract guarantees as from its date all
advances made subsequently by virtue of the opening of credit.

Article 313
When a bank credit has been allocated for payments in favor of Third Parties and that such credit has been confirmed by the bank to
the beneficiary, it can no longer be revoked nor modified without his consent. The bank is directly and definitively committed towards
him for the acceptance of bills and payments therefor.
The bank is entitled to the return of the sums paid and the expenses made in execution of its proxy, to the interests laid down in the
agreement or, failing such agreement, to the legal interest dating from the day of payments, as well as to a commission.

Article 314
The bank operations which are not referred to in the present title are governed by the provisions of the code of obligations concerning
the different contracts to which they give rise or in which they are terminated.

BOOK IV
TRADE BILLS AND OTHER NEGOTIABLE DOCUMENTS

TITLE I - THE BILL OF EXCHANGE

CHAPTER 1 - Creation and form of the bill of exchange

Article 315
The Bill of Exchange contains
1 - The denomination 'Bill of Exchange' inserted in the text of the document and expressed in the language used in the wording of this
document; 2 - The order pure and simple to pay a determined sum; 3 - The name of he who must pay (drawee); 4 - Specification of
maturity; 5 - Specification of the place where payment is to be effected; 6 - The name of he to whom or to. whose order payment is to
be made; 7 - Indication of the date and place where the Bill was created; 8 - The signature of he who issues the Bill (drawee).

Article 316
The document in which one of the enunciations indicated in the preceding article is missing is not valid as Bill of Exchange, except in
the cases described in the following sub-paragraphs
The Bill of Exchange the maturity of which is not indicated is considered as payable at sight.
Except for a special indication, the place stated beside the name of the drawee is reputed to be the place of payment and, at the same
time, the drawee's place of domicile.
The Bill of Exchange wherein the place of its creation is not mentioned is considered as subscribed in the place designated beside the
name of the drawer.

Article 317
The Bill of Exchange may be to the order of the drawer himself.
It may be drawn on the drawer himself.
It may be drawn for the account of a third party.
It may be payable at the domicile of a third party, either in the locality where the drawee has his domicile, or in another locality.

Article 318
In a Bill of Exchange payable at sight or within a certain time after sight, the drawer may stipulate that the sum shall produce interests.
In all other Bills of Exchange such stipulation is reputed unwritten
The rate of interest must be stipulated in the Bill, failing such indication the clause is reputed unwritten.
Interests are computed from the date of the Bill of Exchange if no other date is indicated.

Article 319
The Bill of Exchange the amount of which is set dawn both in full letters and figures is worth, in the event of discrepancy, the sum set
down in full letters.
The Bill of Exchange the amount of which is written several times, either in full letters, or in figures, is worth, in case of discrepancy,
only the smaller sum.

Article 320
If the Bill of Exchange bears signature of persons unqualified to commit themselves by Bill of Exchange, forged signatures, or
signatures of fictitious persons, or signatures which, for any other reason, could not bind the persons who have signed the Hill of
Exchange, or in whose names it was signed, the other signatories' obligations are none the less valid.

Article 321
Whoever affixes his signature to a Bill of Exchange as representative of a person on whose behalf he was not entitled to act is himself
held by virtue of the Bill and, if he has paid, has the same rights as the alleged represented party. The same applies in the event of a
representative who has overstepped his powers.

Article 322
The drawer is guarantor of acceptance and payment.
He may exonerate himself of the guarantee of acceptance; any clause by which he exonerates himself of the guarantee of payment is
reputed unwritten.

CHAPTER 2 - Provision of funds

Article 323
Provision must be made by the drawer or by him for whose account the Bill of Exchange shall be drawn; the drawer for a third party's
account does not cease to be personally held towards endorsers and the bearer only.
Provision exists if, on maturity of the 8i11 of Exchange, he on whom it is furnished is indebted to the drawer, or to whom for whose
account it is drawn, for a sum at least equal to the amount of the Bill of Exchange.
Ownership of the provision is transferable as a matter of right to the successive bearers of the Bill of Exchange.

Article 324
Acceptance supposes provision.
It establishes proof thereof towards the endorsers.
Whether there is acceptance or not, only the drawer is bound to prove, in case of denial, that those on whom the letter was drawn had
provision on maturity, if not he is held for the guarantee although protest has been made after the set time-limits.

CHAPTER 3 - Endorsement

Article 325
Every Bill of Exchange, even non expressly drawn to order, is transferable by means of endorsement.
When the drawer has inserted in the Bill of Exchange the words "not to order" or an equivalent phrase, the title is transferable only in
the form and with the effects of an ordinary assignment.
Endorsement may be effected even for the benefit of the drawee, whether acceptor or not, of the drawer or any other obligee. These
persons may endorse the Hill afresh.

Article 326
An endorsement must be simple and unconditional, and any condition attached to the endorsement shall be deemed null and void. A partial endorsement is invalid.
An endorsement “to bearer” shall be considered equivalent to a blank endorsement..

Article 327
Endorsement must be written down on the Bill of Exchange or an attached sheet (allonge). It must be signed by the endorser.
Endorsement may designate no beneficiary or consist merely of the signature
of the endorser (blank endorsement). In the latter case, endorsement, to be valid, must be written on the back of the Bill of Exchange
or on the allonge.

Article 328
Endorsement conveys all rights resulting from the Hill of Exchange.
If endorsement is blank, the bearer may
1 - Fill the blank, either with his name, or with the name of a third person; 2 - Endorse the Hill afresh in blank or to another person; 3 -
Remit the Bill to a third party, without filling the blank and without endorsing.

Article 329
Barring a clause to the contrary, the endorser is guarantor of acceptance and payment.
He may forbid a new endorsement; in which event he is not held for guarantee towards those persons for whom the Hill is
subsequently endorsed.

Article 330
The holder of a Bill of Exchange is considered legitimate bearer, if he justifies his claim by an uninterrupted series of endorsements
even if the last endorsement is blank. Written off endorsements are in this respect reputed unwritten. When a blank endorsement is
followed by another endorsement, the latter's signatory is reputed having acquired the Bill by the blank endorsement.
If a person has been dispossessed of a Bill of Exchange by any occurrence that may be, the bearer, justifying his claim in the manner
indicated in the preceding sub-paragraph, is not bound to relinquish the Bill except if he has acquired it through ill faith or if, by
acquiring it, he has made a grievous mistake.

Article 331
Persons sued by virtue of the Bill of Exchange may not set as bar to the bearer the exceptions founded on their personal relations with
the drawer or with the previous bearers, unless the bearer, by acquiring the Bill, has knowingly acted to the debtor's prejudice.

Article 332
When the endorsement bears the words "value for recovery", "for collection", "by proxy", or any other mention implying a proxy, the
bearer may exercise all the rights deriving from the Bill of Exchange but he may not endorse the latter except by way of power of
proxy.
Obligees may, in this case, put forward as a bar against the bearer only those exceptions which would be opposable to the endorser.
The order implied by an endorsement for proxy is not terminated by the death of the Principal or the occurrence of his incapacity.
Article 333
When the endorsement contains the words "value in guarantee", "value in pledge", or any other phrase implying collateral security, the
bearer may exercise all his rights deriving from the Bill of Exchange, but an endorsement made by him is valid only as endorsement
by way of procuration.
Obligees may not put forward against the bearer exceptions founded on their personal relations with the endorser, unless the endorser
has knowingly acted to the debtor's prejudice, on receiving the Bill.

Article 334
Endorsement subsequent to maturity produces the same effects as a prior endorsement. However, endorsement subsequent to protest
for default in payment, or lodged after the time-limit set for protest produces no effects beyond those of ordinary conveyance.
Except for proof to the contrary, undated endorsement is supposed to have been made before the expiry of the time-limit for making a
protest.

Article 335
It is forbidden to antedate orders under penalty of forgery.

CHAPTER 4 - Acceptance

Article 336
Until maturity, the Bill of Exchange may be-presented for the acceptance of the drawee, in the place of his domicile, by the bearer or
even by a mere holder.

Article 337
In any Bill of Exchange, the drawer may stipulate that it shall have to be presented for acceptance, with or without setting a time-limit.
In the Bill he may forbid presentation for acceptance unless it is payable at a third party's or payable in a locality other than that of the
drawee's domicile, or drawn at deferred sight.
He may also state that presentation or acceptance may not take place before a set time.
Any endorser may stipulate that the Bill shall have to be presented far acceptance, either stating a time-limit or not unless it is declared
unaccepted by the drawer.

Article 338
Bills of Exchange drawn at deferred sight are to be presented for acceptance within a year from their date.
The drawer may shorten this time or stipulate a longer one.
These time-limits may be shortened by the endorsers.

Article 339
The drawee may request that a second presentation be made to him .the day following the first. Interested parties are not allowed to
claim that their request has not been acceded to except if it is mentioned in the protest.
The bearer is not obliged to leave into the hands of the drawee the Hill presented for acceptance.

Article 340
Acceptance is written on the Bill of Exchange. It is expressed by the word "accepted" or by any other equivalent word; it is signed by
the drawee. The drawee's simple signature affixed on the back of the Bill tantamounts to acceptance.
When the Bill is payable at deferred sight or when it must be presented for acceptance within a determined time-limit by virtue of a
special stipulation, acceptance must be dated at the day of presentation. In the absence of date, the bearer, in order to safeguard his
claim against endorsers and the drawer, has this omission established by a protest made in good time.

Article 341
Acceptance is pure and simple, but the drawee may restrict it to part of the sum.
Any other modification brought about by acceptance to the terms of the Bill of Exchange tantamounts to a refusal of acceptance.
However, the acceptor is held within the terms of his acceptance.

Article 342
When the drawer has indicated in the Bill of Exchange a place of payment other than that of the drawee's domicile, without
designating a Third Party at whose place payment is to be effected, the drawee may indicate it at the time of acceptance. Failing this
indication, the acceptor is reputed to be self-bound to pay himself at the place of payment.
If the Bill is payable at the drawee's domicile, the latter may indicate in the acceptance an address of the same place where payment is
to be effected.

Article 343
By acceptance the drawee binds himself to pay the Bill of Exchange on maturity, .
In default of payment, the bearer, even though he is the drawer, has against
the acceptor direct action resulting from the Hill of Exchange involving all -
that can be claimed by virtue of articles 370 and 371.

Article 344
If the drawee who has vested the Bill of Exchange with his acceptance had struck off acceptance before returning the Bill, acceptance
is presumed denied: Hut for proof to the contrary, striking off is reputed having been made before the return of the title.
However, if the drawee has made his acceptance known by writing to the bearer or any signatory, he is held towards the latter within
the terms of his acceptance.

CHAPTER 5 - Guarantee

Article 345
The payment of a Bill of Exchange may be covered for the whole amount or part of it by backing.
Such cover is furnished by a Third Party or even by the signatory of the Bill.

Article 346
Backing is given either on the Bill of Exchange or on an allonge, or by a separate deed indicating the place where it occurred.
It is expressed by the words "Good for Backing" or any other equivalent formula; it is signed by the Backer.
It is considered as resulting from the simple signature of the Hacker affixed on the back of the Bill of Exchange, except in the case of
the drawee's or drawer's signature.
Backing must indicate for whose account it is given. Failing this indication, it is reputed given for the drawer.

Article 347
The Backer is held in like manner as he whom he guarantees.
His commitment is valid, even though the obligation he has guaranteed should be null for any cause other than legal flaw.
When he pays the Dill of Exchange, the guarantor acquires the claims resulting from the Bill of Exchange against the person he
guarantees and against those who are held towards the latter by virtue of the Hill of Exchange.

CHAPTER 6 - Maturity

Article 348
A Bill of Exchange may be drawn - at sight - at deferred sight - at deferred date - at a fixed date.
At other maturities or at successive maturities, Bills of Exchange are null.

Article 349
The Hill of Exchange at sight is payable on presentation. It must be presented for payment within a year from its date. The drawer may
shorten this delay or stipulate a longer one. Such delays may be shortened by the endorsers.
The drawer may prescribe that a Dill of Exchange payable at sight is not to be presented for payment before an indicated term. In this
event, the time of presentation commences from that term.

Article 350
The maturity of a Bill of Exchange at deferred sight is determined, either by the date of acceptance, or by that of protest.
In the absence of protest, undated acceptance is reputed in respect of the acceptor to have been given the last day of the stated
time-limit for the presentation of acceptance.

Article 351
The maturity of a Bill of Exchange drawn at one or several months from the date or sight falls due on the date of the corresponding
month when payment is to be effected. In default of a corresponding date, maturity occurs on the last day of that month.
When a Bill of Exchange is drawn at one or several months of date or sight, the entire months are first to be computed.
If maturity is set at the beginning, the middle (mid-January, mid-February, etc..) or the end of the month, these terms are taken to
mean the first, the fifteenth or the last day of the month.
The phrases "eight days" or "fifteen days" are taken to mean not just one or two weeks, but a period of actual eight or fifteen days.
The phrase "half a month" indicates a period of fifteen days.

Article 352
When the Bill of Exchange is payable on a fixed day in a district where the calendar is different from that of the place of issue, the
date of maturity is considered as set in accordance with the calendar of the place of payment.
When a Bill of Exchange drawn between two places with different calendars is payable at a certain time from date, the date of issue is
brought back to the corresponding day of the calendar of the place of payment and maturity is set in consequence.
The terms of presentation of the Bill of Exchange are calculated in conformity with the rules of the preceding sub-paragraph.
These rules are not applicable, if one clause of the Bill of Exchange, or even the simple statements of the instrument, indicate that it
was intended to adopt different rules.

CHAPTER 7 - Payment
Article 353
The bearer of a Bill of Exchange payable on a set day or within a certain time-lag from the date or sight must present the Bill of
Exchange for payment, on the day of maturity.
The presentation of a Hill of Exchange to a Clearing House tantamounts to presentation for payment.

Article 354
The drawee may demand, on paying the Bill of Exchange, that it should be remitted to him "duly settled" by the bearer.
The bearer may not refuse partial payment.
In the event of partial payment, the drawee may demand that mention of that payment be made on the Bill and that he should be given
a receipt therefor.
Payments made on account against the amount of the Dill of Exchange are a relief to drawers and endorsers.
The bearer is bound to protest the Bill of Exchange for the surplus.

Article 355
The bearer of a Bill of Exchange may not be constrained to receive payment therefor before maturity.
The drawee who pays before maturity does so at his own risks and perils.
He who pays on maturity is validly cleared unless a grievous mistake or fraud lies on his side. He is obliged to verify that the
successive endorsements are in order but not so the signatures of the endorsers.

Article 356
When a Bill of Exchange is stipulated payable in a money which is not legal tender at the place of payment, the amount may be paid
up in the money of the country according to its value on the day of maturity. If the debtor is late, the bearer may, according to his
choice, require that the amount of the Bill of Exchange be paid in the money of the country as per rate, either of the day of maturity, or
of the day of payment.
Usages of the place of payment serve to determine the value of the foreign currency. However, the drawer may stipulate that the sum
to be paid shall be calculated according to a rate set down in the Hill.
The rules here enunciated do not apply to the case where the drawer has stipulated that payment shall have to be effected in a certain
stated currency (clause of actual payment in a foreign currency).
If the amount of the Dill of Exchange is indicated in a currency having the same denomination, but a different value in the country of
issue and in that of payment, one is presumed to have referred to the currency of the place of payment.

Article 357
If the Bill of Exchange has not been presented for payment on the day of maturity, every debtor is entitled to lodge the amount
therefor as deposit in the bank authorized to receive State deposits, at the bearer's charges, risks and perils.
The debtor shall be required only to remit the deed of deposit in exchange for the draft.

Article 358
No bar may be set against payment except in the event of deposit in exchange for the draft.

Article 359
In the case of loss of an unaccepted Bill of Exchange, he to whom it belongs may proceed for payment on a second, third, fourth one,
etc..

Article 360
If the lost Bill of Exchange is vested with acceptance, payment may not be exacted on a second, third or fourth one etc.. except by
order of the judge and following the payment of a security deposit..,

Article 361
If he who has lost a Bill of Exchange, whether accepted or not, cannot represent a second, third, fourth one etc.., he may request
payment of the lost Bill of Exchange and obtain it through the judge's order after justifying his ownership on his books and by giving
security.

Article 362
In the event of refusal to pay following application put forward by virtue of the two preceding paragraphs, the owner of the lost Bill of
Exchange retains all his rights by deed of protestation. This deed must be made out the day following the maturity of the lost Bill of
Exchange; such notices as are prescribed by article 367 must be served within the time-limits set in this article.

Article 363
The owner of a stray Bill of Exchange must, in order to procure himself a second one, apply to his immediate endorser who is bound
to lend him his name and his attendance to act against his own endorser, and thus by going back from endorser up to the drawer of the
Bill. The owner of the stray Bill of
Exchange shall bear the charges.

Article 364
The commitment deriving from the security referred to in articles 360 and 361 expires after three years, if in the meantime neither
petitions nor legal proceedings have intervened.

CHAPTER 8 - Remedies for default in acceptance, default in payment, protests, replacement

Section 1 - Remedies for default in acceptance, default in payment

Article 365
The bearer may have remedies at law against the endorsers, the drawer arid the obligees.
On maturity, if payment does not take place.
Even before maturity:
1 - In case of refusal, total or partial, of acceptance.
2 - In the event of the failure of the drawee, acceptor or not, suspension of
his payments, even not established by a Court ruling, or the unfruitful
distraint of his goods.
3 - In the event of the failure of the drawer of an unacceptable Bill.
However the guarantors against whom legal remedy is exercised in the two cases referred to in the preceding last two sub-paragraphs,
2 and 3, may within three days of such resort file with the president of the commerce tribunal of their domicile a petition soliciting
extension of the time-limit. If the petition is acknowledged founded, the ordinance shall fix a new period in which the guarantors shall
be compelled to pay the trade Bills in question, but the time extensions thus granted should not exceed the date set for maturity. The
ordinance shall subject to neither opposition nor appeal.

Article 366
Refusal of acceptance or payment must be established by an authentic deed (protest for default in acceptance or default in payment).
Protest for default in acceptance must be made within the time-limit set for presentation for acceptance. If, in the case referred to in
article 339, 1st sub-paragraph, the first presentation occurred on the last day of the time limit, protest may still be made the next day.
Protest for default in payment of a Bill of Exchange payable on a fixed day or within a certain time of date or sight must be made in
one of the two working days which follow the day when the Bill of Exchange is payable. If the Hill is payable at sight, protest must be
made according to the terms indicated in the preceding sub-paragraph concerning protest for default in acceptance.
Protest for default in acceptance exempts from presentation for payment and from protest for default in payment.
In the event of the suspension of payment by the drawee, acceptor or not, or in the event of distraint of his goods remaining fruitless,
the bearer may not seek remedy at law except after presentation of the drawee's Bill for payment and after protest has been made.
In case of the declared insolvency of the drawee, acceptor or not, as well as in case of the declared failure of the drawer of an
unaccepted Bill, production of the judge's adjudication of insolvency suffices to enable the bearer to seek remedy.

Article 367
The bearer must give notice of default in acceptance or payment to his endorser and the drawer within the four working days
following the day of protest or that of the presentation, in case there exists a clause of return without charges. Every endorser must,
within the two working days following the day of receipt of the notice, acquaint his endorser with the notice he has received,
indicating the names and addresses of those who have served the preceding notices, and so on, moving backwards up to the drawer.
The time-limit indicated above runs from the receipt of the preceding notice.
When in compliance with the preceding sub-paragraph, notice has been served to a signatory of a Bill of Exchange, the same notice
must be served within the same time-limit to his guarantor.
Should an endorser fail to indicate his address, or should he indicate it in an illegible manner, it suffices that the notice is served to the
endorser preceding him.
Anyone who has a notice to serve may do so in any form, even by the simple return of the Bill of Exchange.
He has to prove that he served notice within the given time-limit. Such time limit shall be considered as observed if a letter including
the notice has been posted within the said time-limit.
He who fails to serve notice within the time-limit indicated above incurs no forfeiture; he is liable, should the case arise, for the
prejudice caused by his negligence, but damages must not exceed the amount of the Bill of Exchange.

Article 368
The drawer, an endorser or a Backer may, by the phrase "return uncharged", "without protest" or any equivalent phrase, written on the
instrument and signed, exempt the bearer from making, in his search for remedy, a protest for default in acceptance or default in
payment.
This phrase does not exempt the bearer from the presentation of the Bill of Exchange within the time limit prescribed nor from the
notices to serve.. Onus of the proof that the time-limits have not been observed rests with him who avails himself of it against the
bearer.
If the phrase is written by the drawer, it produces its effects in respect of all the signatories; if it is written by an endorser or a Backer,
it produces its effects only in respect of him. If despite the phrase written by the drawer, the bearer has a protest made, expenses are
chargeable on him. When the phrase emanates from an endorser or a Backer, charges for the protest, if any is made, may be recovered
against all the signatories.

Article 369
All those who have drawn, accepted, endorsed or backed a Bill of Exchange are held jointly towards the bearer.
The bearer is entitled to act against all these persons, individually or collectively, without being constrained to observe the order in
which they have obliged themselves.
This right also extends to anyone who has signed the instrument and fulfilled their obligation.
Action brought against one of the obligees is no bar to action against the others, even subsequent to the one who has first been
prosecuted.

Article 370
The bearer may claim from the person against whom he seeks remedy at law
1 - The amount of the unaccepted or unpaid Bill of Exchange, together with interests if these are stipulated;
2 - Interests at the legal rate as from maturity;
3 - Charges for protest, the notices served as well as other expenses.
If remedy is sought before maturity, deduction shall be made of a discount on the amount of the Bill. This discount shall be calculated
according to the official discount rate (the bank rate agreed for the reception of State deposits) such as it exists at the date of remedy in
the district of the bearer's domicile.

Article 371
He who has refunded the Bill of Exchange may claim from its guarantors:
1 - The total sum he has paid; 2 - The interests of the said sum calculated at the legal rate as from the day he refunded it; 3 - The
expenses he has incurred.

Article 372
Every obligee against whom remedy is sought or who is exposed to such remedy may demand, as counterpart for the refund, the
deposit of the Bill of Exchange with the protest in a settled account..
Any endorser who has refunded the Bill of Exchange may strike off his endorsement and those of the subsequent endorsers.

Article 373
In case of resort to remedy after partial acceptance, he who refunds the sum for which the Hill has not been accepted, may require that
the refund be mentioned on the Bill and that discharge therefor is given him. The bearer must, on the other hand, remit him a copy
certified true to the Bill and the protest to allow subsequent recourses to remedy.

Article 374
After expiry of the time-limits set:
- for the presentation of a Bill of Exchange at sight or at deferred sight, - for the making of protest for default on acceptance or default
in payment, - for presentation to payment in case of a clause of return without charges,
the bearer is forfeited of his claim against the endorsers, against the drawer and against the other obligees, with the exception of the
acceptor.
However forfeiture does not occur in relation to the drawer except if he proves that provision was available at maturity. In this case no
action lies with the bearer except against him on whom the Bill of Exchange was drawn.

Article 375
In the event of non presentation for acceptance within the time-limit set by the drawer, the bearer forfeits, within the limits set by the
preceding article, his title to seek remedy, for default in payment as much as for default in acceptance, unless it appears from the terms
of the stipulation that the drawer intended to exonerate himself only from the guarantee of acceptance.
If the stipulation of a time-limit for presentation is contained in an endorsement, only the endorser may avail himself of it.

Article 376
When the presentation of a Bill of Exchange or the making of a protest within the prescribed time-limits is prevented by an
insuperable obstacle (legal prescription of some State or any other cause of force majeure), such time-limits are extended.
The bearer is bound to give notice, without delay, of the case of force majeure to his endorser and to mention this notice duly dated
and signed by him on the Bill of Exchange or on an allonge; for the surplus, the provisions of article 402 are applicable.
After the termination of force majeure, the bearer must, without delay, present the Bill for acceptance or for payment and, if the case
so requires it, have the protest made.
If force majeure persists beyond thirty days from maturity, remedy may be sought, neither presentation nor the making of a protest
being necessary.
For Hills of Exchange at sight or at deferred sight the time-limit of 30 days is computed from the date at which the bearer has, even
before the expiry of the time-limits for presentation, served notice of the force majeure to his endorser; for Bills of Exchange at
deferred sight, the time-limit of 30 days is augmented by the sight time-limit indicated on the Bill of Exchange.
Are not considered as constituting cases of force majeure facts purely personal to the bearer or to him whom he charged to present the
Hill or make the protest.

Section 2 - Protests

Article 377
Protests for default in acceptance or default in payment are made by the Notary or one of his clerks. Protest must be made
At the domicile of he on whom the Bill of Exchange was payable or at his last known domicile; at the domicile of persons designated
by the Bill of Exchange for its payment if need be; at the domicile of the Third Party who has accepted through intervention; all by a
single and same deed. Notification shall be made in conformity with articles 353 and subsequent ones of the code of civil procedure.

Article 378
The deed of protest contains the literal reproduction of the Bill of Exchange, of acceptance, of endorsements and of the
recommendations stated therein, and the summons to pay the amount of the Bill of Exchange. The deed also states the presence or
absence of he who must pay, the motives of refusal to pay and the inability or refusal to pay.

Article 379
No deed on the part of the bearer of the Bill of Exchange can be a substitute to the deed of protest, except for the case referred to in
articles 360 and subsequent ones regarding the loss of the Bill of Exchange.

Article 380
Notaries are bound, under penalty of damages to the parties, to leave exact copy of protests and to reproduce them in full, day by day
and by order of dates, in a special register.

Section 3 - Replacement

Article 381
Any person entitled to seek remedy at law may, except for a clause to the contrary, get paid by means of a new Bill (replacement)
drawn at sight on one of the guarantors and payable at the latter's domicile.
The replacement Bill comprises, in addition to the sums stated in articles 370 and 371, brokerage and a stamp duty.
If the replacement Bill is drawn by the bearer, the amount thereof is fixed according to the rate of the Bill of Exchange at sight, drawn
from the district where the original Bill was payable on the district of the guarantor's domicile. If the replacement Bill is drawn by an
endorser, its amount is fixed according to the rate of a Bill at sight drawn from the district where the drawer of the second Bill is
domiciled on the district of the guarantor's domicile.

Article 382
Replacement Bills may not be cumulated.
Each endorser bears but one, as well as the drawer.

CHAPTER 9 - Intervention

Section 1 - General Provisions

Article 383
The drawer, an endorser or a guarantor may designate a person to accept or pay, if need be.
The Bill of Exchange may be, subject to the conditions determined hereinafter, accepted or paid by a person intervening for any debtor
open to proceedings.
The intervener may be a third party, even the drawee, or a person already obliged by virtue of the Bill of Exchange, except the
acceptor.
The intervener is bound to serve, within two working days, notice of his intervention to him on whose behalf he has intervened. If this
time-limit is not observed, he is liable, should the case arise, for the prejudice caused by his negligence but damages are not to exceed
the amount of the Bill of Exchange.

Section 2 - Acceptance through Intervention

Article 384
Acceptance through intervention may take place whenever resorts to remedy are open, before maturity, to the bearer of an acceptable
Bill of Exchange.
When on the Bill of Exchange a person has been designated to accept or pay, if need be, at the place of payment, the bearer may not
set into action before maturity his title to remedy against he who has stated this indication and against subsequent signatories unless he
has presented the Bill of Exchange to the designated person and that, the latter having declined acceptance, this denial has been
established in the protest.
In other cases of intervention the bearer may refuse acceptance by intervention. However, if he admits it, he forfeits the resorts open to
him before maturity against the one for whom acceptance has been given and against subsequent signatories.

Article 385
Acceptance by intervention is stated in the Bill of Exchange; it is signed by the intervener. It indicates for whose account it has
occurred; in the absence of such indication, acceptance is reputed given by the drawer.

Article 386
The acceptor through intervention is obliged towards the bearer and towards the endorsers subsequent to the one for whose account he
has intervened, in the same manner as the latter.
In spite of acceptance through intervention, be for whom it has been made and his guarantors may require the bearer, as counterpart
for the payment of the sum indicated in article 370, to remit the Bill of Exchange, the protest and the settled account, if need be.

Section 3 - Payment through intervention

Article 387
Payment through intervention may be effected in all cases either at maturity, or before maturity; avenues for remedy are open to the
bearer.
Payment comprises all the sums that would have to settle the person for whom it takes place.
It has to be done, at the latest, the day following the last day admitted for the making of protest for default in payment.

Article 388
If the Bill of Exchange has been accepted by interveners having their domicile in the place of payment or if persons with their
domicile in this same place have been designated to pay if need be, the bearer must present the Hill to all these persons and make, if
necessary, a protest for default in payment, at the latest the next day of the last day open for protest making.
In the event of failure of protest making within this time-limit, the person who has indicated the need or for whose account the Bill has
been accepted and the subsequent endorsers are no longer obliged.

Article 389
The bearer who refuses payment through intervention forfeits his recourses against those who might have been released.

Article 390
Payment through intervention must be established by a clearance given on the Bill of Exchange, with indication of the person for
whom it is effected. In the absence of such indication, payment is considered as made for the drawer.
The Bill of Exchange and the protest, if one has been made, must be remitted to the payer through intervention.

Article 391
The payer through intervention acquires the rights resulting from the Bill of Exchange against the person for whom he has paid and
against all those who are held towards the latter by virtue of the Bill of Exchange. However, he may not endorse the Dill of Exchange
afresh.
Endorsers subsequent to the signatory for whom payment has been effected are released.
In case of concurrence for payment through intervention, he who operates the most releases is preferred. He who intervenes,
knowingly, contrary to this rule, forfeits his recourses against those who would have been released.

CHAPTER 10 - Plurality of exemplars and copies

Section 1 - Plurality of exemplars

Article 392
The Bill of Exchange may be drawn in several identical exemplars.
These exemplars must be numbered in the very wording of the title failing which each of them is considered as a distinct Bill of
Exchange.
Every bearer of a Bill which does not indicate that it has been drawn in a single exemplar may demand the delivery of several
exemplars on his account. To this end, he is to apply to his immediate endorser who is bound to lend him his assistance to act, against
his own endorser and so on, by going back to the drawer. Endorsers are bound to reproduce the endorsements on the new exemplars.

Article 393
The payment made on one of the exemplars amounts to clearance, even though it is not stipulated that such payment nullifies the
effect of the other exemplars. However, the drawee remains held by virtue of each accepted exemplar which he has failed to recover.
The endorser who has transferred the exemplars to different persons, as well as subsequent endorsers are held by virtue of all the
exemplars bearing their signature and which have not been returned.

Article 394
He who has sent one exemplar for acceptance must indicate on the other exemplars the name of the person in whose hand this
exemplar stands. The latter is bound to remit it to the legitimate bearer of another exemplar.
If he refuses to do so, the bearer may not exercise recourse except after he has established by protest
1 - that the sent exemplar has not been returned on his request; 2 - that acceptance or payment has not been obtained on another
exemplar.

Section 2 - Copies

Article 395
Every bearer of a Bill of Exchange is entitled to have copies made therefrom.
The copy must reproduce exactly the original with the endorsements and all the other mentions made in it. It must indicate where it
stops.
It must be endorsed and guaranteed in the same manner and with the same effects as the original.

Article 396
The copy must indicate the holder of the original instrument. The latter is required to remit the said instrument to the legitimate bearer
of the copy.
If he refuses to do so, the bearer may not initiate his recourse against all the persons who have endorsed or guaranteed the copy except
after he has established by a protest that the original has not been remitted to him upon his request.
If the original instrument, after the last endorsement occurring before the copy was made out, carries the phrase : "hence endorsement
is valid only on the copy" or any equivalent wording, an endorsement subsequently signed on the original is null.

CHAPTER 11 - Changes

Article 397
In case of changes in the text of a Bill of Exchange, signatories subsequent to this change are held within the terms of the changed
text; prior signatories are held within the terms of the original text.

CHAPTER 12 - Prescription

Article 398
A11 actions resulting from a Bill of Exchange against the acceptor are limited to three years computed from the date of maturity.
The bearer's actions against endorsers and against the drawers are limited to one year dating from the protest in due time or from
maturity in the event of a clause of return without charges.
The actions of endorsers the ones against the others and against the drawer are limited to six months dating from the day when the
endorser has repaid the Bill or from the day when he himself was prosecuted.

Article 399
Prescriptions in the case of actions in Court run from the day of the last legal proceedings. They do not apply in case of conviction or
if the debt has been acknowledged by separate deed.
Interruption of prescription has effect only against the person on whose behalf the interrupting act was done.
Nonetheless the alleged debtors would be bound, if they are so required, to state under oath that they are no longer indebted; and their
heirs or interested parties, whom they believe, in good faith, that nothing more is due.

CHAPTER 13 - General provisions

Article 400
The payment of a Bill of Exchange the maturity of which falls on a legal holiday may not be exacted except on the first working day
following. Likewise, all other acts relating to the Bill of Exchange, notably presentation for acceptance and protest, may not be made
except on a working day.
When one of these acts must be completed within a certain time-limit the last day of which is a legal holiday, the time is extended up
to the first working day following the expiry. Intervening holidays are comprised in the computation of the time-limit.

Article 401
Legal or conventional time-limits do not comprise the day which serves as starting-point.

Article 402
No grace day, either legal or judicial, is allowed, except for those cases referred to in articles 365 and 367.

TITLE II - THE PROMISSORY NOTE

Article 403
The promissory note contains
1 - The phrase "to order" or the denomination of the instrument inserted within the text itself and expressed in the language used
in the writing of
the instrument;
2 - The promise pure and simple to pay a determined sum;
3 - The indication of maturity;
4 - The place where payment is to be effected;
5 - The name of the person to whom or to whose order payment is to be made;
6 - The date and place where the note is subscribed;
7 - The name of he who issues the instrument (subscriber).

Article 404
The instrument in which one of the statements indicated in the preceding article is missing is not valid as promissory note, except in
the cases determined by the following sub-paragraphs
- The promissory note the maturity of which is not indicated is considered as payable at sight.
In the absence of special indication, the place where the instrument is created is reputed to be the place of payment, and, at the same
time, the place of the subscriber's domicile.
- The promissory note which does not indicate the place of its creation is considered as subscribed in the place designated
beside the subscriber's name.

Article 405
Are applicable to the promissory note, in so far as they are not inconsistent with the nature of this instrument, the provisions relating to
the Bill of Exchange arid concerning
Endorsement (articles 325 - 335) Maturity (articles 348 - 352) Payment (articles 353 - 364) Remedy for default in payment (articles
365 - 372, 374 - 376) Protests (articles 377, 380) Replacement (articles 381, 382) Payment through intervention (articles 387 - 391)
Copies (articles 395, 396) Changes (article 397) Prescription (articles 398, 399) Holidays, the computation of time-limits and
prohibition of grace days (articles 400, 402).

Article 406
Are likewise applicable to the promissory note the provisions concerning the Bill of Exchange payable at a Third Party's or in a
locality other than that of the drawee's domicile (articles 317 and 342), the stipulation of interests (article 318), differences of
statements regarding the sum to be paid (article 319), the consequences of affixing a signature in the conditions referred to in article
320, those of the signature of a person who acts without powers or in excess of his powers (article 321).

Article 407
Equally applicable to the promissory note are those provisions relating to guarantee (articles 345 and 34?) as is referred to in article
346, last subparagraph; if the guarantee does not indicate for whose account it has been given, it is reputed to have been for the
account of the promissory note subscriber.

Article 408
A promissory note subscriber is obliged in the same manner as the acceptor of a Hill of Exchange.
Promissory note payable at deferred sight must be presented to the subscriber for signature within the time-limit set in article 338. The
time-limit for sight runs from the date of the subscriber's signature on the note. The subscriber's refusal to give his dated-signature is
established by protest (article 340.) the date of which serves as starting-point for the sight time limit.

TITLE III - THE CIRQUE

CHAPTER 1 - The creation and form of cheque

Article 409
The cheque contains
1 - The denomination of cheque inserted within the very text of the instrument and expressed in the language used in the making
out of the instrument;
2 - The order pure and simple to pay a determined sum;
3 - The name of he who is to pay (drawee);
4 - The place where payment is to be effected;
5 - The date and place where the cheque is created;
6 - The signature of he who issues the cheque (drawer).

Article 410
The instrument in which one of the statements indicated in the preceding article is missing is not valid as a cheque, except in those
cases as are determined in the following sub-paragraphs
In the absence of a special indication, the place designated beside the name of the drawee is reputed to be the place of payment. If
several places are indicated beside the name of the drawee, the cheque is payable in the first indicated place.
In the absence of these indications and of any other indication, the cheque is payable in the place where the drawee has his main
establishment.
The cheque without indication of the place of its creation is considered as subscribed in the place designated beside the name of the
drawer.

Article 411
The cheque may not be drawn except on a banker having, at the time of the creation of the instrument, funds at the drawer's disposal
and in conformity with an agreement express or tacit by which the drawer is entitled to dispose of his funds by cheque.

Article 412
The cheque may not be accepted. Mention of acceptance carried on the cheque is reputed unwritten.
However the drawee is entitled to sign the cheque; signing has for effect to establish the existence of provision at the time when it is
given.

Article 413
The cheque may be stipulated payable
- To a designated person, with or without the express phrase "to the order"; - To a designated person, with or without the phrase "not
to order", or an equivalent phrase; - To bearer.
The cheque for the benefit of a designated person, with the mention "or to bearer" or an equivalent phrase is valid as cheque to bearer.
The cheque without indication of the beneficiary is valid as a cheque to bearer.

Article 414
The cheque may be to the order of the drawer himself.
The cheque may be drawn for a Third Party's account.
The cheque may not be drawn on the drawer himself, except in the case of a cheque drawn among different establishments of the same
drawer and on condition that the cheque is not to bearer.

Article 415
Any stipulation of interests inserted in the cheque is reputed unwritten.

Article 416
The cheque may be payable at a Third Party's domicile, either in the locality where the drawee has his domicile, or in another locality,
on condition however that the Third Party is a banker.

Article 417
The drawer is guarantor of payment. Any clause by which the drawer exonerates himself from such guarantee is reputed unwritten.

CHAPTER 2 - Transmission

Article 418
The cheque stipulated payable for the benefit of a stipulated person, with or without the express phrase "to order", is transferable by
endorsement.
The cheque stipulated payable for the benefit of a designated person, with the phrase "not to order" or an equivalent phrasing, is
transferable only in the form and with the effects of an ordinary conveyance.

Article 419
Endorsement may be made either for the benefit of the drawer or any other obligee. These persons may endorse the cheque anew.

Article 420
Endorsement must be pure and simple. Any condition to which it is subordinated is reputed unwritten.
Partial endorsement is null. The drawee's endorsement is equally null. Endorsement to bearer is valid as blank endorsement.
Endorsement for the drawee is valid as receipt, except in the case where the drawee has several establishments or where the
endorsement is made for the benefit of an establishment other than that on which the cheque has been drawn.

Article 421
The holder of an endorseable cheque is considered as legitimate bearer, if he justifies his title by an uninterrupted succession of
endorsements even if the last endorsement is blank. Struck-off endorsements are, in this respect, reputed unwritten. When a blank
endorsement is followed by another endorsement, the latter's signatory is reputed having acquired the cheque through the blank
endorsement.

Article 422
An endorsement standing on a cheque to bearer renders the endorser liable to the terms of the provisions regulating recourse; it does
not convert the instrument into a cheque to order.

Article 423
When a person has been disposed of a cheque to order by whatever occurrence this may be, the beneficiary who justifies his title in the
manner indicated in article 421 is not bound to relinquish the cheque except if he has acquired it through ill faith or if, by acquiring it,
he has committed a grievous fault.

Article 424
Endorsement made after protest or after expiry of the time-limit for presentation produces the effects of a mere conveyance.
Except for proof to the contrary, undated endorsement is presumed having been made before the protest or before expiry of the
time-limit referred to in the preceding sub-paragraph.

CHAPTER 3 - Presentation and payment

Article 425
The cheque is payable at sight. Any mention to the contrary is reputed unwritten.
The cheque presented for payment before the day indicated as date of issue. is payable on the day of presentation.

Article 426
The cheque issued and payable in Lebanon must be presented for payment within eight days.
The cheque issued out of Lebanon and payable in Lebanon must be presented within 20 days if the date of issue is located in one of
the countries bordering on Lebanon or Syria, in Europe, or in a country bordering on the Mediterranean.
The time-limit is of 70 days if the cheque was issued in any other country.

Article 427
When the cheque payable in Lebanon is issued in a country where there is in use a calendar other than the Gregorian calendar, the date
issue shall be brought back to the corresponding day in the Gregorian Calendar.

Article 428 (as modified by Law NO 30/67 of 16 May 1967)
The drawee must pay even after expiry of the time-limit for presentation. Opposition to the payment of the cheque by the drawer is
receivable only in the event of loss of the cheque or of the insolvency of the Bearer.
If, in spite of this defense, the drawer puts a bar for other causes, the judge of the Summary Court, even when an instance in principal
should be initiated, shall be bound upon the bearer's request to remove this opposition.

Article 429
Neither the drawer's death, nor his incapacity occurring after the issue touch the effects of the cheque.

Article 430
The drawee may demand, on paying the cheque, that it is remitted to him duly settled by the bearer.
The bearer may not refuse a partial payment.
If the fund is less than the amount of the cheque the bearer is entitled to exact payment up to the limit of the fund.
In case of partial payment, the drawee may demand that mention of this payment be made on the cheque or that receipt therefor be
given him.
Partial payments against the amount of the cheque are a discharge for drawers and endorsers.
The bearer is bound to protest the cheque for the surplus.

Article 431
He who pays a cheque without opposition is presumed validly released.
The drawee who pays an endorsable cheque is obliged to verify that the succession of endorsements is in order,-but not so the
endorsers' signatures.

Article 432
When a cheque is stipulated payable in a currency which is not legal tender in Lebanon, the amount of it may be paid, within the
time-limit for the presentation of the cheque, according to its value in Lebanese pounds on the day of payment. If payment has not
been effected on presentation, the bearer may, as he chooses, require that the amount of the cheque be paid to him in Lebanese pounds
according to the rate ruling, either on the day of presentation or the day of payment.
Lebanese usages for the quotation of foreign currencies in which cheques are made out must be observed to determine the value of
these currencies in Lebanese pounds. However, the drawer may stipulate that the sum to be paid shall be calculated according to a rate
set in the cheque.
The above stated rules do not apply when the drawer has stipulated that payment shall have to be made in a certain indicated currency
(clause of actual payment in a foreign currency).

CHAPTER 4 - Crossed cheque

Article 433
The drawer or bearer of a cheque may cross it with the effects indicated in the following article.
Crossing is effected by means of two parallel bars affixed recto. It may be general or special.
Crossing is general if it does not carry between-.the two bars any designation or the word "banker" or an equivalent term; it is special
if a banker's name is written between the two bars.
General crossing may be changed into special crossing, but special crossing may not be transformed into general crossing.
Striking-off the crossing or the name of the designated banker is reputed not having occurred.

Article 434
A cheque with general crossing may not be paid by the drawee except to a banker or to a client of the drawee.
A cheque with special crossing may not be paid by the drawee except to a designated banker or, if the latter is the drawee, to his client.
However the designated banker may have resort to another banker to cash-in.
A banker may not acquire a crossed cheque except through one of his clients or another banker. He may not cash it for the account of
other persons except these ones.
The drawee or the banker who fails to observe the above provisions is liable for prejudice up to the amount of the cheque.

Article 435

The drawer of a cheque and its holder may prevent its payment in cash by placing the following statement, or a similar one, on its back: “For deposit to account”.
In such case, the cheque can only be settled through accounting entries by the drawee (credit to the account, transfer, or clearing), and settlement through accounting entries shall be deemed full payment.
Erasing the phrase “For deposit to account” shall be considered null and void.
The drawee who violates the above provisions shall be liable for damages equivalent to the value of the cheque.

Chapter Five – Action for Non-Payment

Article 436
The holder of the instrument has the right to take action against the endorsers, drawer, and other obligors if the cheque presented is not honored in due time, provided that the refusal to pay is evidenced:
By an official document (protest).
Or by a written and dated declaration from the drawee on the cheque, specifying the date of presentation.

Article 437
The protest or equivalent evidence must be made before the expiry of the presentation period.
If the cheque is presented on the last day of the period, the protest or equivalent evidence may be made on the first working day following that day.

Article 438
The holder of the cheque may claim from the person against whom the action is brought:
The amount of the dishonored cheque.
Interest from the day of presentation, calculated at the legal rate for cheques issued and payable in Lebanon, and at a rate of six percent for other cheques.
Expenses of the protest or equivalent evidence, costs of notices sent, and other related expenses.

Article 439
Any person who has honored the cheque may claim from their guarantors:
The full amount paid.
Interest on this amount from the day of payment, calculated at the legal rate for cheques issued and payable in Lebanon, and at a rate of six percent for other cheques.
Any expenses incurred in the process.

Article 440
When the presentation of the cheque, the making of the protest or the equivalent proof within the prescribed time-limits is prevented
by an insuperable obstacle (legal prescription or cases of force majeure) these time-limits are extended.
The bearer is bound to serve, without delay, notice to his endorser of the case of force majeure and to mention this notice, dated and
signed by him, on the cheque or on an allonge; for the surplus the provisions of article 367 are applicable.
After the termination of force majeure, the bearer must, without delay, present the cheque for payment and, if need be, make protest or
establish an equivalent proof.
If force majeure persists beyond fifteen days dating from the day when the bearer, even before expiry of the time-limit for
presentation, gave notice of the force majeure to his endorser, recourses may be initiated, neither the presentation nor the protest nor
an equivalent proof being necessary in such case.
Facts purely personal to the bearer or to the person he has entrusted with the presentation of the cheque, the making of the protest or
the establishment of an equivalent proof, are not considered as constituting cases of force majeure.

CHAPTER 6 - Plurality of exemplars

Article 441
Excepting cheques to bearer, all cheques issued in a country and payable in another country or in a section overseas of the same
country and vice-versa, or issued and payable in the same part or in diverse parts overseas of the same country, may be drawn in
several identical exemplars. When a cheque is established in several exemplars, these exemplars must be considered as a distinct
cheque.

CHAPTER 7 - Prescription

Article 442
The bearer's actions in recourse against the endorsers, the drawer and other obligees, are limited to six months from expiry of the
presentation time limit.
Recourse actions of various obligees to the payment of a cheque the ones against the others are limited to six months dating from the
day when the obligee has paid the cheque or from the day when he himself was prosecuted.
However in case of forfeiture or lapse by passage of time there still lies an action against the drawer who has not provided fund or the
other obligees who have unjustly enriched themselves.
The action of the cheque bearer against the drawee lapses within three years

CHAPTER 8 - General and penal provisions

Article 443
Presentation and protest of a cheque may not be initiated except on a working day.
When the last day of the time-limit granted by the law to undertake actions relating to the cheque and notably for its presentation or
for the making of protest, or for an equivalent action, is a legal holiday, this time-limit is extended up to the first working day
following the expiry. Intermediate holidays are comprised in the computation of the time-limit.

Article 444
Remittance of a cheque for payment, accepted by a creditor, does not imply substitution. In consequence, the original claim remains,
with all the guarantees attached thereto, until the said cheque has been paid.

Article 445
Independently of the formalities prescribed to bring an action in guarantee, the bearer of a protested cheque may, by obtaining the
authorization of the head of the of the Executive Office and without being compelled to provide security, distrain by way of
conservation the movable belongings of the drawers and endorsers.

Article 446 (as modified by Law NO 30/67 of 16 May 1967)
The drawer who issues a cheque bearing no indication of the place of issue or of date, he who vests the cheque with a false date, is
under penalty of a fine of 6 per cent of the sum for which the cheque is drawn, but such fine may not be less than five Lebanese
pounds.
The same fine is due, personally and without recourse, by the first endorser or the bearer of a cheque without indication of a place of
issue or without date or bearing a later date than that at which it was endorsed or presented. This fine is due, on the other hand, by he
who pays or receives in compensation a cheque without indication of the place of issue or without date.

Article 447 (as modified by Law N° 30/67 of 16 May 1967)
Any banker who, having fund, delivers to his creditor blank cheque forms payable at his counter, must, under penalty of a fine of one
Lebanese pound per infringement, mention on each form the name of the person to whom this form is delivered.
Every banker must print on the cover of the cheque books he delivers to his clients the text of article 666 of the Penal Code, under
penalty of a fine of 10 Lebanese pounds per infringement.

Article 448 (as modified by Law N° 30/67 of 16 May 1967)
The offence of issuing an unfunded cheque is subject to the penalties provided by article 666 of. the Penal Code.

Article 449
The drawee who knowingly mentions a fund less than the existing fund is subject to a fine of between 25 and 500 Lebanese pounds.

Article 450
In so far as they are not inconsistent with the nature of the cheque, are additionally applicable to this instrument articles 319 to 321;
32? to 329, 331, 332, 335, 345 to 347, 353 - second sub-paragraph, 359, 361 to 364, 367 to 369, 372, 377, 393; 397, 399, 401 and 402
of the present code.
The protest action referred to under article 362 must be made, at the latest, the first working day following the expiry of the time-limit
for the presentation of the cheque.

TITLE IV - OTHER TITLES TRANSFERABLE BY ENDORSEMENT

Article 451
Any title by which the subscriber undertakes to deliver to a determined place and at a determined time a certain sum of money or a
certain quantity of fungible things may be transmitted by endorsement, if it has been expressly created to order.
Barring provisions contrary to the law or to the title itself, endorsement is regulated by the provisions of articles 325 and the following
ones, concerning the endorsement of Hills of Exchange.
The debtor may not oppose other exceptions than those resulting from the title itself or those that lie directly against the plaintiff,
unless the latter is of ill faith.
He is not bound to pay except in return for the remittance of the title to order duly settled.

Article 452
Except for the parties' contrary volition, the remittance of a Hill of Exchange, of a promissory note or of any other negotiable
instrument, in settlement of a debt, operates no change by which a new title is substituted to an old one.

TITLE V - MOVABLE SECURITIES

Article 453
Shares, debentures, rents and all other negotiable securities which, issued in the lump and representing claims to identical sums of
money, are apt to have currency on a Stock Market, may be either registered, or to bearer, or to order.

Article 454
When the security is created to bearer, conveyance is operated by mere delivery.
Every security holder is supposed to be qualified to exercise the rights relevant to this security; and, so long as he has not received
regular opposition, the debtor validly frees himself from debt between the bearer's hands.
The debtor may not oppose the bearer but for the exceptions drawn from the nullity of the security or deriving from its own text.

Article 455
In the case of a registered security, the title of the security owner is established by an entry made in his name on the registers of the
issuing establishment. Ownership of the security results from the entry itself.

Article 456
Conveyance of the registered security is operated by a declaration of transfer entered on the registers and signed by he who makes the
assignment or by a proxy.
The debtor establishment may require, before entering the assignment, that the declarer justifies his identity and capacity.
Transfer confers on the new registered holder a title proper and direct; the debtor establishment cannot oppose to him any exception
on account of the
previous holders.

Article 457
Registered securities may be provided with detachable coupons allowing the payment of arrears, dividends or interests to any bearer of
these coupons (mixed securities).

Article 458
Movable securities created to order are conveyed by endorsement.
Except for provisions to the contrary resulting from laws and regulations or from the very nature of the security itself, endorsement is
governed by the
same rules as the endorsement of the Dill of Exchange.

HOOK V
COMPOSITION AND SIMPLE INSOLVENCY

TITLE I - COMPOSITION

Article 459
Any trader, either before his suspension of payment, or within the ten days of his suspension of payment, may apply to the Court of
primary jurisdiction where lies his main establishment, and ask for the convocation of all his creditors to propose them a scheme of
arrangement (composition).

Article 460
In support of his petition the trader is required to submit his compulsory trade books, kept in accordance with regulations for the last
three years, or since the beginning of his going into trade in which he has engaged for at least three years; the evidence of his
registration on the trade register; a detailed estimate statement of his operations; a list of all his creditors, stating their names, the
figure of their respective claims and their domicile; and, in the case of a company, all such documents as may prove that the company
has been formed in conformity with regulations.
The trader shall state the reasons which have prompted him to petition for a scheme of arrangement. He shall indicate the dividends
which he intends to propose to his creditors or the reasons for which he may not immediately declare his proposals. He shall equally
state the real or personal guarantees that he offers his creditors.
In all cases, the proposed dividend must be at least 50% of his unsecured claims payable within a year, of 75% if maturity is within
eighteen months, of 100 if it is three years away.

Article 461
The Court, after hearing the Public prosecutor, shall be required to declare the petition unreceivable
1 - If the petitioner has failed to deposit the books and documents designated in the preceding article;
2 - If the petitioner has been previously convicted for fraudulent bankruptcy, forgery, theft, breach of trust, swindling,
embezzlement of public funds, or if he has not honored commitments to which he has pledged himself on the occasion of a previous
scheme or if, having been declared in
solvent, he has not fully paid all his creditors or has failed to meet in full the obligations deriving from composition;
3 - If he offers no serious guarantees enabling him to pay the proposed dividend;
4 - If he has absconded after closing down all his stores or if he has embezzled or fraudulently reduced his patrimony.
In all such cases, the Court shall officially adjudicate insolvency, if the trader has stopped paying out his trade debts.

Article 462
If the Court acknowledges that the petition is in order and receivable, it shall ordain, by a ruling subject to no appeal, the convocation
of creditors before a judge delegated to discuss and debate the proposal of the scheme of arrangement.
It shall designate the place, the day and the hour of the meeting, within a maximum 30 days dating from the ruling, as well as the
time-limit in which such ruling shall be published and notified to the creditors.
It shall appoint a trustee, who may not be one of the creditors, whose duty will consist in supervising, meanwhile, the management of
the business, the auditing of its liabilities and assets, examining how the debtor has acted and submit a report to the meeting of
creditors.
It shall allow the petitioner a time-limit not exceeding five days so that he may complete the nominal list of all his creditors, whenever
the trader has stated in his petition the reasons why it is impossible for him to produce such a complete list immediately.
At the diligence and under the signature of the delegated judge and the Clerk, the ruling shall be mentioned immediately after the last
entries on the books, which shall be returned to the petitioner.

Article 463
The ruling shall be, at the Clerk's diligence, published by means of posters affixed on the Court door and by an abstract inserted in a
media of legal advertising, and entered on the trade register, as shall be determined by the time-limit set down in the ruling itself.
If the nominal list of the creditors is incomplete or if a wider publicity is deemed necessary, the Court may designate other
newspapers, even foreign ones, in which an insertion shall have to be made.
The Clerk shall communicate to each creditor, by registered letter or by cable according to what the distance may require, a notice
setting out the names of the debtor, of the delegated judge and the trustee, the date of the ruling summoning the creditors, the place
and date of the meeting, with summary indication of the debtor's proposals.
The documentary evidence proving that the publication and communications to the creditors have been made, must be annexed to the
file.

Article 464
Beginning from the filing of the petition and until the ruling in confirmation of the scheme arrangement has gained power as an
adjudicated matter, no creditor in possession of a claim prior to the ruling shall be allowed, under penalty of nullity, to initiate or
proceed with action for enforcement, acquire a preferential claim whatsoever on the debtor's property, nor have a mortgage registered.
Prescriptions, time-limitations or forfeitures, which would be interrupted s,..
Ordinary claims having no preferential rights shall be considered as forfeited and the running of interests shall be suspended in respect
of the creditors only.
The sums due by way of taxes, even preferentials, shall not be submitted to the effects provided in the present article.

Article 465
Throughout the procedure of the scheme of arrangement, the debtor shall retain the management of his property and shall continue all
normal operations pertaining to his enterprise, under the trustee's supervision and the directives of the delegated judge. Both can
always examine the trade books.

Article 466
Donations and other acts, gratuitous or as security, granted by the debtor in the course of procedure, shall be no bar to the creditors.
It shall be likewise with acts by which the debtor shall have acquired loans, even in the form of a Hill of Exchange, operated
transactions or compromises, granted transfers of property which are not within the scope of trade, mortgages or pledges, without the
authorization of the delegated judge, who shall not give such authorization except in cases of evident utility.

Article 467
Should the debtor contravene the provisions of the preceding two articles or if it is proven that he has concealed part of his assets or
that he has fraudulently omitted certain claims or, broadly speaking, committed any fraud, the delegated judge shall refer the matter to
the Court Council Chamber, which shall adjudicate insolvency, without prejudice to other penal sanctions incurred by the trader.

Article 468
After examining the debtor's books and titles and with such information as he may be able to gather, the trustee 'shall check the list of
creditors and debtors, entering thereon all the necessary modifications with indication of the respective amount of claims and debts. If
necessary, he shall require the interested parties to furnish useful clarifications.
He shall then draft a detailed report on the debtor's trading situation and his administration, depositing such report in the Clerk's office
at least three days before the meeting provided for the arrangement scheme.

Article 469
The creditor's meeting shall be chaired by the delegated judge.
Any creditor may have himself represented by a special proxy duly vested with power; such power may be given in writing and
without formality, on the letter or telegram giving notice of the meeting
The debtor or his legal representative shall have to appear in person. Representation by special proxy shall be admitted only in the
event of the debtor's absolute impediment established by the delegated judge.
Following the reading of the trustee's report, the debtor shall table his final proposals.
If, at the appointed day, it is not possible to terminate all the operations, continuation shall be reputed adjourned to the nearest working
day, without further notice to the creditors even the absentees, and so forth until the end of the operations.

Article 470
Any creditor may put forward the reasons for which he considers as challengeable such or such a claim, or the debtor as undeserving
the favor he claims, or the proposals tabled by him as unacceptable.
The debtor shall be entitled to answer and shall have to furnish all the clarifications that may be requested.
Summary mention of these incidents shall be made in the proces-verbal, to which the documents shall be attached.

Article 471
The scheme of arrangement shall have to be approved by all the creditors who have cast their votes and who shall be required to
represent at least three-fourths of all the claims unpreferential or unguaranteed by mortgage or by pledge.
Creditors in possession of a mortgage, a preference or a pledge may however combine to form this majority, if they renounce using
their surety.
Such renunciation may apply only to part of the claim and its accessories, provided that the portion of the sum for which it occurs is
determined and is no less than one-third of the aggregate amount of the claims.
The vote cast without declaration of limited renunciation and the subsequent adherence to the agreement which shall be dealt with
hereinafter carry, as a matter of right, renunciation of the surety over the entire claim.
The Court, in its ruling of confirmation, shall take into account the possible increase of the debtor's assets as a result of these votes or
of these adherences.
The effects of renouncing a preference, a mortgage or a pledge, even partial, shall rightfully cease, whenever the scheme has not
materialized or has been cancelled.

Article 472
To form the majority indicated in the preceding article, claims of the debtor's spouse shall not be accounted, nor shall be those of
family relations and relations by marriage up to the fourth degree inclusive.
Shall equally be excluded from the vote the transferees and purchasing parties of such claims in the year preceding the petition for an
arrangement scheme.
Conveyance of claims subsequent to the ruling summoning the creditors shall be no title to voting on the scheme.

Article 473
The delegated judge shall have the adherence entered in the proces-verbal which shall be signed by all the adherents.
In the majority, account shall be taken of the adherences sent by cable or letter, addressed to the delegated judge or the Clerk within
five days following the closure of the proces-verbal of the meeting.
These adherences shall be entered by the Clerk, on the margin of the proces-verbal, and annexed.

Article 474
By ordinance in the proces-verbal before the affixing of signatures, the delegated judge shall refer the parties to a determined session
of the Court for confirmation of the scheme, within a maximum time limit of 20 days.

Article 475
Three days before the Court session set for confirmation, the trustee shall deposit in the Clerk's office his findings on whether the
scheme of arrangement is receivable.
At the session the delegated judge shall table his report. Both the debtor and the creditors shall be entitled to intervene in the
proceedings.
The Court may summon the trustee to the Council Chamber to ask him for information, subject to prior notice to the debtor and
creditors who may have intervened.

Article 476
The Court, in its award of confirmation, shall appreciate in a provisional manner and through presumption, the importance and the
amount of the declared claims, so as to establish if the required majority exists, without prejudice to the definitive rulings that they
may intervene.

Article 477
The Court, if it acknowledges that the debtor deserves the benefit of a com
position, that the oppositions referred to in the preceding articles allow
the existence of the required majority, that the composition proposals not
less than the legal minimum are legitimate and that the execution thereof is
assured, shall grant the solicited confirmation. -
In the same ruling, it shall ordain the delivery of the dividend which may be assigned to the declared claims.
If, on the contrary, confirmation is not granted, the Court shall adjudicate insolvency, as a matter of course.

Article 478
Except for a contrary covenant consented in the scheme in another deliberation, taken within the framework of the aforementioned
conditions and confirmed by the Court, the debtor shall not be entitled, prior to executing in full the commitments set down in the
scheme, to alienate or mortgage his buildings, engage in pledge, or in general divert part of his assets in a manner other than that
which is required by the nature of his trade and of his industry.
Any act performed in violation of this prohibition shall be of no effect in respect of creditors prior to the confirmation of the scheme.

Article 479
Rulings granting or rejecting the confirmation of a scheme shall be published in accordance with the rules which shall be laid down
hereinafter for the order adjudicating insolvency.

Article 480
Dissenting creditors may, within five days of the final closure of the proces-verbal, oppose the confirmation of the scheme of
arrangement. Such opposition must be motivated and notified to the debtor and the trustee.
Appeal is receivable only from the debtor himself and from those creditors who have moved an opposition. The time-limit for appeal
is fifteen days.
As soon as the award of confirmation has become final, the trustee's functions officially come to an end, except if a specific clause of
the scheme of arrangement had charged the trustee with the control of its execution.
The charges and sums which shall be due to the latter shall be set by the delegated judge; any agreement to the contrary is void.

Article 481
Approval shall reader the scheme of arrangement enforceable upon all the creditors.
The creditors, even if they have voluntarily agreed to the scheme, shall retain all their rights unimpaired against all codebtors, the
debtor's transferees and securities, who may however intervene in the instance to table their remarks on the scheme of arrangement.

Article 482
The benefit of the scheme of arrangement granted to a company applies even to those partners who are personally held for the
company's liabilities, except for provisions to the contrary.

Article 483
In the case of any trading company having issued debentures amounting to more than twenty per cent of total liabilities, the scheme of
arrangement may be granted only in so far as the proposals have been approved by the meeting of debenture-holders, deliberating in
accordance with the terms of quorum and majority laid down for joint-stock companies.
The adherence of the group of debenture-holders would always be required, irrespective of the ratio of debenture-holder liabilities to
total liabilities, when the scheme of arrangement should include special conditions not conforming to those which might have been
fixed at the time of issue in respect of debenture-holders.

Article 484
Whenever it shall become useful to convene a meeting of the debenture holders, the time-limit which has been stated above for the
convening of creditors may be extended up to 60 days.

Article 485
Holders of debentures with redemption premiums shall produce not only for the price of issue, but also for that portion of the premium
which the time elapsed has earned them.

Article 486
On the request of any creditor, put forward within three years dating from the publication of the award of confirmation, the Court may
cancel the scheme of arrangement and declare the debtor's insolvency, if it is proved that the latter has fraudulently inflated his
liabilities or concealed an appreciable part of his assets.
No other action in nullity of the scheme of arrangement shall be received after its confirmation.
Should the scheme of arrangement be cancelled, the sureties who have not been party to the fraud shall be released of the
commitments accepted by them in the scheme, and the mortgages and other guarantees constituted in the same deed shall lapse as a
matter of right.

Article 487
If the debtor fails to discharge in full his obligations under the scheme of arrangement, any creditor may - after the sureties have been
discussed and the rights conceded by way of guarantee have been asserted - cancel the scheme and have the debtor's insolvency
adjudicated.

Article 488
The scheme of arrangement may have provided that the trader shall be definitively released of the reduction under the scheme only if
he does not revert to better fortune, but the application of this clause must be limited to a period of rive years, and to the case when
the debtor's assets happened to exceed his. liabilities by at least twenty-five per cent.

TITLE II - INSOLVENCY (1)

CHAPTER 1 - Opening of insolvency

Article 489
Subject to the enforcement of the provisions of the preceding title, is in state of insolvency any trader who suspends the payment of his
trade debts or who upholds his credit only by means manifestly illicit.

Article 490
Insolvency is declared by adjudication of the Court of primary jurisdiction in the principal place of business.
Such adjudication is provisionally executory.
If several Courts should simultaneously adjudicate insolvency to the same trader, there would be a case for settlement by judges.
The aforementioned Court is competent to take cognizance of all actions stemming from the rules proper to insolvency.

Article 491
The Court may be acquainted first by the trader's own declaration; the trader is bound, under penalty of committing an offence of
simple bankruptcy, to make this declaration within twenty days of his suspending payments, at the same time as he submits a detailed
balance sheet duly certified true to the situation of his liabilities and assets.

Article 492
The Court may also be acquainted by the writ of one or several creditors, which shall be served within three days. In urgent cases,
such as when the trader has closed his stores and absconded, or has caused the disappearance of a substantial portion of his assets, the
creditors shall be entitled to act by mere petition without a writ of summons. In this event the Court shall adjudicate in Council
Chamber.

Article 493
The Court is entitled to decree the conservation measures required to safeguard the creditors' rights, either on order from the Public
Prosecutor's office, or on its own initiative.
It could even, if need be, adjudicate insolvency, in its own right.
(1) In the present legislative text, "insolvency" is meant to connote the French word "faillite", whereas "bankruptcy" is meant to
connote the French word "banqueroute".

Article 494
The insolvency of a trader who has retired from business or is deceased may be pronounced within the year of the suspension of
trading or of death if the facts of suspension of payment are prior to these events.
Hut the deceased trader's heirs may not themselves petition for his insolvency.

Article 495
The adjudication of insolvency determines the period in which payments have been suspended.
But this period may be fixed at an older date by one or several carry-over rulings pronounced subsequently on the
commissioner-judge's report, either officially, or on the request of any interested party, notably the creditors acting individually.
Such a request shall not be receivable after the time-limit set by article 551, at the end of which the statement of the debts is
definitively closed. At the expiry of this time-limit, the period of suspension of payment shall remain irrevocably determined in
relation to the creditors.
The period of suspension of payments may not be fixed to a prior date of more than eighteen months from adjudication of insolvency.

Article 496
The adjudication of insolvency, as well as the carry-over ruling of the date of suspension of payment must be, through the good offices
of Receivers, posted within five days in the Court auditorium which has pronounced them and in the premises of the nearest
Exchange. They must equally be inserted by abstracts in a press medium, within the same time-limit.
This publicity shall be made in the district where insolvency has been declared as well as in the various places where the insolvent has
trading establishments.
The said adjudication and ruling shall equally be entered on the trade register .and communicated to the public prosecutor, through the
good offices of the Clerk.

Article 497
Adjudication and ruling are subject to opposition and appeal. The same app- . lies in respect of all rulings in insolvency matters,
except for provisions to the contrary in the present code.
The time-limits for opposition shall be of a uniform eight days and the time-limits of appeal of fifteen days, dating from the rulings.
However as regards those rulings subject to publicity formalities and insertion by abstract in newspapers, the time-limits are
computed from the day when formalities have been completed. Appeal is judged by the Court within three months.

Article 498
When in the course of a civil, commercial or penal suit, the judges incidentally ascertain the evident insolvent state of a trader, they
may, though insolvency has not been declared, apply its basic rules as they are laid down in the present book.

CHAPTER 2 - Immediate effects of adjudication of insolvency

Article 499
The name of tradesmen declared insolvent and not rehabilitated shall be posted on a notice board at the door of each court and in the
Ring of all Exchanges.
Such posting does not take place if the tradesman was dead at the time of adjudication of insolvency, and it shall be struck off within
six months of his death in all other cases.

Article 500
Every insolvent is additionally the object of civic forfeitures : he is no longer an elector, nor is he eligible to political or professional
assemblies; he can hold no public office or function.

Article 501
The adjudication of insolvency carries with it, as a matter of course, from the very day it was declared, relinquishment by the insolvent
in favor of Receivers, of the management of all his property, even of those which may revert to him during the period of insolvency.
The insolvent may not notably alienate any item of his property; he can no longer effect any payment, nor receive any, unless this
concerns the settlement made in good faith of a trade dill; he can contract no obligation, or take legal proceedings, except as party to
the case in actions initiated by the Receivers.
But he may take all conservation actions designed to safeguard his rights.

Article 502
Excluded from relinquishment are those rights attaching exclusively to the person of the insolvent or to his quality as family head as
well as those which may put at stake an interest of an essentially moral order, except where Receivers are intervening parties in a suit
which is to lead to a conviction involving money.
Equally outside the scope of relinquishment are those items of property which by law are not subject to distraint, as well as earnings
which the insolvent can secure by his activity or his industry, so long as they remain within the limits set by the commissioner-judge
as corresponding to the needs of his subsistence and that of his family.

Article 503
Adjudication of insolvency suspends, in relation to unsecured creditors and creditors provided with general preference, individual
proceedings which are henceforth in the hands of Receivers, no distinction-being drawn between a civil or a trade debt.

Article 504
The adjudication of insolvency suspends, in relation to capital stock only, the run of interests on debts not guaranteed by a preference,
a pledge or a mortgage.
The interests on guaranteed debts may not be claimed except on sums resulting from the sale of goods pertaining to surety.

Article 505
The adjudication of insolvency entails in relation to the insolvent, but not in relation to his -co-obligees, the forfeiture of the term, even
on behalf of such creditors as may hold a surety.
Holders of debentures with redemption premiums shall deliver particulars immediately as has been provided under the title of the
scheme of arrangement.

Article 506
If the insolvent is the owner of buildings or the holder of actual real estate rights, the adjudication of insolvency is submitted to the
rules of publicity applicable on mortgages. It is inscribed through the Receivers' care and gives rise, from the date of inscription, to a
compulsory mortgage on behalf of capital stock.

Article 507
Are void, relatively to the capital stock, when they have been made by the debtor, from the period of suspension of payment such as
has been laid down by the Court or within twenty days prior to such period:
1 - Gratuitous acts and conveyances, except the usual minimal donations, the
creation of wakfs (endowments for charitable purposes).
2 - Advance payments, under any form they may have been made.
3 - Payment of mature cash debts effected otherwise than in cash, Bills of
Exchange, money orders and broadly speaking any giving in payment.
4 - The creation of a conventional or juridical mortgage, or a pledge or
other surety on a debtor's goods as collateral of a prior debt.
When the giving in payment has been effected through the conveyance of a building, nullity shall have effect only in relation to the
creditor who has dealt with the insolvent and shall not impair the rights of subsequent acquirers by way of payment, if such acquirers
have acted in good faith.

Article 508
All other payments effected by the debtor for mature debts and all other acts he has transacted against considerations after the
suspension of payments and before the adjudication of insolvency, may be made void if, on the part of those who have received from
him or dealt with him, such acts have occurred with due knowledge of the suspension of payment.

Article 509
The cancellation of the aforementioned acts shall give rise to proceedings for return.
In the case of payment of a Bill of Exchange or of a cheque, proceedings may not be taken except against the person for whose
account the Bill has been provided. If it is a promissory note, proceedings may be taken only against the first endorser. In either case,
proof must be established that the person from whom restitution is demanded was aware of the suspension of payment at the time
when the title was issued.

Article 510
Shall be void relatively to capital stock the inscriptions of mortgages made after the registration of the adjudication of insolvency.
Shall be subject to nullity such inscriptions as have been taken after the period of suspension of payments or within the twenty days
preceding it, if more than fifteen days have elapsed between the date of the creation of the surety and that of inscription, and if the
delay has caused prejudice to the creditors.

Article 511
The actions in nullity provided under articles 507, 508 and 510 shall be time-limited to eighteen months from the day of the
adjudication of insolvency.

CHAPTER 3 - Insolvency procedure

Section 1 - Insolvency organs

Article 512
The management of the insolvent's patrimony is entrusted to a salaried proxy, the Receiver.
The adjudication of insolvency appoints one or several Receivers.
The number of Receivers may be, at any period, raised to three; their charges and fees shall be taxed by the commissioner-judge, in
conformity with the rates annexed to Legislative Decree N° 79 L of 13 March 1933. The debtor and creditors may oppose the tax
within eight days; opposition shall be dealt with by the Court in Council Chamber.

Article 513
By ordinance of the commissioner-judge, one or two supervisors may, at any period, be appointed from among those creditors who
have applied for the function.

Article 514
None of the family relations or the relations by marriage of the insolvent up to the fourth degree inclusive may be appointed Receiver.

Article 515
If the case requires the addition or replacement of one or several Receivers, the matter shall be referred to the commissioner-judge
who shall proceed with the appointment.

Article 516
If several Receivers have been appointed, they cannot act but collectively.
However, one or several of them may be given special authority by the commissioner-judge to act separately in certain acts of
administration. In the latter case the authorized receivers shall be solely liable.

Article 517
If any complaints arise against any of the Receivers' operations, the commissioner-judge shall deal with the case within three days.
The commissioner-judge's decision shall be provisionally executory.

Article 518
The commissioner-judge may, either on complaints filed by the insolvent or by the creditors, or even in discharge of his duties,
propose the dismissal of
one or several of the Receivers.
If within eight days the commissioner-judge has not done justice to the complaints addressed to him, such complaints may be brought
before the Court.
The Court, in Council Chamber, shall hear the commissioner-judge's report and the Receivers' explanations and shall in the course of
the sitting give its
verdict on the dismissal.

Article 519
Ruling in respect of the appointment or the dismissal of Receivers is open to no appeal.

Article 520
In its adjudication of insolvency, the Court shall designate one of its members as commissioner-judge.

Article 521
The commissioner-judge shall be specially charged to speed up and supervise the operations and management of the insolvency.
He shall report to the Court on all the issues that the insolvency may give rise to and which shall be within the competence of- this
Court.

Article 522
The commissioner-judge's ordinances are immediately lodged in the Clerk's office.
They shall in all cases be subject to opposition from any interested party before the Court, which may intervene officially. Opposition
shall be formed by simple declaration in the Clerk's office within five days dating from the ordinance. The Court shall deal with the
case within eight days by a ruling open to no recourse.

Article 523
The Court may, at any time, replace the commissioner-judge pertaining to the insolvency by another from its own members, no
recourse being possible against this ruling nor against that appointing the commissioner-judge.

Section 2 - Management of the insolvency's estate

Article 524
By its adjudication of insolvency, the Court ordains the affixing of the seals. It may, at any event; ordain that the insolvent shall be
forcibly arrested and brought before it. In no case can the insolvent move away from his domicile without the commissioner-judge's
authorization.
If the commissioner-judge is of the opinion that insolvent's assets can be stock-taken in a single day, no seals shall be affixed, and it
shall be immediately proceeded with stock-taking.

Article 525
The Court's clerk shall immediately address to the conciliation magistrate notice of the provision of the ruling which has ordained the
affixing of the seals.
The conciliation magistrate may, even before the ruling, affix the seals either in his official capacity, or on the request of one or
several creditors, but only in the event of the disappearance of the debtor or of embezzlement of the whole or part of his assets.

Article 526
Seals shall be affixed on the insolvent's stores, counters, cash desks, portfolios, books, papers, furniture and belongings.
In the event of the failure of a private company, seals shall be affixed not only on the main establishment of the company, but also on
the individual domicile of each of the joint partners.
In all cases, the conciliation magistrate shall immediately notify the Court President of the affixing of the seals.

Article 527
If the affixing of the seals had not occurred before the appointment of the Receivers, the latter should require the conciliation
magistrate to proceed therewith.

Article 528
On the Receivers' request, the commissioner-judge shall dispense them from placing under seals, or authorize them to withdraw
therefrom : the clothes, wardrobe, furniture and belongings necessary to the insolvent and his family and whose delivery shall be
authorized by the commissioner-judge, on the statement which shall be submitted by the Receivers.
He may grant the same exemption for
1 - Perishable objects or objects subject to impending depreciation;
2 - Objects used in the exploitation of the stock-in-trade, when such exploitation could not be interrupted without prejudice to
the creditors.
The objects comprised within the preceding two paragraphs shall be immediately entered on the stock list, and valued by the
Receivers, in the presence of the conciliation magistrate who shall sign the proces-verbal

Article 529
Sale of the perishable objects or of objects subject to impending depreciation, or costly to keep, shall be left to the care of the
Receivers duly authorized by the commissioner-judge.
Exploitation of the stock-in-trade through the good offices of the Receivers shall not be authorized by the Court, on the evidence of
the commissioner-judge's report, except when public interest or the creditors' should imperatively request it.

Article 530
The books shall be extracted from the seals and remitted by the conciliation magistrate to the Receivers, after having been closed by
him; he shall summarily state in his report the condition in which they have been found.
Short maturity Bills likely to be accepted, or for which conservation action must be taken shall also be extracted from the seals by the
conciliation magistrate, described and remitted to the Receivers for recovery. Statement thereof shall be remitted to the commissioner
judge.
The other claims shall be recovered by the Receivers against their receipts Letters addressed to the insolvent shall be remitted to the
Receivers who shall open them; the insolvent may, if he is present, attend the opening.

Article 531
The insolvent may obtain for himself and his family, out of the assets of the insolvency, allowances for food which shall be fixed, on
the receivers' proposal, by the commissioner judge.

Article 532
The Receivers shall call the insolvent to come to them to close the books in his presence.
If he does not respond to the invitation, he shall be summoned to appear within forty-eight hours, at latest.
He may appear by proxy, if he established causes of impediment which the commissioner-judge acknowledges as valid.

Article 533
In the event when the balance sheet had not been deposited by the insolvent, the Receivers shall strike it immediately on the evidence
of the insolvent's books and papers as well as on information which they shall procure, and shall deposit it in the Clerk's office of the
Court.

Article 534
The commissioner-judge is authorized to hear the insolvent, his clerks and employees and any other person, on the formation of the
balance sheet as well as on the causes and circumstances of the insolvency.

Article 535
When a tradesman has been declared insolvent after his death, or when the insolvent happens to die after the adjudication of
insolvency, his widow, his children, his heirs may present themselves or have themselves represented to stand in his place in the
formation of the balance sheet, as well as in all other operations of the insolvency.

Article 536
Within three days of the affixing of the seals, or of the adjudication of insolvency whenever such a measure had occurred prior, the
Receivers shall request the lifting of the seals and proceed with the stock-taking of the personal chattel of the insolvent, who shall
attend or be duly called.

Article 537
Stock-taking shall be established in duplicate minute by the Receivers as and when the seals are removed, and in the presence of the
conciliation magistrate who shall sign at every sitting. One of these minutes shall be lodged in the Clerk's office of the Court within 24
hours; the other shall remain in the hands of the Receivers.
Receivers are free to have themselves assisted by whomsoever they deem suitable, in the listing as well as the valuation of the
objects.
Shall be subject to checking those objects which, in conformity with what has been said previously, had been exempted from the seals
or had bean extracted therefrom and had already been stock listed and valued.

Article 538
In the event of adjudication of insolvency after death, when no stock-taking has occurred prior to this adjudication, or in the case of
the insolvent's death before the opening of the stock-taking, this shall be immediately proceeded with within the forms of the
preceding article and in the presence of the heirs or them who-have been duly called.

Article 539
In any insolvency, Receivers are required, within fifteen clear days of their taking office, to remit the commissioner-judge a memo or
summary account of the apparent state of the insolvency, of its main causes, circumstances and characters as may outwardly appear.
The commissioner-judge shall immediately transmit the memos, with his remarks, to the public prosecutor. If they have to advise the
public prosecutor indicating the causes of the delay.

Article 540
Officers from the public prosecutor's office shall be authorized to go to the insolvent's domicile and attend stock-taking.
They shall be entitled at any time to request communication of all the deeds, books or papers relevant to the insolvency.

Article 541
At the close of stock-taking, the goods, money, credit claims, books and papers, furniture and the debtor's personal belongings shall be
handed over to the Receivers, who shall take charge thereof at the bottom of the stock-list.

Article 542
Dating from their going into office, Receivers are required to transact all acts for the conservation of the insolvent's rights against his
debtors.
They shall also be bound to require the inscription of mortgages on the buildings of the insolvent's debtors, if such inscription has not
been requested by him; inscription shall be taken on behalf of the capital stock by the Receivers who shall attach to their statements a
certificate proving their appointment.
Finally, Receivers shall be bound to take inscription of the forced mortgage of the capital stock, which has been referred to above.

Article 543
Under the supervision of the commissioner-judge, Receivers shall continue to proceed with the recovery of the asset debts.

Article 544
After having heard the insolvent or duly summoned him, the commissioner-judge may authorize the Receivers to proceed with the sale
of the movable chattel or merchandise.
He shall decide if the sale be made in private or by public auction through the executive office.
Having heard the insolvent and after having further requested the advice of the supervisors, if any have been appointed, Receivers may
with the same authorization exceptionally proceed with the sale of the buildings, preferably those which are not necessary for the
commercial exploitation, such sale to be conducted according to the forms outlined hereinafter for the transfer of immovable after
union.

Article 545
After subtracting the sums adjudicated by the commissioner-judge for the amount of expenses and charges, proceeds from sales and
recoveries shall be immediately paid into a bank duly approved for the receipt of State deposits. Proof of such payments shall be
evidenced to the commissioner-judge within three days of the receipt of proceeds; in the event of delay, Receivers shall
be held for the interests of those sums they have not paid in.
The money paid in by Receivers and all other sums remitted by third parties, for the insolvent's account, may not be withdrawn except
by virtue of an ordinance from the commissioner-judge. Should there be oppositions, the Receivers must obtain prior repletion.
The commissioner-judge may ordain that payment shall be made by the bank direct into the hands of the insolvent's creditors,
according to a statement of distribution laid down by the Receiver and ordered by him.

Article 546
With the authorization of the commissioner-judge and after the insolvent has been duly summoned, Receivers may compromise on all
disputes regarding capital stock, even those disputes relative to realty rights and actions.
If the deal is of an undetermined value or of a value exceeding five hundred pounds, it shall have to be approved by the Court.
The insolvent shall be summoned for the approval; he shall in all cases be entitled to oppose it. His opposition will be sufficient to
stop the deal, if this involves real estate.
Acts of relinquishment, renunciation or acceptance may not be performed by Receivers except on the same conditions.

Section 3 - Proof of Liabilities

Article 547
Dating from the adjudication of insolvency, creditors may lodge with the Receivers their titles with a statement listing the documents
remitted and the sums claimed. The statement is signed by the creditor or by his agent whose power of proxy must be attached.
Receivers give a receipt of the dossier of the documents produced; this dossier may be addressed to them by registered mail, with
acknowledgement of receipt.
After the meeting for the scheme of arrangement, Receivers return the documents which have been entrusted to them; they are liable
for the titles for one year only dating from this meeting.

Article 548
Creditors entered on the balance sheet who have not produced their claims within eight days of the adjudication of insolvency are, on
the expiry of this time-limit, advised by insertions in newspapers or by letters from the Receivers that they are to submit their titles and
the relevant statement to the Receivers within fifteen clear days of such insertions. As regards creditors domiciled outside Lebanon,
this time-limit is increased according to the rules set down in the code of civil procedure under the heading of adjournments.

Article 549
The verification of the claims is made by the Receivers assisted by the supervisors of the insolvency if any have been appointed,
subject to the rectification of the commissioner-judge and in the presence of the debtor who has been duly summoned.
If the claim is discussed as a whole or in part by the Receivers, the latter notify the creditor thereof by registered letter.
The creditor will be given 10 days to provide written or oral explanations.

Article 550
Soon after the ending of verification or at the latest within three months of the adjudication of insolvency, Receivers deposit in the
Clerk's office a statement of the debts which they have had to check, with indication of the decision taken by the commissioner-judge
on the proposals made by them in connection with each one of them.
The Clerk shall immediately advise the creditors of the deposit of this statement by insertions in newspapers; in addition, he shall send
them a letter indicating for each of them the sum for which his claim has been entered.
In absolutely exceptional circumstances, it may be possible to derogate to the time-limit fixed by the first sub-paragraph by
decision of the commissioner-judge.

Article 551
Any creditor duly checked or listed in the balance sheet is authorized within
eight days of the insertions referred to in the preceding article to formula-,
to corrections or complaints to the Court Clerk, either by himself or through
an agent, which are annotated on the statement. The insolvent shall have the
same right.
At the expiry of this time-limit, the commissioner-judge, according to the proposals which have been made by the Receivers and
without prejudice to the corrections and complaints submitted to the Court, closes definitely the statement of the debts, and the
Receivers give effects to his decision by signing on the statement of the produced uncontested documents the following declaration :
"on my affidavit, Mr. or the company... is admitted as creditor
(unsecured, preferential or mortgagee) in the liabilities of the insolvency, j
for the sum of...".

Article 552
Contested debts are referred by the Court Clerk to a session of the commercial court within thirty days dating from the insertions
referred to in article 550 to be judged on the evidence of the commissioner-judge's report. Indication of the session shall be given to
the parties by registered letter from the Clerk at feast three days in advance.

Article 553
The Court shall provisionally decide that the creditor shall be admitted to the deliberations for a sum which the same ruling shall
determine. This ruling shall be open to no recourse.

Article 554
The creditor, whose preference or mortgage only is contested, shall be admitted to the deliberations of the insolvency, as an ordinary
creditor.

Article 555
If they fail to appear and to produce (the documents) within the time-limits applicable to them, defaulters known and unknown shall
not be comprised in the distribution; however recourse to appeal shall be open to them until the money distribution inclusively; the
appeal charges shall always be borne by them.
Their opposition may not suspend the distribution ordained by the commissioner-judge; but if new allotments occur before their
opposition has been dealt with,-they shall be comprised for the sum which shall be provisionally determined by the Court and which
shall be held over as reserve until adjudication on their opposition.
If they are subsequently acknowledged as creditors, they shall not be authorized to claim anything from the allotments ordinanced by
the commissioner-judge; but they shall be entitled to draw against the assets as yet undistributed the dividends relating to their
claims in the first allotments.

Article 556
Debentures issued according to regulations by a trading company shall not be subject to this verification procedure.

CHAPTER 4 - Solutions to insolvency

Section 1 - Simple Scheme of Arrangement

Article 557
Within three days of the closing of the statement of debts or, in the event of dispute, within three days of the Court ruling in
application of article 553, the commissioner-judge shall have the Clerk summon the creditors whose claims have been received in
order to deliberate on the formation of the scheme of arrangement. The insertions in newspapers and the letters convening them shall
indicate the purpose of the meeting.
The provisionally admitted creditors shall be advised individually by registered letter within three days of the decision taken by the
Court in their respect.

Article 558
At the place, date and hour which shall be fixed by the commissioner-judge, the meeting shall be held under his chairmanship; the
creditors admitted definitively or provisionally shall attend there in person or by proxy.
The insolvent shall be summoned to this meeting; he shall be required to attend in person and may not be represented there except for
valid reasons duly approved by the commissioner-judge.

Article 559
The Receivers shall report to the meeting on the state of the insolvency, on the formalities that shall have to be fulfilled and the
operation that will have taken place; the insolvent shall be given a hearing.
The Receiver's report will be remitted, duly signed by them, to the commissioner-judge who shall draft the proces-verbal of what has
been said and decided in the meeting.

Article 560
Subject to nullity, the scheme of arrangement subsequent to insolvency may not be accepted by the deliberating creditors except if the
following conditions have been met.
The scheme shall not be established except by the vote of a number of creditors forming the majority and representing, on the other
hand, two thirds of the amount of the debts definitively admitted or admitted provisionally, in accordance with section 3 of chapter 3.
However the claims of those who have not taken part in the vote shall be deducted for the assessment of majorities in relation to
number and sums.
Shall be excluded from the vote the debtor's spouse, his family relations and relations by marriage up to the fourth degree as well as
their transferees within the framework of the conditions laid down under the heading of scheme of arrangement.

Article 561
Mortgagees, pledgees and preferential creditors shall be entitled to the vote except if they relinquish their sureties, according to the
conditions laid down under the heading of the scheme of arrangement.

Article 562
The scheme of arrangement shall be, subject to nullity, signed on the spot. If it is accepted only by a number majority or a majority of
two-thirds of the sum, deliberation shall be continued within eight days, at the latest.
In this event, the creditors attending or legally represented having signed the proces-verbal of the first meeting, shall not be bound to
attend the second meeting; the resolutions they have taken and the adherence they have given remain definitively acquired if they have
not come to modify them in this last meeting.
The creditors' signature in the meetings may be replaced by a signature on a ballot-paper which is annexed to the proces-verbal

Article 563
If the insolvent has been convicted for fraudulent bankruptcy, the scheme of arrangement may not be formed.
When a preliminary investigation for fraudulent bankruptcy has been initiated, the creditors shall be convened to decide if they reserve
themselves (the right) to discuss a scheme of arrangement, in case of discharge, and if, in consequence, they put off their decision,
until after the end of the proceedings.
This delay may not be pronounced except by the majority of number and sums determined above. If, at the expiry of the delay, there is
a case for deliberating a scheme of arrangement, the rules laid down by the preceding article shall apply to the new deliberations.

Article 564
If the insolvent has been convicted as simple bankrupt the scheme of arrangement may be formed. Nevertheless, if proceedings have
been initiated, the creditors may postpone deliberations until after the end of the proceedings, conforming themselves to the provisions
of the preceding article.

Article 565
If the case concerns a trading company having issued debentures, the scheme of arrangement may not be granted except if it is
approved by the meeting of debenture-holders, having expressed their opinion in the case and according to the conditions specified
under the heading of the scheme of arrangement.

Article 566
All the creditors who have been given right to join in the scheme or whose title has been acknowledged since, as well as the
representatives of the debenture-holders group, if any, may oppose the scheme.
Subject to nullity, opposition shall be motivated and notified to the Receiver and the insolvent, within eight days dating from the
scheme of arrangement or the meeting of the debentures-holders; it shall include a writ of summons to the first session of the Court.
If only one Receiver has been appointed and if he joins the contestants of the scheme, he will be required to call for the appointment of
a new Receiver towards whom he shall have to fill the forms prescribed in the present article.

Article 567
Approval of the scheme of arrangement shall be pursued before the Court, at the request of the most diligent party, but the Court shall
not adjudicate before the expiry of eight days as laid down in the preceding article.
If oppositions have taken shape during this period, the Court shall adjudicate on these oppositions and on the confirmation in one and
the same ruling.
If opposition is entertained, cancellation of the scheme of arrangement shall be pronounced in relation to all the parties 'concerned.

Article 568
In all cases, before judgement is passed on the confirmation, the commissioner-judge shall report to the Court on the characters of the
insolvency and the admissibility of the scheme of arrangement.

Article 569
If the aforementioned rules are not-observed, or when the motives stemming from public interest or from the creditors' interest shall
appear likely to prevent the scheme of arrangement, the Court shall refuse its confirmation.
It shall likewise be allowed to refuse confirmation of the scheme if the latter does not embody a clause providing for the appointment
by the Court president of one or several trustees intended to supervise its execution, to lift the mortgage on the capital stock, if the
creditors have so authorized him, and to supervise the selling of the assets.

Article 570
The confirmation of the scheme of arrangement shall render it compulsory upon all creditors whether listed or not listed on the
balance sheet, checked or not checked, and even on those creditors domiciled outside the Lebanese territory, as well as on those who
had provisionally been admitted to deliberate, whatever the sum which the Court might subsequently allot them., .
But the scheme of arrangement shall be no bar to mortgagees and preferential creditors who have not relinquished their surety, nor to
unsecured creditors whose claim was born in the course of the insolvency.

Article 571
As soon as the verdict of approval has gained power of enforcement, the effects of the insolvency shall cease, without prejudice to
those civic forfeitures referred to in article 500.
The Receivers, whose functions come to an end, shall give final account to the insolvent in the presence of the commissioner-judge;
this account shall be debated and closed. They shall remit the insolvent all his goods, books, papers and personal belongings.
Discharge therefor shall be given by the insolvent.
A comprehensive report shall be drafted by the commissioner-judge whose duties shall cease.
In the event of disputed matters, the Court shall adjudicate.

Article 572
The scheme of arrangement implies time-limits for the payment of debts, which shall be staggered over successive installments.
Likewise, it generally involves rebates to the debtor amounting to a more or less substantial portion of his liabilities, though such
rebates leave behind them a natural obligation.
The scheme of arrangement may be granted only conditionally pending the return to better fortunes, according to the conditions laid
down under the title of composition.

Article 573
Mortgage of the capital stock remains for the settlement of the dividend under the scheme of arrangement.

Article 574
Creditors can further demand that the execution of the scheme is guaranteed by one or several sureties.

Article 575
So long as the dividend under the scheme of arrangement has not been paid, the debtor shall not be entitled to perform acts of
abnormal disposal and unrequired for the very operation of the trade, unless otherwise provided in accordance with the rules set down
in this respect under the title of composition.

Article 576
No proceedings in nullity of the scheme of arrangement shall be receivable subsequently to the approval, except for a fraud
uncovered after this approval and resulting either from the concealments of the assets or the feather-bedding of the liabilities.
Such proceedings may be initiated by any of the creditors, but only within the five years following the uncovering of the fraud.
The scheme of arrangement shall be equally cancelled following the condemnation of the insolvent for fraudulent bankruptcy.
Cancellation of the scheme of arrangement releases the sureties not accomplices to the fraud.

Article 577
When, after the confirmation of the scheme of arrangement, the insolvent is sued for fraudulent bankruptcy and placed under a warrant
of deposit or arrest, the Court may prescribe such measures of conservation as it deems necessary. These measures shall cease, as a
matter of right, on the day of the declaration that there is no case for proceedings, or adjudication of dis charge, or absolution.

Article 578
Upon the failure of the insolvent to execute the conditions of the scheme of arrangement, the annulment of the scheme may be
proceeded with against him before the Court, in the presence of the sureties, who would be duly summoned, if any exist.

Article 579
On sight of the conviction judgment for fraudulent bankruptcy, or by the ruling which shall pronounce cancellation, or the annulment
of the scheme of arrangement, the Court shall appoint a commissioner-judge and one or several Receivers.
These Receivers may have the seals affixed.
They shall proceed without delay, with the assistance of the conciliation magistrate, on the old stock-taking, with the re-examination
of the valuables arid papers, and proceed, if the case so requires, with the fisting of a supplementary stock-taking.
They shall equally strike a supplementary balance sheet.
They shall immediately put up on billposts and insert in appropriate newspapers, alongside an abstract of the ruling appointing them,
an invitation to the new creditors, if any exist, to produce within fifteen clear days their titles to claims for verification. Such
verification is affected in the manner provided in section 3 of chapter 3.

Article 580
Verification of the titles to claims duly produced in accordance with the preceding article shall be proceeded with without delay.
It shall not be deemed necessary to undertake a fresh verification of the claims previously received and confirmed without prejudice
however to the rejection or reduction of those which since then had been paid totally or partially.

Article 581
on the termination of these operations, if no fresh scheme of arrangement intervenes, the creditors shall be convened to voice their
opinion on whether the Receivers should be maintained or replaced.

Article 582
Acts performed by the insolvent subsequently to the ruling of approval and prior. to the cancellation or annulment of the scheme of
arrangement shall not be void except in the event of fraud relative to the rights of the creditors.

Article 583
Creditors prior to the scheme of arrangement shall recover their rights in full in respect of the insolvent only, but they may not figure
in the capital stock, except for the following proportions, namely : if they have received no share in the dividend, for the whole of their
claims; if they have received part of the dividend, for the portion of their original claims corresponding to that portion of the promised
dividend which they have not cashed.
The provisions of the present article shall be enforced in the event of a second insolvency occurring without prior cancellation or
annulment of the scheme of arrangement.

Section 2 - Union

Article 584
When no scheme for arrangement has been reached, the creditors shall be in a state of union, as a matter of right.
The commissioner-judge shall immediately consult them as much on the facts of management as on the utility of maintaining or
replacing the Receivers. Pledges, mortgagees and preferential creditors shall be admitted to this deliberation.
A proces-verbal shall be drafted on the saying and observations of the creditors, and on sight of this document, the Court shall appoint
the Receivers of the union.
The Receivers who were not returned shall have to give account to the new Receivers in the presence of the commissioner-judge, the
insolvent having been duly summoned.

Article 585
The creditors shall be consulted on whether assistance may be extended to the insolvent out of the assets of the insolvency.
When the majority of the attending creditors have consented, a sum may be granted to the insolvent by way of assistance out of the
assets of the insolvency. The Receivers shall propose the portion, which shall be fixed by the commissioner-judge, except for an
appeal in Court from the Receivers only.

Article 586
When a partnership is in insolvency, the creditors shall be entitled to grant a scheme of arrangement in favor of one or several of the
partners.
In this event, all the assets of the partnership shall remain under the union regime. The personal chattel of those with whom the
scheme has been granted shall be excluded, and the individual agreement concluded with them may not contain an undertaking to pay
a dividend except on the assets foreign to the partnership assets.
The partner who has obtained an individual scheme of arrangement shall be discharged of every solidarity.

Article 587
The Receivers represent the bulk of creditors and are charged to proceed with liquidation.
However the creditors may give proxy for the continuation of the exploitation of the assets.
The deliberation which shall confer this proxy shall determine its duration and extent, as well as the sums which they shall be entitled
to retain in their hands for the purpose of meeting expenses and charges. It may not be taken except in the presence of the
commissioner-judge and at a three-quarters majority of the creditors in both number and sums.
Recourse to opposition shall be open against this deliberation to the insolvent and the dissenting creditors.
This opposition shall not suspend execution.

Article 588
When the Receivers' operations shall entail commitments in excess of the assets of the union, only the creditors who have authorized
these operations shall be personally held beyond their share in the assets, but merely within the limits of the proxy they have given;
they shall contribute at the prorate of their claims.

Article 589
The Receivers shall proceed with the recoveries which have not yet been effected.
They shall be authorized to consent transactions along the same conditions as in the previous period, notwithstanding opposition from
the insolvent.
Regarding lump agreements, the creditors are required to deliberate thereon in the course of a meeting convened by the
commissioner-judge, on the-request of the Receiver or any other creditor, and the Court shall have to grant ,au-, to the Receivers.

Article 590
Receivers must proceed with the sale of movable property of every nature, including the stock-intrade, under the
commissioner-judge's supervision and without it being necessary to call the insolvent, in accordance with the forms prescribed for the
sale of movables during the preparatory period.

Article 591
If no proceedings for expropriation have been initiated before the period of the union, the Receivers alone shall be admitted to proceed
with the sale; they shall be bound to proceed with it within eight days, subject to the authorization of the commissioner-judge and
through the care of the executive office of the state of the assets.

Article 592
The Receivers shall compile the specifications on which tenders shall be invited. This deed shall contain the indications referred to in
article 744 of the code of civil procedure.
Shall further be applied to the sale, in so far as their provisions are not excluded by the nature of this procedure, articles 746, 747 (1st
paragraph), 753 to ?61, 763 to 767, 778 to 792 of the code of civil procedure.
The tender shall be self-operative; it shall purge all preferences and mortgages.

Article 593
The creditors in a state of union shall be convened at least once in the first year, and, if need be in the following years, by the
commissioner-judge.
In the course of these meetings the Receivers shall be required to account for their management.

Article 594
The amount of the assets, after deduction of the charges and expenses for the management of the insolvency, the assistance that might
have been granted to the insolvent and his family and the sums paid over to the preferential creditors shall be apportioned among all
the creditors at so many piastres per pound of their verified claims.

Article 595
To this effect the Receivers shall remit to the commissioner-judge a monthly statement on the situation of the insolvency and of the
money deposited with the bank approved for the reception of State deposits; the commissioner-judge shall ordain,. if need be, an
apportionment among the creditors, fix the portion therefor and see to it that all the creditors are advised.

Article 596
No payment shall be made by the Receivers except on the representation of the.
The Receivers shall mention on the title the sum paid or ordinanced by them.
However, should it be impossible to represent the title, the commissioner-judge may authorize payment on sight of the proces-verbal
of verification.
In all cases, the creditor shall give discharge on the margin of the statement of apportionment.

Article 597
When the liquidation of the insolvency has been terminated, the creditors shall be convened by the commissioner-judge.
In this last meeting, the Receivers shall render account. The insolvent shall attend or be duly summoned.
The creditors shall give their opinion on whether the bankrupt is to be excused. A proces -verbal shall be drafted to this effect, in which
every creditor shall be authorized to put down what he has to say and his remarks.
Before the closing of this meeting, the union shall be dissolved as a matter of course.

Article 598
The commissioner-judge shall table before the ,Court the deliberation of the creditors relative to the insolvent's grounds for excuse and
a report on the characters and the circumstances of the insolvency.
The Court shall adjudicate on whether or not the insolvent is excusable.

Article 599
May not be declared excusable fraudulent bankrupts, persons convicted for forgery, theft, swindling or breach of trust, and the
accountants of public funds.

Section 3 - Scheme of arrangement due to relinquishment of assets

Article 600
A scheme of arrangement may be granted for total or partial relinquishment of the insolvent's assets.
Conditions for the formation of this scheme are the same as those prescribed for the simple scheme of arrangement.
However, this scheme does not put an end to relinquishment in what concerns the abandoned chattel; such chattel is sold through the
good offices of Receivers appointed in like manner as Receivers for the union. Sales and the apportionment of cash are submitted to
the same rules as govern the case of union.
An abatement is allowed to the debtor over what is in excess. of his liabilities as against the proceeds of the sale of the relinquished
assets.

Section 4 -Closure for insufficient assets

Article 601
If, at any time whatsoever, before the confirmation of the scheme of arrangement or the formation of the union, the course of the
insolvency operations comes to a standstill due to short assets, the Court may, in the light of the commissioner-judge's report,
pronounce, even officially, the closure of the insolvency operations.
This ruling shall restore every creditor to the performance of his individual actions.

Article 602
The insolvent or any other interested party may, at any time, have it rescinded by the Court, by proving that sufficient funds exist to
meet the operational charges of the insolvency, or by consigning to the Receivers an adequate sum to provide thereto.
In all cases, charges for proceedings exercised by virtue of the preceding article shall be settled beforehand.

CHAPTER 5 - Special rights that may be advocated against the insolvency

Section 1 - Creditors with several co-debtors

Article 603
The creditor holding an undertaking by the insolvent and other joint obligees who are insolvent, shall participate in the distribution of
all the capital stocks, and shall be entered therein for the nominal value of his title until full payment.

Article 604
No recourse by reason of paid dividends is open to insolvencies of joint obligees the ones against the others, except when the
amalgamation of the dividends that would be yielded by these insolvencies would exceed the total of the claim, in principal and
accessories, in which case such excess shall revert, according to the rotation order of the undertakings, to those joint obligees who
would have the others as guarantors.

Article 605
If the creditor holding joint undertakings between the insolvent and other joint-obligees has received, before the insolvency, a first
payment against his claim, he shall be included in the capital stock only after deduction of this first payment, and shall retain, in
respect of what shall remain due, his rights against the joint obligee or the surety.
The joint obligee or the surety who shall have effected the partial payment shall be included in the same capital stock for that all he
has paid in dis charge of the insolvent.

Article 606
Notwithstanding the scheme of arrangement, the creditors shall retain their action for the total of their claims against all the
co-obligees of the bankrupt, who are entitled to intervene in the proceedings for the approval of the scheme of arrangement, so that
they may put forward their remarks.

Section 2 - Recovery and retaining

Article 607
Third Parties, claiming to be the owners of chattel in the insolvent's possession, shall assert their right. The Receivers may, with the
approval of the commissioner-judge, receive petitions for recovery. In case of a dispute the Court shall adjudicate after having heard
the commissioner-judge.

Article 608
May be notably claimed remittances in trade Bills and other unpaid titles which shall be found in kind in the bankrupt's portfolio at the
time of the opening of his insolvency, when such remittances have been made by the owner with the simple mandate that they should
be recovered and their value kept at his disposal, or when they have been specifically earmarked by him for determined payments.
Equally subject to claiming are the banknotes deposited with the insolvent, if the depositor is in a position to identify them.

Article 609
Also subject to claiming, so long as they exist-in kind, wholly or partially, the goods consigned with the insolvent by way of deposit or
for subsequent sale on the owner's behalf.
Even the price or portion of the price for such goods which has been neither paid nor compensated into current account between the
bankrupt and the buyer, may be claimed.

Article 610
May be retained by the seller the goods and other movable chattel, sold by him, which have not been delivered to the insolvent or
which have not yet been dispatched, either to him or to a Third Party for his account.

Article 611
In order to exercise his right of retaining, the seller may regain the possession of goods dispatched to the insolvent, so long as they
have not been delivered to the latter's stores or in a place which he apparently could dispose of, or in the stores of a commissioner
instructed to sell them for the bankrupt's account.
But the seller shall not be admitted to take action, if the goods, before their arrival, have been re-sold without fraud to a sub-acquirer
in good faith.

Article 612
If the buyer has taken possession of the goods before his insolvency, the seller may not initiate proceedings for cancellation of the
sale, neither for recovery, nor for preference.

Article 613
In cases where the seller is entitled to exercise his right of retaining, the Receivers, duly authorized by the commissioner-judge, shall
have the power to demand the delivery of the goods by paying the agreed price to the seller.

Article 614
If the Receivers do not take this decision, the seller may have the sale cancelled and shall refund into the capital stock all the partial
payments he has received.
He may obtain damages on the ground of prejudice which could be caused him through the non execution of the sale and produce
therefor in the unsecured capital stock.

Article 615
Recovery rights of the bankrupt's wife shall be within the limits of the rules laid down hereinafter.

Section 3 - Pledgees and preferential creditors over movables

Article 616
The insolvent's pledgee creditors as well as all those who have a special preference over movables, shall not be inscribed in the capital
stock except for recollection.

Article 617
The Receivers may, at any time, with the commissioner-judge's authorization, withdraw the pledge in favor of the insolvency, by
repaying the debt.

Article 618
In the event when the pledge has not been withdrawn by the Receivers, if it is sold by the creditor for a price which is in excess of the
debt, the surplus shall be recovered by the Receivers. If the price is less than the debt, the pledgee shall be put to contribution, for the
surplus, in the capital stock as ordinary creditor.

Article 619
The Receivers shall submit to the commissioner-judge a statement of the creditors claiming a preference over the movable chattel, aid
the commissioner-judge shall authorize, if need be, payment of these debts out of the first revenue.
If the preference is contested, the Court shall adjudicate.

Section 4 - Mortgagees and preferential creditors over immovable property

Article 620
When the distribution of the price of immovables has been made prior to that of the price of movable chattel, or simultaneously, the
preferential creditors and mortgagees not settled out of the price of the immovable property shall compete proportionately to what is
left owing them with the unsecured creditors, for the money belonging to the unsecured capital stock, provided however that their
claims have been verified according to the forms laid down above.

Article 621
If one or several distributions of the money of movables precede the distribution of the price of immovable property, the verified
preferential creditors and mortgagees shall compete in the allotment proportionately to their total claims, excepting, eventually, for
diversions that shall be dealt with hereinafter.

Article 622
After the sale of the immovable property and the final settlement of the order between the mortgagees and preferential creditors, those
among them who shall come in subsequent order against the price of the immovable property for the whole of their claim shall not
receive the amount of their mortgagee rank except after the subtraction of the sums they have received out of the unsecured capital
stock.
The sums thus deducted shall not remain in the mortgagee capital stock, but shall revert to the unsecured capital stock for the benefit
of which diversion shall be made.

Article 623
Concerning the mortgagee creditors who are in partial collocation in the distribution of the price of the immovable property, it shall be
proceeded as follows : their rights over the unsecured capital stock shall be definitively settled according to the sums for which they
shall remain creditors after their collocation in the immovable property, and the money they shall have received in excess of this
proportion in the prior distribution, shall be deducted out of the amount of their mortgagee collocation and reversed into the unsecured
capital stock.

Article 624
The creditors who are not set in useful order shall be considered as unsecured and submitted, as such, to the effects of the scheme of
arrangement and of all the operations of the unsecured capital stock.

Section 5 -.Rights of the insolvent's wife

Article 625
In the event of the husband's insolvency, the wife shall recover in kind the immovable and movable property which she shall prove to
have been her own before marriage, as well as those which have gratuitously reverted to her in the course of marriage.
It shall equally be so in respect of the chattel she acquired in the course of marriage by the use of money according to the conditions
indicated above, provided that the declaration of use is expressly stipulated in the contract of acquisition and that the wife proves the
origin of the money.

Article 626 
Outside the hypothesis outlined in the second paragraph of the preceding article, the chattel acquired by the wife in the course of
marriage, for a money consideration, shall be presumed paid out of the husband's money; they must be lumped to the insolvent's asset
capital stock, except when the wife can furnish proof to the contrary.

Article 627
If the non-bankrupt spouse pays debts on behalf of the bankrupt spouse, they shall have the right to claim repayment in the bankruptcy proceedings on the same basis as other creditors, unless it is proven that such debts were paid from the bankrupt spouse’s own funds.

Article 628
If the spouse was a merchant at the time of marriage, or at that time had no other specific occupation and then became a merchant within the same year, the immovable property that they owned at the time of marriage, or that was acquired by inheritance, inter vivos gift, or by will, shall alone be subject to the compulsory insurance referred to in paragraph 2 of Article 131 of the Real Estate Law issued under Decree No. 3339.

Article 629
The non-bankrupt spouse whose spouse was a merchant at the time of marriage, or who at that time had no other specific occupation and then became a merchant within the year following the marriage, shall have no right to bring any claim against the bankruptcy estate for the benefits provided for in the marriage contract. In such case, creditors shall also have no right to invoke the benefits granted by the non-bankrupt spouse under the said contract.
Any gifts made by the bankrupt spouse to the non-bankrupt spouse during the five years preceding the declaration of bankruptcy shall be deemed null and void.

TITLE III - SUMMARY PROCEDURE

Article 630
If as a result of the balance sheet tabled by the insolvent or of subsequent information it is shown that the assets of the insolvency are
not in excess of two thousand five hundred Lebanese Pounds, or if the dividend to be distributed does not appear to be over ten per
cent, the Court may, either on its own initiative, or at the request of the creditors, ordain that the operations of the insolvency shall run
their course in accordance with the procedure said to be summary.

Article 631
Summary procedure differs from the ordinary procedure of insolvency by the following particularities
1 - The time-limit of document presentation, opposition, appeal and other procedural time-limits set down in articles 49?, 512, 548,
556 and 579 of the present code are reduced by half. If the time-limit is fifteen clear days, it is reduced to sight days. The increase of
the time-limit provided under article 548 in favor of creditors domiciled outside the Lebanese territory is subject to no reduction; 2 -
The affixing of seals does not occur; 3 - Supervisors are not appointed; 4 - Disputes on claims are solved by the commissioner-judge,
except for appeal, if any, before the Court; 5 - All transactions may be authorized by the commissioner-judge; b - Only one
apportionment of the money takes place; ? -Disputes relative to the Receiver's accounts and his fees are solved by the
commissioner-judge.

TITLE IV - BANKRUPTCIES

Article 632
Cases of simple bankruptcies shall be tried by the Courts of Misdemeanor Police, following proceedings from the Receivers, the
creditors or the public prosecutor, and punished by a term of imprisonment from one month to a year subject to extenuating
circumstances.

Article 633
Shall be declared simple bankrupt, any failing trader who shall find himself
in one of the following cases
1 - If his personal expenses or the expenses of his house are deemed excessive;
2 - If he has used up large sums either in operations of sheer chance, or in
fictitious Exchange operations or in commo dities;
3 - If, subsequently to the period of suspension of payment and with intent
to delay his insolvency, he made purchases for underselling; if, with the
same intent, he resorted to loans, circulations of Bills, or other ruinous means to secure funds;
4 - If, after suspension of his payments, he paid a creditor to the prejudice
of the capital stock.

Article 634
May be declared simple bankrupt, any failing trader who shall find himself in one of the following situations
1 - If he has contracted for the account of another, without receiving values in exchange, commitments deemed too
considerable by comparison with his situation when he contracted them;
2 - If he is adjudicated once more insolvent without having honored commitments from a previous scheme of arrangement;
3 - If he has failed to conform to obligations relative to the trade register;
4 - If within twenty days of his suspension of payments he has not made in the Clerk's office the declaration required by
the present code, or if this declaration does not contain the names of all the jointly liable partners;
5 - If he has not kept books and taken correct stock; if these books or stock-takings are incomplete or irregularly kept, or if
they do not reflect the true position of his liabilities and assets, though there is no fraud.

Article 635
Charges for proceedings in simple bankruptcy initiated by the public prosecutor may in no case be debited to the capital stock.
In the event of a scheme of arrangement, recourse by the Public Treasury against the insolvent may not be exercised except after
expiry of the terms granted by this agreement.

Article 636
Charges of proceedings brought by the Receivers in the name of creditors, shall be borne, in case of a discharge, by the capital stock,
and if a conviction ensues, by the Public Treasury, except for its recourse against the insolvent, in conformity with the preceding
article.

Article 637
The Receivers may not bring proceedings in simple bankruptcy, nor stand civil party to the case in the name of the capital stock,
except after having been authorized by a deliberation taken by the individual majority of the attending creditors.

Article 638
Charges for proceedings moved by a creditor shall be borne, in the event of a conviction, by the Public Treasury; if there is discharge,
by the proceeding creditor.

Article 639 (as modified by the Law of 30 September 1944)
Shall be declared fraudulent bankrupt and submitted to the penalties provided for fraudulent bankruptcy, any insolvent trader who has
abstracted books, embezzled or concealed part of his assets or who, either in his writings, or by public acts or by commitments under
private signature, or by his balance sheet, shall have acknowledged himself fraudulently debtor of sums that he did not owe.

Article 640
Charges for proceedings in fraudulent bankruptcy may not, in any case, be expensed on the capital stock.
If one or several creditors have stood civil parties in their personal name, the expenses, in case of discharge, shall remain on his
charge.

Article 641
Shall be condemned to the penalties of fraudulent bankruptcy
1 - Individuals convicted of having in the interest of the insolvent, abstracted, received or concealed all or part of his movable or
immovable chattel, this being without prejudice to other cases of complicity provided by the penal code;
2 - Individuals convicted of having fraudulently presented in the insolvency and asserted, either in their name or by the
intervention of persons, supposed claims;
3 - Individuals who, carrying on trade under the name of another or a supposed name, have rendered themselves guilty of facts of
fraudulent bankruptcy.

Article 642
The spouse, the descendants or ascendants of the insolvent, or his relations by marriage in the same degree, who would have
embezzled, diverted or received Bills belonging to the insolvency, without having acted as accomplice to the insolvent, shall be
subject to the penalties of theft.

Article 643
In the cases referred to in the preceding articles the tribunal or the Court shall adjudicate, even though there had been a discharge
1 - Officially upon the return to the capital stock of creditors, of all chattel, rights or actions fraudulently abstracted;
2 - On the damages which had been claimed and which the ruling or adjudication shall arbitrate.

Article 644
Any Receiver who shall have been guilty of embezzlements in his management shall be punished by way of correction under the
penalties for breach of trust.

Article 645
The creditor who shall have stipulated, either with the insolvent, or with any other person, specific advantages against his vote in
deliberations over the insolvency, or who shall have concluded a special agreement from which there would derive in his favor an
advantage out of the insolvent's assets, shall be punished for misdemeanor by a term of imprisonment of between one month and a
year and by a fine which shall not exceed 250 Lebanese Pounds, subject to extenuating circumstances
Imprisonment may be increased to two years, if the creditor is the Receiver of the insolvency.

Article 646
Additionally, covenants shall be declared void towards all persons and even in respect of the insolvent.
The creditor shall be required to return to whomsoever is legally qualified for the purpose the sums or values he shall have received by
virtue of the cancelled agreements.

Article 647
All decisions and rulings from conviction pronounced by virtue of the provisions of the present title shall be posted and published, in
accordance with
the forms established for the publicity of adjudication of insolvency.

Article 648
Proceedings taken for simple or fraudulent bankruptcy entail no modification to the ordinary rules governing the administration of the
insolvency.

Article 649
In this case, however, the Receivers shall be bound to remit to the public prosecutor the documents, titles, papers and information that
shall be required of them.

Article 650
The documents, titles and papers delivered by the Receivers shall be held, throughout the course of investigation, for the
communication via the Clerk's office. Such communication shall occur upon the request of the Receivers who may take therefrom
private abstracts or require authentic ones which shall be dispatched by the Clerk.
The documents, titles and papers, the legal deposit of which has not been ordained, shall be, following the award or the ruling,
remitted to the Receivers who shall give discharge therefor.

TITLE V - REHABILITATION

Article 651
When ten years have elapsed since the adjudication of insolvency, the insolvent non-bankrupt is rehabilitated as a matter of right,
without formalities being completed. Such rehabilitation shall in no way impair the functions of the Receivers, if their term of- office
has not ended, nor the creditors' rights, in case the debtors have not wholly paid up.

Article 652
Is rehabilitated, as a matter of right, the insolvent who has paid up the sums owed by him as capital, interests and charges, interests
being unclaimable beyond five years. In order to be rehabilitated as a matter of right, the partner in a company of persons fallen into
insolvency is to justify that he has settled, within the same condition, his contribution to the debts of the company, even though
he may have been granted a private scheme of arrangement. In the event of disappearance, absence or refusal to receive from one or
several creditors, the sum due is deposited in the bank approved for the recaption of State deposits, justification of such deposit being
tantamount to clearance.

Article 653
To obtain rehabilitation, in the event of acknowledged probity
1 - The insolvent who, having obtained a scheme of arrangement, shall have paid up in full the promised dividends. This provision is
applicable to the partner in a company of persons lapsed into insolvency who has obtained from creditors a private scheme of
arrangement.
2 - He who justifies the total remittance of his debts by his creditors or their unanimous consent to his rehabilitation.

Article 654
Every petition for rehabilitation shall be addressed to the prosecutor of the Republic at the Court which has adjudicated insolvency,
with the receipts and documents justifying it. This magistrate shall communicate all the documents to the Court president who has
awarded the insolvency and to the prosecutor of the Republic of the petitioner's domicile, charging them to collect all the evidence
they can se cure on the truth of the facts put forward. The production of receipts and other documents for the purpose of
rehabilitation shall not, by itself, render registration compulsory.

Article 655
Notification of the petition shall be served by registered letter by the Court Clerk to every creditor to the insolvency, duly verified or
acknowledged by subsequent judicial award, who has not been fully paid up.

Article 656
Any creditor who has not received his dividend in full under the scheme of arrangement or who has not wholly remitted his debts to
the debtor may, within a month of the serving of this notification, move opposition to the rehabilitation, by simple deed in the Clerk's
office, supported by documentary evidence. The opposing creditor may, by petition filed with the Court and notified to the debtor,
intervene in the rehabilitation procedure.

Article 657
After expiry of the time-limit, the result of the inquiries prescribed above and the oppositions moved by the creditors shall be
communicated to the prosecutor of the Republic to whom the petition has been referred, and transmitted by him, with his motivated
opinion, to the Court president.

Article 658
The Court shall convene, if need be, the petitioner and his opponents and shall cross-hear them in Council chamber. The petitioner
may have himself assisted by a counsel.
In case of total payment of the debts, the Court shall restrict itself to the bona fide of the justifications produced and, if they conform
to the law, it shall award rehabilitation.
In the event of optional rehabilitation, the Court shall appreciate the circumstances of the cause.
The award shall be rendered in public session.
It may be appealed against, as much by the petitioner as by the prosecutor of the Republic, and by the creditors, within a month from
the notification which shall have been served to them by registered letter.
The contesting creditors shall equally be advised of the award. They may exercise their right of opposition before the Court of Appeal.
The Court shall adjudicate, following examination and according to the forms prescribed above.

Article 659
If the petition is dismissed, it may not be taken up again except after the lapse of one year.
If it is received, the ruling or award shall be transcribed on the Court's register in the place of the insolvency and that of the petitioner's
domicile.
It shall further be addressed to the prosecutor of the Republic who shall have received the petition and, through the letter's good
offices, to the prosecutor of the Republic in the petitioner's birthplace, who shall enter it on the judiciary record in front of the
adjudication of insolvency.
The said decision shall equally be entered on the trade register.

Article 660
Shall not be admitted to trade rehabilitation, fraudulent bankrupts, persons convicted of theft, swindling or breach of trust, unless they
have obtained penal rehabilitation.

Article 661
The insolvent may not be rehabilitated, after his death.

'TITLE VI - SPECIAL PROVISIONS FOR COMPANY INSOLVENCIES

Article 662
Resides the rules already indicated in the course of the preceding titles, companies are submitted to the following provisions.

Article 663
All trading companies, with the exception of participating companies, are likely to obtain a scheme of arrangement or be adjudicated
insolvent.
A company, even in a state of liquidation, may be declared insolvent. This is possible, even if the company has been judicially
annulled, whenever a de facto company still remains.

Article 664
Petition for a scheme of arrangement, as well as the declaration for the purpose of having insolvency adjudicated, must be signed by
the partner or partners who are authorized to sign for the company, if the case concerns a limited joint stock company or a limited
partnership, by the manager or director who discharges such duties, following a resolution by the board of directors when a joint-stock
company is concerned.
When the company has gone into liquidation, it is incumbent upon the Receiver to make the declaration.
The petition or declaration must be lodged with the Clerk of the Court in whose territorial jurisdiction the company operates its head
office.

Article 665
All the partners in a private company, and the financed in sleeping partnership companies, must equally, in so far as they are
concerned, make the declaration required by the present code within the twenty days of the company's suspension of payments.
The Court shall, in a single ruling, adjudicate the company's insolvency and that of the jointly-liable partners, and shall appoint in
principle a single commissioner-judge and one and same Receiver, although these different insolvencies remain distinct and that the
capital stock of each of them is differently constituted.

Article 666
In all companies, the Receiver may compel the partners to complete the payment of their contributions, even before the date set by the
Articles.

Article 667
In the event of a company's bankruptcy, may be sued, if need be, as penalty liable, both the jointly-liable partners and the financed, as
well as the manager of joint-stock companies or the director discharging these duties.
General and Transitional Provisions

Article 668 (as modified by the Law of 30 September 1944)
Dating from the day when the provisions of the present code become executory, all the previous legislative provisions shall be
divested of power in those matters which are the object of the present code.
The present code shall be enforced six months after its publication in the Official Gazette.

Review status

Reviewer notes

Advanced: edit structured JSON

The JSON below mirrors the original law structure. Update it only if you need to correct per-article text. Keep keys identical; only translate the values.

{
    "law": {
        "id": 10,
        "title": "Commercial Law",
        "published_at": null
    },
    "nodes": [
        {
            "id": 1080,
            "name": "On Commerce in General and on Trade and Commercial Enterprises",
            "number": "First",
            "articles": [],
            "category": "Book",
            "children": [
                {
                    "id": 981,
                    "name": "General Provisions",
                    "number": "First",
                    "articles": [
                        {
                            "id": 2704,
                            "body": "This law includes, on one hand, the rules related to commercial activities carried out by any person regardless of their legal status, and on the other hand, the provisions applicable to individuals who have taken up commerce as a profession.",
                            "position": 1,
                            "article_number": "1"
                        },
                        {
                            "id": 2705,
                            "body": "If there is no provision in this law, the general law provisions apply to commercial matters, provided that their application is only to the extent that they are consistent with the principles specific to commercial law.",
                            "position": 2,
                            "article_number": "2"
                        },
                        {
                            "id": 2706,
                            "body": "If there is no legislative provision that can be applied, the judge may be guided by judicial precedents and the requirements of fairness and commercial integrity.",
                            "position": 3,
                            "article_number": "3"
                        },
                        {
                            "id": 2707,
                            "body": "When determining the effects of a commercial act, the judge must apply established custom unless it appears that the contracting parties intended to contravene the provisions of the custom or if the custom conflicts with mandatory legislative texts. Special and local customs are preferred over general customs.",
                            "position": 4,
                            "article_number": "4"
                        },
                        {
                            "id": 2708,
                            "body": "Commercial exchanges, exhibitions, markets, public warehouses, and other establishments prepared for commerce are subject, as needed, to special laws and regulations.",
                            "position": 5,
                            "article_number": "5"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 1
                },
                {
                    "id": 982,
                    "name": "On Commercial Activities",
                    "number": "Second",
                    "articles": [
                        {
                            "id": 2724,
                            "body": "The acts listed below are considered commercial acts by their very nature, as well as all acts that can be considered similar due to their characteristics and purposes:\r\n1 - Purchasing goods and other tangible and intangible movables for the purpose of selling them at a profit, whether sold in their current state or after processing or transformation.\r\n2 - Purchasing those same movable items for the purpose of renting them, or leasing them for the purpose of re-renting them.\r\n3 - Selling, leasing, or re-leasing the purchased or leased items as described above.\r\n4 - Currency exchange and banking activities.\r\n5 - Supply projects.\r\n6 - Industrial projects, even if associated with agricultural investment, unless the transformation of materials is done by simple manual labor.\r\n7 - Transportation projects by land, air, or water.\r\n8 - Employment and brokerage projects.\r\n9 - Insurance projects with fixed premiums.\r\n10 - Public performance projects.\r\n11 - Publishing projects.\r\n12 - Public warehouse projects.\r\n13 - Mining and petroleum projects.\r\n14 - Real estate development projects.\r\n15 - Projects for purchasing real estate to sell at a profit.\r\n16 - Agency work projects.",
                            "position": 13,
                            "article_number": "6"
                        },
                        {
                            "id": 2725,
                            "body": "The following are also considered maritime commercial acts:\r\n1 - Any project for the construction or purchase of ships intended for internal or external navigation for the purpose of commercial exploitation or sale, and any sale of ships purchased in this manner.\r\n2 - All maritime shipments and any operations related to them, such as the purchase or sale of their supplies like ropes, sails, and provisions.\r\n3 - Chartering ships or contracting for transportation on them, and lending or borrowing on a lump sum basis.\r\n4 - All contracts related to maritime commerce, such as agreements and contracts for sailors' wages, their service fees, and their employment on commercial ships.",
                            "position": 14,
                            "article_number": "7"
                        },
                        {
                            "id": 2726,
                            "body": "All acts carried out by a merchant for commercial needs are also considered commercial in the eyes of the law.\r\nIn case of doubt, a merchant's acts are presumed to be for this purpose unless proven otherwise.",
                            "position": 15,
                            "article_number": "8"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 2
                },
                {
                    "id": 983,
                    "name": "On Merchants",
                    "number": "Third",
                    "articles": [],
                    "category": "Title",
                    "children": [
                        {
                            "id": 984,
                            "name": "On Merchants in General and the Capacity Required for Trading",
                            "number": "First",
                            "articles": [
                                {
                                    "id": 2717,
                                    "body": "Traders are:\r\nFirst: Individuals whose profession is to engage in commercial activities.\r\nSecond: Companies whose subject is commercial.\r\nAs for companies whose subject is civil but have taken the form of joint-stock companies or limited partnerships, they are subject to all the obligations of traders specified in the following second and third chapters and to the provisions of preventive composition and bankruptcy stipulated in the fifth book of this law.",
                                    "position": 6,
                                    "article_number": "9"
                                },
                                {
                                    "id": 2718,
                                    "body": "Individuals engaged in small trade or simple crafts with low overhead costs, such as itinerant vendors or daily wage sellers, or those conducting small transport operations on land or water, are not subject to the obligations related to commercial books nor to the publication rules required by this law.",
                                    "position": 7,
                                    "article_number": "10"
                                },
                                {
                                    "id": 2719,
                                    "body": "- Amended\r\nA married woman has full capacity to engage in commercial activities.",
                                    "position": 8,
                                    "article_number": "11"
                                },
                                {
                                    "id": 2720,
                                    "body": "- Amended\r\nA married woman, when engaging in trade, may perform any act required by the interest of her commercial enterprise.",
                                    "position": 9,
                                    "article_number": "12"
                                },
                                {
                                    "id": 2721,
                                    "body": "- Amended\r\nA married woman has the right to enter into a general partnership or to be a commissioner in a limited partnership.",
                                    "position": 10,
                                    "article_number": "13"
                                },
                                {
                                    "id": 2722,
                                    "body": "The rights of a married woman are determined, when necessary, by the provisions of her personal law and her marriage contract.",
                                    "position": 11,
                                    "article_number": "14"
                                },
                                {
                                    "id": 2723,
                                    "body": "Any separation of the spouses' assets decreed in a foreign country shall not be recognized with respect to third parties in Lebanon unless it is registered in the commercial register relevant to the place where the spouses or one of them conducts business.",
                                    "position": 12,
                                    "article_number": "15"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 1
                        },
                        {
                            "id": 985,
                            "name": "On Commercial Books",
                            "number": "Second",
                            "articles": [
                                {
                                    "id": 2727,
                                    "body": "- Amended\r\nEvery person, whether natural or legal, who has the status of a merchant must keep, either manually or through a secure digital application that meets the specifications set by a decree issued upon the proposal of the Ministers of Justice and Finance, the following documents:\r\n- A journal in which financial transactions are recorded day by day at a minimum, or in which the results of those transactions are recorded monthly if the nature of the work prevents daily recording, provided that in this case, all documents that allow for daily auditing are retained.\r\n- A ledger for opening accounts and monitoring them.\r\nThey must also conduct an annual inventory of all elements of their establishment and close all accounts to prepare the balance sheet and the \"profit and loss account.\" The related documents must be organized and preserved for the duration specified in Article 19 of the Commercial Law.\r\n- Keeping commercial books through the digital application prescribed in this article becomes mandatory two years from the date of issuance of this law.",
                                    "position": 16,
                                    "article_number": "16"
                                },
                                {
                                    "id": 2728,
                                    "body": "The mandatory commercial books must be organized according to dates without blanks, spaces, marginal notes, interlineations, or erasures.",
                                    "position": 17,
                                    "article_number": "17"
                                },
                                {
                                    "id": 2729,
                                    "body": "- Amended\r\nBooks kept manually must be numbered, stamped, and signed by the president of the court of first instance in the cities where this court convenes.",
                                    "position": 18,
                                    "article_number": "18"
                                },
                                {
                                    "id": 2730,
                                    "body": "The merchant must preserve the books after their closure for ten years.",
                                    "position": 19,
                                    "article_number": "19"
                                },
                                {
                                    "id": 2731,
                                    "body": "Books can be accepted in court as evidence in favor of the merchant, provided they are organized according to the rules, and their contents are presented against another merchant, and the dispute is related to a commercial transaction.\r\nIn all cases, they serve as evidence against the merchant who organized them, and if this merchant refuses to present them, the judge may request the other party to take an oath.",
                                    "position": 20,
                                    "article_number": "20"
                                },
                                {
                                    "id": 2732,
                                    "body": "The books are not handed over in their entirety to the court except in cases of inheritance, division of the community, partnership, preventive settlement, and bankruptcy.\r\nApart from these cases, the books can always be presented or requested to be presented by the judge's order directly to extract what is related to the dispute.",
                                    "position": 21,
                                    "article_number": "21"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 2
                        },
                        {
                            "id": 986,
                            "name": "In the Commercial Register",
                            "number": "Third",
                            "articles": [
                                {
                                    "id": 2738,
                                    "body": "The commercial register enables the public to gather comprehensive information about all commercial enterprises operating in the country.\r\nIt is also a tool for publication intended to make its entries enforceable against third parties when there is an explicit legal provision to this effect.",
                                    "position": 1,
                                    "article_number": "22"
                                },
                                {
                                    "id": 2739,
                                    "body": "In each primary court, a register is organized under the careful supervision of the clerk and under the oversight of the president or a judge appointed specifically by the president each year.",
                                    "position": 1,
                                    "article_number": "23"
                                }
                            ],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 987,
                                    "name": "On the Registration of the Names of Merchants Who Have Main Stores in Lebanon Regardless of Their Nationality",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 2733,
                                            "body": "Every merchant must request from the clerk of the court where their main place of business is located to register their name in the commercial register within a month from the date of opening or purchasing the business. The applicant must submit to the clerk a declaration in two copies including their signature, stating the following:\r\n1 - The merchant's name and surname.\r\n2 - The trade name under which they conduct their business and, if applicable, their nickname and assumed name.\r\n3 - Date and place of birth.\r\n4 - Original nationality. If they have acquired another nationality, the method of acquisition and the date must be specified.\r\n5 - If it concerns a married woman subject to a foreign nationality whose personal status law requires explicit permission from her husband to engage in trade, the permission granted to her according to the aforementioned law must be mentioned.\r\n6 - The marital agreement of a merchant subject to a foreign nationality unless the spouses are subject to the legal community property system.\r\n7 - The subject of the trade.\r\n8 - Locations of branches or agencies of the commercial establishment in Lebanon or Syria.\r\n9 - The address or trade name of the establishment.\r\n10 - Names of the authorized representatives, their surnames, dates and places of birth, and nationalities.\r\n11 - Commercial establishments previously operated by the declarant and those currently operated in the jurisdictions of other courts.\r\nThe clerk then transfers the content of the declaration to the commercial register and delivers one of the copies of the declaration to the applicant after noting at the end that it matches the original.",
                                            "position": 22,
                                            "article_number": "24"
                                        },
                                        {
                                            "id": 2734,
                                            "body": "The commercial register must also include:\r\n1 - Any amendment or change related to the matters that the previous article requires to be recorded in the register.\r\n2 - Patents exploited by the merchant and the factory or trade mark they use.\r\n3 - Judgments and decisions appointing a judicial supervisor for the registered merchant or imposing or lifting a guardianship.\r\n4 - Judgments and decisions declaring bankruptcy or confirming, annulling, or invalidating a settlement, declaring the excuse of the bankrupt, or ordering the closure of the bankruptcy due to insufficient assets, or reversing the closure, or restoring civil rights.\r\n5 - The transfer of the commercial establishment.\r\nThe registration is carried out at the request of the merchant in the cases mentioned in paragraphs 1, 2, and 5 of this article.\r\nIt is carried out in the cases mentioned in paragraphs 3 and 4 of this article at the request of the clerk of the court that issued the decisions to be registered.\r\nThe clerk performs the registration directly when the judgment is issued by the court where the commercial register is kept.",
                                            "position": 23,
                                            "article_number": "25"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 988,
                                    "name": "On the Registration of Commercial Companies with a Principal Place of Business in Lebanon, Regardless of Their Nationality",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 2735,
                                            "body": "- Amended\r\nCompanies with a main office in Lebanon must be registered in the commercial register relevant to their headquarters area, and the company's legal representative must request registration within the month following its establishment:\r\nThe applicant for registration shall submit to the court clerk a copy of the deed of establishment and a summary thereof written in two copies, including stamps and his signature, and containing in particular the following data:\r\n1 - The name and surname of each of the partners and shareholders, their nationality, date of birth, and place of birth.\r\n2 - The commercial name or designation of the company.\r\n3 - The purpose of the company.\r\n4 - The places where the company has branches or agencies, whether in Lebanon or abroad.\r\n5 - The names of the partners or other persons authorized to manage the company or sign on its behalf.\r\n6 - The company's capital and the amounts or securities to be provided by the shareholders or limited partners, as well as the value of what is provided to the company, whether in cash or other assets.\r\n7 - The start date of the company and its end date.\r\n8 - The type of company.\r\n9 - The minimum capital of the company if it has a variable capital.\r\n10 - The lease contract of the place where the company will conduct its business, or a document of ownership, or a document indicating its establishment at the residence of its legal representative, or any legal document permitted by the applicable laws justifying the occupation of the company's headquarters.\r\n11 - The identity of the owner or owners of the economic right.",
                                            "position": 24,
                                            "article_number": "26"
                                        },
                                        {
                                            "id": 2736,
                                            "body": "- Amended\r\nThe following must also be mentioned in the commercial register:\r\n1 - Any amendment or change in the matters required to be registered according to the previous article.\r\n2 - The name, surname, date of birth, place of birth, and nationality of each of the company's business managers, board members, and directors appointed for its duration.\r\nThe registration request is submitted by the company's legal representative at the time registration is required.\r\n3 - The exploited patents and manufacturing stamps (Marque de fabrique) and trade marks used by the company.\r\n4 - The judgments or decisions ordering the dissolution or annulment of the company.\r\n5 - The judgments or decisions declaring the company's bankruptcy or approving the preventive settlement and the resolutions related to them.",
                                            "position": 25,
                                            "article_number": "27"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 989,
                                    "name": "On Traders with a Main Office Abroad and Branches and Agencies in Lebanon Regardless of Their Nationality",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 2737,
                                            "body": "Date of commencement: 24\/12\/1942\r\n\r\nEvery merchant with a main office in a foreign country and branches or an agency in Lebanon, regardless of nationality, must register their name within the month following the opening of the agency or branch at the court office where the agency was established in its area. The declaration must include all the aforementioned data, specifying the location of the main office.\r\nAdditionally, all modifications mentioned above, along with the previously mentioned judgments and decisions, must be recorded in the commercial register if they were issued in Lebanon or Syria or have acquired enforceability in their courts.",
                                            "position": 1,
                                            "article_number": "28"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                },
                                {
                                    "id": 990,
                                    "name": "On Foreign Commercial Companies with a Branch or Agency in Lebanon",
                                    "number": "Fourth",
                                    "articles": [
                                        {
                                            "id": 2740,
                                            "body": "Every foreign commercial company that has a branch or agency in Lebanon must be registered in the commercial register, except for joint-stock companies and partnership companies with shares subject to the provisions of the High Commissioner's Decision No. 96 dated January 30, 1926.\r\nBefore opening the branch or agency, the person responsible for its management must submit a written declaration in two copies to the court clerk, including their signature and all the aforementioned details, and add their name, surname, date of birth, and place of birth, along with their nationality.\r\nAll changes related to the subjects that must be registered must be recorded. When replacing the branch manager, the name, surname, date of birth, place of birth, and nationality of the new manager must be registered in the commercial register, along with all the required details.",
                                            "position": 1,
                                            "article_number": "29"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 4
                                },
                                {
                                    "id": 991,
                                    "name": "General Provisions",
                                    "number": "Fifth",
                                    "articles": [
                                        {
                                            "id": 2741,
                                            "body": "If a merchant dies or ceases to engage in their trade without having transferred their commercial establishment to someone else, or if a company is dissolved, the relevant registration in the commercial register must be deleted.\r\nThis deletion is carried out directly by a decision issued by the judge assigned to oversee the register.",
                                            "position": 26,
                                            "article_number": "30"
                                        },
                                        {
                                            "id": 2742,
                                            "body": "Any entry in the commercial register for which no deadline is specified in the previous articles must be requested within a month starting from the date of the document or action deemed necessary for registration. As for judgments and decisions, their deadlines start from the day they are issued.",
                                            "position": 27,
                                            "article_number": "31"
                                        },
                                        {
                                            "id": 2743,
                                            "body": "All registrations and entries in the commercial register are made after a declaration is submitted in accordance with the prescribed forms.",
                                            "position": 28,
                                            "article_number": "32"
                                        },
                                        {
                                            "id": 2744,
                                            "body": "The clerk may not refuse to make the requested entries unless the submitted declarations do not include all the stipulated information.\r\nThe clerk must present to the president or the judge assigned to oversee the commercial register any deficiencies observed in those declarations.",
                                            "position": 29,
                                            "article_number": "33"
                                        },
                                        {
                                            "id": 2745,
                                            "body": "- Amended\r\nAny person may request a copy of the entries listed in the register for a fee determined by decree. The clerk may, if necessary, issue a certificate of non-existence of entries.\r\nThe conformity of the copies to the original is certified by the president of the court or the judge assigned to oversee the commercial register.",
                                            "position": 30,
                                            "article_number": "34"
                                        },
                                        {
                                            "id": 2746,
                                            "body": "The copies delivered by the clerk may not mention:\r\n 1 - Bankruptcy judgments if the bankrupt has been rehabilitated.\r\n 2 - Judgments of interdiction or appointment of a judicial supervisor if a decision has been issued lifting the interdiction or supervision.",
                                            "position": 31,
                                            "article_number": "35"
                                        },
                                        {
                                            "id": 2747,
                                            "body": "Every merchant and every company required to register must mention the place where they are registered and the number of this registration in their correspondence, invoices, order notes (Notes de commande), tariffs, brochures, and all other printed materials issued by them.",
                                            "position": 32,
                                            "article_number": "36"
                                        },
                                        {
                                            "id": 2748,
                                            "body": "- Amended\r\nAny merchant or company agent or manager who does not request the mandatory entries within the specified deadlines or does not mention what must be mentioned on correspondence, invoices, and other printed materials issued by their establishment is subject to a fine ranging from fifty to one thousand Lebanese pounds.\r\nThis fine is imposed by the primary court at the request of the president or the judge assigned to oversee the commercial register after hearing the statements of the concerned party or summoning them according to the rules.\r\nThe court orders the entry to be made within fifteen days, and if it is not made within this period, the fine imposed in the first instance is doubled.\r\nAs for clerks who do not comply with this regulation, they are referred to the disciplinary council.",
                                            "position": 33,
                                            "article_number": "37"
                                        },
                                        {
                                            "id": 2749,
                                            "body": "- Amended\r\nAny incorrect statement submitted in bad faith for registration or entry in the commercial register is punishable by a fine ranging from two hundred and fifty Lebanese pounds to five thousand pounds and imprisonment from one month to six months, or one of these penalties only.\r\nThis does not preclude the application of the provisions of the aggregation of moral crimes to impose a harsher penalty in accordance with special laws and the Penal Code for crimes arising from the incorrect statement.\r\nThe criminal court issuing the judgment may order the correction of the statement in the manner it specifies.",
                                            "position": 34,
                                            "article_number": "38"
                                        },
                                        {
                                            "id": 2750,
                                            "body": "The penalties mentioned are applied without prejudice to the rule prohibiting the invocation against third parties of facts and entries required to be registered in the commercial register under penalty of nullity.",
                                            "position": 35,
                                            "article_number": "39"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 5
                                }
                            ],
                            "position": 3
                        }
                    ],
                    "position": 3
                },
                {
                    "id": 992,
                    "name": "On Commercial Enterprises",
                    "number": "Fourth",
                    "articles": [
                        {
                            "id": 2751,
                            "body": "- Amended\r\nThis article was repealed and replaced by Legislative Decree 11\/1967 Commercial Establishment\r\nLegally, a commercial establishment consists of the trader's premises and the rights connected to it.\r\nThe commercial establishment includes a set of tangible and intangible elements that vary according to circumstances, particularly customers, clientele, name, logo, lease rights, trademarks, certificates, licenses, drawings, models, industrial tools, commercial furniture, and goods.",
                            "position": 36,
                            "article_number": "40"
                        },
                        {
                            "id": 2752,
                            "body": "- Amended\r\nThis article was repealed and replaced by Legislative Decree 11\/1967 Commercial Establishment\r\nThe rights to exploit the commercial establishment concerning the various elements mentioned in the previous article are determined according to the specific laws related to them or according to the general principles of rights.",
                            "position": 37,
                            "article_number": "41"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 4
                }
            ],
            "position": 1
        },
        {
            "id": 1081,
            "name": "On Commercial Companies",
            "number": "Second",
            "articles": [],
            "category": "Book",
            "children": [
                {
                    "id": 993,
                    "name": "General Provisions",
                    "number": "First",
                    "articles": [
                        {
                            "id": 2753,
                            "body": "- Amended\r\nThe rules stipulated in the Code of Obligations and Contracts regarding the partnership contract apply to commercial companies, provided that these rules do not explicitly or implicitly contradict the provisions of this law.\r\nWhile preserving the rights of third parties acting in good faith, if the number of partners or shareholders in commercial companies of various types falls below the legally required number for each, the dissolution of the company must be declared by a decision of the remaining partners within three months of the occurrence of the mentioned reason unless rectified.\r\nThe court, upon the request of any interested party, must declare the dissolution of the company after the expiration of the three-month period granted for rectification.",
                            "position": 38,
                            "article_number": "42"
                        },
                        {
                            "id": 2754,
                            "body": "- Amended\r\nAll commercial companies, except for joint ventures, must be documented by a written contract. However, third parties may, when necessary, prove the existence of the company or any provision related to it by all means.\r\nAll companies established in Lebanon must have a main office there and are considered of Lebanese nationality despite any contrary provision.",
                            "position": 39,
                            "article_number": "43"
                        },
                        {
                            "id": 2755,
                            "body": "The founding documents of all commercial companies - except for joint ventures - must be published by carrying out the transactions outlined below, otherwise, they are void.",
                            "position": 40,
                            "article_number": "44"
                        },
                        {
                            "id": 2756,
                            "body": "- Amended\r\nAll commercial companies - except for joint ventures - enjoy legal personality.\r\nChanging the form of the company does not create a new legal personality for it; rather, the legal personality remains, and the new company continues with the same legal personality it had before the transformation. This amendment does not apply to third parties until it is registered in the commercial register and a month has passed since the announcement of this amendment in the official gazette and in a local daily newspaper designated by the judge supervising the commercial register.\r\nPersons who acted on behalf of a company under formation before it acquired legal personality are considered personally liable jointly among themselves for the executed acts unless the company assumes these acts after its establishment, in which case those acts are considered ratified by the company from the time they occurred.",
                            "position": 41,
                            "article_number": "45"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 5
                },
                {
                    "id": 994,
                    "name": "Partnership Companies",
                    "number": "Second",
                    "articles": [
                        {
                            "id": 2757,
                            "body": "A general partnership is one that operates under a specific name and is formed between two or more persons who are personally and jointly liable for the company's debts.",
                            "position": 42,
                            "article_number": "46"
                        },
                        {
                            "id": 2758,
                            "body": "The founding document may be official or may have a private signature. However, in the latter case, copies of the document must be made equal to the number of partners.",
                            "position": 43,
                            "article_number": "47"
                        },
                        {
                            "id": 2759,
                            "body": "Within the month of the company's establishment, a copy or version of the founding document must be deposited with the clerk of the court of first instance in the area of the company's headquarters.",
                            "position": 44,
                            "article_number": "48"
                        },
                        {
                            "id": 2760,
                            "body": "Within the same period, the company must also be registered in the commercial register relevant to its headquarters area. This publication must be concise and include all information of interest to third parties, particularly:\r\n(1) The name, surname, nationality, residence, and company name of each partner.\r\n(2) The form of the company.\r\n(3) Its purpose.\r\n(4) Its main headquarters and the locations of its branches and agencies.\r\n(5) The amount of its capital and the value attributed to the partners' in-kind contributions.\r\n(6) The names of the partners and the names of the authorized signatories for the company.\r\n(7) The date of establishment and the duration of the company.",
                            "position": 45,
                            "article_number": "49"
                        },
                        {
                            "id": 2761,
                            "body": "If any amendments are made to the founding document later, a new version must be deposited with the court clerk. Registration in the commercial register is also required if there are entries of interest to third parties.",
                            "position": 46,
                            "article_number": "50"
                        },
                        {
                            "id": 2762,
                            "body": "Failure to deposit the founding document with the court clerk or to register it in the commercial register results in the nullity of the company and makes all partners jointly liable for any harm caused to third parties. Failure to mention a provision of interest to third parties in the company's law deposited with the court clerk or in the summary listed in the commercial register renders this provision unenforceable against those concerned. Similarly, failure to publish amendments made to the company's document renders these amendments unenforceable against third parties.",
                            "position": 47,
                            "article_number": "51"
                        },
                        {
                            "id": 2763,
                            "body": "The nullity arising from non-publication does not lapse over time, and all concerned parties have the right to invoke it. However, the partners cannot invoke it against third parties. If the publication procedures are carried out late, those who contracted with the company before the correction have the exclusive right to invoke the nullity that the company was subject to.",
                            "position": 48,
                            "article_number": "52"
                        },
                        {
                            "id": 2764,
                            "body": "Every partner in a general partnership is considered as if they are personally engaging in commerce under the company's name, thus each acquires the legal status of a merchant. The bankruptcy of the company leads to the personal bankruptcy of each partner.",
                            "position": 49,
                            "article_number": "53"
                        },
                        {
                            "id": 2765,
                            "body": "The company's name consists of the names of all partners or the names of some of them with the addition of the words \"and partners.\" The company's name must always correspond to its current form. Any outsider who knowingly consents to having their name included in the company's name becomes liable for its debts to any person misled by this.",
                            "position": 50,
                            "article_number": "54"
                        },
                        {
                            "id": 2766,
                            "body": "Except for assignments explicitly stated in the founding document, a partner may not assign their share in the company's profits to others without the consent of all partners and the completion of publication procedures. However, a partner may transfer to others the rights and benefits related to their share in the company, as this agreement is only effective between the contracting parties.",
                            "position": 51,
                            "article_number": "55"
                        },
                        {
                            "id": 2767,
                            "body": "The right to manage the business belongs to all partners unless the company's regulations or a subsequent document stipulates that management is entrusted to one partner, several partners, or another person, even if they are not part of the company.",
                            "position": 52,
                            "article_number": "56"
                        },
                        {
                            "id": 2768,
                            "body": "Business managers are dismissed in the manner they were appointed. However, if the dismissal is unjustified, it opens the way for a claim for compensation for damages under the conditions outlined in Article 822 of the Obligations Law. If a new manager is appointed in place of a statutory manager, this replacement must be published.",
                            "position": 53,
                            "article_number": "57"
                        },
                        {
                            "id": 2769,
                            "body": "Business managers may perform all necessary actions to regularly operate the company's project unless their authority is limited by the company's regulations.",
                            "position": 54,
                            "article_number": "58"
                        },
                        {
                            "id": 2770,
                            "body": "- Amended\r\nManagers may not enter into any agreement for their own account with the company or any agreement in which they or one of them has a direct or indirect interest without special authorization from the partners, renewed annually if necessary. This prohibition excludes ordinary contracts involving transactions the company conducts with its clients.",
                            "position": 55,
                            "article_number": "59"
                        },
                        {
                            "id": 2771,
                            "body": "Similarly, business managers may not manage a project similar to the company's project except under a license renewed annually.",
                            "position": 56,
                            "article_number": "60"
                        },
                        {
                            "id": 2772,
                            "body": "If there are several business managers, each has the right to oppose the operations that others intend to conduct. In such cases, the decision is made by a majority of the mentioned managers' votes, unless the opposition is based on the consideration that the intended action is contrary to the company's regulations. In this case, the court is responsible for assessing the nature of the action.",
                            "position": 57,
                            "article_number": "61"
                        },
                        {
                            "id": 2773,
                            "body": "The company is bound by the actions of the business managers whenever they act within the limits of their authority and sign under the company's trade name, even if they use this signature for their personal benefit, unless the third party is in bad faith.",
                            "position": 58,
                            "article_number": "62"
                        },
                        {
                            "id": 2774,
                            "body": "Creditors of the company have the right to sue it, but they must first send it a warning requesting payment. They also have the right to sue any partner who was among its partners at the time of contracting. These partners are jointly liable for payment from their personal assets.",
                            "position": 59,
                            "article_number": "63"
                        },
                        {
                            "id": 2775,
                            "body": "The general reasons for the dissolution of all companies are:\r\n(1) The expiration of the period for which the company was established.\r\n(2) The completion of the project intended to be carried out in a customary manner.\r\n(3) The disappearance of the project's subject matter itself.\r\nIn addition to the above, the court may always decide, at the request of some partners, either to dissolve the company for just reasons that the court deems appropriate or to expel a partner for failing to fulfill their obligations towards the company.",
                            "position": 60,
                            "article_number": "64"
                        },
                        {
                            "id": 2776,
                            "body": "In addition to the above, general partnerships are subject to the following dissolution reasons:\r\n(1) The will of one of the partners if the company is formed for an indefinite period and the withdrawal of this partner does not harm the company's legitimate interests under the circumstances in which it occurs.\r\n(2) If an event occurs to one of the partners that deprives them of general capacity.\r\n(3) The bankruptcy of one of the partners.\r\nHowever, the remaining partners may unanimously decide to continue the company among themselves, excluding the partner who resigned, lost capacity, or went bankrupt. In such cases, they must carry out the legal publication procedure.",
                            "position": 61,
                            "article_number": "65"
                        },
                        {
                            "id": 2777,
                            "body": "If there is no contrary provision in the company's law, a partnership shall continue among the surviving partners if one of its partners dies, unless the deceased leaves a spouse or descendants to whom his rights devolve. However, if the situation is the opposite, the company shall continue with the partner's spouse or descendants, who shall have the status of limited partners.",
                            "position": 62,
                            "article_number": "66"
                        },
                        {
                            "id": 2778,
                            "body": "In all cases, the value of the rights of the deceased or outgoing partner shall be determined by a special inventory list, unless the company's law provides for another method of appraisal.",
                            "position": 63,
                            "article_number": "67"
                        },
                        {
                            "id": 2779,
                            "body": "The dissolution of the company:\r\nExcept in cases where the dissolution is in accordance with the provisions of the founding document.\r\n- It must be published like the document itself and within the same period.\r\nThis procedure shall be followed when a partner is expelled and the company continues after the death of one of them.",
                            "position": 64,
                            "article_number": "68"
                        },
                        {
                            "id": 2780,
                            "body": "After dissolution, the legal personality of commercial companies remains as if it exists for the period necessary for liquidation and solely for the purpose of liquidation.",
                            "position": 65,
                            "article_number": "69"
                        },
                        {
                            "id": 2781,
                            "body": "If the company's law does not provide for the appointment of the liquidator or liquidators and the partners do not agree on their selection, the court in the area where the company's headquarters is located shall appoint them.",
                            "position": 66,
                            "article_number": "70"
                        },
                        {
                            "id": 2782,
                            "body": "The result of the selection or the judicial decision appointing the liquidators must be published under their care.",
                            "position": 67,
                            "article_number": "71"
                        },
                        {
                            "id": 2783,
                            "body": "When assuming their duties, the liquidators must prepare an inventory list with the company's business managers.",
                            "position": 68,
                            "article_number": "72"
                        },
                        {
                            "id": 2784,
                            "body": "The liquidators shall collect the company's debts from third parties or partners, settle its debts, sell its assets, and perform all actions required for liquidation. However, they are not allowed to continue the company's business or transfer the company as a whole without special authorization from the partners.",
                            "position": 69,
                            "article_number": "73"
                        },
                        {
                            "id": 2785,
                            "body": "The liquidators must provide the partners with all information about the state of liquidation if requested. However, obstacles should not be created in the way of liquidation due to illegitimate demands.",
                            "position": 70,
                            "article_number": "74"
                        },
                        {
                            "id": 2786,
                            "body": "The distribution shall be conducted according to the terms of the company contract, and the provisions of Articles 941 to 949 of the Code of Obligations shall also be observed.",
                            "position": 71,
                            "article_number": "75"
                        },
                        {
                            "id": 2787,
                            "body": "In all commercial companies, while preserving the claims that may be brought against the liquidators in their capacity as liquidators:\r\n- The claims of the company's creditors against the partners or their heirs or successors in rights shall lapse after five years from the dissolution of the company or the exit of a partner concerning claims directed at this partner.\r\nThe limitation period begins from the day of completion of publication in all cases where publication is required and from the conclusion of liquidation in claims arising from the liquidation itself.\r\nThe limitation period may be suspended or interrupted according to the rules of general law.",
                            "position": 72,
                            "article_number": "76"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 6
                },
                {
                    "id": 995,
                    "name": "On Joint Stock Companies",
                    "number": "Third",
                    "articles": [
                        {
                            "id": 2788,
                            "body": "- Amended\r\nA joint-stock company is a company whose capital is divided into shares, i.e., negotiable securities. It operates under a trade name and is formed by a number of persons not less than three who subscribe to shares and are only liable for the company's debts to the extent of their contributions.",
                            "position": 73,
                            "article_number": "77"
                        },
                        {
                            "id": 2789,
                            "body": "- Amended\r\nEvery joint-stock company, regardless of its purpose, is subject to the Commercial Law and its customs.\r\nOne-third of the capital of joint-stock companies whose purpose is to invest in a public interest or a public utility must be nominal shares owned by Lebanese natural persons or by companies whose capital consists of nominal shares or stocks entirely owned by Lebanese persons, and whose system prohibits the transfer of shares or stocks except to Lebanese persons.\r\nAny transfer of these shares in violation of the provisions of the previous paragraph shall be absolutely null and void.",
                            "position": 74,
                            "article_number": "78"
                        }
                    ],
                    "category": "Title",
                    "children": [
                        {
                            "id": 996,
                            "name": "On the Establishment of Joint Stock Companies",
                            "number": "First",
                            "articles": [
                                {
                                    "id": 2790,
                                    "body": "- Amended\r\nThe number of founders must not be less than three, and no person may participate in the establishment of a joint-stock company if they have been declared bankrupt and have not regained their status for at least ten years, or if they have been convicted in Lebanon or abroad less than ten years ago for committing or attempting to commit a felony or misdemeanor subject to penalties for fraud, embezzlement of funds or values, issuing checks without funds in bad faith, or undermining the financial status of the state as per Articles 319 and 320 of the Penal Code, or concealing items obtained through these crimes.\r\nThe same conditions apply to representatives of legal entities participating in the establishment of the company.\r\nThe founders are jointly liable for the obligations contracted and expenses incurred for the establishment of the company and have no right to claim them from the subscribers if the company is not established.",
                                    "position": 75,
                                    "article_number": "79"
                                },
                                {
                                    "id": 2791,
                                    "body": "- Amended\r\nSubject to the provisions of laws and regulations that require prior licensing for certain activities, the establishment of joint-stock companies does not require a license.\r\nThe company's articles of association and any subsequent amendments must be deposited and registered with any notary public in Lebanese territory.",
                                    "position": 76,
                                    "article_number": "80"
                                },
                                {
                                    "id": 2792,
                                    "body": "- Amended\r\nIf the invitation is directed to the public for subscription to the company's capital, the founders must publish in the Official Gazette and in two newspapers, one local daily and the other economic, a statement including the name and signature of each of them and their address, specifically containing the company's name, its headquarters, branch locations, purpose, duration, capital amount, share price, advance payment, value of in-kind contributions, interest clause, profit distribution conditions if any, number of board members, their salaries as stipulated in the company's articles, and their powers.\r\nThe clarifications contained in the statement must also be included in the personal subscription document, share certificate, posted announcements, broadcasts, and brochures, with reference to the newspaper issues in which the statement was published.",
                                    "position": 77,
                                    "article_number": "81"
                                },
                                {
                                    "id": 2793,
                                    "body": "- Amended\r\nAny violation of the provisions of the previous article shall result in a fine ranging from two million to ten million Lebanese pounds, and the court may cancel the concluded subscriptions if necessary.",
                                    "position": 78,
                                    "article_number": "82"
                                },
                                {
                                    "id": 2794,
                                    "body": "- Amended\r\nThe capital of the joint-stock company must not be less than thirty million Lebanese pounds and must be fully subscribed.",
                                    "position": 79,
                                    "article_number": "83"
                                },
                                {
                                    "id": 2795,
                                    "body": "- Amended\r\nThe minimum price for one share is one thousand Lebanese pounds, and each subscriber must advance at least a quarter of the nominal value of each share they subscribe to.",
                                    "position": 80,
                                    "article_number": "84"
                                },
                                {
                                    "id": 2796,
                                    "body": "- Amended\r\nThe founders must deposit the amounts paid by subscribers before the final establishment of the company in one of the operating banks in Lebanon as an open account in the name of the company under establishment, along with a schedule of subscribers and the amount paid by each.\r\nThese amounts are withdrawn after the establishment of the company with the signature of the person or persons appointed based on the company's articles, after presenting a certified copy of the articles and the minutes of the founding assembly.\r\nIn case of non-deposit or withdrawal of all or part of the deposited amounts or their disposal before the completion of the company's establishment, violators are fined ten percent of the non-deposited, withdrawn, or disposed amount and may face penalties for breach of trust or other applicable crimes, in addition to civil liability.\r\nIf the company is not established within six months from the date of signing the articles with the notary public, each subscriber has the right to refer to the urgent matters judge to appoint a temporary manager tasked with withdrawing the amounts and returning them to the subscribers after deducting distribution expenses if necessary.\r\nIf the founders agree, even before the expiration of the six-month period mentioned in the previous paragraph, not to proceed with the company's establishment and before any subscription by shareholders, they can unanimously decide to withdraw the amounts deposited with the bank, provided they present a duly certified letter with the notary public where the articles were deposited, indicating the cancellation of the company's articles deposited with the notary public, in addition to presenting proof of payment of fees and taxes due on the company's articles if necessary.",
                                    "position": 81,
                                    "article_number": "85"
                                },
                                {
                                    "id": 2797,
                                    "body": "- Amended\r\nThe accuracy of the valuation of in-kind contributions is subject to the assessment of an expert or several experts appointed by the president of the court of the area where the company's headquarters is located, based on a decision issued at the request of the founders.\r\nGranting special benefits to any person in the company's articles is prohibited.",
                                    "position": 82,
                                    "article_number": "86"
                                },
                                {
                                    "id": 2798,
                                    "body": "The experts' report is made available to the subscribers, who may then withdraw from the subscription if the founders' valuation exceeds the actual value determined for the contributed assets and special benefits by twenty percent according to the experts' assessment.\r\nThe founders may then subscribe themselves or have others subscribe to the shares of the defaulting subscribers.",
                                    "position": 83,
                                    "article_number": "87"
                                },
                                {
                                    "id": 2799,
                                    "body": "The in-kind shares must be fully paid at the time of the company's establishment.",
                                    "position": 84,
                                    "article_number": "88"
                                },
                                {
                                    "id": 2800,
                                    "body": "These shares must remain nominal and attached to the stub, bearing a stamp indicating their type and the date of the company's establishment, and they cannot be traded until the general assembly approves the accounts for the company's second year.\r\nHowever, the trading prohibition mentioned does not apply to in-kind shares allocated to shareholders of a merged company whose shares were tradable before that.",
                                    "position": 85,
                                    "article_number": "89"
                                },
                                {
                                    "id": 2801,
                                    "body": "- Amended\r\nWithin the month following the experts' report, the founders must hold a founding general assembly of the shareholders and announce its meeting ten days in advance, presenting the experts' report on the valuation of in-kind contributions.\r\nDecisions are made according to the quorum and majority rules applicable to this type of assembly, and the owners of in-kind contributions do not participate in the voting even if they are simultaneously subscribers to cash shares or agents for such subscribers.\r\nThe approval procedure mentioned is not required in all cases where there are no cash shareholders other than the in-kind shareholders.",
                                    "position": 86,
                                    "article_number": "90"
                                },
                                {
                                    "id": 2802,
                                    "body": "- Amended\r\nCompleting the aforementioned procedures does not prevent subsequent liability claims that may be filed jointly within five years from the company's establishment date against the founders, in-kind shareholders, initial board members, and experts when it is found that there is a significant overvaluation of the in-kind contributions.",
                                    "position": 87,
                                    "article_number": "91"
                                },
                                {
                                    "id": 2803,
                                    "body": "In all cases, the founding assembly conducts an investigation based on the supporting documents to determine whether the necessary conditions for the company's establishment have been duly observed.",
                                    "position": 88,
                                    "article_number": "92"
                                },
                                {
                                    "id": 2804,
                                    "body": "The aforementioned assembly appoints the first board of directors if they have not been appointed according to the company's bylaws and also appoints the first auditors. The company is considered established upon their acceptance.\r\nThese members and auditors must ensure that the company is legally established and are jointly liable for this.",
                                    "position": 89,
                                    "article_number": "93"
                                },
                                {
                                    "id": 2805,
                                    "body": "- Amended\r\nIf a joint-stock company is established illegally, any person with standing and interest may, within five years from the date of the defect, notify the company to complete the neglected transaction.\r\nIf the company does not proceed with the corrective transaction within a month, any person with standing and interest may request a judgment to annul the company.\r\nShareholders cannot invoke the annulment of the company against third parties.\r\nThe annulled company is liquidated like an actual company.",
                                    "position": 90,
                                    "article_number": "94"
                                },
                                {
                                    "id": 2806,
                                    "body": "- Amended\r\nIf the establishment of the company is illegal, shareholders and third parties have the right to file, in addition to the annulment lawsuit, a lawsuit for joint liability against the founders, the first board members, the first auditors, as well as the in-kind shareholders and experts if the verification transactions were not conducted honestly and faithfully.\r\nEstablishing liability requires proving the causal link between the defect in establishment and the damage suffered by the plaintiff. The liability lawsuit is filed within the same period specified for the annulment lawsuit.",
                                    "position": 91,
                                    "article_number": "95"
                                },
                                {
                                    "id": 2807,
                                    "body": "- Amended\r\nPersons who, even in good faith, deliver final share certificates of a joint-stock company established illegally to subscribers, as well as those who sell or participate in selling these shares or officially publish their price, are fined between two million and twenty million Lebanese pounds. To declare liability, the defect in establishment must be at least apparent.",
                                    "position": 92,
                                    "article_number": "96"
                                },
                                {
                                    "id": 2808,
                                    "body": "Any fraudulent act intended to induce people to subscribe or pay money is punishable by fraud penalties.",
                                    "position": 93,
                                    "article_number": "97"
                                },
                                {
                                    "id": 2809,
                                    "body": "- Amended\r\nAfter the establishment of the company, the board members must conduct the initial transactions related to publication through deposit and registration with the competent commercial registry office, within the month following the establishment, under penalty of a fine determined by the judge supervising the commercial registry, imposed on the company and ranging between five hundred thousand and one million Lebanese pounds.\r\nThe transactions mentioned in the previous paragraph can be completed electronically as determined by the Minister of Justice, provided that they are exclusively electronic two years after the enactment of this law, and electronic publication on the commercial registry's website is available for public access.",
                                    "position": 94,
                                    "article_number": "98"
                                },
                                {
                                    "id": 2810,
                                    "body": "Failure to publish results in the same consequences, namely the annulment of the company or the annulment of the omitted clause and the imposition of joint liability on the first board members and the first auditors who must oversee the completion of all transactions.",
                                    "position": 95,
                                    "article_number": "99"
                                },
                                {
                                    "id": 2811,
                                    "body": "- Amended\r\nThe company is also subject to a form of continuous publication:\r\nThe company's bylaws must be posted in its offices.\r\nAnyone has the right to request a certified copy for a reasonable fee.\r\nThe company's name must be mentioned on all its printed, handwritten, and electronic documents, indicating that it is a joint-stock company and specifying its capital amount and the portion that has been paid.",
                                    "position": 96,
                                    "article_number": "100"
                                },
                                {
                                    "id": 2812,
                                    "body": "- Amended\r\nThe board members must deposit with the competent commercial registry office annually, within two months from the date of the general assembly's approval of the financial statements, and no later than December 31 of the current year, the following documents:\r\n1 - The auditors' report attached with the individual financial statements for the past year prepared according to applicable accounting standards, especially the balance sheet, income statement, statement of changes in shareholders' equity, and notes on the financial statements.\r\n2 - The auditors' report attached with the consolidated financial statements for the past year prepared according to applicable accounting standards.\r\n3 - The special auditors' report according to the provisions of Article 158 of this law.\r\n4 - The board of directors' report on the company's activities for the past year.\r\n5 - The board of directors' report according to the provisions of Article 158 of this law.\r\n6 - The attendance sheet and minutes of the general assembly meeting approving the financial statements for the past year and the board of directors' report for the past year and the special reports related to operations subject to the provisions of Article 158 of this law when necessary, provided that the mentioned report includes the following information:\r\n- The result of the past year.\r\n- The accumulated results, especially those requiring any measure under Article 216 of this law.\r\n- The names of the board members elected whenever their election is due and any changes thereto.\r\n- The appointment of auditors whenever their appointment is due.\r\nCopies of the documents mentioned in this article can be obtained from the commercial registry at the applicant's expense.\r\nThe transactions mentioned in this article can be completed electronically as determined by the Minister of Justice, provided that publication on the commercial registry's website is mandatory and available to the public two years after the enactment of this law.",
                                    "position": 97,
                                    "article_number": "101"
                                },
                                {
                                    "id": 2813,
                                    "body": "- Amended\r\nThe judge supervising the commercial registry fines the company one hundred thousand Lebanese pounds annually for each document not properly deposited.\r\nFor the deposit and registration of the documents stipulated in Article 101 within the deadlines specified in the article, the company is exempt from a clearance certificate issued by the National Social Security Fund.",
                                    "position": 98,
                                    "article_number": "102"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 1
                        },
                        {
                            "id": 997,
                            "name": "Documents Issued by Joint Stock Companies and the Judicial System for Holders of Those Documents",
                            "number": "Two",
                            "articles": [
                                {
                                    "id": 2814,
                                    "body": "(Amended by Law 54\/1977)\r\nEffective Date: 16\/06\/1977\r\n\r\nJoint-stock companies issue shares and may issue bonds, and they may also issue bonds convertible into shares.\r\nThey are not allowed to issue founders' shares or any bonds that grant the founders the right to receive a share of the company's profits without prior capital contribution.\r\n\r\nPrevious text of the article\r\nEffective Date: 24\/12\/1942 Expiration Date: 16\/06\/1977\r\n\r\nJoint-stock companies issue shares and may issue bonds, and they are not allowed to issue founders' shares or any bonds that grant the founders the right to receive a share of the company's profits without prior capital contribution.",
                                    "position": 1,
                                    "article_number": "103"
                                }
                            ],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 998,
                                    "name": "On Shares",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 2815,
                                            "body": "- Amended\r\nShares are equal parts of the company's capital, indivisible, represented by negotiable documents that are nominal.",
                                            "position": 99,
                                            "article_number": "104"
                                        },
                                        {
                                            "id": 2816,
                                            "body": "A share grants its holder certain inherent rights, which are: the right to dividends, the preemptive right to subscribe when the capital is increased, the right to redeem the nominal value of the share, the right to share in the company's assets, the right to vote in the general assembly, and the right to transfer their share.",
                                            "position": 100,
                                            "article_number": "105"
                                        },
                                        {
                                            "id": 2817,
                                            "body": "Dividends should only be taken from the net profits resulting from a truthful balance sheet and remaining at disposal after taking the necessary amount to form the legal reserve and the statutory reserve as stipulated in the company's bylaws.",
                                            "position": 101,
                                            "article_number": "106"
                                        },
                                        {
                                            "id": 2818,
                                            "body": "- Amended\r\nAny distribution of fictitious dividends makes the board members civilly liable to any person harmed by it, and also makes the auditors liable in the same manner as the board members, unless the auditors prove they committed no error in their oversight.\r\nBoard members and auditors are criminally liable if dividends are distributed without a balance sheet or based on a fraudulent inventory list, balance sheet, or financial statements, and they are punished with the penalty for fraud or any other penalty stipulated by law.",
                                            "position": 102,
                                            "article_number": "107"
                                        },
                                        {
                                            "id": 2819,
                                            "body": "- Amended\r\nShareholders who received those dividends are not required to return them unless their bad faith or gross error equivalent to fraud is proven.\r\nHowever, the recovery claim that the company, its creditors, or any of the shareholders can file against them obliges them to return the amount they received without right, along with interest from the day of payment.\r\nThis claim is barred by statute after five years from the date of distribution.",
                                            "position": 103,
                                            "article_number": "108"
                                        },
                                        {
                                            "id": 2820,
                                            "body": "- Amended\r\nAmounts distributed under the provision related to fixed interest (Interets fixes) paid to shareholders under any circumstances and included in the company's expenses are not considered fictitious profits.\r\nHowever, this provision is only legal if the following two conditions are met:\r\n- The interest rate does not exceed four percent.\r\n- The duration of the provision's application is five years at most.\r\nThis provision must be published by depositing it in the company's register at the commercial registry, otherwise, it is void.",
                                            "position": 104,
                                            "article_number": "109"
                                        },
                                        {
                                            "id": 2821,
                                            "body": "- Amended\r\nIn principle, all shareholders in the same company should have the same rights and share in the same benefits.\r\nHowever, in all cases where the company's bylaws do not explicitly prohibit it, preference shares may be created by a decision from an extraordinary assembly discussed as outlined below.\r\nThese shares grant their holders priority either in receiving certain dividends or in recovering capital, or in both these advantages together, or any other material benefit.",
                                            "position": 105,
                                            "article_number": "110"
                                        },
                                        {
                                            "id": 2822,
                                            "body": "If the general assembly makes a decision that in any way diminishes the rights associated with a class of shares, this decision is not effective unless approved by a special assembly composed of the holders of the shares concerned.\r\nThis assembly follows the rules related to quorum and voting in extraordinary assemblies.",
                                            "position": 106,
                                            "article_number": "111"
                                        },
                                        {
                                            "id": 2823,
                                            "body": "When the capital is increased by creating new shares to be subscribed for in cash, shareholders from all existing categories have the preemptive right to subscribe to the total new shares in proportion to the old shares they own, in a manner that does not allow reduction.\r\nThe extraordinary assembly that approved the capital increase takes all measures concerning the excess shares after distribution.",
                                            "position": 107,
                                            "article_number": "112"
                                        },
                                        {
                                            "id": 2824,
                                            "body": "- Amended\r\nHowever, this assembly may decide that the subscription right is not preserved for the old shareholders, or it is only partially preserved, or it is not in proportion to the shares previously owned.\r\nIn this case, any allocation of new shares, whether to non-shareholders or to a class of preferred shareholders, is subject to the investigation that applies to in-kind contributions.\r\nThis investigation covers all shares allocated to non-shareholders.\r\nAs for shareholders, it only covers what exceeds the specified proportion of the old shares.\r\nIf this investigation is not conducted, the capital increase is void.",
                                            "position": 108,
                                            "article_number": "113"
                                        },
                                        {
                                            "id": 2825,
                                            "body": "Every shareholder is entitled, if sufficient assets remain upon the company's dissolution, to recover the nominal amount of their share while retaining the priority rights granted to priority shares.\r\nThe surplus is distributed among all shareholders in proportion to the number of shares owned.",
                                            "position": 109,
                                            "article_number": "114"
                                        },
                                        {
                                            "id": 2826,
                                            "body": "- Amended\r\nThe company may redeem its capital by allocating an amount from its profits to a special reserve or for depreciation, both intended for this purpose.\r\nThe redemption is carried out according to the methods stipulated in the company's bylaws or the methods approved by the general assembly.\r\nWhen redemption occurs, the fallen shares are replaced with shares called enjoyment shares (jouissance), which grant their holders the privileges of traded shares except for the interest specified in the company's bylaws and the nominal amount of the shares upon the company's dissolution.",
                                            "position": 110,
                                            "article_number": "115"
                                        },
                                        {
                                            "id": 2827,
                                            "body": "- Amended\r\nEvery shareholder has the right to attend the various assemblies convened to establish the company and to conduct its business, and in principle, has a number of votes equal to the number of their shares.\r\nIf the company is informed of the existence of a usufruct right on certain shares, it is obliged to notify the usufructuary of all invitations and matters without exception, including decisions on the distribution of any economic benefits.\r\nThe usufructuary alone has the right to attend and vote in ordinary general assemblies, while the bare owner has the right to attend and vote in extraordinary general assemblies. The bare owner is considered the person entitled to receive all invitations and documents without exception, including decisions on the distribution of any economic benefits.\r\nThe usufructuary and the bare owner can agree to deviate from the provisions of the previous paragraph in any manner they see fit, provided a contract is signed between them and notified to the company and published in the commercial register.\r\nIn the case of joint ownership of shares, all co-owners must choose one person among them or a third person to attend and vote in ordinary and extraordinary general assemblies. If they do not agree on appointing one person, the president of the competent primary court within the jurisdiction of the company's headquarters appoints a representative for the co-owners, based on a request from any of the co-owners, by an expedited decision issued according to urgent procedures and after hearing all co-owners. The appointed representative continues to perform their duties until the annual general assembly convenes to approve the accounts. The president of the court may renew the appointment according to the same procedures.",
                                            "position": 111,
                                            "article_number": "116"
                                        },
                                        {
                                            "id": 2828,
                                            "body": "- Amended\r\nFully paid shares that have remained with a single owner for at least two years before each meeting shall have two votes each.\r\nShares are considered, with respect to the aforementioned period, as if they belong to the same owner when acquired through inheritance, donation, or bequest.\r\nExtraordinary meetings, with unanimous consent of the shareholders, may decide to cancel the double voting right mentioned above.\r\nThe provisions of the first and second paragraphs of this article do not apply to companies established after the issuance of this law.",
                                            "position": 112,
                                            "article_number": "117"
                                        },
                                        {
                                            "id": 2829,
                                            "body": "- Amended\r\nSubject to the restrictions related to in-kind shares, each shareholder may freely transfer their shares to another person, who will replace them in their rights and obligations as a shareholder.\r\nHowever, a provision may be included in the company's bylaws stipulating that priority in purchase is given to shareholders or a group of them or to the company itself, provided this right is exercised according to the timeframe and price determination mechanism stipulated in the company's bylaws. However, this right should not be misused to make the share practically non-transferable or to cause excessive harm to the shareholder.\r\nIn the event of the existence of a usufructuary and a bare owner for a single share, the bare owner alone is entitled to exercise the right of priority when necessary.\r\nThe company may only exercise the right of priority for its benefit with its available free reserve funds.\r\nA company listed on the financial markets may purchase shares issued by it from its available free reserve funds, provided their value does not exceed a percentage of its total shares determined according to the regulations governing the financial markets law.",
                                            "position": 113,
                                            "article_number": "118"
                                        },
                                        {
                                            "id": 2830,
                                            "body": "- Amended\r\nThe shareholder who has not paid the full price of their share is required to comply with the board of directors' request to pay the remaining price or part of it, according to the mechanism and conditions stipulated in the decision calling for payment.\r\nAll those who held the share before them remain jointly liable for the unpaid amount for only two years from the date of transfer.\r\nAny provision in the company's bylaws or any decision contrary to the provisions of this article is considered absolutely null and void.",
                                            "position": 114,
                                            "article_number": "119"
                                        },
                                        {
                                            "id": 2831,
                                            "body": "- Amended\r\nThe previous shareholder who was forced to pay the remaining or part of the price of the share they transferred replaces the company in rights and in claims against all those who held the share after them.\r\nIn all cases, the previous shareholder has the right to recourse against the shareholder who held the share after them.",
                                            "position": 115,
                                            "article_number": "120"
                                        },
                                        {
                                            "id": 2832,
                                            "body": "- Amended\r\nIf the demanded value of the share price is not paid, the company has the right, after warning the delinquent shareholder, to sell the share and charge them with the expenses and losses resulting from the sale. If the sale price of the share is less than the demanded amount, the shareholder remains obligated to pay the difference, jointly and severally with the shareholders who held the share before them.\r\nAll those who held the share before them remain jointly liable for the unpaid amount for only two years from the date of transfer.\r\nIn the event of the existence of a usufructuary and a bare owner for a single share, the bare owner is obligated to pay in accordance with articles 119, 120, and 121 of this law, unless there is an opposing agreement between them duly notified to the company's board of directors, in accordance with the provisions of article 116 of this law.",
                                            "position": 116,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2833,
                                            "body": "Repeated 1\r\nAdded to the first part of the second chapter of the third section of the second book of the Commercial Law are articles from 121 Repeated 1 to 121 Repeated 12 pursuant to Law 126 dated 29\/3\/2019.\r\nWithout prejudice to the provisions of Law No. 308 dated 3\/4\/2001 concerning the issuance and trading of bank shares, any joint-stock company may create nominal preferential shares that enjoy certain privileges, rights, or material benefits and benefit from all the rights stipulated in article 105 of this law, except for the right to participate in discussions and voting in general assemblies, the right to hold membership in the board of directors, and the right to share in the company's assets.\r\nThe company's management must inform the holders of preferential shares of the information and documents prepared to inform other shareholders.",
                                            "position": 117,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2834,
                                            "body": "Repeated 10\r\nThe company has the right to purchase preferential shares provided that:\r\n1 - This right and the basis and conditions for its exercise, especially the timing and price of purchase, are stipulated in an explicit clause in the company's bylaws or in a decision of the extraordinary general assembly that previously decided to issue the shares to be purchased.\r\n2 - This purchase is made after the full payment of all due and unpaid priority profit shares related to any issuance of preferential shares made by the company unless the decision to issue the preferential shares states otherwise.",
                                            "position": 118,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2835,
                                            "body": "Repeated 11\r\nUpon the dissolution and liquidation of the company, the nominal value of the preferential shares and the full unpaid priority profit share related to those shares are paid before any payment of the value of ordinary shares. Contrary to the provisions of article 121 Repeated 1, the proceeds from the liquidation may be paid to the preferential shares if the company's bylaws or the extraordinary general assembly that created the preferential shares decided on their right to benefit from the mentioned proceeds. In the absence of benefiting from the liquidation proceeds and contrary to any other provision, the issuance premium paid by them upon subscription to the mentioned shares is automatically due to the holders of these shares.",
                                            "position": 119,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2836,
                                            "body": "Repeated 12\r\nPreferential shares can be converted into ordinary shares by a decision of the extraordinary general assembly issued based on a special report from the auditors, according to the conditions, bases, and deadlines provided in the company's bylaws or as decided by the extraordinary general assembly that created the preferential shares.",
                                            "position": 120,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2837,
                                            "body": "Repeated 2\r\n1 - Without prejudice to the application of the provisions of article 207 of this law, preferential shares are created either at the establishment of the company or at any increase in its capital.\r\n2 - The provisions of article 8 of the third part of the second chapter of the third section of the second book and articles 112 and 113 of this law are not considered when creating preferential shares.\r\n3 - Contrary to what is stated in paragraph (2) of this article, the company may grant a preemptive right to its shareholders to subscribe to the issued preferential shares, provided the conditions for exercising this right are specified in the company's bylaws or by a decision of the extraordinary general assembly of shareholders that creates the preferential shares.",
                                            "position": 121,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2838,
                                            "body": "Repeated 3\r\nIt is prohibited for preferential shares to represent more than thirty percent (30%) of the nominal shares representing the company's capital at the date of issuance of these shares.",
                                            "position": 122,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2839,
                                            "body": "Repeated4\r\nThe company's bylaws or the decision of the extraordinary general assembly that decides to issue preferred shares shall determine the privileges, priorities, rights, or other material benefits enjoyed by these shares, particularly the priority profit share due to them and whether this profit is cumulative or non-cumulative cumulatif ou non cumulatif.\r\nIn the event that the company has profits for a certain fiscal year, it is obligated to distribute the priority profit share due to the preferred shares. If it is found that the company does not have profits or that its profits are insufficient to pay the full or part of the priority profit share due to the preferred shares, the available profits are distributed to the holders of the preferred shares in proportion to the shares they own, and the collection of the balance of the priority profit, if cumulative, is carried over to the next fiscal year and, if necessary, to subsequent fiscal years.\r\nThe distribution of the priority profit share is not made until after deducting the amounts distributed in accordance with the provision related to the specified interests stipulated in Article 109 of this law. The remaining balance is subject to the decision of the ordinary general assembly, provided that this distribution does not conflict with the company's bylaws and the decision of the extraordinary general assembly that created the preferred shares.\r\nThe issuance of new preferred shares cannot affect any of the rights of the preferred shares or the priority shares stipulated in Article 110 of this law or the convertible bonds issued prior to the issuance of the new preferred shares, except after obtaining the approval of the special assembly composed of the holders of these shares or bonds.",
                                            "position": 123,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2840,
                                            "body": "Repeated5\r\nContrary to the provisions of Article 121 Repeated, holders of preferred shares acquire a voting right equal to that of other shareholders in proportion to the shares they own in the company's capital in the following cases:\r\n1 - If a cumulative or non-cumulative priority profit share due to the preferred shares is determined and not fully or partially paid, as the case may be, for one fiscal year despite the availability of profits for the company for that year.\r\nThis right remains in effect until the end of the fiscal year in which the full priority profit share due is paid.\r\n2 - If the company fails to secure the benefits, priorities, or rights determined for the preferred shares.\r\nThis right remains in effect as long as the beneficiaries are not provided with the determined benefits, priorities, or rights.\r\n3 - In general assemblies related to changing the company's purpose or form, liberating capital increase in kind, dissolving it before the term, or in merger, amalgamation, or division operations in which it is a party.",
                                            "position": 124,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2841,
                                            "body": "Repeated6\r\nNotwithstanding any contrary provision, a special assembly of preferred shareholders is formed for each issuance, called, convened, and makes its decisions in the manner of the bondholders' assembly in accordance with Articles 137, 138, and 139 of this law.\r\nThe special assembly of preferred shareholders may issue one or more advisory opinions on matters presented to the company's shareholders' general assemblies or on any subject that the preferred shareholders deem in their interest to express an opinion on.\r\nThe special assembly of preferred shareholders communicates this opinion to the company to inform the general assembly and include it in the minutes of the latter.\r\nThis special assembly may also appoint a representative for the preferred shareholders to attend the general assemblies of shareholders, and this representative, when necessary, has the right to express the opinion of the assembly he represents before the vote, in which he is not entitled to participate. This opinion is recorded in the minutes of the company's general assembly.",
                                            "position": 125,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2842,
                                            "body": "Repeated7\r\nThe chairman and members of the board of directors, general managers, and assistant general managers appointed in accordance with the provisions of Article 153 of this law, as well as their spouses and minor children, are prohibited from owning preferred shares or having any type of rights on these shares directly or indirectly or under the guise of a third natural or legal person or in any form.",
                                            "position": 126,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2843,
                                            "body": "Repeated8\r\nIn the event of an increase in the company's capital by creating new shares subscribed for in cash, holders of preferred shares do not have the right of preference to subscribe to the new shares in accordance with the provisions of Article 112 of this law. However, the company may grant a right of preference to holders of preferred shares to subscribe to the newly issued shares and determine the conditions for exercising this right in the bylaws or by a decision of the extraordinary general assembly of shareholders, and in this case, the provisions of the second paragraph of Article 113 of this law do not apply.\r\nIf the company increases its capital by incorporating reserves of any kind or retained earnings or distributing new free ordinary shares or increasing the nominal value of the share, holders of preferred shares do not benefit from this distribution or increase unless otherwise provided in the company's bylaws or in the decisions issued by the extraordinary general assembly that created the preferred shares.",
                                            "position": 127,
                                            "article_number": "121"
                                        },
                                        {
                                            "id": 2844,
                                            "body": "Repeated9\r\nThe company is prohibited from redeeming its capital from the date of issuance of the preferred shares and throughout the existence of such shares, in accordance with Article 115 of this law.\r\nIn the event of a capital reduction for reasons not resulting from losses, the company must purchase and cancel the preferred shares before any purchase of ordinary shares or reduction of their nominal value, without prejudice to the application of the provisions of Articles 208 and 209 of this law, provided that the full priority profit shares due and to be due until the date of payment are paid. In this case, the value of the preferred shares is determined on a date prior to or concurrent with the purchase by agreement between the company and the special assembly of preferred shareholders. In case of disagreement, the actual value of the share as of the date of the capital reduction decision is determined by one or more certified accountants appointed by agreement between the parties. If this agreement is not possible, the expert or experts are appointed by the president of the commercial court within whose jurisdiction the company's headquarters is located.",
                                            "position": 128,
                                            "article_number": "121"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 999,
                                    "name": "On Bonds",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 2845,
                                            "body": "- Amended\r\nThe company may issue negotiable and indivisible bonds with a single nominal value given to subscribers in exchange for the amounts they have advanced.\r\nHowever, bonds may not be issued until the capital subscribed by the shareholders has been fully paid.\r\nMembers of the board of directors and managers who issue or allow the issuance of bonds contrary to the provisions of the previous paragraph shall be fined from one thousand to ten thousand Lebanese pounds, and these bonds shall be void.",
                                            "position": 129,
                                            "article_number": "122"
                                        },
                                        {
                                            "id": 2846,
                                            "body": "The holder of the mentioned bonds is entitled to receive a specified interest paid at fixed intervals and to recover their principal from the company's assets. (Patrimoine social.)",
                                            "position": 130,
                                            "article_number": "123"
                                        },
                                        {
                                            "id": 2847,
                                            "body": "- Amended\r\nWhile retaining the rules applicable to real estate credit companies, bonds may not be issued for an amount exceeding twice the company's existing capital according to the financial position audited by the auditors and approved by the general assembly, provided that the date does not exceed six months from the date of bond issuance.",
                                            "position": 131,
                                            "article_number": "124"
                                        },
                                        {
                                            "id": 2848,
                                            "body": "Even if the company's law provides for the issuance of bonds, they may not be issued without the approval of the general assembly.",
                                            "position": 132,
                                            "article_number": "125"
                                        },
                                        {
                                            "id": 2849,
                                            "body": "- Amended\r\nBefore publishing any pre-issuance announcement, the company's board members must publish in the official gazette, an economic newspaper, and a local daily newspaper a statement containing their signatures and addresses, particularly including the date of the general assembly's decision authorizing the issuance, the number of bonds to be issued, their value, interest rate, repayment schedule and conditions, guarantees, the number of previously issued bonds with their guarantees, the amount of capital, the value of in-kind contributions, the existence of a fixed interest clause, and the results of the latest approved balance sheet, otherwise they will be subject to a fine from one thousand to five thousand Lebanese pounds.",
                                            "position": 133,
                                            "article_number": "126"
                                        },
                                        {
                                            "id": 2850,
                                            "body": "- Amended\r\nThe subscription document, bond certificate, announcements, broadcasts, and publications must include the clarifications stated in that statement, with reference to the newspaper issues in which it was published.",
                                            "position": 134,
                                            "article_number": "127"
                                        },
                                        {
                                            "id": 2851,
                                            "body": "Subscribers to purchase bonds may cancel their subscription if the aforementioned procedures are not followed.",
                                            "position": 135,
                                            "article_number": "128"
                                        },
                                        {
                                            "id": 2852,
                                            "body": "- Amended\r\nEvery bond issuance must be recorded in the commercial register by the board of directors.\r\nIf they fail to do so, they will be subject to a fine from five hundred to two thousand five hundred Lebanese pounds.",
                                            "position": 136,
                                            "article_number": "129"
                                        },
                                        {
                                            "id": 2853,
                                            "body": "If the price of the bonds is not fully paid initially and calls to pay the remaining price are not effective, the company has the right to resort to selling on the stock exchange.",
                                            "position": 137,
                                            "article_number": "130"
                                        },
                                        {
                                            "id": 2854,
                                            "body": "Mortgage bonds may be issued, but their issuance must comply with the provisions of the High Commissioner's decision No. 77 L.R dated May 26, 1933.",
                                            "position": 138,
                                            "article_number": "131"
                                        },
                                        {
                                            "id": 2855,
                                            "body": "- Amended\r\nLottery bonds must be authorized by a government license based on a proposal from the Minister of Economy and Trade.",
                                            "position": 139,
                                            "article_number": "132"
                                        },
                                        {
                                            "id": 2856,
                                            "body": "Bonds may be issued with a redemption bonus payable upon bond maturity.",
                                            "position": 140,
                                            "article_number": "133"
                                        },
                                        {
                                            "id": 2857,
                                            "body": "The repayment of bond value is conducted according to the conditions set at issuance, and the company may not advance or delay the schedule.",
                                            "position": 141,
                                            "article_number": "134"
                                        },
                                        {
                                            "id": 2858,
                                            "body": "Notwithstanding any contrary provision, bondholders form a single body that constitutes itself upon each issuance, and its decisions made by majority vote are binding on all.",
                                            "position": 142,
                                            "article_number": "135"
                                        },
                                        {
                                            "id": 2859,
                                            "body": "After the subscription is concluded, the issuing company holds a general assembly of bondholders to approve the regulations of their body and appoint their representatives.",
                                            "position": 143,
                                            "article_number": "136"
                                        },
                                        {
                                            "id": 2860,
                                            "body": "Whenever it is evident that holding a bondholders' meeting is beneficial, it is convened either at the request of their representatives or a group of bondholders representing 1\/20 of the bond value, or at the request of the joint-stock company.",
                                            "position": 144,
                                            "article_number": "137"
                                        },
                                        {
                                            "id": 2861,
                                            "body": "- Amended\r\nThe assembly is convened by two consecutive announcements in the official gazette, an economic newspaper, and a local daily newspaper, with an interval of eight days between them, and they include the topics listed on the agenda, and no other topics may be discussed.",
                                            "position": 145,
                                            "article_number": "138"
                                        },
                                        {
                                            "id": 2862,
                                            "body": "The rules for quorum and voting are specified in Articles 193 and 195 for general assemblies of shareholders.",
                                            "position": 146,
                                            "article_number": "139"
                                        },
                                        {
                                            "id": 2863,
                                            "body": "Representatives of the bondholders' body have the right to take all precautionary measures to safeguard their rights.",
                                            "position": 147,
                                            "article_number": "140"
                                        },
                                        {
                                            "id": 2864,
                                            "body": "Measures intended to extend repayment terms, reduce the interest rate, principal of the debt, or its collateral, and generally any measures that compromise bondholders' rights may only be taken by their general assembly meeting the quorum conditions specified in the first paragraph of Article 193 with a two-thirds majority of the bondholders present or represented.",
                                            "position": 148,
                                            "article_number": "141"
                                        },
                                        {
                                            "id": 2865,
                                            "body": "Representatives of bondholders have the right to attend general assemblies of shareholders after receiving the same notices sent to shareholders.\r\nHowever, they do not have the right to vote in discussions.",
                                            "position": 149,
                                            "article_number": "142"
                                        },
                                        {
                                            "id": 2866,
                                            "body": "If a company continues to pay interest or dividends on shares, bonds, or other financial documents whose value is paid by drawing lots, the company may not reclaim the amounts mentioned upon presenting the bond for repayment. Any provision contrary to this rule is disregarded.",
                                            "position": 150,
                                            "article_number": "143"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 1000,
                                    "name": "On Bonds Convertible into Shares (Added by Legislative Decree No. 54\/77)",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 2867,
                                            "body": "*\r\nThis section related to convertible bonds into shares was added pursuant to Article 9 of Legislative Decree 54\/1977",
                                            "position": 1,
                                            "article_number": "143"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                }
                            ],
                            "position": 2
                        },
                        {
                            "id": 1001,
                            "name": "On the Examination of the Actions of Joint Stock Companies",
                            "number": "Third",
                            "articles": [],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 1002,
                                    "name": "On the Members of the Board of Directors",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 2868,
                                            "body": "- Amended\r\nThe joint-stock company is managed by a Board of Directors composed of at least three members and at most twelve members, while retaining any special laws that may apply to certain joint-stock companies. The number of Lebanese members on the Board of Directors must not be less than one-third.\r\nThe Board of Directors must appoint one of its members as the chairman.\r\nThe chairman of the Board of Directors does not need a work permit if he is a non-Lebanese non-resident in Lebanon.",
                                            "position": 151,
                                            "article_number": "144"
                                        },
                                        {
                                            "id": 2869,
                                            "body": "- Amended\r\nMembers of the Board of Directors receive their fees either by setting an annual amount for them, or by setting a fixed amount for each meeting they attend, or by allocating a proportional rate of the net profits, or by a method that combines these different benefits.\r\nHowever, the profits from which the proportional rate allocated to the members of the Board of Directors is taken must originally include only the net returns of the investment that is the subject of the company.\r\nAccordingly, the income from the securities portfolio may not be included except exceptionally and based on a special decision issued by the General Assembly and renewed annually.",
                                            "position": 152,
                                            "article_number": "145"
                                        },
                                        {
                                            "id": 2870,
                                            "body": "- Amended\r\nThe ordinary General Assembly elects the members of the Board of Directors, but the first members may be appointed in the company's bylaws.\r\nIn the event of the existence of a usufructuary and a bare owner for a single share, the bare owner alone is authorized to be a member of the Board of Directors, except in the case of a contrary agreement between the bare owner and the usufructuary, according to what is stipulated in Article 116 of this law.\r\nIn the case of co-owners of a single share, the provisions of Article 116 of this law also apply, and therefore only one person representing the co-owners is eligible for membership on the Board of Directors.\r\nIn the period between two annual assemblies, if the number of active members decreases due to death, resignation, or other reasons to less than half the minimum number specified in the bylaws or less than three, the remaining members must call the General Assembly within two months at most to fill the vacant positions.",
                                            "position": 153,
                                            "article_number": "146"
                                        },
                                        {
                                            "id": 2871,
                                            "body": "- Amended\r\nThe ordinary General Assembly elects the members of the Board of Directors from among the shareholders or non-shareholders.",
                                            "position": 154,
                                            "article_number": "147"
                                        },
                                        {
                                            "id": 2872,
                                            "body": "- Amended\r\nNo one may be chosen as a member of the Board of Directors if they have been declared bankrupt and have not regained their status for at least ten years, or if they have been convicted in Lebanon or abroad less than ten years ago for committing or attempting to commit a felony or misdemeanor. The same conditions apply to representatives of legal entities on the Board of Directors.",
                                            "position": 155,
                                            "article_number": "148"
                                        },
                                        {
                                            "id": 2873,
                                            "body": "- Amended\r\nThe term of office for members of the Board of Directors appointed according to the company's bylaws is a maximum of five years, while those appointed by a decision of the shareholders' assembly have a term of office of a maximum of three years, and their election can be renewed. The company's bylaws may include special provisions for the partial renewal of the Board of Directors.",
                                            "position": 156,
                                            "article_number": "149"
                                        },
                                        {
                                            "id": 2874,
                                            "body": "Members of the Board of Directors are subject to dismissal without cause. Any contrary provision is not considered.",
                                            "position": 157,
                                            "article_number": "150"
                                        },
                                        {
                                            "id": 2875,
                                            "body": "If the General Assembly of shareholders decides on dismissal and the issue of dismissal was not included in its agenda, this decision will not be implemented unless confirmed by a new General Assembly whose agenda includes this issue. This second assembly is convened by the auditors within two months from the date of the first assembly, and one of them presides over it.",
                                            "position": 158,
                                            "article_number": "151"
                                        },
                                        {
                                            "id": 2876,
                                            "body": "- Amended\r\nAny change in the composition of the Board of Directors must be published by depositing the minutes with the relevant commercial register under the care of the Board of Directors members.\r\nThe notification by which the company is informed of the resignation of a Board of Directors member is also recorded in the same commercial register.\r\nIn both cases, the publication or registration is done without the need to present any other document of any kind, whether official or unofficial.",
                                            "position": 159,
                                            "article_number": "152"
                                        },
                                        {
                                            "id": 2877,
                                            "body": "- Amended\r\nThe management of the company is entrusted to the Chairman of the Board of Directors, the General Manager, elected by the Board of Directors from among the natural persons who make up the board.\r\nThe company's bylaws may include the possibility of separating the chairmanship of the Board of Directors from the management of the company.\r\nThe Board of Directors appoints, from among the natural persons, a General Manager from the shareholders or non-shareholders.\r\nIt is up to the Chairman of the Board of Directors, the General Manager, or exclusively the General Manager in case of separation of the positions, to propose to the board the appointment of one or more Assistant General Managers. The Board of Directors appoints the Assistant General Manager or Assistant General Managers from outside the Board of Directors and from among the shareholders or non-shareholders, provided they are natural persons.\r\nThe Assistant General Manager performs his function under the personal responsibility of the authority that proposed his appointment.\r\nWhen the chairman is temporarily unable to perform his functions, he may delegate all or part of them to one of the Board of Directors members, provided that this delegation is always for a specified period.\r\nIf the chairman is permanently unable to perform his functions, the Board of Directors may consider him resigned and elect another.\r\nMembers of the Board of Directors may hold administrative positions in the company for a salary determined by the Board of Directors, but they do not benefit from the provisions of the Labor Law unless they have been employees of the company for at least two years when they assume office.",
                                            "position": 160,
                                            "article_number": "153"
                                        },
                                        {
                                            "id": 2878,
                                            "body": "- Amended\r\nNo one may hold the chairmanship of the Board of Directors in more than six companies in Lebanon, nor may anyone be a General Manager or Assistant General Manager in more than three companies headquartered in Lebanon.\r\nA natural person may not be a member of more than eight Boards of Directors of companies headquartered in Lebanon.\r\nHolding the chairmanship and membership in Boards of Directors related to different insurance companies with a single trade name is considered as one chairmanship or membership.\r\nIn case of violation of the provisions of this article, any interested party may warn the violator and the company to comply with it. If the violator does not correct his situation within two months after receiving the warning, he is considered resigned by law after this period, and any interested party may, in case of continued violation, request a ruling to annul the decisions made in the Board of Directors in the presence of the violator.\r\nThe violator or the company may not invoke the annulment of these decisions against third parties.\r\nIn all cases, the violator must return what he received in wages and bonuses to the company since the violation occurred.",
                                            "position": 161,
                                            "article_number": "154"
                                        },
                                        {
                                            "id": 2879,
                                            "body": "- Amended\r\nThe chairman of the board and the general manager are not considered traders except in relation to the following matters:\r\nThe competent court may rule against them or any of them by stripping the rights that the law associates with bankruptcy if the company goes bankrupt and its bankruptcy is due to fraud or significant errors in the management of the company's affairs.\r\nIf the functions of the chairman have been transferred, in whole or in part, to one of the persons mentioned in Article 153, the person to whom the chairman's functions have been transferred bears, in proportion to the functions transferred to him, the responsibilities specified in this article instead of the chairman of the board.",
                                            "position": 162,
                                            "article_number": "155"
                                        },
                                        {
                                            "id": 2880,
                                            "body": "- Amended\r\nFor the council's decisions to be legal, at least half of the members must attend the session or be represented in it, and a member may only represent one other member.\r\nThe company's bylaws may, within the framework of calculating the majority and quorum in council meetings, consider members who participate in board meetings via remote audio-visual communication technology or other technical means, whose conditions are determined by a decision issued by the Minister of Justice, as present in the meeting, provided that the identity of the connected member is verified and the safety, continuity, and reliability of the connection and the actual participation of the connected member in the discussions are ensured. The company's bylaws must specify the mechanism to be adopted in this context, and the bylaws may prohibit the issuance of certain decisions by a board of directors in which members participate remotely via the aforementioned communication technology.\r\nThe use of any of these technologies is prohibited when preparing and approving the annual accounts, annual financial statements, and reports for the past year mentioned in Article 101.\r\nThe content of the remote communication must be recorded in all board meetings, so that the recordings are considered an integral part of the meeting minutes and are kept with them.\r\nRelated text: Determining the conditions for shareholder members to participate in board meetings in joint-stock companies via remote audio-visual communication technology or other technical means.",
                                            "position": 163,
                                            "article_number": "156"
                                        },
                                        {
                                            "id": 2881,
                                            "body": "- Amended\r\nThe board of directors has broad powers to implement the resolutions of the general assembly and to carry out all actions required for the normal course of the project, which are not considered daily actions. These powers are limited only by what is stipulated in the law or the company's bylaws.\r\nThe board of directors may delegate some of its powers to the chairman of the board, the general manager in the absence of a general manager, or to the general manager, for a short and specified period, provided that this delegation is subject to publication in the commercial register.\r\nThe chairman of the board, the general manager, has all the powers to represent the company to third parties, implement the board's resolutions, and manage the company's daily affairs as outlined in the bylaws or custom, under the supervision and control of the board of directors.\r\nIn the event of appointing a general manager according to the provisions of Article 153 of this law, the chairman of the board has the authority of general supervision over the company's operations, without interfering in daily operations. He presides over the board of directors and gives general directives to the general manager, which are not binding on the latter. In this case, the general manager has all the powers to represent the company to third parties, implement the board's resolutions, and manage the company's daily affairs as outlined in the bylaws or custom, under the supervision and control of the board of directors.",
                                            "position": 164,
                                            "article_number": "157"
                                        },
                                        {
                                            "id": 2882,
                                            "body": "- Amended\r\n1 - Members and the chairman of the board of directors, the assistant general manager, and any shareholder who directly or indirectly owns voting rights of five percent (5%) in the company's capital are subject to prior authorization from the board of directors for any contract, agreement, or commitment intended to be made with the company, whether the mentioned contract, agreement, or commitment is conducted directly or indirectly or under the guise of a third person.\r\nNone of the aforementioned individuals has the right to participate in voting on the decision to grant or refuse the authorization related to them, and their votes are not counted in the quorum or voting when discussing the mentioned authorization.\r\nExcluded from this obligation and the authorization provisions are contracts, agreements, and commitments whose subject is ordinary operations between the company and its customers.\r\n2 - Prior authorization from the board of directors is required for any agreement between the company and another company if any of the persons mentioned in the first paragraph of this article:\r\nA - Is a partner who directly or indirectly owns voting rights exceeding five percent (5%) in the capital of that company.\r\nB - Or is a general partner or managing partner in that company, regardless of their share percentage in its capital if it is a partnership or limited partnership.\r\nC - Or is a manager of that company or a member of its board of directors.\r\nThis person is not entitled to participate in voting on the decision to grant or refuse the authorization related to that company, and their vote is not counted in the quorum or voting when discussing the authorization.\r\n3 - The person who meets any of the conditions mentioned in the above paragraphs must immediately inform the board of directors in writing and in detail.\r\n4 - The board of directors must:\r\nA - Consider the authorizations for the contracts, agreements, and commitments mentioned in the first and second paragraphs of this article within a reasonable period and before the general assembly convenes. If the authorizations are approved, a special report on them is presented to the first general assembly, ordinary or extraordinary, for ratification.\r\nThe persons mentioned in the first paragraph of this article are not entitled to participate in voting on the ratification decision, and their shares are not counted in the quorum.\r\nB - Inform the auditors of the contracts, agreements, and commitments that have been authorized within fifteen days of the authorization decision.\r\nThe auditors present their special report related to the contracts, agreements, and commitments mentioned in the first and second paragraphs of this article to the general assembly, expressing their opinion on the impact of those contracts, agreements, and commitments on the financial statements and the accompanying notes, for voting according to the procedures.\r\n5 - Subject to the provisions of laws and regulations specific to banks and financial markets, it is prohibited for any of the members and chairman of the board of directors, the general manager, the assistant general manager, the auditors, and any shareholder who directly or indirectly owns voting rights exceeding five percent (5%) in its capital to obtain from the company, by any means, a loan, facilities, guarantee, or any security against third parties.\r\nIn all cases, the authorization is not considered effective until ratified by the general assembly.",
                                            "position": 165,
                                            "article_number": "158"
                                        },
                                        {
                                            "id": 2883,
                                            "body": "- Amended\r\nThe chairman and members of the board of directors, the general manager, and the assistant general manager are not allowed to participate in the management of a company similar in its subject or activity to their company unless they obtain prior authorization from the ordinary general assembly, and this authorization is renewed every year.",
                                            "position": 166,
                                            "article_number": "159"
                                        },
                                        {
                                            "id": 2884,
                                            "body": "- Amended\r\nThe president, board members, general manager, and assistant general manager shall not have any interest in any company, association, syndicate, or other group that engages in operations intended to influence the prices of the stock exchange related to the securities issued by the company, regardless of their type.",
                                            "position": 167,
                                            "article_number": "160"
                                        },
                                        {
                                            "id": 2885,
                                            "body": "- Amended\r\nAt the end of the first six months of the fiscal year, the board members must prepare the interim financial statements for that period. They must also organize the financial statements referred to in Article 101 of this law at the end of the year.",
                                            "position": 168,
                                            "article_number": "161"
                                        },
                                        {
                                            "id": 2886,
                                            "body": "- Amended\r\nThe financial statements must be clear. Any change from year to year in the method of their preparation or presentation must be disclosed in the notes accompanying the audited financial statements.",
                                            "position": 169,
                                            "article_number": "162"
                                        },
                                        {
                                            "id": 2887,
                                            "body": "- Amended\r\nIn addition to the financial statements referred to in Article 101 of this law, the board of directors must organize a report on the company's status and activities during the ended year to present to the shareholders fifteen days before the date of the general assembly meeting.\r\nThe board of directors' report must clearly and accurately include the following topics:\r\n- The company's status and activities during the ended year.\r\n- The results of these activities.\r\n- The progress made and the challenges faced.\r\n- The expected development of the company's status.\r\n- Indication of expected risks.\r\n- Significant operations that occurred between the end of the year and the date of the general assembly meeting.",
                                            "position": 170,
                                            "article_number": "163"
                                        },
                                        {
                                            "id": 2888,
                                            "body": "- Amended\r\nThe board of directors invites the shareholders to hold general assemblies.",
                                            "position": 171,
                                            "article_number": "164"
                                        },
                                        {
                                            "id": 2889,
                                            "body": "- Amended\r\nThe board of directors must establish a reserve by deducting ten percent of the net profits after deducting previous losses until the reserve amount equals one-third of the company's capital.",
                                            "position": 172,
                                            "article_number": "165"
                                        },
                                        {
                                            "id": 2890,
                                            "body": "- Amended\r\nThe board members and the general manager are liable even to third parties for all acts of fraud and any violation of the law and the company's bylaws. The lawsuit that the injured party is entitled to file is an individual lawsuit and cannot be stopped by a vote of the general assembly that exonerates the board members and the general manager.",
                                            "position": 173,
                                            "article_number": "166"
                                        },
                                        {
                                            "id": 2891,
                                            "body": "- Amended\r\nThe persons mentioned in Article 166 are also liable to the shareholders for their administrative errors.\r\nIn general, the board members and the general manager are not liable for their administrative errors to third parties. However, in the event of the company's bankruptcy and a shortfall in assets, the court may, at the request of the bankruptcy trustee, the public prosecutor, or on its own initiative, decide that the company's debts are borne by the board members and\/or the general manager or any other person entrusted with managing or supervising the company's affairs, including the auditors. The court determines the amounts for which they are liable and whether they are jointly liable. To avoid this liability, they must prove that they managed and supervised the company's affairs with the care of a diligent and effective professional.\r\nIf the board of directors separates the roles of the chairman and the general manager, the chairman is only liable in case of a violation of the law or the company's bylaws.",
                                            "position": 174,
                                            "article_number": "167"
                                        },
                                        {
                                            "id": 2892,
                                            "body": "- Amended\r\nThe right to file a lawsuit against the chairman and board members and the general manager based on the first paragraph of the previous article belongs to the company. If the company neglects this right, any shareholder may sue on its behalf to the extent of their interest in the company.",
                                            "position": 175,
                                            "article_number": "168"
                                        },
                                        {
                                            "id": 2893,
                                            "body": "In order to grant exoneration, it must always be preceded by the presentation of the company's accounts and the auditors' report. Such exoneration only covers matters that the general assembly was able to know.",
                                            "position": 176,
                                            "article_number": "169"
                                        },
                                        {
                                            "id": 2894,
                                            "body": "- Amended\r\nLiability may be either individual, pertaining to one board member or the general manager, or joint among all of them. In this case, they are all jointly liable for compensation unless a group of them objected to the decision taken against them and recorded their objection in the minutes.\r\nThe final distribution of liability among those responsible is according to each one's share in the committed error.",
                                            "position": 177,
                                            "article_number": "170"
                                        },
                                        {
                                            "id": 2895,
                                            "body": "- Amended\r\nThe liability lawsuit, whether filed by a shareholder or a third party, is barred after five years from the date of the general assembly meeting where the members rendered an account of their management.",
                                            "position": 178,
                                            "article_number": "171"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 1003,
                                    "name": "Auditors",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 2896,
                                            "body": "- Amended\r\nThe constituent assembly, followed by the ordinary assemblies, shall appoint one or several auditors, and they may not continue in their position for more than one year. However, their appointment can be renewed for a maximum of five consecutive years.",
                                            "position": 179,
                                            "article_number": "172"
                                        },
                                        {
                                            "id": 2897,
                                            "body": "- Amended\r\nA shareholder or a group of shareholders representing at least ten percent (10%) of the company's capital may request the president of the primary chamber, within whose jurisdiction the company's headquarters is located, to appoint an additional auditor. This auditor is to be chosen from the court's accounting experts and shall have the same authority, with fees not exceeding those set for auditors appointed according to Article 172.",
                                            "position": 180,
                                            "article_number": "173"
                                        },
                                        {
                                            "id": 2898,
                                            "body": "- Amended\r\nThe auditors shall audit the financial statements stipulated in Article 101 of this amended law, prepared by the board of directors, to express their opinion on their accuracy. Their report must include references to instances of non-compliance by the company with its regulations and applicable laws and regulations.\r\nThe board of directors and the general manager must provide the auditors with all necessary information, documents, papers, instruments, and accounting records to complete the audit procedures and tasks at any time during the year.\r\nThe board of directors must provide the auditors with the financial statements stipulated in Article 101 of this law at least sixty days before the general assembly convenes.",
                                            "position": 181,
                                            "article_number": "174"
                                        },
                                        {
                                            "id": 2899,
                                            "body": "- Amended\r\nThe auditors shall submit their report on the financial statements to the general assembly for approval. If they do not submit this report, the decision of the general assembly to approve the statements shall be void.",
                                            "position": 182,
                                            "article_number": "175"
                                        },
                                        {
                                            "id": 2900,
                                            "body": "- Amended\r\nThe auditors must call the general assembly whenever the board of directors fails to do so in the cases specified by law or the company's regulations.\r\nThey also have the right to call it whenever they deem it beneficial.\r\nMoreover, they must call the general assembly if requested by a group of shareholders representing one-fifth of the company's capital.",
                                            "position": 183,
                                            "article_number": "176"
                                        },
                                        {
                                            "id": 2901,
                                            "body": "- Amended\r\nAuditors may not have any direct or indirect interest with a group aiming to influence the prices of any category of the company's securities.\r\nFurthermore, auditors may not have interests outside the scope of their mandate, especially through consultancy contracts of any kind, (with the company or with a shareholder, a legal entity, or a shareholder or group of shareholders owning ten percent or more of the company's capital).",
                                            "position": 184,
                                            "article_number": "177"
                                        },
                                        {
                                            "id": 2902,
                                            "body": "- Amended\r\nAuditors shall be liable either individually or jointly, even to third parties, whenever they commit an error in auditing, with the statute of limitations being five years.",
                                            "position": 185,
                                            "article_number": "178"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 1004,
                                    "name": "General Shareholders' Meetings",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 4368,
                                            "body": "The provisions related to the rights of third parties in the event of capital reduction apply to any decision involving merger or consolidation.",
                                            "position": 1,
                                            "article_number": "213"
                                        },
                                        {
                                            "id": 2903,
                                            "body": "The general shareholders' assemblies are the founding assembly, ordinary assemblies, and extraordinary assemblies.",
                                            "position": 186,
                                            "article_number": "179"
                                        },
                                        {
                                            "id": 2904,
                                            "body": "The right to convene ordinary and extraordinary assemblies primarily belongs to the board members. As for the founding assembly, the right to convene it belongs to the founders.\r\nThe commissioners-auditors may present themselves in place of the board members in the cases mentioned above.",
                                            "position": 187,
                                            "article_number": "180"
                                        },
                                        {
                                            "id": 2905,
                                            "body": "- Amended\r\nShareholders who cannot attend the assembly may appoint a representative on their behalf, provided these representatives are themselves shareholders, unless the bylaws allow for these representatives to be non-shareholders, except for the legal representatives of those lacking capacity.\r\nThe company's bylaws may, within the framework of calculating the majority and quorum in general assembly meetings of shareholders, consider shareholders who participate in meetings via remote audio-visual communication technology or other technical means, whose conditions are determined by a decision issued by the Minister of Justice, as present at the meeting, provided that the identity of the connected member is verified, and the safety, continuity, and reliability of the connection and the actual participation of the connected member in the discussions are ensured, with the company's bylaws specifying the mechanism to be adopted in this context.\r\nThe content of the remote communication must be recorded in all general assembly sessions, so that the recordings are considered an integral part of the assembly's minutes and are kept with it.",
                                            "position": 188,
                                            "article_number": "181"
                                        },
                                        {
                                            "id": 2906,
                                            "body": "- Amended\r\nAn attendance sheet is organized, listing the names of the attending shareholders, representatives, and participants via remote communication means, if any, the number of shares each owns, and the number of votes associated with these shares.\r\nThis sheet is placed at the company's headquarters and may be reviewed by anyone who proves they are a shareholder.",
                                            "position": 189,
                                            "article_number": "182"
                                        },
                                        {
                                            "id": 2907,
                                            "body": "- Amended\r\nAn office is established consisting of at least a president and a secretary.\r\nThe office members must be personally present.",
                                            "position": 190,
                                            "article_number": "183"
                                        },
                                        {
                                            "id": 2908,
                                            "body": "The assembly may not discuss matters not listed on the agenda, except for unexpected and urgent matters that arise during the meeting.",
                                            "position": 191,
                                            "article_number": "184"
                                        },
                                        {
                                            "id": 2909,
                                            "body": "Every shareholder, regardless of the type of shares they own, has the right to participate in voting even if they only hold a temporary certificate.",
                                            "position": 192,
                                            "article_number": "185"
                                        },
                                        {
                                            "id": 2910,
                                            "body": "- Amended\r\nSubject to the provisions regarding registered shares noted in Article 117, each shareholder has a number of votes equivalent to the shares they own or represent without limitation unless the company's bylaws explicitly state otherwise, in which case the limitation must be uniform for all shares regardless of their category.",
                                            "position": 193,
                                            "article_number": "186"
                                        },
                                        {
                                            "id": 2911,
                                            "body": "- Amended\r\nA shareholder may not vote for themselves or for those they represent when the matter involves a benefit to be granted to them or a dispute between them and the company if the assembly makes a decision regarding this dispute.",
                                            "position": 194,
                                            "article_number": "187"
                                        },
                                        {
                                            "id": 2912,
                                            "body": "The representatives of bondholders attending the assembly do not have the right to vote in the discussions.",
                                            "position": 195,
                                            "article_number": "188"
                                        },
                                        {
                                            "id": 2913,
                                            "body": "If a single shareholder requests a secret ballot, it becomes mandatory for all matters of a personal nature, such as the dismissal of board members or holding them accountable.",
                                            "position": 196,
                                            "article_number": "189"
                                        },
                                        {
                                            "id": 2914,
                                            "body": "- Amended\r\nIf the attending shareholders find their information on the matters presented for discussion insufficient, the meeting is postponed for at least eight days and no more than fifteen days, provided that a quarter of the assembly members request this postponement.",
                                            "position": 197,
                                            "article_number": "190"
                                        },
                                        {
                                            "id": 2915,
                                            "body": "The office members must draft the session minutes and sign them with their signatures.",
                                            "position": 198,
                                            "article_number": "191"
                                        },
                                        {
                                            "id": 2916,
                                            "body": "- Amended\r\nDecisions made according to the procedures and observing the quorum and majority conditions specific to each general assembly, without fraud or abuse of power, are binding on all shareholders, including those absent and dissenting.",
                                            "position": 199,
                                            "article_number": "192"
                                        },
                                        {
                                            "id": 2917,
                                            "body": "- Amended\r\nThe discussions of the founding assembly are not legal unless the number of shareholders composing it represents at least two-thirds of the company's capital.\r\nIf this quorum is not met, a new assembly can be convened based on an invitation published in the official gazette, an economic newspaper, and a local daily newspaper twice, one week apart.\r\nThe invitation mentions the agenda of the previous assembly and the results it yielded, and the discussions of this second assembly are legal if the number of shareholders composing it represents at least half of the company's capital.\r\nIf this quorum is still not met, a third assembly can be convened, which then only requires representing at least one-third of the company's capital.",
                                            "position": 200,
                                            "article_number": "193"
                                        },
                                        {
                                            "id": 2918,
                                            "body": "- Amended\r\nRegarding the investigation of in-kind contributions, the quorum must be calculated based on the number of shares subscribed or owned by shareholders, regardless of the in-kind contributors.",
                                            "position": 201,
                                            "article_number": "194"
                                        },
                                        {
                                            "id": 2919,
                                            "body": "- Amended\r\nIn the assemblies mentioned in Articles 193 and 194, decisions are made by a two-thirds majority of the votes of the attending or represented shareholders. In-kind contributors do not participate in decision-making regarding the investigation of these contributions.",
                                            "position": 202,
                                            "article_number": "195"
                                        },
                                        {
                                            "id": 2920,
                                            "body": "The ordinary assembly is held annually after the end of the fiscal year to decide on the accounts of the board members, distribute profit shares, appoint new commissioners for auditing, and appoint board members upon the expiration of their mandate.\r\nIt can also be held during the fiscal year in the event of unforeseen circumstances, provided its purpose is not to amend the company's bylaws.",
                                            "position": 203,
                                            "article_number": "196"
                                        },
                                        {
                                            "id": 2921,
                                            "body": "- Amended\r\nAll shareholders and bondholders have the right to review at the company's headquarters or through a specific electronic means adopted by the company:\r\n- The documents specified in items 1 to 5 of Article 101 of this law.\r\n- The list of shareholders.\r\nInterested parties may take or request copies of all the aforementioned documents at their own expense.\r\nThe company is not entitled to charge for delivering these copies except for the fees determined by a tariff decided by the Minister of National Economy.",
                                            "position": 204,
                                            "article_number": "197"
                                        },
                                        {
                                            "id": 2922,
                                            "body": "- Amended\r\nThe ordinary general assembly must consist of shareholders representing at least one-third of the company's capital.\r\nIf this quorum is not met, a second assembly is convened, and its discussions are legal regardless of the portion of the company's capital it represents.",
                                            "position": 205,
                                            "article_number": "198"
                                        },
                                        {
                                            "id": 2923,
                                            "body": "- Amended\r\nIn all cases where there is no contrary provision, decisions in ordinary general assemblies are made by an absolute majority of the votes of the shares of the shareholders present, represented, or participating remotely, who properly constitute the assembly.",
                                            "position": 206,
                                            "article_number": "199"
                                        },
                                        {
                                            "id": 2924,
                                            "body": "Extraordinary assemblies discuss the amendments intended to be introduced to the company's bylaws.",
                                            "position": 207,
                                            "article_number": "200"
                                        },
                                        {
                                            "id": 2925,
                                            "body": "- Amended\r\nExtraordinary assemblies, while observing the provisions of Article 80 and the following rules, may amend the bylaws in all its provisions provided that they do not change the nationality of the company, increase the obligations of the shareholders, or affect the rights of others.",
                                            "position": 208,
                                            "article_number": "201"
                                        },
                                        {
                                            "id": 2926,
                                            "body": "- Amended\r\nRegarding decisions to change the company's purpose or form, the legal quorum must always represent at least three-quarters of the company's capital.",
                                            "position": 209,
                                            "article_number": "202"
                                        },
                                        {
                                            "id": 2927,
                                            "body": "Regarding other permissible amendments, the legal quorum in the three consecutive assemblies convened in the manner of the founding assembly must represent two-thirds of the capital in the first assembly, half in the second, and one-third in the third.",
                                            "position": 210,
                                            "article_number": "203"
                                        },
                                        {
                                            "id": 2928,
                                            "body": "- Amended\r\nDecisions in extraordinary general assemblies are made by a two-thirds majority of the votes of the shares of the shareholders present, represented, and participating remotely.",
                                            "position": 211,
                                            "article_number": "204"
                                        },
                                        {
                                            "id": 2929,
                                            "body": "- Amended\r\nThe company's capital cannot be increased unless the full value of the previous capital has been paid in accordance with Article 119 of this law, under penalty of nullity of the capital increase.\r\nIn the event of a usufructuary and a bare owner on a single share, the bare owner has the right to subscribe to the capital increase, unless the usufructuary and the bare owner have agreed otherwise before the decision to increase the company's capital and have informed the company of their agreement in accordance with the provisions of Article 116 of this law.",
                                            "position": 212,
                                            "article_number": "205"
                                        },
                                        {
                                            "id": 2930,
                                            "body": "- Amended\r\nThe legal rules related to the establishment of joint-stock companies must be observed concerning the newly issued shares. The same penalties related to the nullification of the capital increase, fines, and the responsibility of the chairman and members of the board of directors, the general manager or general managers in office at the time, and the shareholders who did not obtain proper approval for their contributions, as well as the auditors and experts, apply.",
                                            "position": 213,
                                            "article_number": "206"
                                        },
                                        {
                                            "id": 2931,
                                            "body": "If new shares are subscribed by people other than the old shareholders despite the preferential right given to them, and the company has a reserve fund, the mentioned shares are issued at a price higher than their nominal value, with the price increase corresponding to the participation in the reserve fund.",
                                            "position": 214,
                                            "article_number": "207"
                                        },
                                        {
                                            "id": 2932,
                                            "body": "A capital reduction cannot be decided except while preserving the rights of others.\r\nTherefore, the decision of the general assembly to reduce cannot be executed unless it is published in the official gazette and creditors do not object within a period of three months.\r\nIf an objection occurs, the capital reduction is postponed until the court decides whether this reduction harms or does not harm the rights of others.",
                                            "position": 215,
                                            "article_number": "208"
                                        },
                                        {
                                            "id": 2933,
                                            "body": "Members of the board of directors are responsible for any illegal reduction of capital carried out by the company purchasing its own shares and paying for them with money taken from the capital or the legal reserve.",
                                            "position": 216,
                                            "article_number": "209"
                                        },
                                        {
                                            "id": 2934,
                                            "body": "- Amended\r\nBased on the legal rules related to the formal conditions that must be observed in the discussions of general assemblies, any decision contrary to these conditions is void whenever it is proven that this violation actually corrupted the resulting outcome.\r\nAnyone with standing and interest has the right to invoke this nullity before the competent authority.\r\nThe nullity is removed by correcting the discussions or by the passage of one year from the day the assembly was held for shareholders and from the publication of the decision in the commercial register for non-shareholders.",
                                            "position": 217,
                                            "article_number": "214"
                                        },
                                        {
                                            "id": 2935,
                                            "body": "Those who fraudulently create or attempt to create an incorrect majority in a general assembly of shareholders or bondholders, especially those who present themselves as owners of securities belonging to people who cannot vote or induce others to promise them special benefits to vote in a certain way or abstain from voting, or use power purchased with money or any unlawful means, are subject to fraud penalties while retaining the right to compensation for damages.\r\nSubordinate interveners are punished with the same penalties.",
                                            "position": 218,
                                            "article_number": "215"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                }
                            ],
                            "position": 3
                        },
                        {
                            "id": 1005,
                            "name": "On the Dissolution of Joint Stock Companies",
                            "number": "Fourth",
                            "articles": [
                                {
                                    "id": 3706,
                                    "body": "- Amended\r\nJoint-stock companies are dissolved upon the expiration of their designated term or upon the completion of the project for which they were formed, or if it becomes impossible to complete it.\r\nThey are also dissolved by the will of the partners expressed in a general meeting under the conditions outlined in Articles 202 and 204, as well as in all special cases stipulated in the statute.\r\nIf the company loses three-quarters of its capital, the board members must convene an extraordinary general meeting to decide whether the situation requires dissolving the company before its term, reducing the capital, or taking other appropriate measures.",
                                    "position": 219,
                                    "article_number": "216"
                                },
                                {
                                    "id": 3707,
                                    "body": "- Amended\r\nIn any case, if the board members neglect to convene the meeting or if it cannot be formed due to lack of quorum, or if the meeting refuses to dissolve the company, each shareholder retains the right to resort to the competent court to take appropriate measures or dissolve the company.",
                                    "position": 220,
                                    "article_number": "217"
                                },
                                {
                                    "id": 3708,
                                    "body": "The decision taken, whatever it may be, must be published.",
                                    "position": 221,
                                    "article_number": "218"
                                },
                                {
                                    "id": 3709,
                                    "body": "Liquidation is primarily conducted according to the rules stipulated for partnerships.",
                                    "position": 222,
                                    "article_number": "219"
                                },
                                {
                                    "id": 3710,
                                    "body": "- Amended\r\nIf the liquidators are not appointed in the company's statute, they are appointed by the ordinary general meeting unless the intention is to dissolve the company before its term, in which case they are appointed by the extraordinary general meeting at the same time.\r\nIf the general meeting does not appoint the liquidators, their appointment is then referred to the competent court upon the request of any interested party.",
                                    "position": 223,
                                    "article_number": "220"
                                },
                                {
                                    "id": 3711,
                                    "body": "The auditors, joined by the expert appointed by the court, remain in their positions and then oversee the liquidation.",
                                    "position": 224,
                                    "article_number": "221"
                                },
                                {
                                    "id": 3712,
                                    "body": "- Amended\r\nThe liquidators receive the accounts of the administrative actions taken by the board members and the general manager from the approval of the last budget by the general meeting to the commencement of the liquidation, and they either approve them or present the issues that appear to them to the competent court.",
                                    "position": 225,
                                    "article_number": "222"
                                },
                                {
                                    "id": 3713,
                                    "body": "- Amended\r\nIf the liquidation period exceeds one year, the liquidators must prepare and publish the annual budget.",
                                    "position": 226,
                                    "article_number": "223"
                                },
                                {
                                    "id": 3714,
                                    "body": "- Amended\r\nAfter the completion of the liquidation activities, the liquidators prepare the final budget, in which they determine each shareholder's share in the distribution of the company's assets.",
                                    "position": 227,
                                    "article_number": "224"
                                },
                                {
                                    "id": 3715,
                                    "body": "- Amended\r\nThe auditors prepare a report on the accounts submitted by the liquidators, which is then approved by the ordinary general meeting, deciding to discharge the liquidators or objecting to the accounts, in which case the dispute is referred to the competent court.",
                                    "position": 228,
                                    "article_number": "225"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 4
                        }
                    ],
                    "position": 7
                },
                {
                    "id": 1011,
                    "name": "On Limited Partnerships",
                    "number": "Fourth",
                    "articles": [
                        {
                            "id": 3768,
                            "body": "A partnership en commandite that operates under a trade name includes two categories of partners:\r\nThe first category is the general partners who alone have the right to conduct its administrative affairs and are personally and jointly liable for the company's debts.\r\nThe second category is the limited partners who contribute capital and are only liable to the extent of their contribution.",
                            "position": 281,
                            "article_number": "226"
                        },
                        {
                            "id": 3769,
                            "body": "Partnerships en commandite are of two types:\r\n- Simple partnership en commandite,\r\n- Joint-stock partnership en commandite.",
                            "position": 282,
                            "article_number": "227"
                        },
                        {
                            "id": 3770,
                            "body": "A partnership en commandite is declared to the Republic under a trade name that includes only the names of the general partners. If there is only one general partner, the words \"and partners\" may be added to his name.\r\nIf a limited partner allows his name to be included in the company's name, he becomes a general partner towards any third party acting in good faith.",
                            "position": 283,
                            "article_number": "228"
                        },
                        {
                            "id": 3771,
                            "body": "The general partners, whether all of them manage the company's affairs or one or several of them manage on behalf of all, are subject to the same legal system that applies to members of a general partnership.",
                            "position": 284,
                            "article_number": "229"
                        },
                        {
                            "id": 3772,
                            "body": "A limited partner is not allowed to intervene in the management of the company's affairs towards third parties, even if his intervention is based on a power of attorney.\r\nIf this prohibition is violated, he becomes jointly liable with the general partners for obligations arising from his administrative actions, and the liability imposed on him may be limited to the results of the actions he intervened in or may extend to all the company's debts in proportion to the number and seriousness of those actions.\r\nHowever, monitoring the work of the managers, providing opinions and advice to them, and authorizing them to perform actions beyond their authority are not considered acts of intervention.",
                            "position": 285,
                            "article_number": "230"
                        },
                        {
                            "id": 3773,
                            "body": "A simple partnership en commandite is subject to the rules established for the formation and dissolution of general partnerships, even concerning the limited partners.",
                            "position": 286,
                            "article_number": "231"
                        },
                        {
                            "id": 3774,
                            "body": "In joint-stock partnerships en commandite, the capital is divided into shares, and the limited partner is subject to the legal system applicable to shareholders in joint-stock companies.",
                            "position": 287,
                            "article_number": "232"
                        },
                        {
                            "id": 3775,
                            "body": "Joint-stock partnerships en commandite, regardless of their subject, are subject to commercial law and its customs.",
                            "position": 288,
                            "article_number": "233"
                        },
                        {
                            "id": 3776,
                            "body": "The legal rules applicable to joint-stock companies apply to the formation and operation of joint-stock partnerships en commandite.",
                            "position": 289,
                            "article_number": "234"
                        },
                        {
                            "id": 3777,
                            "body": "All obligations imposed by law on the board members of a joint-stock company apply to the managers of a joint-stock partnership en commandite.",
                            "position": 290,
                            "article_number": "235"
                        },
                        {
                            "id": 3778,
                            "body": "- Amended\r\n(Decree-Law No. 304 issued on December 24, 1942, and its amendments)\r\nThe number of supervisory commissioners must be at least three, including the accountant appointed by the court president by decision. They cannot be chosen from the general partners.\r\nThey meet as a board whenever required by the supervision and investigations they must conduct.\r\nThe term of the supervisory board is determined in the company's bylaws, provided that the first board is appointed for only one year.",
                            "position": 291,
                            "article_number": "236"
                        },
                        {
                            "id": 3779,
                            "body": "All decisions of the general assemblies, except those related to the approval of administrative actions, imply the personal consent of the general partners according to the rules specified in the company's bylaws.",
                            "position": 292,
                            "article_number": "237"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 9
                },
                {
                    "id": 1012,
                    "name": "On Companies with Variable Capital (Cooperative Companies)",
                    "number": "Fifth",
                    "articles": [
                        {
                            "id": 3780,
                            "body": "Every company may include in its bylaws a provision stating that its capital is subject to change, in which case it shall be subject to the provisions of the following articles in addition to the general rules applicable to it according to its specific form.\r\nThis provision must be published.",
                            "position": 293,
                            "article_number": "238"
                        },
                        {
                            "id": 3781,
                            "body": "When a company has capital that is subject to change, its capital may be increased either by accepting new partners or by new amounts paid by the partners, and it may be decreased by the partners reclaiming all or part of what they have contributed.\r\nThe increase and decrease of capital are carried out with complete freedom and are exempt from publication procedures unless the company's bylaws state otherwise.",
                            "position": 294,
                            "article_number": "239"
                        },
                        {
                            "id": 3782,
                            "body": "Article 240 of the Commercial Law has been repealed.",
                            "position": 295,
                            "article_number": "240"
                        },
                        {
                            "id": 3783,
                            "body": "The company's bylaws shall specify an amount below which the capital may not decrease due to the withdrawal of some partners or their exit.\r\nThis amount may not be less than one-fifth of the company's capital, and this provision of the company's bylaws is subject to publication procedures.",
                            "position": 296,
                            "article_number": "241"
                        },
                        {
                            "id": 3784,
                            "body": "A provision may be included in the company's bylaws allowing the general assembly to decide, by the specified majority for amending the company's bylaws, to expel one or several partners without depriving them of their acquired rights in the relevant reserve fund.",
                            "position": 297,
                            "article_number": "242"
                        },
                        {
                            "id": 3785,
                            "body": "A partner who leaves the company, either by their own will or based on a decision of the general assembly, remains liable for three years to the partners and third parties for all obligations that existed at the time of their departure.",
                            "position": 298,
                            "article_number": "243"
                        },
                        {
                            "id": 3786,
                            "body": "If the company takes the form of a joint-stock company, the shares must remain nominal even after their full price has been paid. The company's bylaws may grant the general assembly or the board of directors the right to object to the transfer of these shares. However, it is required that this right is not misused.",
                            "position": 299,
                            "article_number": "244"
                        },
                        {
                            "id": 3787,
                            "body": "Regardless of the form of the company, it is not dissolved by the withdrawal of a partner, their bankruptcy, incapacity, loss of general capacity, or death, but remains in effect among the remaining partners.",
                            "position": 300,
                            "article_number": "245"
                        },
                        {
                            "id": 3788,
                            "body": "This law applies to agricultural cooperative companies unless the provisions of their specific law contradict it.",
                            "position": 301,
                            "article_number": "246"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 10
                },
                {
                    "id": 1013,
                    "name": "On Partnership Companies",
                    "number": "Sixth",
                    "articles": [
                        {
                            "id": 3789,
                            "body": "Partnership companies are distinguished from other commercial companies by the fact that their existence is confined to the contracting parties and they are not intended for disclosure to third parties.",
                            "position": 302,
                            "article_number": "247"
                        },
                        {
                            "id": 3790,
                            "body": "The agreements made between the concerned parties freely determine the mutual rights and obligations between the partners and the sharing of profits and losses among them, while maintaining the application of the general principles related to the company contract.",
                            "position": 303,
                            "article_number": "248"
                        },
                        {
                            "id": 3791,
                            "body": "The existence of the aforementioned agreements can be proven by all means of evidence acceptable in commercial matters.",
                            "position": 304,
                            "article_number": "249"
                        },
                        {
                            "id": 3792,
                            "body": "Partnership companies are not subject to the publication procedures imposed on other commercial companies.",
                            "position": 305,
                            "article_number": "250"
                        },
                        {
                            "id": 3793,
                            "body": "A partnership company is not considered a legal entity.",
                            "position": 306,
                            "article_number": "251"
                        },
                        {
                            "id": 3794,
                            "body": "There is no legal relationship for third parties except with the partner with whom they contracted.\r\nHowever, a partnership company that presents itself to third parties as such may be treated as an actual company in relation to them.",
                            "position": 307,
                            "article_number": "252"
                        },
                        {
                            "id": 3795,
                            "body": "The company may not issue shares or bonds that are transferable or negotiable for the benefit of the partners.",
                            "position": 308,
                            "article_number": "253"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 11
                },
                {
                    "id": 1014,
                    "name": "On Limited Liability Companies (added by Legislative Decree 35\/67",
                    "number": "Seventh",
                    "articles": [
                        {
                            "id": 3796,
                            "body": "*\r\nAdded Chapter Seven: Limited Liability Companies (Article 1 to Article 35) pursuant to Legislative Decree 35\/1967",
                            "position": 309,
                            "article_number": "253"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 12
                },
                {
                    "id": 1015,
                    "name": "On Certain Financial Crimes",
                    "number": "Eighth",
                    "articles": [
                        {
                            "id": 3797,
                            "body": "Repeated 1\r\nAn eighth chapter is added to the second book of the Commercial Law as follows:\r\nOn certain financial crimes",
                            "position": 310,
                            "article_number": "253"
                        },
                        {
                            "id": 3798,
                            "body": "Repeated 1:\r\nShall be punished by imprisonment from three months to three years and a fine ranging from twenty-five to one hundred times the official minimum wage, or by one of these penalties, the chairman and members of the board of directors, managers, and authorized signatories who intentionally harm the company in bad faith:\r\nA- By using the company's funds or credit capabilities in a way that harms its interests for personal purposes.\r\nB- By working for the benefit of another company, institution, or individual in which any of them has a direct or indirect interest.",
                            "position": 311,
                            "article_number": "253"
                        },
                        {
                            "id": 3799,
                            "body": "Repeated 2\r\nShall be punished by imprisonment from three months to three years and a fine ranging from twenty-five to fifty times the official minimum wage, or by one of these penalties, the chairman and members of the board of directors, managers, and authorized signatories who intentionally, with the aim of concealing the true situation of the company, organize and publish false financial statements.\r\nAuditors who intentionally conceal these violations in their reports shall be punished with the same penalty.",
                            "position": 312,
                            "article_number": "253"
                        },
                        {
                            "id": 3800,
                            "body": "Repeated 3",
                            "position": 313,
                            "article_number": "253"
                        },
                        {
                            "id": 3801,
                            "body": "Repeated 3:\r\nThe three-year statute of limitations for prosecution of the crimes stipulated in the previous articles runs from the date of their occurrence if they are apparent, and from the date of their discovery if they have been concealed.",
                            "position": 314,
                            "article_number": "253"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 13
                }
            ],
            "position": 1
        },
        {
            "id": 1082,
            "name": "On Commercial Contracts in General and on Certain Commercial Contracts in Particular",
            "number": "Third",
            "articles": [],
            "category": "Book",
            "children": [
                {
                    "id": 1016,
                    "name": "General Provisions",
                    "number": "First",
                    "articles": [
                        {
                            "id": 3802,
                            "body": "The proof of commercial contracts is not primarily subject to the exclusive rules set for civil contracts. It is permissible, while retaining exceptions resulting from specific legal provisions, to prove the aforementioned contracts by all means of proof that the judge deems necessary to accept according to custom or circumstance.",
                            "position": 315,
                            "article_number": "254"
                        },
                        {
                            "id": 3803,
                            "body": "In a commercial context, it is permissible to prove the date of private manuscripts concerning third parties by all means of proof.\r\nThe date of negotiable instruments and the date of their endorsement are considered valid until proven otherwise.",
                            "position": 316,
                            "article_number": "255"
                        },
                        {
                            "id": 3804,
                            "body": "Debtors together under a commercial obligation are considered jointly liable for this obligation, and this presumption applies to guarantors of the commercial debt.",
                            "position": 317,
                            "article_number": "256"
                        },
                        {
                            "id": 3805,
                            "body": "The legal interest rate in a commercial context is set at nine percent.",
                            "position": 318,
                            "article_number": "257"
                        },
                        {
                            "id": 3806,
                            "body": "The proof of a fair price and the prevailing price relies on stock exchange prices and quotations unless there is an opposing agreement.",
                            "position": 319,
                            "article_number": "258"
                        },
                        {
                            "id": 3807,
                            "body": "No commercial obligation intended for performing an act or service is considered contracted gratuitously. If the parties do not specify a fee, commission, or brokerage, the known fee in the profession is due.",
                            "position": 320,
                            "article_number": "259"
                        },
                        {
                            "id": 3808,
                            "body": "In a commercial context, the court is not entitled to grant extensions for payment except in exceptional circumstances.\r\nThe party that requested the court to annul the contract cannot subsequently request its execution.\r\nHowever, the party that requested execution is entitled to change it to a request for annulment.\r\nFulfilling obligations after filing an annulment lawsuit is not acceptable.",
                            "position": 321,
                            "article_number": "260"
                        },
                        {
                            "id": 3809,
                            "body": "Failure to execute one of the obligations in contracts with successive obligations entitles the party who fulfilled their obligations to request the annulment of the contract concerning all unfulfilled obligations.\r\nThis does not prevent their right to claim compensation for damages.",
                            "position": 322,
                            "article_number": "261"
                        },
                        {
                            "id": 3810,
                            "body": "In a commercial context, the right to file lawsuits lapses after ten years unless a shorter period is specified.\r\nIf a decision containing a judgment is issued, the lawsuit resulting from the adjudicated case lapses in all cases after ten years.",
                            "position": 323,
                            "article_number": "262"
                        },
                        {
                            "id": 3811,
                            "body": "Sales, loans, transport contracts, insurance contracts, and all contracts not governed by specific rules under this law are subject to the Law of Obligations and customs.\r\nThe specific rules related to public transport projects also apply to transport contracts.\r\nStock exchange operations, whether on securities or goods, are subject to the specific rules of the different types of contracts they adopt or evolve into, and to the specific regulations of commercial exchanges.\r\nContracts related to maritime trade are subject to specific rules stipulated by the Maritime Trade Law.",
                            "position": 324,
                            "article_number": "263"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 14
                },
                {
                    "id": 1017,
                    "name": "On Commercial Pledge",
                    "number": "Second",
                    "articles": [
                        {
                            "id": 3812,
                            "body": "The commercial mortgage subject to the rules specified below is the one by which the commercial debt is secured.",
                            "position": 325,
                            "article_number": "264"
                        },
                        {
                            "id": 3813,
                            "body": "Except for the following restrictions, the mortgage is proven by all means of evidence that the court deems necessary to accept. The mortgage of a registered bond is established by a transfer transaction for security purposes, recorded in the registers of the place that issued the bond and on the bond itself.\r\nAs for the promissory note, the mortgage is established on it by an endorsement that includes the phrase \"value given as security\" or another phrase with the same meaning.\r\nAs for ordinary debts owed to a specific person, establishing a mortgage on them requires in all cases a written contract with a valid date, notified to the debtor whose debt is mortgaged.",
                            "position": 326,
                            "article_number": "265"
                        },
                        {
                            "id": 3814,
                            "body": "The mortgage contract does not produce an effect as a mortgage if the mortgaged item remains in the possession of the debtor, appearing to others as if it is still part of his free assets, enabling him to gain new credit for borrowing. Instead, the mortgaged item must be delivered to the creditor and remain in his possession or in the possession of a third party who keeps it on his behalf.\r\nIt is sufficient for the transfer of possession to be considered complete if the keys to the premises containing the mortgaged goods or items are delivered locked, provided that this premises does not bear a sign with the debtor's name, or if a document corresponding to those items is delivered in accordance with commercial custom.",
                            "position": 327,
                            "article_number": "266"
                        },
                        {
                            "id": 3815,
                            "body": "The mortgagee must deliver to the debtor, upon request, a receipt document specifying the nature, type, quantity, weight, and all distinguishing marks of the items delivered as collateral.",
                            "position": 328,
                            "article_number": "267"
                        },
                        {
                            "id": 3816,
                            "body": "If the mortgage is on fungible items or securities, the mortgage contract remains valid even if these items or securities are replaced with others of the same type. If these items or securities are non-fungible, the debtor also has the right to retrieve and replace them with the creditor's consent, provided that the original mortgage contract stipulated this right.",
                            "position": 329,
                            "article_number": "268"
                        },
                        {
                            "id": 3817,
                            "body": "The creditor must exercise on behalf of the debtor all rights attached to the items or securities delivered to him as collateral.\r\nIf what was received are financial credit securities granting the right of choice, the debtor who wishes to exercise his right of choice must provide the necessary funds to the creditor at least two days before the specified deadline for the choice.",
                            "position": 330,
                            "article_number": "269"
                        },
                        {
                            "id": 3818,
                            "body": "If the item given as security is securities not fully paid for, the debtor, if called upon to pay, must provide the money to the creditor at least two days before maturity, otherwise, the mortgagee may proceed to sell the securities.",
                            "position": 331,
                            "article_number": "270"
                        },
                        {
                            "id": 3819,
                            "body": "In the event of non-payment at maturity, the creditor has the right - after eight days from a simple notification sent to the debtor and to the third party providing the mortgaged funds if any - to refer to the head of the enforcement department to arrange for the sale of the mortgaged items by public auction, and the creditor collects his debt from the price with preference.\r\nAny clause in the mortgage contract that allows the creditor to take ownership of the mortgaged item or dispose of it without the aforementioned procedures is considered void.",
                            "position": 332,
                            "article_number": "271"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 15
                },
                {
                    "id": 1018,
                    "name": "On Commercial Agency, Mediation, and Brokerage",
                    "number": "Third",
                    "articles": [],
                    "category": "Title",
                    "children": [
                        {
                            "id": 1019,
                            "name": "On Commercial Agency",
                            "number": "First",
                            "articles": [
                                {
                                    "id": 3820,
                                    "body": "The agency is considered commercial when it involves commercial transactions.\r\nIn particular, this contract is called a brokerage contract and is subject to the provisions of the following chapter when the agent must act in his own name or under a trade name on behalf of the principal.\r\nWhen the agent must act in the name of his principal, his rights and obligations are subject to the provisions of the eighth book of the second section of the Code of Obligations.",
                                    "article_number": "272"
                                },
                                {
                                    "id": 3821,
                                    "body": "In a commercial context, the agent is entitled to remuneration in all cases unless there is a contrary provision.\r\nIf this remuneration is not determined by agreement, it is set according to the professional tariff or according to custom or circumstance.",
                                    "article_number": "273"
                                },
                                {
                                    "id": 3822,
                                    "body": "A commercial agency, even if it contains an absolute mandate, does not permit non-commercial acts except by explicit provision.",
                                    "article_number": "274"
                                },
                                {
                                    "id": 3823,
                                    "body": "An agent who has received instructions only regarding part of the work is considered to have free rein in the remaining part.",
                                    "article_number": "275"
                                },
                                {
                                    "id": 3824,
                                    "body": "The agent must pay interest on the funds belonging to the principal from the day he was obliged to deliver or deposit them according to the principal's order.",
                                    "article_number": "276"
                                },
                                {
                                    "id": 3825,
                                    "body": "When the contract simultaneously includes the characteristics of an agency and the essential elements of an employment contract, as usually occurs in contracts established between a merchant and his sworn agents, local representative, answering representative, agent, and branch or agency manager, the rules of the employment contract apply to the merchant's relations with his agent, and the rules of agency apply concerning third parties.",
                                    "article_number": "277"
                                },
                                {
                                    "id": 3826,
                                    "body": "Commercial representatives are sometimes considered as employees and sometimes as ordinary agents depending on whether the contract indicates their connection or independence in work. However, they are entitled in any case, upon termination of the contract, even if this termination is not due to arbitrary reasons, to benefit from the notice period established by custom, provided that commercial representation is their sole profession.\r\nIf the commercial representative is an agent for multiple commercial houses and has offices, staff, management, and general expenses that allow him to be considered a true project owner for commercial representation, he himself becomes a merchant.",
                                    "article_number": "278"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 1
                        },
                        {
                            "id": 1020,
                            "name": "On Mediation",
                            "number": "Second",
                            "articles": [
                                {
                                    "id": 3827,
                                    "body": "The broker is the one who undertakes to contract in his own name but on behalf of his principal for the sale, purchase, and other commercial transactions in exchange for a commission or financial consideration.\r\nThe rules of agency apply to the brokerage contract, taking into account the provisions outlined in this chapter.",
                                    "position": 340,
                                    "article_number": "279"
                                },
                                {
                                    "id": 3828,
                                    "body": "The broker who contracts in his own name acquires the rights arising from the contract and is directly obligated towards the persons he contracted with as if the work concerned him personally. These persons have the right to raise all defenses arising from their personal relationship with him, and they do not have the right to sue the principal directly.\r\nAs for the relations between the principal and the broker or his creditor, the rules of agency apply.",
                                    "position": 341,
                                    "article_number": "280"
                                },
                                {
                                    "id": 3829,
                                    "body": "The broker must personally execute the orders given to him unless he is authorized by agreement or custom to appoint a third party, or if there are circumstances that necessitate such delegation. In these cases, the principal has the right to sue directly the person appointed by the broker on his behalf.",
                                    "position": 342,
                                    "article_number": "281"
                                },
                                {
                                    "id": 3830,
                                    "body": "The broker does not have the right to appoint himself as a party against his principal except with his consent.",
                                    "position": 343,
                                    "article_number": "282"
                                },
                                {
                                    "id": 3831,
                                    "body": "If the broker lends or advances to a third party without the principal's consent, he bears the risks of his actions.",
                                    "position": 344,
                                    "article_number": "283"
                                },
                                {
                                    "id": 3832,
                                    "body": "Except in the case of unauthorized advances, the broker is not responsible for non-fulfillment or non-performance of other obligations by those he contracted with unless he guaranteed them or the commercial custom in the place where he resides dictates so.\r\nThe broker who guarantees those he contracts with is entitled to a special commission called a trust commission, which is determined, in the absence of an agreement, according to the custom of the place where the broker contracted.",
                                    "position": 345,
                                    "article_number": "284"
                                },
                                {
                                    "id": 3833,
                                    "body": "Subject to the provisions of the previous article, the commission is due upon the conclusion of the transaction, even if the third party does not fulfill the obligations he undertook, unless the failure to do so is due to an error committed by the broker.\r\nThe commission is also due if the completion of the transaction is prevented by a reason attributable to the principal.\r\nIn transactions that are not completed for other reasons, the broker is only entitled to claim compensation for his efforts as determined by the custom of the place.",
                                    "position": 346,
                                    "article_number": "285"
                                },
                                {
                                    "id": 3834,
                                    "body": "The commission is calculated on the gross value of the transaction, including additional expenses, unless otherwise agreed.",
                                    "position": 347,
                                    "article_number": "286"
                                },
                                {
                                    "id": 3835,
                                    "body": "The broker has the right to recover all expenses, advances, and costs incurred for the benefit of the principal, along with their interest.\r\nHe also has the right to include in the account compensation for storage and transportation expenses, but he cannot claim wages for his employees.",
                                    "position": 348,
                                    "article_number": "287"
                                },
                                {
                                    "id": 3836,
                                    "body": "Every broker has a lien on the value of the goods sent to him, stored, or deposited, which arises upon their sending, storage, or deposit, to secure all loans, advances, and payments made, whether before receiving the goods or while they are in his possession.\r\nHowever, this lien only exists if the condition stipulated in Article 266 of this law is met.\r\nThe broker's privileged debt includes the principal amount with interest, commissions, and expenses.\r\nIf the goods have been sold and delivered on behalf of the principal, the broker has the right to collect his debt from their price before the principal's creditors.",
                                    "position": 349,
                                    "article_number": "288"
                                },
                                {
                                    "id": 3837,
                                    "body": "The principal who cancels the brokerage or the broker who abandons it without a legitimate reason is liable for compensation for damages.",
                                    "position": 350,
                                    "article_number": "289"
                                },
                                {
                                    "id": 3838,
                                    "body": "The forwarding broker who undertakes to send or return goods on behalf of his principal for a fee and in his own name is considered a broker but is subject to the provisions applicable to the carrier regarding the transportation of goods.",
                                    "position": 351,
                                    "article_number": "290"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 2
                        },
                        {
                            "id": 1021,
                            "name": "On Brokerage",
                            "number": "Third",
                            "articles": [
                                {
                                    "id": 3839,
                                    "body": "Brokerage is a contract in which a party called the broker commits to guide the other party to a means of concluding an agreement or to act as an intermediary in contract negotiations, in return for a fee.\r\nThe rules of agency generally apply to brokerage.",
                                    "position": 352,
                                    "article_number": "291"
                                },
                                {
                                    "id": 3840,
                                    "body": "If the broker's fee is not determined by agreement or by an official tariff, it is set according to custom or the judge estimates its value based on circumstances. If it appears that the agreed fee is disproportionate to the nature of the case and the efforts it requires, the judge has the right to reduce it to become a fair fee for the service rendered.",
                                    "position": 353,
                                    "article_number": "292"
                                },
                                {
                                    "id": 3841,
                                    "body": "The broker is entitled to the fee when the information provided or the negotiation conducted leads to the conclusion of the agreement. If the agreement is concluded under a suspensive condition, the fee is not due until the condition is fulfilled.\r\nIf the reimbursement of expenses incurred by the broker is stipulated, they are due even if the agreement is not concluded.",
                                    "position": 354,
                                    "article_number": "293"
                                },
                                {
                                    "id": 3842,
                                    "body": "The broker loses all rights to the fee and the reimbursement of expenses incurred if he acts in the interest of the third contracting party in violation of his obligations or if he induces this person to promise him a fee in circumstances contrary to the rules of good faith.",
                                    "position": 355,
                                    "article_number": "294"
                                },
                                {
                                    "id": 3843,
                                    "body": "The broker is not entitled to mediate for persons known for their insolvency or if he is aware of their incapacity.",
                                    "position": 356,
                                    "article_number": "295"
                                },
                                {
                                    "id": 3844,
                                    "body": "He must record all transactions concluded through him with their specific terms and conditions, preserve all related documents, and provide an identical copy to any of the contracting parties who request it.\r\nIn sales concluded according to a model, he must retain the model until the transaction is completed.",
                                    "position": 357,
                                    "article_number": "296"
                                },
                                {
                                    "id": 3845,
                                    "body": "Intermediation and brokerage transactions in stock exchanges and commodity exchanges are subject, as needed, to special legislation.",
                                    "position": 358,
                                    "article_number": "297"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 3
                        }
                    ],
                    "position": 16
                },
                {
                    "id": 1022,
                    "name": "On Current Account",
                    "number": "Fourth",
                    "articles": [
                        {
                            "id": 3846,
                            "body": "A current account is formed whenever two persons agree, whose circumstances require them to exchange the delivery of funds, to convert their debts into simple items of lending and borrowing, from which a single account is composed, so that only the final balance upon closing this account becomes a debt due and ready for payment.",
                            "position": 359,
                            "article_number": "298"
                        },
                        {
                            "id": 3847,
                            "body": "The scope of the current account depends on the will of the parties; they may make it inclusive of all their transactions or only a specific type thereof.\r\nThe current account may be open for both parties or for one party only, and in the latter case, one party is not obliged to advance money to the other unless that party has sufficient funds. In no case may this account settle on a positive balance in its favor.",
                            "position": 360,
                            "article_number": "299"
                        },
                        {
                            "id": 3848,
                            "body": "The existence of the current account does not negate the right to receive a commission and recover expenses related to the transactions of the current account, which are recorded in the account unless there is an agreement to the contrary.",
                            "position": 361,
                            "article_number": "300"
                        },
                        {
                            "id": 3849,
                            "body": "Payment by commercial paper is not considered made except on the condition of receiving its value unless there is an agreement to the contrary. If the value of the paper is not paid on its due date, the recipient has the right, while retaining it as security and exercising the rights attached to it, to record its value in the account of the issuer. In the event of the issuer's bankruptcy, the recipient, despite any contrary agreement, may not record it in the account until the due date has passed and non-payment is proven. If papers are recorded in this manner, the recipient must reduce the amount of their claims in the bankruptcy in proportion to the payments made by the signatories of those papers.",
                            "position": 362,
                            "article_number": "301"
                        },
                        {
                            "id": 3850,
                            "body": "Payments necessarily yield interest for the benefit of the issuer against the recipient, calculated at the legal rate if not specified by contract or custom.",
                            "position": 363,
                            "article_number": "302"
                        },
                        {
                            "id": 3851,
                            "body": "Debts owed to one of the parties, if entered into the current account, lose their specific characteristics and individual existence, and thus cannot be separately settled, offset, litigated, executed, or individually extinguished by the passage of time.\r\nPersonal or real securities connected to debts entered into the current account are nullified unless there is an agreement to the contrary between the parties.",
                            "position": 364,
                            "article_number": "303"
                        },
                        {
                            "id": 3852,
                            "body": "Neither party is considered a creditor or debtor to the other before the conclusion of the current account, as the suspension of this account alone determines the state of legal relations between them and necessarily results in the total offset of all account items of lending and borrowing, determining the creditor and debtor.",
                            "position": 365,
                            "article_number": "304"
                        },
                        {
                            "id": 3853,
                            "body": "The account is suspended and settled at the due dates specified by contract or according to local custom, otherwise at the end of every six months.\r\nThe remaining balance constitutes a clear and due debt, accruing interest from the day of settlement at the rate specified in the current account if this balance is transferred to a new account, otherwise at the legal rate.\r\nClaims related to correcting the account due to error, omission, repetition, or other corrections must be filed within six months.",
                            "position": 366,
                            "article_number": "305"
                        },
                        {
                            "id": 3854,
                            "body": "The contract ends at the time specified by agreement, and if no term is agreed upon, the contract ends at the will of one of the parties, and also ends upon the death of one of them, loss of capacity, or bankruptcy.",
                            "position": 367,
                            "article_number": "306"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 17
                },
                {
                    "id": 1023,
                    "name": "On Banking Operations",
                    "number": "Fifth",
                    "articles": [
                        {
                            "id": 3855,
                            "body": "The bank that receives a sum of money as a deposit becomes the owner of it and must return it in an equivalent value in one or several installments at the first request of the depositor or according to the terms of deadlines or prior notice specified in the contract.\r\nProof must be established with written documents for all operations related to the deposit or its return.\r\nInterest is due, if necessary, starting from the day following each deposit unless it is a holiday, until the day preceding the return of each amount unless there is an agreement to the contrary.",
                            "position": 368,
                            "article_number": "307"
                        },
                        {
                            "id": 3856,
                            "body": "If what is deposited in the bank is securities, the ownership of these securities remains with the depositor unless it is proven that the intention is otherwise.\r\nThis intention is presumed if the depositor has granted the bank in writing, without reservation, the right to dispose of those securities or has acknowledged the bank's right to return securities of the same kind.\r\nThe rules of agency apply to bank deposits if the bank undertakes the management of the deposited securities in return for a commission.",
                            "position": 369,
                            "article_number": "308"
                        },
                        {
                            "id": 3857,
                            "body": "Deposits placed in safe deposit boxes or compartments thereof are subject to the rules of leasing of goods.\r\nThe bank is responsible for the safety of the rented boxes.",
                            "position": 370,
                            "article_number": "309"
                        },
                        {
                            "id": 3858,
                            "body": "In contracts for opening a line of credit, the credit opener is obligated to place some funds at the disposal of the trusted party, who has the right to use them in one or successive installments according to their needs within a specified period.\r\nWhat the trusted party repays or returns during the contract period is added to the amount placed at their disposal unless there is an agreement to the contrary.",
                            "position": 371,
                            "article_number": "310"
                        },
                        {
                            "id": 3859,
                            "body": "The credit opener may terminate the contract if the trusted party becomes insolvent or lacks solvency at the time of contracting without the knowledge of the credit opener.\r\nIf there is a significant deficiency in the collateral, whether real or personal, provided by the trusted party, the credit opener has the right to request additional collateral, reduce the credit amount, or close it as the situation requires.",
                            "position": 372,
                            "article_number": "311"
                        },
                        {
                            "id": 3860,
                            "body": "If the collateral provided is a mortgage, the registration of the mortgage taken at the time of the contract secures, from its date, all subsequent advances made based on the credit opening contract.",
                            "position": 373,
                            "article_number": "312"
                        },
                        {
                            "id": 3861,
                            "body": "If the bank credit is allocated for the benefit of a third party and the bank confirms this credit to its beneficiary, it cannot thereafter be revoked or modified without their consent, and the bank becomes directly and finally obligated towards them to accept the intended documents and payments.\r\nThe bank has the right to recover the amounts it paid and the expenses it incurred to fulfill its mandate, along with the agreed interest or legal interest if there is no agreement, starting from the day of payment. It also has the right to collect a commission.",
                            "position": 374,
                            "article_number": "313"
                        },
                        {
                            "id": 3862,
                            "body": "Banking operations not mentioned in this section are subject to the provisions of the Obligations Law related to the various contracts arising from the mentioned operations or the contracts under which these operations fall.",
                            "position": 375,
                            "article_number": "314"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 18
                }
            ],
            "position": 1
        },
        {
            "id": 1083,
            "name": "On Commercial Instruments and Other Negotiable Instruments",
            "number": "Fourth",
            "articles": [],
            "category": "Book",
            "children": [
                {
                    "id": 1024,
                    "name": "The Bill of Exchange or Drafting the Bond",
                    "number": "First",
                    "articles": [],
                    "category": "Title",
                    "children": [
                        {
                            "id": 1025,
                            "name": null,
                            "number": "First",
                            "articles": [
                                {
                                    "id": 3863,
                                    "body": "In the creation and form of a bill of exchange:\r\nA bill of exchange contains:\r\n1) The mention of the word 'bill of exchange' in the text of the bill itself in the language used in writing this bill.\r\n2) The explicit mandate to pay a certain amount.\r\n3) The name of the person who must pay (the drawee).\r\n4) The statement of the due date.\r\n5) The statement of the place where payment must be made.\r\n6) The name of the person to whom payment must be made or to whose order payment must be made.\r\n7) The statement of the date and place where the bill was created.\r\n8) The signature of the creator of the bill (the drawer).",
                                    "position": 376,
                                    "article_number": "315"
                                },
                                {
                                    "id": 3864,
                                    "body": "A bill that lacks any of the contents specified in the previous article is not considered a bill of exchange except in the cases specified in the following paragraphs:\r\nA bill that does not specify the due date is considered payable upon sight. If there is no specific mention of the place of payment, the place mentioned next to the name of the drawee is considered the place of payment and the place of residence of the drawee at the same time. A bill of exchange that does not mention the place of its creation is considered created in the place mentioned next to the name of the drawer.",
                                    "position": 377,
                                    "article_number": "316"
                                },
                                {
                                    "id": 3865,
                                    "body": "A bill of exchange may be drawn to the order of the drawer himself and may be drawn on the drawer himself. It can also be drawn for the account of a third person.\r\nIt may be payable at the residence of a third person, whether in the place where the drawee resides or in another place.",
                                    "position": 378,
                                    "article_number": "317"
                                },
                                {
                                    "id": 3866,
                                    "body": "The drawer may, in bills payable upon sight or after a certain period from sight, stipulate the payment of interest on the amount, but this condition is considered void in any other bill of exchange.\r\nThe interest rate must be specified in the bill, otherwise, this condition is considered void.\r\nInterest runs from the date of the bill of exchange unless another date is specified.",
                                    "position": 379,
                                    "article_number": "318"
                                },
                                {
                                    "id": 3867,
                                    "body": "A bill of exchange in which the amount is written both in words and in figures is valid when there is a discrepancy between the two values, according to the amount written in full words.\r\nHowever, a bill in which the value is written multiple times, whether in full words or in figures, is not valid in case of discrepancies except for the lowest amount.",
                                    "position": 380,
                                    "article_number": "319"
                                },
                                {
                                    "id": 3868,
                                    "body": "If the bill contains signatures of persons not authorized to commit to a bill of exchange, or forged signatures, or signatures of fictitious persons, or signatures that are invalid for any other reason to bind the persons who signed the bill or on whose behalf the bill was signed, this does not affect the validity of the commitment of the other signatories on the bill.",
                                    "position": 381,
                                    "article_number": "320"
                                },
                                {
                                    "id": 3869,
                                    "body": "Anyone who signs a bill of exchange as an agent for a person without having the authority to represent them is personally liable under this bill and, if he fulfills the payment, he has the same rights that the alleged principal would have obtained.\r\nThe same applies to an agent who exceeds his authority.",
                                    "position": 382,
                                    "article_number": "321"
                                },
                                {
                                    "id": 3870,
                                    "body": "The drawer is a guarantor for the acceptance and payment of the bill. He may exempt himself from the guarantee of acceptance, but any clause indicating his exemption from the guarantee of payment is considered void.",
                                    "position": 383,
                                    "article_number": "322"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 1
                        },
                        {
                            "id": 1026,
                            "name": "On Provisions",
                            "number": "Second",
                            "articles": [
                                {
                                    "id": 3871,
                                    "body": "The provision is made by the drawer or the person who draws the bill on their behalf, and this does not prevent the drawer on behalf of others from remaining personally liable towards the endorsers and the holder of the bill only.\r\nThe provision exists if the drawee, on the bill's due date, is indebted to the drawer or the person for whom the bill was drawn, with an amount at least equivalent to the value of the bill. The ownership of the provision automatically transfers to the successive holders of the bill.",
                                    "position": 384,
                                    "article_number": "323"
                                },
                                {
                                    "id": 3872,
                                    "body": "The acceptance of the bill implies the existence of the provision, and this acceptance is proof of it concerning the endorsers. In the case of acceptance or non-acceptance, the drawer alone must, upon denial of the provision's existence, provide evidence that the drawee had the provision on the due date; otherwise, they are liable for its guarantee, even if the protest was made after the expiration of the specified periods.",
                                    "position": 385,
                                    "article_number": "324"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 2
                        },
                        {
                            "id": 1027,
                            "name": "On Endorsement",
                            "number": "Third",
                            "articles": [
                                {
                                    "id": 3873,
                                    "body": "Every bill of exchange, even if not explicitly drawn \"to order,\" is transferable by endorsement.\r\nIf the drawer includes the words \"not to order\" or a similar expression, the bill can only be transferred by ordinary assignment and its effects. The endorsement can be made in favor of the drawee, whether they have accepted the bill or not, or in favor of the drawer or any other liable person, and these persons can re-endorse the bill.",
                                    "position": 386,
                                    "article_number": "325"
                                },
                                {
                                    "id": 3874,
                                    "body": "The endorsement must be simple and unconditional. Any condition attached to the endorsement is considered null. Partial endorsement is void.\r\nAn endorsement \"to bearer\" is considered as a blank endorsement.",
                                    "position": 387,
                                    "article_number": "326"
                                },
                                {
                                    "id": 3875,
                                    "body": "The endorsement must be written on the bill of exchange or on a paper attached to it (an allonge) and must include the signature of the endorser. It is permissible not to specify the person to whom the endorsement is made or to limit it to the signature of the endorser (blank endorsement).\r\nIn this latter case, the endorsement is only valid if written on the back of the bill of exchange or on the additional paper.",
                                    "position": 388,
                                    "article_number": "327"
                                },
                                {
                                    "id": 3876,
                                    "body": "The endorsement transfers all rights arising from the bill of exchange.\r\nIf the endorsement is blank, the holder of the bill has the right:\r\nFirst - To fill in the blank by placing their name or the name of another person.\r\nSecond - To re-endorse the bill blank or to another person.\r\nThird - To deliver the bill to a third party without filling in the blank and without endorsement.",
                                    "position": 389,
                                    "article_number": "328"
                                },
                                {
                                    "id": 3877,
                                    "body": "The endorser guarantees acceptance and payment unless otherwise agreed. They can prevent further endorsement, in which case they are not liable for guarantee towards persons to whom the bill is subsequently endorsed.",
                                    "position": 390,
                                    "article_number": "329"
                                },
                                {
                                    "id": 3878,
                                    "body": "The holder of a bill of exchange is considered its legitimate holder if they prove their right through an uninterrupted series of endorsements, even if the last endorsement is blank. A crossed-out endorsement is considered null in this respect.\r\nIf a blank endorsement is followed by another endorsement, the signer of this last endorsement is considered the holder of the bill by virtue of the blank endorsement.\r\nIf the bill of exchange is taken from someone by any incident, the holder who proves their right according to the method outlined in the previous paragraph is not obliged to relinquish the bill unless they acquired it in bad faith or committed a gross error when acquiring it.",
                                    "position": 391,
                                    "article_number": "330"
                                },
                                {
                                    "id": 3879,
                                    "body": "Persons sued on a bill of exchange cannot raise defenses against the holder based on their personal relationship with the drawer or previous holders unless the holder intentionally acquired the bill to harm the debtor.",
                                    "position": 392,
                                    "article_number": "331"
                                },
                                {
                                    "id": 3880,
                                    "body": "If the endorsement contains the phrase \"value for collection,\" \"for receipt,\" \"by proxy,\" or other expressions indicating simple agency, the holder of the bill has the right to exercise all rights arising from it but cannot endorse it except by way of agency.\r\nIn this case, the obligors can only raise defenses against the holder that could be raised against the endorser.\r\nThe agency contained in the endorsement does not terminate upon the death of the principal or their loss of capacity.",
                                    "position": 393,
                                    "article_number": "332"
                                },
                                {
                                    "id": 3881,
                                    "body": "If the endorsement contains the phrase \"value as security\" or \"value as pledge\" or other expressions indicating security, the holder of the bill has the right to exercise all rights arising from it, but if they endorse the bill, it is considered only as an agency endorsement.\r\nThe obligors cannot raise defenses against the holder based on their personal relationship with the endorser unless the holder intentionally acquired the bill to harm the debtor.",
                                    "position": 394,
                                    "article_number": "333"
                                },
                                {
                                    "id": 3882,
                                    "body": "An endorsement made after maturity produces the same effects as an endorsement made before it, but an endorsement made after protest for non-payment or after the expiration of the time set for making the protest only has the effects of an ordinary assignment.\r\nAn undated endorsement is presumed to have been made before the expiration of the time set for making the protest unless proven otherwise.",
                                    "position": 395,
                                    "article_number": "334"
                                },
                                {
                                    "id": 3883,
                                    "body": "Orders must not be dated earlier than their actual date; otherwise, this act is considered forgery.",
                                    "position": 396,
                                    "article_number": "335"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 3
                        },
                        {
                            "id": 1028,
                            "name": "On Acceptance",
                            "number": "Fourth",
                            "articles": [
                                {
                                    "id": 3884,
                                    "body": "Until the date of maturity, the bill of exchange may be presented for acceptance to the drawee at his place of residence, either by the holder of the bill or by any possessor thereof.",
                                    "position": 397,
                                    "article_number": "336"
                                },
                                {
                                    "id": 3885,
                                    "body": "The drawer has the right to stipulate in any bill of exchange that it be presented for acceptance, with or without a specified period. He may also prohibit the bill from being presented for acceptance unless the bill is payable to a third party or at a place other than where the drawee resides, or if the bill is drawn for a term after sight.\r\nEach endorser of the bill has the right to stipulate that it must be presented for acceptance, with or without a specified period, unless the drawer has declared a prohibition on its presentation for acceptance.",
                                    "position": 398,
                                    "article_number": "337"
                                },
                                {
                                    "id": 3886,
                                    "body": "Bills drawn for a term after sight must be presented for acceptance within one year from their date. However, the drawer may specify a shorter or longer period than this last period.\r\nEndorsers may shorten the specified periods.",
                                    "position": 399,
                                    "article_number": "338"
                                },
                                {
                                    "id": 3887,
                                    "body": "The drawee may request that the bill be presented to him a second time on the day following the first presentation, and the parties concerned cannot invoke the failure to meet this request unless it is mentioned in the protest document.\r\nThe holder of the bill is not obliged to surrender it to the drawee upon presentation for acceptance.",
                                    "position": 400,
                                    "article_number": "339"
                                },
                                {
                                    "id": 3888,
                                    "body": "Acceptance is written on the bill of exchange and expressed by the word \"Accepted\" or another equivalent term and must be signed by the drawee. The mere signature on the back of the bill is considered acceptance.\r\nIf the bill is payable at a term after sight or must be presented for acceptance within a specified period based on a special provision, the acceptance must be dated on the day it was given, unless the holder of the bill requests it to be dated on the day of presentation. If no date is provided, the holder of the bill may prove this omission by a protest organized within the legal period to preserve his rights of recourse against the endorsers and the drawer.",
                                    "position": 401,
                                    "article_number": "340"
                                },
                                {
                                    "id": 3889,
                                    "body": "Acceptance is absolute without condition, but the drawee may limit it to a part of the amount.\r\nAny other modification to the terms of the bill of exchange made in the acceptance clause is considered a refusal. However, the acceptor is bound by the terms of his acceptance.",
                                    "position": 402,
                                    "article_number": "341"
                                },
                                {
                                    "id": 3890,
                                    "body": "If the drawer specifies in the bill a place of payment other than the place where the drawee resides without appointing a third person to make the payment, the drawee has the right to appoint such a person upon accepting the bill. If he accepts without this appointment, he is deemed to have committed to payment himself at the place of fulfillment.\r\nThe drawee, if the bill is payable at his place of residence, has the right to specify in the acceptance clause an address in the same locality for the fulfillment of payment.",
                                    "position": 403,
                                    "article_number": "342"
                                },
                                {
                                    "id": 3891,
                                    "body": "The drawee's acceptance of the bill obliges him to fulfill payment at the maturity date, and in case of non-payment, the holder of the bill, even if he is the drawer himself, has the right to file a direct lawsuit against the acceptor arising from the bill of exchange, requesting everything that can be claimed in accordance with the provisions of Articles 370 and 371.",
                                    "position": 404,
                                    "article_number": "343"
                                },
                                {
                                    "id": 3892,
                                    "body": "If the drawee writes the acceptance clause on the bill and then strikes it out before returning it, he is deemed to have refused acceptance, and the striking out is considered to have occurred before the bill was returned unless proven otherwise.\r\nHowever, if the drawee announces his acceptance in writing to the holder of the bill or to any of its signatories, he is bound towards them by the terms of his acceptance.",
                                    "position": 405,
                                    "article_number": "344"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 4
                        },
                        {
                            "id": 1029,
                            "name": "On Custody",
                            "number": "Fifth",
                            "articles": [
                                {
                                    "id": 3893,
                                    "body": "The payment of the amount of a bill of exchange may be guaranteed in whole or in part by an endorsement.\r\nThis guarantee is provided by a third party or one of the signatories of the bill.",
                                    "position": 406,
                                    "article_number": "345"
                                },
                                {
                                    "id": 3894,
                                    "body": "The endorsement is written either on the bill of exchange or on an additional paper, or in a separate document indicating the place where the endorsement was given.\r\nIt is expressed with the words \"valid for endorsement\" or another similar phrase and is signed by the endorser.\r\nThe endorsement is considered to have occurred merely by the endorser signing the back of the bill of exchange, unless the signature belongs to the drawee or the drawer.\r\nThe endorsement must specify the person for whose account it was given. If not specified, it is considered given for the account of the drawer.",
                                    "position": 407,
                                    "article_number": "346"
                                },
                                {
                                    "id": 3895,
                                    "body": "The endorser is obligated in the manner that the endorsed is obligated.\r\nHis obligation is considered valid even if the obligation he guaranteed is void for any reason, except for a defect in form.\r\nThe endorser who pays the value of the bill of exchange acquires the rights arising from it against the endorsed and against those obligated towards the endorsed under the bill of exchange.",
                                    "position": 408,
                                    "article_number": "347"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 5
                        },
                        {
                            "id": 1030,
                            "name": "On Entitlement",
                            "number": "Sixth",
                            "articles": [
                                {
                                    "id": 3896,
                                    "body": "The bill may be drawn in the following manners:\r\n- At sight.\r\n- For a term after sight.\r\n- For a term starting from a specific date.\r\n- For a specific day.\r\nBills of exchange that are due in a manner other than those mentioned above or have successive maturities are void.",
                                    "position": 409,
                                    "article_number": "348"
                                },
                                {
                                    "id": 3897,
                                    "body": "A bill of exchange at sight is payable upon presentation and must be presented for payment within one year starting from its date. The drawer may shorten this period or stipulate a longer period.\r\nEndorsers may also shorten it.\r\nThe drawer of a \"bill at sight\" has the right to require that it not be presented for payment before a specific date.\r\nIn this case, the presentation period starts from this date.",
                                    "position": 410,
                                    "article_number": "349"
                                },
                                {
                                    "id": 3898,
                                    "body": "The maturity date of a bill drawn for a term after sight is determined either by the date of acceptance or by the date of protest.\r\nIf there is no protest, acceptance without a date is considered, with respect to the acceptor, as given on the last day of the period specified for presenting the bill for acceptance.",
                                    "position": 411,
                                    "article_number": "350"
                                },
                                {
                                    "id": 3899,
                                    "body": "The maturity date of a bill drawn for a month or several months after a specific date or after sight falls on the corresponding date in the month in which payment must be made, and if there is no corresponding date, maturity falls on the last day of that month.\r\nIf the bill is drawn for a month or several months and a half month after a specific date or after sight, the full months must first be calculated.\r\nIf the maturity date is specified at the beginning of the month or in the middle (e.g., mid-January or mid-February, etc.) or at the end of the month, this expression means the first day, the fifteenth day, and the last day of the month.\r\nThe expression eight days and fifteen days does not mean a week or two weeks but a period of eight days or fifteen days that actually elapses. The expression \"half a month\" means fifteen days.",
                                    "position": 412,
                                    "article_number": "351"
                                },
                                {
                                    "id": 3900,
                                    "body": "If the bill is due on a specific day in a place where the calendar differs from the calendar of the place where the bill was issued, the maturity date is determined according to the calendar in force at the place of payment.\r\nIf the bill is drawn between two places with different calendars and is due within a period from a specific date, the corresponding day of the bill's issuance date is taken from the calendar of the place of payment, and then the maturity date is determined.\r\nThe periods related to presenting bills of exchange are calculated according to the rules outlined in the previous paragraph.\r\nHowever, these rules do not apply if there is a provision in the bill of exchange or if its terms indicate that the intention was to follow different rules.",
                                    "position": 413,
                                    "article_number": "352"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 6
                        },
                        {
                            "id": 1031,
                            "name": "On Payment",
                            "number": "Seventh",
                            "articles": [
                                {
                                    "id": 3901,
                                    "body": "The holder of a bill of exchange payable on a specific day or within a certain period from a specific date or after sight must present the bill for payment on its due date.\r\nPresenting the bill to the clearinghouse is considered as presenting it for payment.",
                                    "position": 414,
                                    "article_number": "353"
                                },
                                {
                                    "id": 3902,
                                    "body": "The drawee, upon paying the value of the bill, has the right to request its delivery after the payment endorsement is placed on it, and the holder of the bill cannot refuse partial payment.\r\nIn the case of partial payment, the drawee has the right to request a notation on the bill indicating this payment and to receive a receipt.\r\nAny amount paid from the principal value of the bill releases the drawer and the endorser from liability.\r\nThe holder of the bill must file a protest regarding the remaining amount.",
                                    "position": 415,
                                    "article_number": "354"
                                },
                                {
                                    "id": 3903,
                                    "body": "The holder of a bill of exchange is not obliged to accept its payment before maturity.\r\nIf the drawee pays before maturity, he bears the risks of his action.\r\nAnyone who pays at maturity is legally discharged unless he has committed fraud or gross negligence, and he must verify the validity of the endorsement sequence, not the authenticity of the endorsers' signatures.",
                                    "position": 416,
                                    "article_number": "355"
                                },
                                {
                                    "id": 3904,
                                    "body": "If a bill of exchange states that it is payable in a currency not in circulation at the place of payment, its value may be paid in the country's currency according to its rate on the due date, and if the debtor delays, the holder of the bill may choose to request payment in the country's currency either at its rate on the due date or at its rate on the payment date.\r\nThe value of the foreign currency is determined according to the customary practice at the place of payment, provided that the drawer may stipulate that the value is calculated according to a specific rate in the bill.\r\nHowever, the aforementioned rules do not apply when the drawer stipulates that payment must be made in a specific currency (actual payment condition in foreign currency).\r\nIf the value of the bill is specified in a currency with the same name at the place of issuance and the place of payment, but its value differs in these places, it is assumed that the agreement is on the currency of the place of payment.",
                                    "position": 417,
                                    "article_number": "356"
                                },
                                {
                                    "id": 3905,
                                    "body": "If a bill of exchange is not presented for payment on the due date, any debtor has the right to deposit the amount in trust at a bank authorized to accept state deposits, and the expenses and risks are borne by the holder of the bill.\r\nThe debtor is then only obliged to deliver the deposit receipt in exchange for the delivery of the bill of exchange.",
                                    "position": 418,
                                    "article_number": "357"
                                },
                                {
                                    "id": 3906,
                                    "body": "Objection to payment is not accepted unless the bill of exchange is lost or its holder is bankrupt.",
                                    "position": 419,
                                    "article_number": "358"
                                },
                                {
                                    "id": 3907,
                                    "body": "If a bill of exchange not accompanied by acceptance is lost, its owner has the right to prove its payment based on a second, third, or fourth copy, etc.",
                                    "position": 420,
                                    "article_number": "359"
                                },
                                {
                                    "id": 3908,
                                    "body": "If the lost bill is accompanied by acceptance, it cannot be claimed for payment based on a second, third, or fourth copy, etc., except by a court decision and upon providing a guarantee.",
                                    "position": 421,
                                    "article_number": "360"
                                },
                                {
                                    "id": 3909,
                                    "body": "If the person who lost the bill, whether accepted or not, cannot present the second, third, or fourth copy, etc., he has the right to request payment of the lost bill and obtain this payment by a court decision if he proves ownership in the records and provides a guarantee.",
                                    "position": 422,
                                    "article_number": "361"
                                },
                                {
                                    "id": 3910,
                                    "body": "If the payment requested based on the previous two articles is refused, the owner of the lost bill has the right to preserve all his rights with a protest document that must be filed the day after the due date of the lost bill.\r\nAs for the notices stipulated in Article 367, they must be sent to the drawer and the endorsers within the time limits specified in the mentioned article.",
                                    "position": 423,
                                    "article_number": "362"
                                },
                                {
                                    "id": 3911,
                                    "body": "The owner of the lost bill, in order to obtain the second copy, must refer to the person who directly endorsed the bill to him. This endorser must assist him in his name and with his diligence towards the direct endorsee.\r\nAnd so from endorser to endorser until reaching the owner of the bill, and the expenses are borne by the owner of the lost bill.",
                                    "position": 424,
                                    "article_number": "363"
                                },
                                {
                                    "id": 3912,
                                    "body": "The obligation of the guarantee stipulated in Articles 360 and 361 lapses after three years if no request or legal action is filed within this period.",
                                    "position": 425,
                                    "article_number": "364"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 7
                        },
                        {
                            "id": 1032,
                            "name": "On the Action for Non-Acceptance and Non-Payment in Protest and in Renewal of Drawing",
                            "number": "Eighth",
                            "articles": [],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 1033,
                                    "name": "Grounds for Inadmissibility and Non-fulfillment",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 3913,
                                            "body": "The holder of the bill may have recourse against the endorsers, the drawer, and all other obligors:\r\nUpon maturity if payment has not been made.\r\nHe may do so even before maturity:\r\nFirst - If acceptance is refused, whether wholly or partially.\r\nSecond - If the drawee becomes bankrupt, whether he has accepted the bill or not, or if he ceases to pay, even if his cessation is not declared by a judgment, or if his assets are seized and the seizure remains ineffective.\r\nThird - If the drawer becomes bankrupt and the bill is not eligible for acceptance.\r\nHowever, the guarantors sued in the cases mentioned in the last two preceding paragraphs may, within three days of the lawsuit being filed, submit a request to the president of the commercial court in their place of residence for a grace period. If this request is found to be legitimate, the decision will specify the date by which the guarantors must pay the commercial bills referred to, without the grace periods granted in this manner exceeding the specified maturity date.\r\nThis decision is not subject to objection or appeal.",
                                            "article_number": "365"
                                        },
                                        {
                                            "id": 3914,
                                            "body": "The refusal of acceptance or payment must be evidenced by an official document (protest for non-acceptance or non-payment).\r\nThe \"protest for non-acceptance\" must be made within the time limits set for presenting the bill for acceptance.\r\nIf the bill was presented for the first time on the last day of the period, as in the case provided for in the first paragraph of Article 339, the protest may also be made the following day.\r\nThe protest for non-payment of a bill due on a specific day or within a certain period from a specific date or from the date of sight must be made on one of the two working days following the bill's maturity date.\r\nIf the bill is payable at sight, the protest must be drawn up according to the conditions set out in the previous paragraph regarding the protest for non-acceptance.\r\nThe \"protest for non-acceptance\" dispenses with the need to present the bill for payment and to make a protest for non-payment.\r\nIf the drawee ceases to pay, whether he has accepted the bill or not, or if his assets are seized and the seizure remains ineffective, the holder of the bill may not take legal action until he has presented the bill to the drawee for payment and made a protest.\r\nIf the drawee is declared bankrupt, whether he has accepted the bill or not, or if the drawer of a bill not eligible for acceptance is declared bankrupt, it suffices to present the judgment declaring bankruptcy for the holder of the bill to take legal action.",
                                            "article_number": "366"
                                        },
                                        {
                                            "id": 3915,
                                            "body": "The holder of the bill must send a notice of non-acceptance or non-payment to the endorser and the drawer within four working days following the day of protest or the day of presenting the bill if there is a provision allowing for re-presentation without expense. Each endorser must, within two working days following the day the notice reaches him, inform the endorser to whom he transferred the bill of the notice he received, indicating the names and addresses of the persons who sent the previous notices. This process continues until it reaches the drawer. The time limits mentioned above begin from the date of receipt of the previous notice.\r\nWhen a notice is sent to one of the signatories of the bill according to the previous paragraph, the same notice must be sent within the same period to the guarantor.\r\nIf one of the endorsers does not provide his address or provides it in an unreadable manner, it suffices to send the notice to the preceding endorser.\r\nThe person required to send the notice may do so in any form, even by simply returning the bill of exchange.\r\nHe must prove that the notice was sent within the specified period. The period is considered observed if a letter containing the notice is posted within the mentioned period.\r\nAnyone who does not send the notice within the specified period does not forfeit his rights, but he may be liable for any damage caused by his negligence, without the compensation exceeding the amount of the bill.",
                                            "article_number": "367"
                                        },
                                        {
                                            "id": 3916,
                                            "body": "If the drawer, endorser, or guarantor writes on the bill, along with his signature, the phrase \"return without expense\" or \"without protest\" or any similar phrase, the holder of the bill is exempted from making a protest for non-acceptance or non-payment if he wishes to take legal action.\r\nHowever, this phrase does not exempt the holder of the bill from presenting it within the specified periods or from sending the necessary notices.\r\nThe burden of proving non-compliance with the periods lies with the person who claims it against the holder of the bill.\r\nIf this phrase is written by the drawer, its effects apply to all signatories, but if it is written by an endorser or guarantor, its effects apply only to him.\r\nIf the holder of the bill makes a protest despite the presence of this phrase and the drawer's signature on it, the expenses are borne by him. If the phrase is written by an endorser or guarantor, the protest expenses, if made, can be recovered from all signatories of the bill.",
                                            "article_number": "368"
                                        },
                                        {
                                            "id": 3917,
                                            "body": "All those who draw, accept, endorse, or guarantee a bill of exchange are jointly liable to the holder of the bill. The holder of the bill may sue all of them individually or collectively without being bound by the order of the obligations they undertook.\r\nThis right is available to anyone who has signed a bill and paid it.\r\nA lawsuit filed against one of the obligors does not prevent action against the others, even if they are subsequent in order.",
                                            "article_number": "369"
                                        },
                                        {
                                            "id": 3918,
                                            "body": "The holder of the bill may demand from the person he sues:\r\nFirst - The amount of the unpaid or unaccepted bill of exchange, with interest if stipulated.\r\nSecond - Legal interest from the date of maturity.\r\nThird - The expenses of the protest, the notices sent, and all other expenses.\r\nIf the lawsuit is filed before maturity, a discount is deducted from the value of the bill, calculated at the official discount rate (i.e., the rate of the bank authorized to accept state deposits) as it is in the place of residence of the holder of the bill on the date of filing the lawsuit.",
                                            "article_number": "370"
                                        },
                                        {
                                            "id": 3919,
                                            "body": "Anyone who pays the amount of the bill may demand from his guarantors:\r\nFirst - The full amount he paid.\r\nSecond - Interest on this amount calculated at the legal rate from the day he paid it.\r\nThird - The expenses he incurred.",
                                            "article_number": "371"
                                        },
                                        {
                                            "id": 3920,
                                            "body": "Any obligor against whom a lawsuit is filed or who is subject to litigation has the right to demand, in exchange for paying the bill, that the bill be delivered to him along with the protest document and an account statement including a mention of the payment.\r\nAny endorser who pays a bill of exchange has the right to cancel his endorsement and the endorsements of those who came after him.",
                                            "article_number": "372"
                                        },
                                        {
                                            "id": 3921,
                                            "body": "If a lawsuit is filed following partial acceptance of the bill, the person who pays the part that was not accepted has the right to request that this payment be noted on the bill and to be given a receipt for the amount. Furthermore, the holder of the bill must provide him with a certified copy of it along with the protest document to enable him to take action later.",
                                            "article_number": "373"
                                        },
                                        {
                                            "id": 3922,
                                            "body": "After the expiration of the specified periods:\r\n1 - For presenting the document payable on sight or within a period after sight.\r\n2 - For making a protest due to non-acceptance or non-payment.\r\n3 - For presenting the document for collection if the phrase \"return without expense\" is present.\r\nThe rights of the document holder against the endorsers, the drawer, and all other obligors, except the acceptor of the document, are forfeited.\r\nHowever, this forfeiture does not benefit the drawer unless it is proven that funds were available at the time of maturity. In this case, the document holder only retains the right to pursue the person on whom the document was drawn.",
                                            "position": 435,
                                            "article_number": "374"
                                        },
                                        {
                                            "id": 3923,
                                            "body": "If the document is not presented for acceptance within the period specified by the drawer, the rights of the document holder to pursue for non-payment or non-acceptance are forfeited within the limits specified in the previous article, unless it is evident from the terms of the agreement that the drawer did not intend to evade the guarantee of acceptance.\r\nIf a period is imposed for presenting the document in one of the endorsements, only the endorser can invoke it.",
                                            "position": 436,
                                            "article_number": "375"
                                        },
                                        {
                                            "id": 3924,
                                            "body": "If an obstacle that cannot be overcome (such as a legal provision in one of the countries or other force majeure circumstances) prevents the presentation of the document or the making of a protest within the specified periods, these periods are extended. The document holder must immediately send a notice of the force majeure to their endorser and indicate this notice on the bill of exchange or the addition after dating and signing it, and the provisions of Article 367 apply to the remainder.\r\nAfter the force majeure ceases, the document holder must present it without delay for acceptance or payment and make a protest if necessary.\r\nHowever, if the force majeure persists for more than thirty days after the maturity date, they have the right to pursue without the need to present the document or make a protest.\r\nRegarding documents payable on sight or within a period after sight, the thirty-day period begins from the date the document holder sends notice of the force majeure to their endorser, even if the notice is sent before the expiration of the specified period for presenting the document. Regarding documents payable within a period after sight, the period specified in the document is added to the thirty-day period.\r\nPurely personal actions related to the document holder or the person authorized to present the document or make a protest are not considered force majeure.",
                                            "position": 437,
                                            "article_number": "376"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 1034,
                                    "name": "On Protest",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 3925,
                                            "body": "The protest for non-acceptance or non-payment is made by the notary public or one of his assistants, and it must be directed:\r\nto the place of residence of the person who was supposed to fulfill the bill or to his last known place of residence, to the place of residence of each of the persons designated in the bill of exchange to fulfill it if necessary, and to the place of residence of the third person who accepted the bill by way of intervention. All this is done with a single document, and notifications are made in accordance with the provisions of Article 353 and the following articles of the Code of Civil Procedure.",
                                            "position": 438,
                                            "article_number": "377"
                                        },
                                        {
                                            "id": 3926,
                                            "body": "The protest document includes a literal copy of the bill of exchange, the text of acceptance, endorsements, instructions indicated therein, and the warning to pay the value of the bill. It states whether the person who should fulfill the bill is present or absent, with reasons for refusal to pay and inability or refusal to sign.",
                                            "position": 439,
                                            "article_number": "378"
                                        },
                                        {
                                            "id": 3927,
                                            "body": "No action taken by the holder of the bill substitutes for the act of protest except in the case provided for in Article 360 and the following articles related to the loss of the bill.",
                                            "position": 440,
                                            "article_number": "379"
                                        },
                                        {
                                            "id": 3928,
                                            "body": "The notary public must keep a true copy of the protests and record their full texts day by day and in chronological order in a special register, otherwise, he shall be liable to pay compensation for damages to the concerned parties.",
                                            "position": 441,
                                            "article_number": "380"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 1035,
                                    "name": "On the Renewal of Withdrawal",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 3929,
                                            "body": "Every person who has the right to judicial review can, unless there is a contrary provision, recover their money by means of a new bill (renewed draft) drawn on one of their guarantors and payable upon presentation at the residence of this guarantor.\r\nThe new bill includes brokerage fees and the necessary stamp duties in addition to the amounts specified in Articles 370 and 371.\r\nIf the holder of the bill is the drawer of the new bill, the value of this bill is determined according to the rate for a \"sight bill\" drawn from the place where the original bill was to be paid to the place where the guarantor resides.\r\nIf the holder of the new bill is one of the endorsers, its value is determined according to the rate for a \"sight bill\" from the place where the drawer of the new bill resides to the place where the guarantor resides.",
                                            "position": 442,
                                            "article_number": "381"
                                        },
                                        {
                                            "id": 3930,
                                            "body": "Renewed bills cannot be successive, so each endorser is only liable for one renewed bill, as is the drawer.",
                                            "position": 443,
                                            "article_number": "382"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                }
                            ],
                            "position": 8
                        },
                        {
                            "id": 1036,
                            "name": "On Intervention",
                            "number": "Nine",
                            "articles": [],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 1037,
                                    "name": "General Provisions",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 3931,
                                            "body": "Article 383 Effective Date: 24\/12\/1942\r\nThe drawer, one of the endorsers, or one of the guarantors has the right to appoint a person for acceptance or payment if necessary. Under the conditions specified below, a person may accept or pay a bill of exchange on behalf of a debtor subject to litigation.\r\nThe intervening person may be a third party, the drawee himself, or a person obligated under the bill of exchange, excluding the acceptor of the bill. The intervening person must notify the person on whose behalf they intervened within two working days. If this deadline is not met, the intervening person is liable, if necessary, for the damage resulting from their negligence, without exceeding the amount of the bill of exchange as compensation for this damage.",
                                            "position": 1,
                                            "article_number": "383"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 1038,
                                    "name": "Acceptance by Intervention",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 3932,
                                            "body": "Acceptance by way of intervention can occur in any case where a claim before maturity is permissible for the holder of a bill prepared for acceptance.\r\nWhen a person is designated in the bill for acceptance or payment, if necessary, at the place of payment, the holder of the bill has no right to claim before maturity against the person designated or the subsequent signatories of the bill unless the bill has been presented to the designated person and they refused to accept it, and this refusal is evidenced by a protest document.\r\nIn other cases of intervention, the holder of the bill may refuse acceptance by way of intervention.\r\nHowever, if they accept it, they lose the right to bring a claim before maturity against the person for whose benefit the acceptance was made and against the subsequent signatories of the bill.",
                                            "position": 444,
                                            "article_number": "384"
                                        },
                                        {
                                            "id": 3933,
                                            "body": "Acceptance by way of intervention is noted on the bill of exchange and signed by the intervenor, and this person for whose account the acceptance was made is designated. If the person is not designated, the acceptance is considered to be for the benefit of the drawer.",
                                            "position": 445,
                                            "article_number": "385"
                                        },
                                        {
                                            "id": 3934,
                                            "body": "The person who accepts the bill by way of intervention is obligated towards the holder of the bill and towards the endorsers following the person for whose benefit the intervention was made, in the same manner as that person is obligated.\r\nDespite the acceptance by way of intervention, the person for whose benefit this acceptance was made and their guarantors may request the holder of the bill, upon payment of the amount specified in Article 370, to deliver to them the bill, the protest document, and an account accompanied by a release, if necessary.",
                                            "position": 446,
                                            "article_number": "386"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 1039,
                                    "name": "Payment by Way of Intervention",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 3935,
                                            "body": "Payment by intervention can be made in any case where recourse to the holder of the instrument is permissible, whether at maturity or before. The payment must cover all amounts due from the person on whose behalf the payment is made.\r\nThis payment must be made at the latest on the day following the last day on which a protest for non-payment can be lodged.",
                                            "position": 447,
                                            "article_number": "387"
                                        },
                                        {
                                            "id": 3936,
                                            "body": "If the interveners who accepted the instrument reside at the place of payment, or if the instrument specifies persons residing at this place to make the payment if necessary, the holder of the instrument must present it to all these persons and, if necessary, lodge a protest for non-payment on the day following the last day on which the protest is accepted, which is the final deadline.\r\nIf the protest is not lodged within this period, the person who designated the person to pay if necessary, and the one who accepted the instrument for his benefit, as well as the endorsers following them, are released from their obligations.",
                                            "position": 448,
                                            "article_number": "388"
                                        },
                                        {
                                            "id": 3937,
                                            "body": "The holder of the instrument who refuses payment by intervention loses the right to claim against the persons who are discharged by this payment.",
                                            "position": 449,
                                            "article_number": "389"
                                        },
                                        {
                                            "id": 3938,
                                            "body": "Payment by intervention must be evidenced by a release statement placed on the bill of exchange, specifying the person for whose benefit the payment was made. If this person is not specified, the payment is considered to be made for the benefit of the drawer.\r\nThe bill of exchange and the protest document, if there is a protest, must be delivered to the person who made the payment by intervention.",
                                            "position": 450,
                                            "article_number": "390"
                                        },
                                        {
                                            "id": 3939,
                                            "body": "The person who makes payment by intervention acquires the rights arising from the bill of exchange against the person on whose behalf the payment was made and against those liable to him under this bill, but he may not endorse it again.\r\nThe endorsers following the signatory for whose benefit the payment was made are discharged.\r\nIf there are multiple interveners for payment, preference is given to the one whose payment is more comprehensive.\r\nAnyone who intervenes knowingly contrary to this rule loses the right to claim against those discharged by the more comprehensive payment.",
                                            "position": 451,
                                            "article_number": "391"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                }
                            ],
                            "position": 9
                        },
                        {
                            "id": 1040,
                            "name": "On Multiple Copies and Images",
                            "number": "Tenth",
                            "articles": [],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 1101,
                                    "name": "Multiple Copies",
                                    "number": "1",
                                    "articles": [
                                        {
                                            "id": 3940,
                                            "body": "The bill can be drawn in multiple identical copies.\r\nThe numbers of these copies must be specified in the text of the bill itself; otherwise, each will be considered an independent bill.\r\nAny holder of a bill that does not state it was drawn as a single copy can request, at their expense, to be delivered multiple copies of it.\r\nFor this purpose, they must address their immediate endorser, who must assist in the process with their endorser, and so on until reaching the drawer. The endorsers must re-endorse the new copies.",
                                            "position": 452,
                                            "article_number": "392"
                                        },
                                        {
                                            "id": 3941,
                                            "body": "Payment made according to one of the copies discharges the obligation, even if not stipulated, and this payment nullifies the effect of the other copies. However, the drawee remains liable for any accepted copy they could not retrieve.\r\nThe endorser who transferred the copies to different persons and subsequent endorsers are liable for all copies bearing their signatures that have not been returned.",
                                            "position": 453,
                                            "article_number": "393"
                                        },
                                        {
                                            "id": 3942,
                                            "body": "Whoever sends one of the copies for acceptance must indicate on the other copies the name of the person who holds this copy, and this person must deliver it to the legitimate holder of another copy. If they refuse to deliver it, the holder of the bill has no right to file a lawsuit unless they prove by protest:\r\nFirst - That the sent copy was not delivered to them upon their request.\r\nSecond - That acceptance or payment could not be obtained according to another copy.",
                                            "position": 454,
                                            "article_number": "394"
                                        }
                                    ],
                                    "category": "Paragraph",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 1102,
                                    "name": "In the Images",
                                    "number": "2",
                                    "articles": [
                                        {
                                            "id": 3943,
                                            "body": "Anyone holding a bill of exchange has the right to take copies of it.\r\nThe copy must accurately represent all the entries of the original bill, including endorsements and all annotations made on it, and it must indicate the limit to which it extends.\r\nThe copy may be endorsed and guaranteed like the original bill and shall have the same effects.",
                                            "position": 455,
                                            "article_number": "395"
                                        },
                                        {
                                            "id": 3944,
                                            "body": "The holder of the original bill must be mentioned in the copy, and the holder is obliged to deliver the said bill to the legitimate holder of the copy.\r\nIf the holder refuses, the holder of the copy has no right to file a lawsuit against its endorser or guarantors unless it is proven by protest that the original bill was not delivered to him upon his request.\r\nIf the original bill, after the last endorsement made before the copy was issued, contains the following phrase \"henceforth, endorsement is only valid on the copy\" or any phrase to this effect, any endorsement subsequently made on the original bill shall be void.",
                                            "position": 456,
                                            "article_number": "396"
                                        }
                                    ],
                                    "category": "Paragraph",
                                    "children": [],
                                    "position": 1
                                }
                            ],
                            "position": 10
                        },
                        {
                            "id": 1041,
                            "name": "On Falsification",
                            "number": "Eleventh",
                            "articles": [
                                {
                                    "id": 3945,
                                    "body": "If there is an alteration in the text of the bill of exchange, the signatories after this alteration shall be bound according to the altered text, and the previous signatories shall be bound according to the original text.",
                                    "position": 457,
                                    "article_number": "397"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 11
                        },
                        {
                            "id": 1042,
                            "name": "On Prescription",
                            "number": "Twelfth",
                            "articles": [
                                {
                                    "id": 3946,
                                    "body": "All rights of claim arising from the bill of exchange against the acceptor of the bill lapse after three years from the date of maturity.\r\nThe rights of the holder of the bill to claim against the endorsers and the drawer lapse after one year from the date of the protest made within the legal period or from the date of maturity if the phrase \"without expenses\" is present.\r\nAs for the rights of the endorsers to claim against each other and against the drawer, they lapse after six months from the day the endorser paid the amount of the bill or from the day the lawsuit was filed against him.",
                                    "position": 458,
                                    "article_number": "398"
                                },
                                {
                                    "id": 3947,
                                    "body": "The statute of limitations does not run in the event of a lawsuit except from the day of the last legal pursuit, and the statute of limitations does not apply if a judgment has been issued or the debt has been acknowledged in a separate document.\r\nThe interruption of the statute of limitations is only effective against the person against whom the action interrupting the statute of limitations was taken.\r\nHowever, the alleged debtors are required, upon request, to prove their discharge by oath, and their heirs or successors in rights are required to swear that they believe in good faith that the debt has been fully paid.",
                                    "position": 459,
                                    "article_number": "399"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 12
                        },
                        {
                            "id": 1043,
                            "name": "General Provisions",
                            "number": "Thirteen",
                            "articles": [
                                {
                                    "id": 3948,
                                    "body": "A bill of exchange that falls due on a legal holiday cannot be demanded for payment until the first working day following it.\r\nSimilarly, all transactions related to the bill of exchange, especially its presentation for acceptance and protest, can only be carried out on working days.\r\nWhen the performance of any of these transactions is required within a period that ends on a legal holiday, the period is extended to the first working day following it.\r\nHowever, holidays that fall within the period are included in its calculation.",
                                    "position": 460,
                                    "article_number": "400"
                                },
                                {
                                    "id": 3949,
                                    "body": "The day that marks the beginning of legal or contractual periods is not included in their calculation.",
                                    "position": 461,
                                    "article_number": "401"
                                },
                                {
                                    "id": 3950,
                                    "body": "It is neither legally nor judicially permissible to grant a one-day grace period for payment except in the cases stipulated in Articles 365 and 376.",
                                    "position": 462,
                                    "article_number": "402"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 13
                        }
                    ],
                    "position": 19
                },
                {
                    "id": 1044,
                    "name": "On the Promissory Note",
                    "number": "Second",
                    "articles": [
                        {
                            "id": 3951,
                            "body": "The promissory note contains:\r\n1 - The term \"order\" or the mention of \"promissory note\" in the text of the note itself in the language used for writing it.\r\n2 - An unconditional promise to pay a certain amount.\r\n3 - Specification of the maturity date.\r\n4 - Specification of the place where payment must be made.\r\n5 - The name of the person to whom or to whose order payment must be made.\r\n6 - Specification of the date and place where the note was signed.\r\n7 - Signature of the person issuing the note (the signer).",
                            "position": 463,
                            "article_number": "403"
                        },
                        {
                            "id": 3952,
                            "body": "A note that lacks one of the elements specified in the previous article is not considered a \"promissory note\" except in the cases mentioned in the following paragraphs:\r\n- A promissory note that does not specify a maturity date is considered payable upon presentation.\r\n- If there is no specific designation in the note, the place of issuance of the note is considered the place of payment and the residence of the signer at the same time.\r\n- A promissory note that does not specify its place of issuance is considered written in the place indicated next to the signer's name.",
                            "position": 464,
                            "article_number": "404"
                        },
                        {
                            "id": 3953,
                            "body": "The provisions related to the bill of exchange concerning the following articles apply to the promissory note as far as they are consistent with its nature:\r\n- Endorsement (Article 325 to 335).\r\n- Maturity (Article 348 to 352).\r\n- Payment (Article 353 to 364).\r\n- Recourse for non-payment (Article 365 to 372 and 374 to 376).\r\n- Protest (Article 377 and 380).\r\n- Drawing limits (Article 381 and 382).\r\n- Payment by intervention (Article 387 to 391).\r\n- Copies (Article 395 and 396).\r\n- Alteration (Article 397).\r\n- Statute of limitations (Article 398 and 399).\r\n- Holidays, time calculation, and prohibition of time extension (Article 400 to 402).",
                            "position": 465,
                            "article_number": "405"
                        },
                        {
                            "id": 3954,
                            "body": "The provisions related to the bill of exchange payable to a third party or at a place other than the domicile of the drawee (Article 317 and Article 342) also apply to the promissory note, as well as the provisions related to interest inclusion (Article 318), discrepancies in the texts concerning the amount due (Article 319), the consequences of signing as specified in Article 320, and the consequences of signing by a person without authorization or exceeding their authority (Article 321).",
                            "position": 466,
                            "article_number": "406"
                        },
                        {
                            "id": 3955,
                            "body": "The provisions related to guarantee (Article 345 and Article 347) also apply to the promissory note.\r\nIn the specific case mentioned in the last paragraph of Article 346, if the person for whom the guarantee was given is not specified, it is considered given for the benefit of the promissory note signer.",
                            "position": 467,
                            "article_number": "407"
                        },
                        {
                            "id": 3956,
                            "body": "The signer of the promissory note is obligated like the person who accepts a bill of exchange.\r\nPromissory notes payable within a period after sight must be presented to the signer for certification within the time limits specified in Article 338.\r\nThe period after sight begins from the date of certification placed on the note by the signer's signature.\r\nIf the signer of the note refuses to place a dated certification, this refusal must be evidenced by a protest document (Article 340). The date of the protest serves as the start of the period after sight.",
                            "position": 468,
                            "article_number": "408"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 20
                },
                {
                    "id": 1045,
                    "name": "On Doubt",
                    "number": "Third",
                    "articles": [],
                    "category": "Title",
                    "children": [
                        {
                            "id": 1046,
                            "name": "Establishment and Formulation",
                            "number": "First",
                            "articles": [
                                {
                                    "id": 3957,
                                    "body": "The check includes:\r\n1 - The mention of the word \"check\" inserted in the text of the document itself in the language used for its writing.\r\n2 - An unconditional and unrestricted mandate to pay a specific amount.\r\n3 - The name of the person who must make the payment (the drawee).\r\n4 - The designation of the place where the payment must be made.\r\n5 - The designation of the date and place where the check was created.\r\n6 - The signature of the issuer of the check (the drawer).",
                                    "position": 469,
                                    "article_number": "409"
                                },
                                {
                                    "id": 3958,
                                    "body": "A document lacking one of the components outlined in the previous article is not considered a check except in the cases specified in the following paragraphs:\r\nIf the document does not specify a particular place for payment next to the name of the drawee, and if several places are mentioned next to the name of the drawee, the check is payable at the place mentioned first.\r\nIf these clarifications or others are not mentioned, the check is payable at the original establishment of the drawee.\r\nA check that does not mention the place of its creation is considered created at the place mentioned next to the name of the drawer.",
                                    "position": 470,
                                    "article_number": "410"
                                },
                                {
                                    "id": 3959,
                                    "body": "A check can only be drawn on a banker who, at the time of creating the document, has funds placed at the disposal of the drawer based on an explicit or implicit agreement allowing the drawer to dispose of these funds by issuing the check.",
                                    "position": 471,
                                    "article_number": "411"
                                },
                                {
                                    "id": 3960,
                                    "body": "A check is not subject to the condition of acceptance. If a phrase concerning acceptance is written on the check, it is considered void.\r\nHowever, the drawee may acknowledge the check, resulting in the acknowledgment of the existence of funds on the date of issuing the check.",
                                    "position": 472,
                                    "article_number": "412"
                                },
                                {
                                    "id": 3961,
                                    "body": "A check may stipulate that it is payable:\r\n- To a specific person with or without the declaration \"to order\".\r\n- To a specific person with the phrase \"not to order\" or a similar expression.\r\n- To the bearer of the document.\r\nA check drawn in favor of a specific person with the words \"or bearer\" or a similar expression is considered a bearer check.\r\nA check that does not mention the name of the beneficiary is considered a bearer check.",
                                    "position": 473,
                                    "article_number": "413"
                                },
                                {
                                    "id": 3962,
                                    "body": "A check may be made payable to the order of the drawer himself.\r\nA check may also be drawn in favor of a third party.\r\nA check cannot be drawn on the drawer himself except when it is drawn between different establishments of the same drawer, provided that this check is not a bearer check.",
                                    "position": 474,
                                    "article_number": "414"
                                },
                                {
                                    "id": 3963,
                                    "body": "Any interest stipulation included in the check is considered void.",
                                    "position": 475,
                                    "article_number": "415"
                                },
                                {
                                    "id": 3964,
                                    "body": "A check may be payable at the residence of a third party, whether in the locality where the drawee resides or elsewhere, provided that the third party is a banker.",
                                    "position": 476,
                                    "article_number": "416"
                                },
                                {
                                    "id": 3965,
                                    "body": "The drawer is a guarantor of payment, and any condition intended to absolve the drawer from this guarantee is considered void.",
                                    "position": 477,
                                    "article_number": "417"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 1
                        },
                        {
                            "id": 1047,
                            "name": "On the Transfer of Doubt",
                            "number": "Second",
                            "articles": [
                                {
                                    "id": 3966,
                                    "body": "A check specified as payable to a named person with the explicit phrase 'to order' or without it is transferable by endorsement.\nHowever, a check specified as payable to a named person with the phrase 'not to order' or a similar phrase is only transferable by ordinary assignment and its effects.",
                                    "position": 478,
                                    "article_number": "418"
                                },
                                {
                                    "id": 3967,
                                    "body": "Endorsement may be made in favor of the drawer himself or any other liable person, and these parties may re-endorse the check.",
                                    "position": 479,
                                    "article_number": "419"
                                },
                                {
                                    "id": 3968,
                                    "body": "Endorsement must be unconditional. Any condition attached to the endorsement is considered null.\nPartial endorsement is void.\nSo is endorsement to the drawee.\nEndorsement to the bearer is considered as a blank endorsement.\nEndorsement to the drawee is only valid as a receipt unless the drawee has multiple establishments and the endorsement is in favor of an establishment other than the one on which the check was drawn.",
                                    "position": 480,
                                    "article_number": "420"
                                },
                                {
                                    "id": 3969,
                                    "body": "The holder of an endorsable check is considered its legitimate bearer if he proves his right through an uninterrupted series of endorsements, even if the last endorsement is in blank. Endorsements that are crossed out are considered null in this regard. If a blank endorsement is followed by another endorsement, the signatory of this endorsement is considered to have acquired the check by blank endorsement.",
                                    "position": 481,
                                    "article_number": "421"
                                },
                                {
                                    "id": 3970,
                                    "body": "An endorsement placed on a bearer check makes the endorser liable according to the provisions related to judicial recourse rights and does not convert the instrument into a 'to order' check.",
                                    "position": 482,
                                    "article_number": "422"
                                },
                                {
                                    "id": 3971,
                                    "body": "If a 'to order' check is taken from a person by any incident, the rightful holder of this check, who proves his right as specified in Article 421, is not obliged to relinquish it unless he acquired it in bad faith or committed a gross error in acquiring it.",
                                    "position": 483,
                                    "article_number": "423"
                                },
                                {
                                    "id": 3972,
                                    "body": "Endorsement after protest or after the expiration of the presentation period only produces the effects of an ordinary assignment.\nAn undated endorsement is considered to have been made before the protest or before the expiration of the period mentioned in the previous paragraph unless evidence to the contrary is provided.",
                                    "position": 484,
                                    "article_number": "424"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 2
                        },
                        {
                            "id": 1048,
                            "name": "On Offer and Payment",
                            "number": "Third",
                            "articles": [
                                {
                                    "id": 3973,
                                    "body": "A check is payable upon presentation. Any contrary condition is considered void. A check presented for payment before the date specified as the date of issue is payable on the day of presentation.",
                                    "position": 485,
                                    "article_number": "425"
                                },
                                {
                                    "id": 3974,
                                    "body": "A check issued in Lebanon and payable there must be presented for payment within eight days.\r\nA check issued outside Lebanon and payable there must be presented within twenty days if its place of issue is in countries adjacent to Lebanon or Syria, or in Europe, or in countries located on the Mediterranean coast.\r\nThe period is seventy days if the check is issued from any other country.",
                                    "position": 486,
                                    "article_number": "426"
                                },
                                {
                                    "id": 3975,
                                    "body": "If a check payable in Lebanon is issued from a country that uses a calendar other than the Gregorian calendar, the date of issue is adjusted to the corresponding day in the Gregorian calendar.",
                                    "position": 487,
                                    "article_number": "427"
                                },
                                {
                                    "id": 3976,
                                    "body": "- Amended\r\nThe drawee must pay even after the presentation period has expired.\r\nThe drawer's objection to the payment of the check is only accepted in the case of its loss or the bankruptcy of its holder.\r\nIf the drawer objects for other reasons despite this prohibition, the judge of urgent matters must, upon the holder's request, decide to lift this objection even if there is a pending lawsuit on the merits.",
                                    "position": 488,
                                    "article_number": "428"
                                },
                                {
                                    "id": 3977,
                                    "body": "The effects of the check are not affected by the death of the drawer or the loss of their legal capacity occurring after its issuance.",
                                    "position": 489,
                                    "article_number": "429"
                                },
                                {
                                    "id": 3978,
                                    "body": "The drawee has the right to request, upon payment of the check, that the holder deliver a receipt, and the holder may not refuse partial payment.\r\nIf the funds are less than the value of the check, the holder has the right to insist on payment to the extent of the funds. In the case of partial payment, the drawee has the right to request that this payment be noted on the check and that a receipt be delivered to him.\r\nPartial payments of the original value of the check discharge the drawer and endorsers. The holder of the check must protest for the remainder.",
                                    "position": 490,
                                    "article_number": "430"
                                },
                                {
                                    "id": 3979,
                                    "body": "Anyone who pays a check not objected to is legally discharged.\r\nThe drawee who pays a check that is endorsable is required to verify the validity of the sequence of endorsements but is not required to verify the signatures of the endorsers.",
                                    "position": 491,
                                    "article_number": "431"
                                },
                                {
                                    "id": 3980,
                                    "body": "If payment of the check is stipulated in a currency not in circulation in Lebanon, the amount may be paid within the presentation period in Lebanese pounds equivalent to its value on the day of payment. If payment is not made upon presentation, the holder has the option to request payment of the check's value in Lebanese currency according to the prevailing rate on the day of presentation or on the day of payment.\r\nLebanese custom must be followed in determining the rate of each foreign currency in which the check is drawn, to determine its value in Lebanese pounds. However, the drawer may stipulate that the value to be paid is calculated at a specific rate in the check.\r\nThe aforementioned rules do not apply when the drawer stipulates payment in a specific currency (the condition of actual payment in foreign currency).",
                                    "position": 492,
                                    "article_number": "432"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 3
                        },
                        {
                            "id": 1049,
                            "name": "On the Crossed Check",
                            "number": "Fourth",
                            "articles": [
                                {
                                    "id": 3981,
                                    "body": "The drawer or the holder of the check may cross it, resulting in the consequences outlined in the following article:\r\nCrossing is done by drawing two parallel lines on the back of the check, and it can be general or special. It is general if there is no specification or the word \"banker\" or similar between the lines. It is special if the name of a specific banker is written between the lines.\r\nA general crossing can be converted into a special crossing. However, a special crossing cannot be converted into a general crossing. Erasing the crossing or the name of the banker is considered null and void.",
                                    "position": 493,
                                    "article_number": "433"
                                },
                                {
                                    "id": 3982,
                                    "body": "The drawee may not pay a check with a general crossing except to a customer or a banker.\r\nThe drawee may not pay a check with a special crossing except to the designated banker. If the banker is the drawee, it may only be paid to a customer. However, the designated banker may use another banker for collection.\r\nA banker may only acquire a check with a crossing from a customer or another banker and may not collect it on behalf of other persons.\r\nThe drawee or banker who violates the preceding provisions shall be liable for damages up to the value of the check.",
                                    "position": 494,
                                    "article_number": "434"
                                },
                                {
                                    "id": 3983,
                                    "body": "The drawer of the check and its holder may prevent its cash payment by placing the following restrictive phrase on its back \"to be credited to the account\" or similar.\r\nIn this case, the check can only result in settlement through entries by the drawee (financial credit to the account, transfer, or set-off), and settlement through entries is considered payment. Erasing the phrase \"to be credited to the account\" is considered null and void.\r\nThe drawee who violates the preceding provisions shall be liable for damages up to the value of the check.",
                                    "position": 495,
                                    "article_number": "435"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 4
                        },
                        {
                            "id": 1050,
                            "name": "On the Claim for Non-fulfillment",
                            "number": "Fifth",
                            "articles": [
                                {
                                    "id": 3987,
                                    "body": "The holder of the bill has the right to sue the endorsers, the drawer, and others liable if the check presented was not paid in due time and if the refusal to pay is proven:\r\n1 - Either by an official document (protest).\r\n2 - Or by a written and dated declaration from the drawee on the check indicating the day of presentation.",
                                    "position": 499,
                                    "article_number": "436"
                                },
                                {
                                    "id": 3988,
                                    "body": "The protest or similar proof must be made before the end of the period designated for presentation.\r\nIf the presentation is made only on the last day of the period, the protest or similar proof can be made on the first following business day.",
                                    "position": 500,
                                    "article_number": "437"
                                },
                                {
                                    "id": 3989,
                                    "body": "The holder of the check can demand from the person against whom the claim is made:\r\n1 - The amount of the check that was not paid.\r\n2 - Interest starting from the day of presentation calculated at the legal rate for checks issued and payable in Lebanon and at a rate of six percent for other checks.\r\n3 - Expenses of the protest or similar proof and expenses of the notices sent and other expenses.",
                                    "position": 501,
                                    "article_number": "438"
                                },
                                {
                                    "id": 3990,
                                    "body": "The person who paid the check has the right to demand from their guarantors:\r\n1 - The full amount they paid.\r\n2 - Interest on this amount starting from the day it was paid, calculated at the legal rate for checks issued and payable in Lebanon and at a rate of six percent for other checks.\r\n3 - The expenses they incurred.",
                                    "position": 502,
                                    "article_number": "439"
                                },
                                {
                                    "id": 3991,
                                    "body": "If an obstacle that cannot be overcome (legal provision or other cases of force majeure) prevents the presentation of the check or the making of the protest or similar proof within the designated periods, these periods are extended.\r\nThe holder of the bill must immediately notify the person who endorsed the bill to them of the existence of force majeure and must indicate this notification on the check or on an additional paper with a signed and dated note. Otherwise, the provisions of Article 367 apply to the remaining transactions.\r\nAfter the cessation of the force majeure, the holder of the check must present it without delay for payment. If necessary, they must make the protest or similar proof.\r\nIf the force majeure continues for more than fifteen days starting from the date the holder of the bill sent notification to the endorser of the existence of force majeure, even if the notification was sent before the end of the presentation period, the claim can be made without the need to present the bill or make the protest or similar proof.\r\nPersonal matters purely related to the holder of the check or the person entrusted with presenting it or making the protest or similar proof are not considered force majeure.",
                                    "position": 503,
                                    "article_number": "440"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 5
                        },
                        {
                            "id": 1051,
                            "name": "On the Multiplicity of Copies",
                            "number": "Sixth",
                            "articles": [
                                {
                                    "id": 3992,
                                    "body": "Article 441 Effective Date: 24\/12\/1942\r\nExcept for bearer checks, it is permissible to issue multiple identical copies for each check issued in one country and payable in another country or a part of the same country located overseas and vice versa, and for each check issued and payable in one part or in different parts located overseas of the same country.\r\nIf multiple copies of the same check are issued, the number of the copy must be mentioned in the text of the check itself, otherwise, each copy shall be considered as an independent check.",
                                    "position": 1,
                                    "article_number": "441"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 6
                        },
                        {
                            "id": 1052,
                            "name": "On Prescription",
                            "number": "Seventh",
                            "articles": [
                                {
                                    "id": 3993,
                                    "body": "Date of commencement: 24\/12\/1942\r\nThe right of the holder of the check to file a lawsuit against the endorsers, the drawer, and all other obligors lapses after six months starting from the end of the presentation period.\r\nHowever, the right of the obligors to pay the check in pursuing each other lapses after six months starting from the day the obligor paid the amount of the check or from the day the lawsuit was filed against him.\r\nNevertheless, in the case of lapse or prescription, the right to file a lawsuit remains against the drawer who did not provide the funds or against other obligors who gained an unlawful profit.\r\nThe right of the holder of the check to file a lawsuit against the drawee lapses after three years starting from the end of the presentation period.",
                                    "article_number": "442"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 7
                        },
                        {
                            "id": 1053,
                            "name": "General and Penal Provisions",
                            "number": "Eight",
                            "articles": [
                                {
                                    "id": 3994,
                                    "body": "The presentation of a check or the filing of a protest can only be conducted on a business day.\r\nIf the last day of the period granted by law for conducting actions related to the check, especially its presentation and the organization of the protest or a similar document, falls on an official holiday, the period is extended to the first business day following its end. However, holidays occurring during the period are included in its calculation.",
                                    "position": 505,
                                    "article_number": "443"
                                },
                                {
                                    "id": 3995,
                                    "body": "Payment by delivering a check accepted by the creditor is not considered a renewal of the debt contract; rather, the original debt remains with all the guarantees associated with it until the mentioned check is paid.",
                                    "position": 506,
                                    "article_number": "444"
                                },
                                {
                                    "id": 3996,
                                    "body": "Regardless of the procedures imposed for filing a guarantee lawsuit, the holder of a check on which a protest has been filed has the right, after obtaining permission from the head of the enforcement department, to provisionally seize the movables of the drawer and endorsers without being obliged to provide a guarantee.",
                                    "position": 507,
                                    "article_number": "445"
                                },
                                {
                                    "id": 3997,
                                    "body": "- Amended\r\nAnyone who issues a check without indicating the place of issuance or the date, or who puts an incorrect date, is subject to a fine of six percent of the amount of the check.\r\nThis fine shall not be less than five Lebanese pounds.\r\nThe same fine is imposed without review on the first endorser or the personal holder of the check if it lacks the place of issuance or the date, or if it bears a date later than the date of its endorsement or presentation. This fine is also imposed on anyone who pays or receives by way of set-off a check that does not include the place of issuance or the date.",
                                    "position": 508,
                                    "article_number": "446"
                                },
                                {
                                    "id": 3998,
                                    "body": "- Amended\r\nEvery banker who has funds and delivers to his creditor blank check forms payable from the bank's treasury is required to mention on each form the name of the person to whom this form was delivered, otherwise, he is subject to a fine of one Lebanese pound for each violation.\r\nEvery bank must print on the cover of the checkbooks it delivers to its customers the text of Article 666 of the Penal Code, otherwise, it is subject to a fine of ten pounds for each violation.",
                                    "position": 509,
                                    "article_number": "447"
                                },
                                {
                                    "id": 3999,
                                    "body": "- Amended\r\nThe crime of drawing a check without funds is punishable under Article 666 of the Penal Code.",
                                    "position": 510,
                                    "article_number": "448"
                                },
                                {
                                    "id": 4000,
                                    "body": "The drawee who knowingly declares the existence of funds less than the available funds is subject to a fine ranging from twenty-five to five hundred Lebanese pounds.",
                                    "position": 511,
                                    "article_number": "449"
                                },
                                {
                                    "id": 4001,
                                    "body": "In addition to the above, the following articles of this law apply to the check as long as their provisions do not conflict with the nature of this instrument:\r\nFrom Article 319 to 321, and from 327 to 329, 331, 332, 335, 345 to 347, the second paragraph of Article 353, 359, 361 to 364, 367 to 369, 372, 377, 393, 397, 399, 401, and 402.\r\nThe protest document stipulated in Article 362 must be organized at the latest on the first business day following the end of the specified period for presenting the check.",
                                    "position": 512,
                                    "article_number": "450"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 8
                        }
                    ],
                    "position": 21
                },
                {
                    "id": 1054,
                    "name": "On Other Transferable Instruments by Endorsement",
                    "number": "Fourth",
                    "articles": [
                        {
                            "id": 4002,
                            "body": "Every document by which the signer commits to deliver a sum of money or a quantity of fungibles at a specific place and time may be transferred by endorsement if it is explicitly made with the phrase 'to order.'\r\nThe endorsement shall be subject to the provisions of Article 325 and the following articles concerning the endorsement of bills of exchange unless there are contrary provisions in the law or in the document itself. The debtor cannot invoke reasons for payment other than those arising from the document itself and the reasons he directly holds against the plaintiff, unless the plaintiff is in bad faith.\r\nPayment is only compelled upon the delivery of the order document containing the receipt according to the rules.",
                            "position": 513,
                            "article_number": "451"
                        },
                        {
                            "id": 4003,
                            "body": "If a bill of exchange, promissory note, or other negotiable instruments are delivered as a means of debt payment, this shall not be considered a renewal of the contract unless the intention of the parties indicates otherwise.",
                            "position": 514,
                            "article_number": "452"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 22
                },
                {
                    "id": 1055,
                    "name": "Transferable Value",
                    "number": "Fifth",
                    "articles": [
                        {
                            "id": 4004,
                            "body": "Shares, bonds, income certificates, and other negotiable securities issued in bulk that confer the right to equal monetary values and can be priced in one of the financial markets, may be nominal, bearer, or order-based.",
                            "position": 515,
                            "article_number": "453"
                        },
                        {
                            "id": 4005,
                            "body": "If the bond is bearer, its transfer is effected by mere delivery. Any holder of this bond is considered eligible to exercise the rights associated with it, and as long as the debtor has not received a legal objection, payment to the bondholder discharges the debtor's obligation according to the rules.\r\nThe debtor can only raise defenses against the bondholder based on the invalidity of the bond or arising from the text of the bond itself.",
                            "position": 516,
                            "article_number": "454"
                        },
                        {
                            "id": 4006,
                            "body": "If the bond is nominal, the owner's right is established by registering it in their name in the records of the institution that issued the bond. Ownership of this bond arises from this registration.",
                            "position": 517,
                            "article_number": "455"
                        },
                        {
                            "id": 4007,
                            "body": "The transfer of a nominal bond is effected by a declaration indicating the transfer, recorded in the registers and signed by the transferor or their authorized representative.\r\nThe debtor institution has the right, before registering the transfer, to request the declarant to prove their identity and capacity. This transfer grants the new owner whose name is registered a personal and direct right.\r\nThe debtor institution cannot raise any defenses against them that pertain to previous bondholders.",
                            "position": 518,
                            "article_number": "456"
                        },
                        {
                            "id": 4008,
                            "body": "Nominal bonds may include detachable coupons that entitle the holder to collect maturities, distributions, and interest (referred to as mixed bonds).",
                            "position": 519,
                            "article_number": "457"
                        },
                        {
                            "id": 4009,
                            "body": "Securities created to order are transferred by endorsement. Their endorsement is subject to the same rules that apply to the endorsement of bills of exchange unless there are contrary provisions arising from laws, regulations, or the nature of the bond itself.",
                            "position": 520,
                            "article_number": "458"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 23
                },
                {
                    "id": 1056,
                    "name": "Public Deposit Receipts",
                    "number": "Sixth",
                    "articles": [
                        {
                            "id": 4335,
                            "body": "Repeated 1\r\nPublic deposit receipts are nominal instruments that can be traded and are linked to nominal shares (underlying shares) of a Lebanese joint-stock company, issued abroad by a licensed issuer in the country of issuance and listed on organized financial markets.",
                            "position": 1,
                            "article_number": "458"
                        },
                        {
                            "id": 4336,
                            "body": "Repeated 2 -\r\nWhile fully retaining the regulatory provisions related to public deposit receipts linked to bank shares, the company must ensure, at its responsibility, when issuing public deposit receipts linked to its shares, that the following conditions are met:\r\n1- A bank or financial institution abroad issues the public deposit receipts after receiving evidence that the underlying shares have been deposited with the Financial Instruments Clearing and Depository Center for Lebanon and the Middle East (Midclear) established by Law No. 139 dated 26\/11\/1999.\r\n2- Approval of the company's board of directors issuing the underlying shares on the information contained in the subscription prospectus that may be prepared for this issuance.\r\n3- Issuance of public deposit receipts either:\r\nA- Based on the provisions of a contract signed between the bank or financial institution intending to issue public deposit receipts and the company issuing the underlying shares in exchange for shares it owns of its own shares or in exchange for shares owned by some shareholders of the company in the issuing company (sponsored DRs).\r\nB- In exchange for a letter of no objection from the company issuing the underlying shares in the absence of a contract as referred to in paragraph (A) of this clause (3) (Unsponsored DRs). In this case, Midclear, with any information it may have, also ensures the fulfillment of the conditions of this article when issuing public deposit receipts.\r\n4- The possibility of granting holders of public deposit receipts the right to exchange them for a number of underlying shares provided that this does not conflict with legal or regulatory provisions, especially those that restrict the ownership of underlying shares to Lebanese persons.\r\n5- Keeping the underlying shares in the possession of the Financial Instruments Clearing and Depository Center for Lebanon and the Middle East (Midclear) until the full or partial payment of the value of the public deposit receipts or until they are exchanged for the corresponding underlying shares in full or in part or until the dissolution and liquidation of the company issuing the underlying shares.\r\n6- The possibility of granting the issuer of public deposit receipts the right to attend the general assemblies of the company issuing the underlying shares and the right to participate in voting provided that:\r\nA- This right does not conflict with legal or regulatory provisions, especially those that restrict the ownership of underlying shares to Lebanese persons.\r\nB- The issuer of public deposit receipts votes in the sessions of the general assemblies according to the instructions of the holders of these receipts, if the contract or issuance system of these receipts allows it and specifies the conditions and manner of exercising voting rights, otherwise, the issuer of public deposit receipts must vote according to what the interest of the company issuing the underlying shares requires.\r\n7- Not exceeding the number of shares represented by public deposit receipts 30% of the number of shares constituting the capital of the company issuing the underlying shares and fully paid for.",
                            "position": 698,
                            "article_number": "458"
                        },
                        {
                            "id": 4337,
                            "body": "Repeated 3\r\nUpon the dissolution and liquidation of the company issuing the underlying shares, all rights related to the underlying shares revert to the holders of public deposit receipts, taking into account the provisions of the law enacted by Decree No. 10845 dated 10\/9\/1968 concerning the acquisition of real property rights in Lebanon by non-Lebanese.",
                            "position": 699,
                            "article_number": "458"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 24
                }
            ],
            "position": 1
        },
        {
            "id": 1084,
            "name": "On Preventive Composition and Bankruptcy",
            "number": "Fifth",
            "articles": [],
            "category": "Book",
            "children": [
                {
                    "id": 1057,
                    "name": "On Provisional Settlement",
                    "number": "First",
                    "articles": [
                        {
                            "id": 4338,
                            "body": "Every merchant has the right, before ceasing to pay or within ten days following this cessation, to apply to the primary court convened in the area where their main establishment is located and request it to summon their creditors to propose a preventive settlement.",
                            "position": 700,
                            "article_number": "459"
                        },
                        {
                            "id": 4339,
                            "body": "To support this request, the merchant must submit: their mandatory commercial books organized according to the rules for at least three years or from the start of their commercial practice if it is less than three years, a document proving their registration in the commercial register, a detailed and estimated statement of their operations, and a list of all their creditors with the amount of each debt and the creditor's residence. If the matter concerns a company, documents proving its establishment according to the rules must be presented.\r\nThe merchant must explain the reasons for requesting the settlement, indicate the distribution rate they intend to offer to their creditors, or the reasons preventing them from immediately disclosing their proposals, and specify the real or personal guarantees they offer to their creditors.\r\nIn any case, the proposed rate must not be less than 50% of the principal of their ordinary debts if the payment term is one year, not less than 75% if the term is eighteen months, and not less than 100% if the term is three years.",
                            "position": 701,
                            "article_number": "460"
                        },
                        {
                            "id": 4340,
                            "body": "After hearing the public prosecution, the court must decide in chambers to reject the request:\r\nFirst - if the request did not include the books and documents specified in the previous article.\r\nSecond - if the merchant has previously been convicted of fraudulent bankruptcy, forgery, theft, breach of trust, fraud, embezzlement in managing public funds, failed to fulfill obligations in a previous preventive settlement, or was previously declared bankrupt without fully paying all creditors or fulfilling the settlement obligations completely.\r\nThird - if sufficient guarantees for the proposed distribution rate are not provided.\r\nFourth - if the merchant fled after closing all their establishments or fraudulently embezzled or reduced part of their wealth. In all these cases, if the merchant has ceased to pay their commercial debts, the court will declare their bankruptcy on its own initiative.",
                            "position": 702,
                            "article_number": "461"
                        },
                        {
                            "id": 4341,
                            "body": "If the court considers the request legal and worthy of acceptance, it orders, by a non-appealable decision, to summon the creditors to appear before an appointed judge for discussion and deliberation on the preventive settlement proposal.\r\nThis judge sets the meeting place, date, and time within thirty days at most from the court's decision date and specifies the period for publishing this decision and notifying the creditors.\r\nA commissioner, who is not a creditor, is also appointed to oversee the management of the commercial project, verify its assets and liabilities, investigate the debtor's conduct, and then submit a report to the creditors' assembly on this matter.\r\nThe commissioner must set a deadline for the applicant not exceeding five days to complete the nominal list of creditors when the merchant proves in their request that they cannot immediately provide this complete list.\r\nBased on the appointed judge's request, the court's decision is noted with an explanation signed by the judge and the clerk and recorded at the end of the entries in the merchant's books, which are then returned to them.",
                            "position": 703,
                            "article_number": "462"
                        },
                        {
                            "id": 4342,
                            "body": "The court's decision is published by the clerk's care through announcements posted on the court's door, then a summary of the decision is included in one of the judicial advertisement newspapers and registered in the commercial register, all within a period specified in the decision itself. If the list of creditors' names is incomplete or if broader publication is deemed necessary, the court may designate other newspapers, even foreign ones, for publishing the announcements.\r\nThe clerk must notify each creditor by registered letter or telegram, depending on the distance, indicating the debtor's name, the appointed judge's name, the commissioner's name, the decision date summoning the creditors, the meeting place and date, along with a brief statement of the debtor's proposals.\r\nThe documents proving the publication and notification to the creditors must be included in the file.",
                            "position": 704,
                            "article_number": "463"
                        },
                        {
                            "id": 4343,
                            "body": "From the date of filing the request until the decision confirming the settlement acquires the force of res judicata, no creditor holding a document prior to the decision date may initiate or continue enforcement proceedings, acquire any lien on the debtor's assets, or register a mortgage, and any such action is void.\r\nThe periods related to the statute of limitations and the expiration of claims and rights that were interrupted by the actions mentioned above remain suspended.\r\nOrdinary debts without any lien are considered due and their interest ceases only towards the creditors.\r\nAmounts due as taxes, even if privileged, are not subject to the effects stipulated in this article.",
                            "position": 705,
                            "article_number": "464"
                        },
                        {
                            "id": 4344,
                            "body": "During the preventive settlement proceedings, the debtor remains in charge of managing their assets and continues to perform all ordinary business activities related to their trade under the supervision of the commissioner and the management of the appointed judge. Both individuals have the right to inspect the commercial books at any time.",
                            "position": 706,
                            "article_number": "465"
                        },
                        {
                            "id": 4345,
                            "body": "Gifts and other gratuitous acts or guarantees made by the debtor during the preventive settlement proceedings cannot be invoked against the creditors.\r\nThe same rule applies if the debtor engages in borrowing activities, even if the borrowing is in the form of promissory notes, valid contracts, or arbitration, conducts sales unrelated to their trade, or establishes a mortgage or security without the appointed judge's authorization. The judge may only permit such actions if their benefit is clearly evident.",
                            "position": 707,
                            "article_number": "466"
                        },
                        {
                            "id": 4346,
                            "body": "If the debtor violates the provisions of the previous two articles or it is proven that they concealed part of their assets, neglected to mention some creditors, or committed any general fraud, the appointed judge refers the matter to the court's chamber for deliberation, which then declares bankruptcy.\r\nThis does not preclude the criminal penalties the merchant may face.",
                            "position": 708,
                            "article_number": "467"
                        },
                        {
                            "id": 4347,
                            "body": "The commissioner, after reviewing the debtor's books and documents and based on the information gathered, verifies the accuracy of the creditors' and debtors' statements, makes all necessary adjustments, and specifies the amounts owed to or by the debtor. They have the right, if necessary, to request the necessary clarifications from the concerned parties.\r\nThen, without delay, they prepare a detailed report on the debtor's commercial situation and conduct, and deposit this report with the court registry at least three days before the scheduled settlement meeting.",
                            "position": 709,
                            "article_number": "468"
                        },
                        {
                            "id": 4348,
                            "body": "The appointed judge presides over the creditors' meeting.\r\nEvery creditor has the right to appoint a special agent on their behalf with a written power of attorney, which can be written without any formalities on the invitation letter or telegram.\r\nThe debtor or their legal representative must attend in person, and representation by a special agent is only accepted if the debtor is absolutely unable to attend, as verified by the appointed judge.\r\nAfter the supervisor's report is read, the debtor presents their final proposals.\r\nIf all transactions cannot be completed on the appointed day, their continuation is considered automatically postponed to the nearest working day without the need to inform the creditors again, even those absent.\r\nThis process continues until the transactions are completed.",
                            "article_number": "469"
                        },
                        {
                            "id": 4349,
                            "body": "Each creditor can present the reasons why they believe a particular debt is questionable, or that the debtor is not worthy of the leniency they seek, or that their proposals are not worthy of acceptance.\r\nThe creditor must provide their response and give all the clarifications requested.\r\nA summary of all these matters is recorded in the minutes, and all documents are attached.",
                            "article_number": "470"
                        },
                        {
                            "id": 4350,
                            "body": "The provisional settlement must be approved by the majority of creditors who participated in the vote, and this majority must represent at least three-quarters of the unsecured and unprivileged debts.\r\nHowever, creditors with privileges and mortgage securities, whether movable or immovable, may participate in forming this majority, provided they waive their right to use the security given to them.\r\nThis waiver may be limited to a portion of the debt and its accessories, provided that the waived portion is specified and not less than one-third of the total debt.\r\nParticipation in the vote without a declaration of partial waiver and subsequent acceptance of the settlement discussed below implies a waiver of the entire debt security.\r\nThe court, in its confirmation decision, calculates the increase that may occur in the debtor's assets as a result of this vote and acceptance.\r\nThe effects of waiving a privilege or a mortgage, whether partial or not, are automatically nullified if the settlement is not completed or is annulled.",
                            "article_number": "471"
                        },
                        {
                            "id": 4351,
                            "body": "The debts of the debtor's spouse and the debts of their relatives and in-laws up to the fourth degree are not included in the majority calculation mentioned in the previous article. Persons who acquired these debts through assignment or auction within the year preceding the settlement request are also prohibited from voting.\r\nAssignment of debts after the decision to call creditors does not grant the right to vote in the settlement contract.",
                            "article_number": "472"
                        },
                        {
                            "id": 4352,
                            "body": "The appointed judge must record in the minutes those who accepted the settlement, and all of them must sign the minutes.\r\nThose who expressed their acceptance by letter or telegram to the appointed judge or the clerk within five days following the conclusion of the meeting minutes are included in the majority calculation.\r\nThe clerk records this acceptance in the margin of the minutes and attaches it.",
                            "article_number": "473"
                        },
                        {
                            "id": 4353,
                            "body": "Before signing, the appointed judge issues a decision recorded in the minutes, inviting the concerned parties to attend a specific session before the court to confirm the settlement within a period not exceeding twenty days.",
                            "article_number": "474"
                        },
                        {
                            "id": 4354,
                            "body": "The supervisor must submit their reasoned requests regarding the possibility of accepting the settlement to the court registry three days before the scheduled confirmation session.\r\nIn the session, the appointed judge presents a report, and the debtor and creditors have the right to participate in the discussion.\r\nThe court may invite the supervisor to the deliberation room for clarification after notifying the debtor, creditors, and intervenors.",
                            "article_number": "475"
                        },
                        {
                            "id": 4355,
                            "body": "In the confirmation decision, the court has the right to temporarily estimate, based on evidence, the importance and amounts of the declared debts to verify the required majority, while reserving any final judgments that may be issued later.",
                            "article_number": "476"
                        },
                        {
                            "id": 4356,
                            "body": "If the court considers that the debtor deserves the benefit of the settlement and that the objections mentioned in the previous articles do not remove the required majority, and that the settlement proposals do not fall below the legal minimum and are legitimate and their execution is guaranteed, it decides to confirm the requested settlement.\r\nIn the same decision, the court orders the deposit of distribution shares due to the declared debts. If the confirmation of the settlement is refused, the court declares bankruptcy on its own initiative.",
                            "article_number": "477"
                        },
                        {
                            "id": 4357,
                            "body": "If there is no contrary agreement included in the settlement contract or another decision made according to the conditions mentioned above and confirmed by the court, the debtor is not entitled to sell or mortgage their properties or establish security rights before fulfilling all their obligations in the settlement contract. In general, they are not entitled to dispose of any part of their assets in a manner not required by the nature of their trade or industry.\r\nAny action taken contrary to this prohibition is ineffective against creditors prior to the confirmation of the settlement.",
                            "article_number": "478"
                        },
                        {
                            "id": 4358,
                            "body": "The judgments granting or refusing the confirmation of the settlement must be published according to the rules that will be specified below for the bankruptcy declaration judgment.",
                            "article_number": "479"
                        },
                        {
                            "id": 4359,
                            "body": "Dissenting creditors have the right to object to the confirmation of the settlement within five days from the date of the final minutes' conclusion, and this objection must contain the reasons and be notified to the debtor and the supervisor.\r\nAppeals are only accepted from the debtor themselves or from the objecting creditors.\r\nThe appeal period is fifteen days.\r\nWhen the settlement confirmation decision becomes final, the supervisor's function is automatically terminated unless there is an explicit provision in the settlement contract assigning them to monitor its execution. The expenses and amounts due to the supervisor are determined by the appointed judge. Any contrary agreement is void.",
                            "article_number": "480"
                        },
                        {
                            "id": 4360,
                            "body": "The confirmation of the provisional settlement makes it binding on all creditors.\r\nCreditors, even those who voluntarily agreed to the settlement contract, fully retain all their rights against the debtor's partners in the debt, guarantors, and those to whom the debtor has assigned. However, they have the right to intervene in the discussion to present their observations regarding the settlement.",
                            "article_number": "481"
                        },
                        {
                            "id": 4361,
                            "body": "The settlement granted to a company benefits the partners personally responsible for the company's debts, unless there is a contrary provision.",
                            "article_number": "482"
                        },
                        {
                            "id": 4362,
                            "body": "In any commercial company that has issued bonds exceeding twenty percent of the total debts it owes, the settlement cannot be granted unless the bondholders' assembly approves the proposals by a decision made according to the quorum and majority conditions specified in the joint-stock companies section.\r\nThe approval of the bondholders' assembly is mandatory regardless of the ratio between the amount of debt arising from the bonds and the total public debt if the settlement contract includes special conditions that do not align with the conditions set at the time of bond issuance concerning the bondholders.",
                            "article_number": "483"
                        },
                        {
                            "id": 4363,
                            "body": "Whenever there is a benefit from holding a bondholders' meeting, the previously determined period for calling creditors can be extended to sixty days.",
                            "position": 725,
                            "article_number": "484"
                        },
                        {
                            "id": 4364,
                            "body": "Bondholders entitled to a bonus upon redemption are not limited to claiming the issue price but also add the portion of the bonus they are entitled to for the elapsed period.",
                            "position": 726,
                            "article_number": "485"
                        },
                        {
                            "id": 4365,
                            "body": "Based on the request of any creditor within three years from the date of publication of the confirmation decision, the court has the right to annul the settlement and declare the debtor bankrupt if it is proven that he committed fraud in determining the debts owed or concealed a significant portion of his assets.\r\nNo other lawsuit for annulling the settlement is accepted after its confirmation.\r\nIf the settlement is annulled, the obligations of guarantors who did not participate in the fraud are discharged from the obligations they undertook in the settlement contract, and the mortgages and other securities established in the same deed are automatically nullified.",
                            "position": 727,
                            "article_number": "486"
                        },
                        {
                            "id": 4366,
                            "body": "If the debtor does not fulfill all the obligations stipulated in the settlement contract, any creditor has the right, after pursuing the guarantors and invoking the rights granted as security, to request the dissolution of the settlement and the declaration of the debtor's bankruptcy.",
                            "position": 728,
                            "article_number": "487"
                        },
                        {
                            "id": 4367,
                            "body": "It may be stipulated in the settlement contract that the merchant's liability is not fully discharged from the portion of his debt reduced by this contract unless he remains insolvent. However, the duration of this condition must be set at five years, and it is required that the value of the debtor's assets exceeds the debts owed by at least twenty-five percent.",
                            "position": 729,
                            "article_number": "488"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 25
                },
                {
                    "id": 1058,
                    "name": "On Bankruptcy",
                    "number": "Second",
                    "articles": [],
                    "category": "Title",
                    "children": [
                        {
                            "id": 1059,
                            "name": "On the Commencement of Bankruptcy",
                            "number": "First",
                            "articles": [
                                {
                                    "id": 4010,
                                    "body": "Without prejudice to the application of the provisions of the previous chapter, any merchant who ceases to pay their commercial debts, and any merchant who maintains financial confidence only by means that are clearly unlawful, is considered bankrupt.",
                                    "position": 521,
                                    "article_number": "489"
                                },
                                {
                                    "id": 4011,
                                    "body": "Bankruptcy is declared by a judgment from the primary court located in the area of the main commercial establishment. This judgment is enforceable immediately.\r\nIf several courts simultaneously declare the bankruptcy of the same merchant, there is a need to determine the competent jurisdiction.\r\nThe aforementioned court is competent to hear all cases that may arise and originate from the rules related to bankruptcy.",
                                    "position": 522,
                                    "article_number": "490"
                                },
                                {
                                    "id": 4012,
                                    "body": "The case may be brought to court by a declaration from the merchant themselves, and they must make this declaration within twenty days from the date of cessation of payment, otherwise, they risk committing the misdemeanor of negligent bankruptcy. They must also deposit at the same time a detailed balance sheet certified as matching the state of their assets and the debts owed by them.",
                                    "position": 523,
                                    "article_number": "491"
                                },
                                {
                                    "id": 4013,
                                    "body": "The case may also be brought to court by a summons request for three days submitted by a creditor or several creditors.\r\nIn urgent cases, such as if the merchant closes their stores and flees or conceals a significant portion of their assets, creditors have the right to proceed by petition without a summons, and the court will then decide the case in chambers.",
                                    "position": 524,
                                    "article_number": "492"
                                },
                                {
                                    "id": 4014,
                                    "body": "The court may order the necessary precautionary measures to protect the creditors' rights at the request of the public prosecutor or on its own initiative.\r\nThe court may also declare bankruptcy on its own initiative if necessary.",
                                    "position": 525,
                                    "article_number": "493"
                                },
                                {
                                    "id": 4015,
                                    "body": "A merchant who has retired from trade or has died may be declared bankrupt judicially within one year from the date of their retirement from trade or from the date of their death if their cessation of payment preceded the retirement or death.\r\nHowever, the heirs of the deceased merchant may not request their bankruptcy.",
                                    "position": 526,
                                    "article_number": "494"
                                },
                                {
                                    "id": 4016,
                                    "body": "The judgment declaring bankruptcy must specify the time of cessation of payment.\r\nThe court may retroactively set the time of cessation of payment to an earlier date by a judgment changing the date or several judgments issued thereafter based on the report of the appointed judge or on its own initiative or at the request of any interested party, especially at the request of creditors, as each of them has the right to proceed separately.\r\nThis request cannot be accepted after the deadline specified in Article 551, which definitively closes the list of debts after its expiration. After this deadline, the time set for cessation of payment becomes final and cannot be contested with regard to creditors.\r\nThe time of cessation of payment cannot be set back more than eighteen months before the judgment declaring bankruptcy.",
                                    "position": 527,
                                    "article_number": "495"
                                },
                                {
                                    "id": 4017,
                                    "body": "The judgment declaring bankruptcy and the judgments changing the date of cessation of payment must be posted within five days by the care of the bankruptcy agents in the hall of the court that issued it and in the nearest stock exchange center, and their summary must also be published within the same period in one of the advertising newspapers.\r\nThis publication must take place in the location where the bankruptcy was declared and in all places where the bankrupt has commercial establishments.\r\nAt the same time, these judgments must be recorded in the commercial register and notified to the public prosecutor by the care of the clerk.",
                                    "position": 528,
                                    "article_number": "496"
                                },
                                {
                                    "id": 4018,
                                    "body": "These judgments are subject to objection and appeal, as are all judgments issued in bankruptcy matters, unless there is a contrary provision in this law.\r\nThe objection period is uniformly eight days, and the appeal period is fifteen days from the date of the judgments, provided that the periods related to judgments subject to posting and summary publication in newspapers begin from the day these procedures are completed.\r\nThe appeals submitted by the bankrupts do not have a suspensive effect in any case.",
                                    "position": 529,
                                    "article_number": "497"
                                },
                                {
                                    "id": 4019,
                                    "body": "If it appears to the court incidentally during a civil, commercial, or criminal trial that the merchant is in an apparent state of bankruptcy, it has the right, even if the bankruptcy has not been declared, to apply the basic bankruptcy provisions as defined in this book.",
                                    "position": 530,
                                    "article_number": "498"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 1
                        },
                        {
                            "id": 1060,
                            "name": "On the Direct Effects of the Declaration of Bankruptcy",
                            "number": "Second",
                            "articles": [
                                {
                                    "id": 4020,
                                    "body": "The names of traders declared bankrupt and who have not regained their status are listed on a schedule posted on the door of each court and in the main hall of all stock exchanges.\r\nA trader's name is not listed if they were deceased at the time of the bankruptcy declaration. In other cases, the bankrupt trader's name is removed six months after their death.",
                                    "position": 531,
                                    "article_number": "499"
                                },
                                {
                                    "id": 4021,
                                    "body": "Apart from that, the political rights of the bankrupt are revoked. They cannot be a voter or a candidate in political councils or professional bodies, nor can they hold a public office or task.",
                                    "position": 532,
                                    "article_number": "500"
                                },
                                {
                                    "id": 4022,
                                    "body": "The judgment declaring bankruptcy results in the bankrupt relinquishing the management of all their assets to the bankruptcy trustees from the day of its issuance, including assets that may be acquired during the bankruptcy period.\r\nThe bankrupt, in particular, cannot sell any of their assets, nor can they make any payments or collections unless the payment is made in good faith for a commercial instrument. They cannot contract or litigate in court except as an intervening party in lawsuits pursued by the bankruptcy trustees.\r\nHowever, they can perform all precautionary acts to preserve their rights.",
                                    "position": 533,
                                    "article_number": "501"
                                },
                                {
                                    "id": 4023,
                                    "body": "However, this relinquishment does not include rights that pertain solely to the person of the bankrupt or as the head of a family, or rights involving purely moral interests.\r\nThe intervention of bankruptcy trustees is accepted in the case if it leads to a judgment involving a sum of money.\r\nThe relinquishment also does not include assets that the law deems non-seizable or profits that the bankrupt may earn through their activity or trade, to the extent deemed appropriate by the appointed judge for the bankrupt's and their family's sustenance.",
                                    "position": 534,
                                    "article_number": "502"
                                },
                                {
                                    "id": 4024,
                                    "body": "The judgment declaring bankruptcy requires the suspension of individual lawsuits by ordinary creditors or those holding a general privilege, which are limited after this judgment to the bankruptcy trustees, without distinction between commercial and civil debts.",
                                    "position": 535,
                                    "article_number": "503"
                                },
                                {
                                    "id": 4025,
                                    "body": "The judgment declaring bankruptcy suspends, with regard to the group of creditors only, the accrual of interest on unsecured debts by privilege or mortgage, whether real or personal.\r\nInterest on secured debts can only be claimed from the proceeds of the sale of the secured properties.",
                                    "position": 536,
                                    "article_number": "504"
                                },
                                {
                                    "id": 4026,
                                    "body": "The judgment declaring bankruptcy results in the forfeiture of the term with regard to the bankrupt alone, not their partners in the obligation, even if it is in the interest of their secured creditors.\r\nHolders of bonds with a reward upon payment can present them immediately in the bankruptcy as stated in the chapter on preventive composition.",
                                    "position": 537,
                                    "article_number": "505"
                                },
                                {
                                    "id": 4027,
                                    "body": "If the bankrupt owns real estate or real property rights, the judgment declaring bankruptcy is subject to the publication rules related to real estate mortgages and is registered by the bankruptcy trustees, resulting in a compulsory mortgage for the benefit of the group of creditors from the date of its registration.",
                                    "position": 538,
                                    "article_number": "506"
                                },
                                {
                                    "id": 4028,
                                    "body": "The following acts are absolutely void with regard to the group of creditors if the debtor performed them after the date of cessation of payments as determined by the court or during the twenty days preceding this date:\r\nFirst - Gratuitous acts and dispositions, except for customary small gifts or the establishment of a trust.\r\nSecond - Payments made before maturity, regardless of their form.\r\nThird - Payment of due monetary debts with something other than cash, bills of exchange, promissory notes, or transfers, and generally any payment by way of consideration.\r\nFourth - Establishment of a consensual or judicial real estate mortgage, movable pledge, or usufruct pledge on the debtor's assets to secure a prior debt.\r\nIf the payment by way of consideration involves the transfer of real estate, the nullity only affects the creditor who contracted with the bankrupt.\r\nIt does not affect the rights of those who acquired the property from this creditor in exchange for consideration, provided they acted in good faith.",
                                    "position": 539,
                                    "article_number": "507"
                                },
                                {
                                    "id": 4029,
                                    "body": "Any other payment of due debts made by the debtor and any act performed for consideration after cessation of payments and before the judgment declaring bankruptcy may be annulled if the persons who received from the debtor or contracted with them were aware of the cessation of payments.",
                                    "position": 540,
                                    "article_number": "508"
                                },
                                {
                                    "id": 4030,
                                    "body": "The annulment of the aforementioned acts allows, when necessary, for the initiation of a recovery action.\r\nIf the payment was a bill of exchange or a check, the action can only be brought against the person who issued the bill or check on their behalf. If it was a promissory note, the action can only be brought against the first endorser.\r\nIn both cases, proof must be provided that the person from whom recovery is sought was aware at the time of issuing the instrument of the debtor's cessation of payments.",
                                    "position": 541,
                                    "article_number": "509"
                                },
                                {
                                    "id": 4031,
                                    "body": "The registration of a mortgage after the registration of the judgment declaring bankruptcy is void with regard to the group of creditors.\r\nRegistrations made after the cessation of payments or during the twenty days preceding it are subject to annulment if more than fifteen days have passed between the date of the creation of the security and the date of registration, and if the delay has harmed the creditors.",
                                    "position": 542,
                                    "article_number": "510"
                                },
                                {
                                    "id": 4032,
                                    "body": "The annulment actions stipulated in Articles 507, 508, and 510 are barred by the statute of limitations eighteen months after the day of the bankruptcy declaration.",
                                    "position": 543,
                                    "article_number": "511"
                                }
                            ],
                            "category": "Chapter",
                            "children": [],
                            "position": 2
                        },
                        {
                            "id": 1061,
                            "name": "Procedures of Bankruptcy Trials",
                            "number": "Third",
                            "articles": [],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 1062,
                                    "name": "Elements of the Bankruptcy Body",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 4033,
                                            "body": "The management of the bankrupt's assets is handed over to a paid agent called the bankruptcy trustee. The judgment declaring bankruptcy appoints one or several trustees for the bankruptcy.\r\nThe number of trustees can be increased to three at any time. Their expenses and salaries are determined by a decision of the appointed judge in accordance with the tariff attached to Legislative Decree No. 79\/L dated March 13, 1933. The debtor and creditors have the right to object to the decision on expenses within eight days, and the court decides on the objection in chambers.",
                                            "position": 544,
                                            "article_number": "512"
                                        },
                                        {
                                            "id": 4034,
                                            "body": "A monitor or two monitors from the creditors who nominate themselves for this task may be appointed at any time by a decision of the appointed judge.",
                                            "position": 545,
                                            "article_number": "513"
                                        },
                                        {
                                            "id": 4035,
                                            "body": "A relative or in-law of the bankrupt up to the fourth degree may not be appointed as a bankruptcy trustee.",
                                            "position": 546,
                                            "article_number": "514"
                                        },
                                        {
                                            "id": 4036,
                                            "body": "If it becomes necessary to add or replace one or several bankruptcy trustees, the appointed judge refers the matter to the court, which undertakes the appointment.",
                                            "position": 547,
                                            "article_number": "515"
                                        },
                                        {
                                            "id": 4037,
                                            "body": "If several trustees are appointed for the bankruptcy, they may only act jointly. However, the appointed judge has the right to grant one or several trustees special permission to carry out certain administrative tasks individually, and in this case, the authorized trustees are solely responsible.",
                                            "position": 548,
                                            "article_number": "516"
                                        },
                                        {
                                            "id": 4038,
                                            "body": "If an objection is raised against some actions of the trustees, the appointed judge decides on it within three days. The decision of the appointed judge is immediately enforceable.",
                                            "position": 549,
                                            "article_number": "517"
                                        },
                                        {
                                            "id": 4039,
                                            "body": "The appointed judge has the right, based on complaints submitted to him by the bankrupt or creditors or on his own initiative, to propose the dismissal of one or several trustees.\r\nIf the appointed judge does not consider these complaints within eight days, they can be referred to the court. The court then hears the report of the appointed judge and the explanations of the trustees in chambers and decides on the dismissal in a public session.",
                                            "position": 550,
                                            "article_number": "518"
                                        },
                                        {
                                            "id": 4040,
                                            "body": "Decisions related to the appointment or dismissal of bankruptcy trustees are not subject to any form of review.",
                                            "position": 551,
                                            "article_number": "519"
                                        },
                                        {
                                            "id": 4041,
                                            "body": "In its judgment declaring bankruptcy, the court appoints one of its members to be the appointed judge.",
                                            "position": 552,
                                            "article_number": "520"
                                        },
                                        {
                                            "id": 4042,
                                            "body": "The appointed judge is specifically tasked with expediting and supervising the bankruptcy proceedings and management. He must submit a report to the court on all disputes arising from the bankruptcy that fall within the court's jurisdiction.",
                                            "position": 553,
                                            "article_number": "521"
                                        },
                                        {
                                            "id": 4043,
                                            "body": "The decisions of the appointed judge are immediately filed with the court registry and may be reviewed by the court. They are, in any case, subject to objection by any interested party before the court, which may also review them on its own initiative.\r\nThe objection is submitted in the form of a simple declaration to the court registry within five days from the date of the decision, and the court must decide on it within eight days with a decision that is not subject to review.",
                                            "position": 554,
                                            "article_number": "522"
                                        },
                                        {
                                            "id": 4044,
                                            "body": "The court may at any time replace the appointed bankruptcy judge with another of its members, and neither this decision nor the decision to appoint the appointed judge is subject to review.",
                                            "position": 555,
                                            "article_number": "523"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 1063,
                                    "name": "On the Management of the Bankrupt's Assets",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 4045,
                                            "body": "The court, in its judgment declaring bankruptcy, shall order the sealing of assets and has the right, in any case, to compel the bankrupt to appear and to detain them. In all cases, the bankrupt may not leave their place of residence without the permission of the appointed judge.\r\nIf the appointed judge sees that the inventory of the bankrupt's assets can be completed in one day, the seals shall not be placed, and the inventory list shall be organized immediately.",
                                            "article_number": "524"
                                        },
                                        {
                                            "id": 4046,
                                            "body": "The court clerk must immediately send a notice to the magistrate judge with the paragraph of the judgment ordering the sealing of assets.\r\nThe magistrate judge has the right to place the seals even before this judgment is issued, either on their own initiative or at the request of a creditor or several creditors. This right is only available in the case of the debtor's escape or the concealment of all or part of their assets.",
                                            "article_number": "525"
                                        },
                                        {
                                            "id": 4047,
                                            "body": "Seals are placed on the bankrupt's warehouses, offices, safes, files, books, papers, and movable assets.\r\nIn the case of the bankruptcy of a partnership, it is not sufficient to place seals only on the company's main office; they must also be placed at the residence of each of the partners individually.\r\nIn all cases, the magistrate judge must immediately send a notice of the sealing to the head of the court.",
                                            "article_number": "526"
                                        },
                                        {
                                            "id": 4048,
                                            "body": "If the seals have not been placed before the appointment of the bankruptcy agents, they must request the magistrate judge to place them.",
                                            "article_number": "527"
                                        },
                                        {
                                            "id": 4049,
                                            "body": "The appointed judge, upon the request of the bankruptcy agents, must order not to place seals on the following items or authorize their extraction: clothing, garments, furniture, and essential belongings for the bankrupt or their family.\r\nThe delivery of what the appointed judge has permitted shall be carried out according to the statement submitted to them by the bankruptcy agents. The judge may also authorize not placing seals on:\r\n1) Items that are prone to imminent destruction or rapid depreciation in value.\r\n2) Items suitable for the operation of the commercial enterprise if such operation cannot be halted without harm to the creditors.\r\nThe items mentioned in the previous two paragraphs shall be immediately recorded with their value in an inventory list prepared by the bankruptcy agents in the presence of the magistrate judge, who must sign the report.",
                                            "article_number": "528"
                                        },
                                        {
                                            "id": 4050,
                                            "body": "The sale of items prone to destruction or rapid depreciation in value, or those requiring costly maintenance, shall be conducted by the agents with the authorization of the appointed judge.\r\nThe operation of the commercial enterprise by the bankruptcy agents may only be permitted by the court based on the report of the appointed judge if public interest or the interest of the creditors necessitates it by necessity.",
                                            "article_number": "529"
                                        },
                                        {
                                            "id": 4051,
                                            "body": "The magistrate judge extracts the commercial books from among the sealed items and delivers them to the bankruptcy agents after marking the last entries, then briefly records the condition of those books in their report.\r\nThe file of promissory notes due soon or prepared for acceptance, or those requiring precautionary measures, is also extracted by the magistrate judge from among the sealed items and delivered, after describing them, to the bankruptcy agents for collection of their value, then a list of these notes is submitted to the appointed judge.\r\nAs for other debts, the bankruptcy agents collect them against a receipt from them. As for letters sent to the bankrupt, they are delivered to the agents to open, and the bankrupt, if present, has the right to witness their opening.",
                                            "article_number": "530"
                                        },
                                        {
                                            "id": 4052,
                                            "body": "The bankrupt and their family may take from the bankruptcy assets a food allowance determined by the appointed judge based on the agents' proposal.",
                                            "article_number": "531"
                                        },
                                        {
                                            "id": 4053,
                                            "body": "The agents invite the bankrupt to close the books and stop their accounts in their presence. If the invitation is not met, a warning is sent requiring attendance within a maximum of forty-eight hours.\r\nThe bankrupt may appoint a representative, provided they present reasons for their absence deemed acceptable by the appointed judge.",
                                            "article_number": "532"
                                        },
                                        {
                                            "id": 4054,
                                            "body": "If the bankrupt does not present the balance sheet, the agents must prepare it without delay based on the bankrupt's books, papers, and the information they obtain, then deposit the balance sheet with the court clerk.",
                                            "article_number": "533"
                                        },
                                        {
                                            "id": 4055,
                                            "body": "The appointed judge may hear the statements of the bankrupt, their clerk, employees, and any other person, whether concerning the preparation of the balance sheet or the reasons and circumstances of the bankruptcy.",
                                            "article_number": "534"
                                        },
                                        {
                                            "id": 4056,
                                            "body": "If a trader is declared bankrupt after their death or dies after being declared bankrupt, their widow, children, and heirs have the right to attend themselves or appoint someone to represent them to act on behalf of the bankrupt in preparing the balance sheet and all bankruptcy proceedings.",
                                            "article_number": "535"
                                        },
                                        {
                                            "id": 4057,
                                            "body": "Within three days from the date of sealing or from the date of the judgment declaring bankruptcy if this measure was taken before its issuance, the agents request the lifting of the seals to begin inventorying the bankrupt's assets in their presence or after inviting them according to the procedures.",
                                            "article_number": "536"
                                        },
                                        {
                                            "id": 4058,
                                            "body": "The agents prepare the inventory list in the presence of the magistrate judge in two original copies as the seals are lifted. This judge signs the list after each completion of work, and one of these copies is deposited with the court clerk within twenty-four hours, while the other remains with the agents.\r\nThe agents may seek assistance from whomever they wish in preparing the inventory list and appraising the items.\r\nA comparison is made for items exempted from sealing or extracted from among the sealed items, and an inventory list is prepared for them, and their value is appraised as previously stated.",
                                            "article_number": "537"
                                        },
                                        {
                                            "id": 4059,
                                            "body": "If bankruptcy is declared after the bankrupt's death and the inventory list has not been prepared before its declaration, it shall be organized immediately according to the formats outlined in the previous article in the presence of the heirs or after inviting them according to the procedures, and the matter proceeds in this manner if the bankrupt dies before the inventory list is initiated.",
                                            "article_number": "538"
                                        },
                                        {
                                            "id": 4060,
                                            "body": "The agents must submit to the appointed judge within fifteen days from the date of assuming their duties a report or a summary account of the apparent state of bankruptcy, its circumstances, fundamental reasons, and the descriptions it appears to have.\r\nThe appointed judge must promptly refer this report to the public prosecutor with their remarks.\r\nIf the report is not submitted within the specified period, the judge must inform the public prosecutor, stating the reasons for the delay.",
                                            "article_number": "539"
                                        },
                                        {
                                            "id": 4061,
                                            "body": "Officers of the public prosecutor's office have the right to visit the bankrupt's residence to oversee the preparation of the inventory list, and they may at any time request the deposit of all transactions, books, and papers related to the bankruptcy.",
                                            "article_number": "540"
                                        },
                                        {
                                            "id": 4062,
                                            "body": "After completing the inventory list, the goods, money, promissory notes due to the bankrupt, books, papers, debtor's furniture, and belongings are delivered to the bankruptcy agents, who sign their receipt at the bottom of the inventory list.",
                                            "article_number": "541"
                                        },
                                        {
                                            "id": 4063,
                                            "body": "Agents must, from the moment they assume their duties, perform all necessary actions to preserve the bankrupt's rights against their debtors.\r\nThey must also request the registration of mortgages on the properties of the bankrupt's debtors if the bankrupt has not requested it.\r\nThe agents register in the name of the group of creditors and attach to their schedules a certificate proving their appointment.\r\nFinally, they must take a compulsory mortgage registration in favor of the group of creditors as previously indicated.",
                                            "position": 574,
                                            "article_number": "542"
                                        },
                                        {
                                            "id": 4064,
                                            "body": "The agents continue, under the supervision of the appointed judge, to collect the debts owed to the bankrupt.",
                                            "position": 575,
                                            "article_number": "543"
                                        },
                                        {
                                            "id": 4065,
                                            "body": "The appointed judge has the right, after hearing the statements of the bankrupt or after summoning them according to the rules, to authorize the agents to sell movable items and goods. He decides to conduct this sale either amicably or by public auction through the enforcement department.\r\nUnder the same authorization and after hearing the bankrupt and consulting the supervisors if they exist, the agents have the exceptional right to initiate the sale of real estate, especially properties not required for the operation of the commercial enterprise, according to the procedures specified below for real estate sales after the creditors' union decision.",
                                            "position": 576,
                                            "article_number": "544"
                                        },
                                        {
                                            "id": 4066,
                                            "body": "The money resulting from sales and collections is immediately delivered to the bank authorized to accept state deposits after deducting the amounts determined by the appointed judge for expenses and costs.\r\nIt must be proven to the appointed judge that this deposit occurred within three days from the date of receipt. If the agents delay, they are liable for interest on the amounts not deposited.\r\nAll amounts deposited by the agents or other amounts deposited by other persons for the bankruptcy account cannot be withdrawn except by a decision from the appointed judge. If there is an objection, the agents must obtain a decision to lift it in advance.\r\nThe appointed judge may order direct payment from the bank to the bankruptcy creditors according to a distribution schedule organized by the agents and ordered by the appointed judge.",
                                            "position": 577,
                                            "article_number": "545"
                                        },
                                        {
                                            "id": 4067,
                                            "body": "The agents have the right, after obtaining permission from the appointed judge and after summoning the bankrupt according to the rules, to settle any dispute related to the group of creditors, even those concerning real estate rights or claims.\r\nIf the subject of the settlement is of an unspecified value or its value exceeds five hundred Lebanese pounds, the court must approve the settlement.\r\nThe bankrupt is invited to attend the approval process and has the right to object to it in any case, and their objection is sufficient to prevent the settlement if its subject is real estate.\r\nActs of waiver, withdrawal, and acquiescence can only be carried out by the agents in the same manner.",
                                            "position": 578,
                                            "article_number": "546"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 1064,
                                    "name": "On the Determination of Debts Owed by the Bankrupt",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 4068,
                                            "body": "Since the issuance of the judgment declaring bankruptcy, creditors can submit their bonds to the bankruptcy agents along with a schedule indicating the submitted documents and the amounts claimed.\r\nThe creditor or their agent signs this schedule and attaches the agent's authorization.\r\nThe agents are given a receipt for the file of the presented documents, and this file can be sent to them by registered mail with acknowledgment of receipt.\r\nAfter the convening of the settlement assembly, the agents return the documents that were submitted to them and are only responsible for the bonds for one year from the date of this assembly.",
                                            "position": 579,
                                            "article_number": "547"
                                        },
                                        {
                                            "id": 4069,
                                            "body": "Creditors whose names are listed in the balance sheet and who did not present their debt instruments within the eight days following the judgment declaring bankruptcy are notified at the end of this period, either by publication in newspapers or by a letter from the agents, that they must submit their bonds along with the detailed schedule to the bankruptcy agents within fifteen days from the date of publication.\r\nThis period is extended for creditors residing outside Lebanese territories according to the rules stipulated in the notification section of the Code of Civil Procedure.",
                                            "position": 580,
                                            "article_number": "548"
                                        },
                                        {
                                            "id": 4070,
                                            "body": "The verification of debts is conducted by the bankruptcy agents with the assistance of the supervisors, if any, while retaining the approval of the appointed judge and in the presence of the bankrupt or after summoning them according to the procedures.\r\nIf the bankruptcy agents dispute the validity of the entire debt or part of it, they notify the creditor by registered mail. The creditor is given ten days to provide written or oral clarifications.",
                                            "position": 581,
                                            "article_number": "549"
                                        },
                                        {
                                            "id": 4071,
                                            "body": "Upon completion of the debt verification and within a maximum of three months from the date of the judgment declaring bankruptcy, the agents deposit with the court clerk a statement of the debts they have verified, mentioning the decision made by the appointed judge based on their proposal regarding each debt.\r\nThe clerk must inform the creditors without delay of this deposit through publication in newspapers, and additionally send them a letter indicating the amount registered for each of them in the statement.\r\nIn very exceptional cases, the period specified in the first paragraph can be exceeded by a decision from the appointed judge.",
                                            "position": 582,
                                            "article_number": "550"
                                        },
                                        {
                                            "id": 4072,
                                            "body": "Any creditor who has proven their debt or whose name is listed in the balance sheet may, within eight days from the date of the publications mentioned in the previous article, submit to the court clerk demands or objections by annotating the statement themselves or through an agent. The bankrupt is granted the same right.\r\nThe appointed judge, after the end of this period and based on the agents' proposals, while retaining the demands and objections presented to the court, makes a final decision on the debt statement, and the agents execute his decision by signing the following declaration on the verified debt schedule:\r\n\"Based on the proof of Mr. ........... or the company ................ accepted as a creditor (ordinary or privileged or mortgaged) in the bankruptcy for the amount of ............\".",
                                            "position": 583,
                                            "article_number": "551"
                                        },
                                        {
                                            "id": 4073,
                                            "body": "Disputed debts are referred by the clerk to the commercial court to be considered in a session held within thirty days from the publication mentioned in Article 550, and they are decided upon based on the report of the appointed judge. The session date is notified to both parties by registered mail sent by the clerk at least three days before the session.",
                                            "position": 584,
                                            "article_number": "552"
                                        },
                                        {
                                            "id": 4074,
                                            "body": "The court has the right to temporarily decide on the necessity of accepting the creditor in the discussions for an amount specified by the decision itself, and this decision is not subject to any form of review.",
                                            "position": 585,
                                            "article_number": "553"
                                        },
                                        {
                                            "id": 4075,
                                            "body": "A creditor whose dispute only concerns their right to privilege or mortgage is accepted in the bankruptcy discussions as an ordinary creditor.",
                                            "position": 586,
                                            "article_number": "554"
                                        },
                                        {
                                            "id": 4076,
                                            "body": "Creditors who failed to attend or present their debt instruments within the specified periods, whether known or unknown, do not participate in the distribution that will take place, but the door for objections remains open to them until the completion of the money distribution.\r\nThe expenses of the objection remain their responsibility.\r\nTheir objection does not stop the execution of the distributions ordered by the appointed judge, but if new distributions are initiated before their objection is resolved, they participate in them for the amount temporarily determined by the court, and this amount is retained until after their objection is resolved. If they are later recognized as creditors, they are not entitled to claim anything from the distributions previously ordered by the appointed judge, but they are entitled to deduct from the undistributed assets the shares due to their debts from the initial distributions.",
                                            "position": 587,
                                            "article_number": "555"
                                        },
                                        {
                                            "id": 4077,
                                            "body": "Bonds issued by a commercial company in a legal manner are not subject to the debt verification process.",
                                            "position": 588,
                                            "article_number": "556"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                }
                            ],
                            "position": 3
                        },
                        {
                            "id": 1065,
                            "name": "On the Resolution of Bankruptcy Cases",
                            "number": "Fourth",
                            "articles": [],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 1066,
                                    "name": "On Simple Settlement",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 4078,
                                            "body": "The delegated judge must, within three days following the conclusion of the debt schedule or within three days following the court's decision issued pursuant to the provisions of Article 553 if there is a dispute, invite the creditors whose debts have been proven to negotiate a settlement contract.\r\nThe newspaper publications and invitation letters must include the purpose for which the meeting is held. As for the creditors whose debts have been temporarily accepted, each of them is invited by registered letter within three days following the court's decision regarding them.",
                                            "position": 589,
                                            "article_number": "557"
                                        },
                                        {
                                            "id": 4079,
                                            "body": "The assembly is held under the chairmanship of the delegated judge at the place, day, and hour appointed. Creditors whose debts have been definitively or temporarily accepted participate, either personally or through their appointed representatives.\r\nThe bankrupt is invited to this meeting and must attend in person; they may not send a representative unless for valid reasons approved by the delegated judge.",
                                            "position": 590,
                                            "article_number": "558"
                                        },
                                        {
                                            "id": 4080,
                                            "body": "The bankruptcy agents present a report on its status and the transactions and operations conducted, and the statements of the bankrupt must be heard.\r\nThe report of the bankruptcy agents, containing their signatures, is submitted to the delegated judge, who prepares a record of what was said and decided in the assembly.",
                                            "position": 591,
                                            "article_number": "559"
                                        },
                                        {
                                            "id": 4081,
                                            "body": "The creditors in discussion cannot accept a settlement contract after bankruptcy unless the following conditions are met; otherwise, the contract is void.\r\nThis contract is only concluded by the vote of a number of creditors constituting the majority and holding two-thirds of the amount of debts accepted definitively or temporarily according to the provisions of Part Three of Chapter Three.\r\nThe debts claimed by those who did not participate in the vote are deducted when calculating the majority of votes and the majority of amounts.\r\nThe spouse of the bankrupt, their relatives, and in-laws up to the fourth degree, and persons who have transferred to them according to the conditions specified in the chapter on preventive settlement, do not participate in the vote.",
                                            "position": 592,
                                            "article_number": "560"
                                        },
                                        {
                                            "id": 4082,
                                            "body": "Creditors holding a mortgage or a lien on movable property are not entitled to vote unless they waive their securities according to the conditions specified in the chapter on preventive settlement.",
                                            "position": 593,
                                            "article_number": "561"
                                        },
                                        {
                                            "id": 4083,
                                            "body": "The settlement contract must be signed in the same session; otherwise, it is void. If only the majority of the number of creditors or the majority holding two-thirds of the debts agree to the settlement, the discussion is postponed for eight days without further delay.\r\nIn this case, creditors who attended the first assembly or were legally represented and signed the minutes of its session are not required to attend the second assembly.\r\nThe decisions they made and the approvals they supported remain valid unless they come and amend them in the final meeting. The signature of creditors in the assemblies can be replaced by their signature on a voting card attached to the minutes.",
                                            "position": 594,
                                            "article_number": "562"
                                        },
                                        {
                                            "id": 4084,
                                            "body": "A settlement cannot be concluded for a bankrupt convicted of fraudulent bankruptcy, and if an investigation is ongoing regarding fraudulent bankruptcy, creditors are invited to decide whether they intend to discuss the settlement upon acquittal, postponing the decision on this matter until after the conclusion of the proceedings.\r\nThis postponement can only be decided if the majority of the number and the majority of the amount specified above are present.\r\nIf it is necessary to conduct the discussion on the settlement after the postponement period ends, the rules specified in the previous article apply to the new discussion.",
                                            "position": 595,
                                            "article_number": "563"
                                        },
                                        {
                                            "id": 4085,
                                            "body": "If the bankrupt is convicted of simple bankruptcy, the settlement contract is possible.\r\nHowever, creditors can, in the case of initiating proceedings, postpone the discussion until after their conclusion according to the provisions of the previous article.",
                                            "position": 596,
                                            "article_number": "564"
                                        },
                                        {
                                            "id": 4086,
                                            "body": "If the matter concerns a commercial company that has issued bonds, the settlement cannot be concluded unless the bondholders' assembly approves it and expresses its opinion on the conditions specified in the chapter on preventive settlement.",
                                            "position": 597,
                                            "article_number": "565"
                                        },
                                        {
                                            "id": 4087,
                                            "body": "All creditors who had the right to participate in the settlement contract and those whose rights were subsequently recognized, as well as representatives of the bondholders' group if they exist, may object to the settlement. The objection must be justified and notified to the bankruptcy agent and the bankrupt within eight days following the settlement contract or the bondholders' assembly; otherwise, it is void.\r\nIt must include their invitation to the first session held by the court.\r\nIf the bankruptcy has only one agent who opposes the settlement contract, they must request the appointment of a new agent, and this agent must apply the procedures stipulated in this article.",
                                            "position": 598,
                                            "article_number": "566"
                                        },
                                        {
                                            "id": 4088,
                                            "body": "The settlement ratification process is conducted before the court based on the request of the preceding party.\r\nThe court may not decide before the expiration of the eight-day period stipulated in the previous article, and if objections are submitted during the mentioned period, the court decides on the objections and the ratification case in a single judgment.\r\nIf the objection is accepted, the judgment invalidating the settlement affects all concerned parties.",
                                            "position": 599,
                                            "article_number": "567"
                                        },
                                        {
                                            "id": 4089,
                                            "body": "In all cases, before ruling on the ratification issue, the delegated judge prepares a report on the characteristics of the bankruptcy and the possibility of accepting the settlement.",
                                            "position": 600,
                                            "article_number": "568"
                                        },
                                        {
                                            "id": 4090,
                                            "body": "If the rules stipulated above are not observed or if reasons related to public interest or the interest of creditors prevent the settlement, the court must then refuse ratification.\r\nIt may also refuse to ratify the settlement contract if it does not include a provision allowing the court president to appoint one or several commissioners tasked with overseeing the execution and release of the mortgage related to the group of creditors if they have authorized it, and monitoring the conversion of assets into cash.",
                                            "position": 601,
                                            "article_number": "569"
                                        },
                                        {
                                            "id": 4091,
                                            "body": "The ratification of the settlement contract makes it binding on all creditors, whether mentioned in the balance sheet or not, and whether their debts are verified or unverified. It is effective even against creditors residing outside Lebanese territories and against those temporarily admitted to the discussions, regardless of the amount that will be allocated to them later by the final judgment.\r\nHowever, the settlement is not effective against privileged and mortgaged creditors if they have not waived them, nor against ordinary creditors if their debt arose during the bankruptcy period.",
                                            "position": 602,
                                            "article_number": "570"
                                        },
                                        {
                                            "id": 4092,
                                            "body": "Following the issuance of the ratification judgment and its acquisition of the res judicata status, the effects of bankruptcy are terminated while retaining the loss of political rights stipulated in Article 500.\r\nThe bankruptcy agents, whose function ends, present their final account to the bankrupt in the presence of the judge, where it is discussed and decided. The agents then hand over to the bankrupt all their assets, books, papers, and items, and they are given a receipt in exchange for their delivery.\r\nThe delegated judge prepares a record of all this, and their function ends.\r\nIf a dispute arises, the court decides on it.",
                                            "position": 603,
                                            "article_number": "571"
                                        },
                                        {
                                            "id": 4093,
                                            "body": "The settlement contract includes deadlines for the payment of debts in installments over successive periods and generally includes the debtor's release from a large or small part of his debt. However, this release leaves a natural obligation on his part.\r\nThe settlement may only be concluded on the condition of payment if the debtor becomes solvent according to the conditions specified in the chapter on preventive settlement.",
                                            "position": 604,
                                            "article_number": "572"
                                        },
                                        {
                                            "id": 4094,
                                            "body": "The mortgage established for the group of creditors remains as security for the payment of the debt amount specified in the settlement contract.",
                                            "position": 605,
                                            "article_number": "573"
                                        },
                                        {
                                            "id": 4095,
                                            "body": "Creditors, in addition, have the right to request a guarantor or several guarantors to ensure the execution of the settlement contract.",
                                            "position": 606,
                                            "article_number": "574"
                                        },
                                        {
                                            "id": 4096,
                                            "body": "As long as the amount specified in the settlement contract has not been fully paid, the debtor is not allowed to undertake any unusual transaction not required by the course of business itself, unless there is an agreement to the contrary.\r\nThe provisions specified in the chapter on preventive settlement must be observed in this regard.",
                                            "position": 607,
                                            "article_number": "575"
                                        },
                                        {
                                            "id": 4097,
                                            "body": "No lawsuit to annul the settlement is accepted after ratification unless it is based on fraud discovered after this ratification and was due to the concealment of the bankrupt's assets or exaggeration of the debts claimed from him.\r\nAny creditor may file this lawsuit, provided it is filed within five years after the discovery of the fraud.\r\nThe settlement contract is also annulled if the bankrupt is convicted of fraudulent bankruptcy. The annulment of the settlement contract releases the guarantors who did not participate in the fraud.",
                                            "position": 608,
                                            "article_number": "576"
                                        },
                                        {
                                            "id": 4098,
                                            "body": "If, after the ratification of the settlement contract, a pursuit for fraudulent bankruptcy is initiated and a temporary or non-temporary arrest warrant is issued against him, the court may order the precautionary measures it is entitled to take.\r\nThese measures are automatically canceled upon the issuance of a decision preventing prosecution or a judgment of acquittal or exemption.",
                                            "position": 609,
                                            "article_number": "577"
                                        },
                                        {
                                            "id": 4099,
                                            "body": "If the bankrupt does not fulfill the terms of the settlement contract, a lawsuit may be filed against him in court to rescind this contract, attended by the guarantors or they are summoned according to the rules if there are guarantors.",
                                            "position": 610,
                                            "article_number": "578"
                                        },
                                        {
                                            "id": 4100,
                                            "body": "When the court is informed of the judgment convicting fraudulent bankruptcy, it appoints a delegated judge and one or several trustees for the bankruptcy. It also makes this appointment in the decision annulling or rescinding the settlement contract. These trustees may proceed with sealing. They must promptly, with the assistance of the settlement judge and based on the old inventory list, review the financial documents and papers, and conduct a supplementary inventory if necessary.\r\nThey must also prepare an additional balance sheet. They are also required to promptly post and publish in the relevant newspapers, along with a summary of the judgment appointing them, an invitation to new creditors - if any - requesting them to present their debt documents within fifteen days for verification. This verification is conducted in the manner specified in the third part of the third chapter.",
                                            "position": 611,
                                            "article_number": "579"
                                        },
                                        {
                                            "id": 4101,
                                            "body": "The verification of the presented debt documents is initiated without delay in accordance with the provisions of the previous article. There is no need for a new verification regarding debts that have already been verified and confirmed, while retaining the right to reject or reduce debts if they have been fully or partially paid at that time.",
                                            "position": 612,
                                            "article_number": "580"
                                        },
                                        {
                                            "id": 4102,
                                            "body": "After completing the aforementioned tasks, creditors are invited to express their opinion on retaining or replacing the trustees if a new settlement is not concluded.",
                                            "position": 613,
                                            "article_number": "581"
                                        },
                                        {
                                            "id": 4103,
                                            "body": "The actions taken by the bankrupt after the ratification of the settlement contract and before its annulment or rescission are not void unless fraud affecting the creditors' rights has occurred.",
                                            "position": 614,
                                            "article_number": "582"
                                        },
                                        {
                                            "id": 4104,
                                            "body": "The creditors prior to the settlement contract regain all their rights concerning the bankrupt alone. As for the group of creditors, they can only enter within the following limits:\r\nIf they have not received anything from the percentage rate during distribution, they enter with their full debt.\r\nIf they have received part of that rate, they enter with a part of their original debts equivalent to the part they were promised from the percentage rate and did not receive.\r\nThe provisions of this article apply in the event of a second bankruptcy that was not preceded by the annulment or rescission of the settlement contract.",
                                            "position": 615,
                                            "article_number": "583"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 1067,
                                    "name": "In the Union of Creditors",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 4105,
                                            "body": "If no settlement is reached, the creditors are necessarily in a state of union. The appointed judge consults them without delay regarding management activities and the matter of retaining or replacing the bankruptcy trustees.\r\nPrivileged creditors or those holding a mortgage on real or movable property are accepted.\r\nA record of the creditors' statements and remarks is organized. Upon the court's review, union trustees are appointed, and the outgoing bankruptcy trustees must present an account to the new trustees in the presence of the appointed judge and after summoning the bankrupt according to the rules.",
                                            "position": 616,
                                            "article_number": "584"
                                        },
                                        {
                                            "id": 4106,
                                            "body": "Creditors are consulted on whether it is possible to provide the bankrupt with assistance from the bankruptcy estate.\r\nIf the majority of present creditors agree, an amount may be given as assistance from the bankruptcy estate. The trustees propose an amount, and the appointed judge determines it by a decision that only the trustees can contest before the court.",
                                            "position": 617,
                                            "article_number": "585"
                                        },
                                        {
                                            "id": 4107,
                                            "body": "If a partnership company goes bankrupt, creditors may choose to accept a settlement only with one or several partners.\r\nIn this case, the total assets of the company remain subject to the creditors' union system. Personal assets belonging to those with whom the settlement was made are exempted. This special contract with them must not include an obligation requiring them to pay any rate except from assets outside the company's assets.\r\nThe partner with whom a special settlement is made is released from all solidarity.",
                                            "position": 618,
                                            "article_number": "586"
                                        },
                                        {
                                            "id": 4108,
                                            "body": "The bankruptcy trustees represent the group of creditors and carry out liquidation activities. However, creditors may authorize them to continue investing the existing assets. The decision to authorize them specifies the duration and extent of this investment, as well as the amounts that may be retained by them to cover expenses and costs.\r\nThis decision can only be made in the presence of the appointed judge and a majority representing three-quarters of the creditors in number and three-quarters of their debts.\r\nThe bankrupt and opposing creditors may object to this decision.\r\nHowever, the objection does not require a halt in execution.",
                                            "position": 619,
                                            "article_number": "587"
                                        },
                                        {
                                            "id": 4109,
                                            "body": "If the trustees' actions result in obligations exceeding the value of the union's assets, the creditors who authorized those actions are solely personally responsible for what exceeds their share in the mentioned assets, but their liability does not exceed the limits of the authorization they gave and they share it in proportion to their debts.",
                                            "position": 620,
                                            "article_number": "588"
                                        },
                                        {
                                            "id": 4110,
                                            "body": "The trustees proceed to collect unpaid debts. They may accept settlements under the same conditions previously followed despite any objections from the bankrupt.\r\nAs for lump-sum agreements, creditors must discuss them in an assembly convened by the appointed judge at the request of the trustees or any creditor. The court must grant the trustees authorization in this regard.",
                                            "position": 621,
                                            "article_number": "589"
                                        },
                                        {
                                            "id": 4111,
                                            "body": "The trustees must proceed with the sale of movable assets of all kinds, including the commercial establishment, under the supervision of the appointed judge and without the need to summon the bankrupt, in accordance with the procedures stipulated for the sale of movables during the preparatory period.",
                                            "position": 622,
                                            "article_number": "590"
                                        },
                                        {
                                            "id": 4112,
                                            "body": "If no compulsory sale transaction was initiated before the union, the sale is entrusted exclusively to the trustees, who must commence it within eight days with authorization from the appointed judge and under the care of the enforcement department located at the property site.",
                                            "position": 623,
                                            "article_number": "591"
                                        },
                                        {
                                            "id": 4113,
                                            "body": "The trustees prepare the terms book according to which the auction will be conducted, including what Article 744 of the Code of Civil Procedure requires to be mentioned.\r\nIn addition to the above, the sale is subject to Articles 746 and 747 (first paragraph) and 753 to 761 and 763 to 767 and 778 to 792 of the Code of Civil Procedure, except for provisions that do not conflict with the nature of this transaction.\r\nThe auction, once conducted, frees the properties from the constraints of privileges and real estate mortgages.",
                                            "position": 624,
                                            "article_number": "592"
                                        },
                                        {
                                            "id": 4114,
                                            "body": "The appointed judge calls the united creditors to meet at least once in the first year. Also, in subsequent years if necessary.\r\nThe trustees must present an account of their management at the meetings.",
                                            "position": 625,
                                            "article_number": "593"
                                        },
                                        {
                                            "id": 4115,
                                            "body": "The bankruptcy estate is distributed among all creditors in proportion to the verified debt of each, after deducting the expenses of managing the bankruptcy, the allowances granted to the bankrupt or their family, and the amounts paid to privileged creditors.",
                                            "position": 626,
                                            "article_number": "594"
                                        },
                                        {
                                            "id": 4116,
                                            "body": "For this purpose, the trustees submit a monthly statement to the appointed judge about the state of the bankruptcy and the amounts deposited in the bank designated to accept state deposits. The appointed judge then orders the distribution of the money to the creditors as necessary, determines its amount, and ensures that the order is communicated to all creditors.",
                                            "position": 627,
                                            "article_number": "595"
                                        },
                                        {
                                            "id": 4117,
                                            "body": "The trustees may not make any payment except against the presentation of the document proving the debt. They note on the document the amount they paid or ordered to be paid. If presenting the document is not possible, the appointed judge may order payment after reviewing the debt investigation report.\r\nIn all cases, the creditor acknowledges receipt on the margin of the distribution schedule.",
                                            "position": 628,
                                            "article_number": "596"
                                        },
                                        {
                                            "id": 4118,
                                            "body": "After the liquidation of the bankruptcy is completed, the appointed judge calls the creditors to a meeting. In this final meeting, the trustees present their account, and the bankrupt is present or summoned according to the rules.\r\nThe creditors express their opinion on the matter of the bankrupt's excuse, and a record is made for this purpose in which each creditor's statements and remarks are included. After this meeting adjourns, the union is necessarily dissolved.",
                                            "position": 629,
                                            "article_number": "597"
                                        },
                                        {
                                            "id": 4119,
                                            "body": "The appointed judge submits to the court the creditors' decision regarding the bankrupt's excuse and a report on the characteristics and circumstances of the bankruptcy. The court then issues its decision on whether the bankrupt is excused or not excused.",
                                            "position": 630,
                                            "article_number": "598"
                                        },
                                        {
                                            "id": 4120,
                                            "body": "Those convicted of fraudulent bankruptcy and those sentenced for forgery, theft, fraud, breach of trust, or embezzlement of public funds cannot be considered excused.",
                                            "position": 631,
                                            "article_number": "599"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 1068,
                                    "name": "Settlement by Waiver of the Bankrupt's Assets",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 4121,
                                            "body": "It is permissible to conclude a settlement by a total or partial waiver of the bankrupt's assets.\r\nThe conditions for this settlement are the same as those stipulated for a simple settlement. However, the lifting of the bankrupt's hand concerning the waived assets does not end with the conclusion of this settlement; rather, these assets are sold under the care of agents appointed in the manner of union agents. The sale and distribution of the money are subject to the same rules applicable in the case of a union.\r\nThen, the debtor is given from the proceeds of the sale of the waived assets what exceeds the debts owed by him.",
                                            "position": 1,
                                            "article_number": "600"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                },
                                {
                                    "id": 1069,
                                    "name": "On Closing the Bankruptcy Due to Insufficient Assets",
                                    "number": "Fourth",
                                    "articles": [
                                        {
                                            "id": 4122,
                                            "body": "If at any time before the ratification of the settlement or the formation of a creditors' union, the course of bankruptcy proceedings is halted due to insufficient assets, the court may, based on the report of the appointed judge or on its own initiative, rule to close the bankruptcy. With this ruling, each creditor regains the right to individual litigation.",
                                            "position": 632,
                                            "article_number": "601"
                                        },
                                        {
                                            "id": 4123,
                                            "body": "The bankrupt and any person with rights may at any time request the court to reverse this ruling if they prove the existence of sufficient funds to cover the bankruptcy expenses or if they deliver the sufficient amount to the agents.\r\nIn all cases, the expenses of the litigation conducted in accordance with the provisions of the previous article must be paid first.",
                                            "position": 633,
                                            "article_number": "602"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 4
                                }
                            ],
                            "position": 4
                        },
                        {
                            "id": 1070,
                            "name": "On the Special Rights That Can Be Asserted on the Bankruptcy",
                            "number": "Fifth",
                            "articles": [],
                            "category": "Chapter",
                            "children": [
                                {
                                    "id": 1071,
                                    "name": "On Creditors with Debts Owed by Multiple Debtors",
                                    "number": "First",
                                    "articles": [
                                        {
                                            "id": 4124,
                                            "body": "A creditor holding debt instruments signed, endorsed, or guaranteed in solidarity by the bankrupt and his partners in the obligation, who are also bankrupt, participates in the distribution with all groups of creditors, and his participation is based on the nominal amount of his debt until it is fully paid.",
                                            "position": 634,
                                            "article_number": "603"
                                        },
                                        {
                                            "id": 4125,
                                            "body": "Bankruptcies of those obligated under a single obligation cannot demand from each other in court the shares paid unless the total of those shares paid by the mentioned bankruptcies exceeds the total principal of the debt and its accessories. In this case, the excess returns to the obligors who are guaranteed by the rest of their partners in the obligation, taking into account the order of their obligations.",
                                            "position": 635,
                                            "article_number": "604"
                                        },
                                        {
                                            "id": 4126,
                                            "body": "If the creditor holds instruments created in solidarity against the bankrupt and other persons and has received part of his debt before the bankruptcy occurs, he only participates with the group of creditors after deducting the part received, and retains, for the remaining debt owed to him, his rights against the partner in the obligation or the guarantor.\r\nAs for the partner in the obligation or the guarantor who made the partial payment, he participates with the same group of creditors concerning all that he paid on behalf of the bankrupt.",
                                            "position": 636,
                                            "article_number": "605"
                                        },
                                        {
                                            "id": 4127,
                                            "body": "Despite the conclusion of the settlement, creditors retain the right to file a lawsuit against the partners of the bankrupt in the obligation to claim all that is owed to them from the debt, and these partners have the right to intervene in the settlement ratification case to present their observations.",
                                            "position": 637,
                                            "article_number": "606"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 1
                                },
                                {
                                    "id": 1072,
                                    "name": "On Recovery and Refusal to Deliver",
                                    "number": "Second",
                                    "articles": [
                                        {
                                            "id": 4128,
                                            "body": "Persons claiming ownership of assets in the possession of the bankrupt may request their recovery, and the bankruptcy trustees may accept recovery requests with the approval of the appointed judge.\r\nIf there is a dispute, the court shall decide after hearing the statements of the appointed judge.",
                                            "position": 638,
                                            "article_number": "607"
                                        },
                                        {
                                            "id": 4129,
                                            "body": "In particular, it is permissible to demand the return of commercial papers and other unpaid securities found in the possession of the bankrupt at the time of the bankruptcy opening if their owner had delivered them to the bankrupt as an agent to collect their value and keep them at his disposal or if their delivery was designated for a specific payment.\r\nIt is also permissible to request the recovery of cash deposited with the bankrupt if the depositor can prove their identity.",
                                            "position": 639,
                                            "article_number": "608"
                                        },
                                        {
                                            "id": 4130,
                                            "body": "It is also permissible to request the recovery of all or part of the goods as long as they are still in existence if they were delivered to the bankrupt as a deposit or for sale on behalf of their owner.\r\nIt is also permissible to request the recovery of the price of those goods or part of their price if it has not been paid or has not been offset in a current account between the bankrupt and the buyer.",
                                            "position": 640,
                                            "article_number": "609"
                                        },
                                        {
                                            "id": 4131,
                                            "body": "The seller may refuse to deliver goods and other movable items sold if they have not been delivered to the bankrupt or sent to him or another person on his behalf.",
                                            "position": 641,
                                            "article_number": "610"
                                        },
                                        {
                                            "id": 4132,
                                            "body": "The seller may recover goods sent to the bankrupt to exercise his right to retain them as long as they have not been delivered to the bankrupt's warehouses or a place where he has the appearance of control or to the warehouses of an intermediary tasked by the bankrupt to sell them on his behalf.\r\nHowever, the recovery request is not accepted if the goods have been resold before arrival without deception to another good-faith buyer.",
                                            "position": 642,
                                            "article_number": "611"
                                        },
                                        {
                                            "id": 4133,
                                            "body": "If the buyer has received the goods before his bankruptcy, the seller may not invoke a claim for rescission, recovery, or any privilege.",
                                            "position": 643,
                                            "article_number": "612"
                                        },
                                        {
                                            "id": 4134,
                                            "body": "In cases where the seller may exercise his right to retain the goods, the bankruptcy trustees, after obtaining authorization from the appointed judge, may insist on the delivery of the goods after paying the agreed price for the goods.",
                                            "position": 644,
                                            "article_number": "613"
                                        },
                                        {
                                            "id": 4135,
                                            "body": "If the trustees do not make this decision, the seller may rescind the sale provided he pays the creditors' group the amount received on account. He may obtain compensation for the damage suffered due to the rescission of the sale and may join the ordinary creditors' group for this purpose.",
                                            "position": 645,
                                            "article_number": "614"
                                        },
                                        {
                                            "id": 4136,
                                            "body": "- Amended\r\nThe recovery rights pertaining to the non-bankrupt spouse are determined according to the rules outlined below.",
                                            "position": 646,
                                            "article_number": "615"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 2
                                },
                                {
                                    "id": 1073,
                                    "name": "Holders of Secured Debts by Pledge or Privilege on Movable Property",
                                    "number": "Third",
                                    "articles": [
                                        {
                                            "id": 4137,
                                            "body": "Creditors of the bankrupt who legally hold a mortgage or special privilege on movable property are only listed in the creditors' schedule for reference purposes.",
                                            "position": 647,
                                            "article_number": "616"
                                        },
                                        {
                                            "id": 4138,
                                            "body": "The agents may, at any time, after obtaining authorization from the appointed judge, reclaim the pledged items for the benefit of the bankruptcy, after settling the debt.",
                                            "position": 648,
                                            "article_number": "617"
                                        },
                                        {
                                            "id": 4139,
                                            "body": "If the agents do not reclaim the pledged item and the creditor sells it for a price exceeding the debt, the agents receive the surplus. If the price is less than the debt, the pledged creditor participates with the group of creditors as an ordinary creditor for the remaining debt.",
                                            "position": 649,
                                            "article_number": "618"
                                        },
                                        {
                                            "id": 4140,
                                            "body": "The agents present to the appointed judge a statement of the names of creditors claiming a privilege on movable assets. The judge may authorize the settlement of their debts from the first cash amount received, if necessary. If there is a dispute over the privilege, the court will decide on it.",
                                            "position": 650,
                                            "article_number": "619"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 3
                                },
                                {
                                    "id": 1074,
                                    "name": "Holders of Secured Debts by Mortgage or Privilege on Real Estate",
                                    "number": "Fourth",
                                    "articles": [
                                        {
                                            "id": 4141,
                                            "body": "If the distribution of the price of real estate occurs before the distribution of the price of movables, or if both distributions occur together, then creditors holding a privilege or mortgage who have not fully satisfied their debt from the price of the real estate shall participate proportionally with the remaining amount owed to them alongside ordinary creditors in the distribution of funds allocated to this group of creditors, provided that their debts are verified according to the prescribed forms mentioned previously.",
                                            "position": 651,
                                            "article_number": "620"
                                        },
                                        {
                                            "id": 4142,
                                            "body": "If one or more distributions of the money obtained from the price of movables are conducted before the distribution of the price of real estate, then creditors holding a privilege or mortgage with verified debts shall participate in the distribution proportionally with the total amount of their debts, while retaining, if necessary, what they are required to return as will be explained.",
                                            "position": 652,
                                            "article_number": "621"
                                        },
                                        {
                                            "id": 4143,
                                            "body": "After the sale of real estate and the final settlement of accounts for creditors with privileges or mortgages according to their ranking, those entitled according to their rank cannot receive the full amount of their debt from the price of the mortgaged real estate unless they deduct what they have received from the group of ordinary creditors.\r\nAs for the amounts deducted in this manner, they do not remain with the group of creditors with mortgages but are returned to the group of ordinary creditors for whose benefit these amounts are deducted.",
                                            "position": 653,
                                            "article_number": "622"
                                        },
                                        {
                                            "id": 4144,
                                            "body": "As for creditors holding a mortgage whose share in the distribution of the price of real estate only partially satisfies their debt, the following procedure applies to them: Their rights in the funds allocated to the group of ordinary creditors are finally determined by the amounts that remain due to them after deducting their share in the distribution of the price of real estate.\r\nAny excess amount they received in the previous distribution is deducted from their share in the price of real estate and returned to the group of ordinary debts.",
                                            "position": 654,
                                            "article_number": "623"
                                        },
                                        {
                                            "id": 4145,
                                            "body": "Creditors who have no share in the distribution of the price of real estate are considered as ordinary creditors and are subject in this capacity to the effects of settlement and all actions related to the group of ordinary debts.",
                                            "position": 655,
                                            "article_number": "624"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 4
                                },
                                {
                                    "id": 1075,
                                    "name": "On the Rights of the Bankrupt's Wife",
                                    "number": "Fifth",
                                    "articles": [
                                        {
                                            "id": 4146,
                                            "body": "- Amended\r\nThe assets of the non-bankrupt spouse, both movable and immovable, remain outside the bankruptcy estate.",
                                            "position": 656,
                                            "article_number": "625"
                                        },
                                        {
                                            "id": 4147,
                                            "body": "- Amended\r\nIncluded in the bankruptcy estate are the assets of the non-bankrupt spouse that are proven to have been purchased with the bankrupt's money during the five years preceding the declaration of bankruptcy.\r\nThe aforementioned fact can be proven by all means of evidence acceptable in commercial matters. It is considered sufficient proof to merely establish that the non-bankrupt spouse had no personal resources at the time of acquiring those assets, unless the latter provides evidence to the contrary.",
                                            "position": 657,
                                            "article_number": "626"
                                        },
                                        {
                                            "id": 4148,
                                            "body": "- Amended\r\nIf the non-bankrupt spouse pays debts on behalf of the bankrupt spouse, they may claim their rights like other creditors in the bankruptcy, unless it is proven that those debts were paid from the bankrupt spouse's assets.",
                                            "position": 658,
                                            "article_number": "627"
                                        },
                                        {
                                            "id": 4149,
                                            "body": "- Amended\r\nIf the spouse was a merchant at the time of marriage or had no other specific occupation and then became a merchant within the same year, the real estate they owned at the time of marriage or acquired by inheritance, inter vivos gift, or will shall be subject solely to the compulsory insurance stipulated in paragraph 2 of Article \/131\/ of the Real Estate Law issued by Decision No. 3339.",
                                            "position": 659,
                                            "article_number": "628"
                                        },
                                        {
                                            "id": 4150,
                                            "body": "- Amended\r\nThe non-bankrupt spouse, whose bankrupt spouse was a merchant at the time of marriage or had no other specific occupation and then became a merchant within the year following the marriage, is not entitled to file any lawsuit against the bankruptcy for the benefits stipulated in the marriage contract. In this case, creditors are not entitled to invoke the benefits granted by the non-bankrupt spouse in the said contract.\r\nGifts granted by the bankrupt spouse to the non-bankrupt spouse during the five years preceding the declaration of bankruptcy are automatically nullified.",
                                            "position": 660,
                                            "article_number": "629"
                                        }
                                    ],
                                    "category": "Part",
                                    "children": [],
                                    "position": 5
                                }
                            ],
                            "position": 5
                        }
                    ],
                    "position": 26
                },
                {
                    "id": 1076,
                    "name": "On Summary Trial Procedures",
                    "number": "Third",
                    "articles": [
                        {
                            "id": 4151,
                            "body": "If it results from the balance sheet presented by the bankrupt or from subsequent information that the assets of the bankruptcy do not exceed two thousand five hundred Lebanese pounds or it appears that the rate intended to be distributed cannot exceed ten percent, the court may, either on its own initiative or at the request of the creditors, order the bankruptcy proceedings to be conducted according to the procedures called \"summary.\"",
                            "position": 661,
                            "article_number": "630"
                        },
                        {
                            "id": 4152,
                            "body": "The aforementioned procedures differ from ordinary procedures by the following features:\r\nFirst - The deadlines for presenting debt documents, objections, appeals, and other deadlines stipulated in articles 497, 512, 548, 566, and 579 of this law are reduced by half.\r\nIf the deadline is fifteen days, it is reduced to eight days.\r\nHowever, the extension of the deadline stipulated in article 548 for the benefit of creditors residing outside Lebanese territories is not subject to reduction.\r\nSecond - Seals are not applied.\r\nThird - Supervisors are not appointed.\r\nFourth - The appointed judge handles disputes regarding debts, with the right to appeal to the appellate court if necessary.\r\nFifth - The appointed judge has the right to authorize all settlements.\r\nSixth - Only one distribution of funds is conducted.\r\nSeventh - The appointed judge resolves disputes related to the account of the bankruptcy agent and their allocations.",
                            "position": 662,
                            "article_number": "631"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 27
                },
                {
                    "id": 1077,
                    "name": "On Negligent or Fraudulent Bankruptcy",
                    "number": "Fourth",
                    "articles": [
                        {
                            "id": 4153,
                            "body": "The primary criminal courts consider cases of negligent bankruptcy based on the request of the bankruptcy agents or any creditor or the public prosecution. The perpetrator of this bankruptcy is punished with imprisonment from one month to one year, taking into account the mitigating circumstances of the crime.",
                            "position": 663,
                            "article_number": "632"
                        },
                        {
                            "id": 4154,
                            "body": "Any merchant found in one of the following situations is considered a negligent bankrupt:\r\nFirst - If his personal or household expenses are deemed extravagant.\r\nSecond - If he spends large amounts on pure gambling operations or on stock market speculations or on purchasing goods.\r\nThird - If he buys, before ceasing to pay and with the intent to delay his bankruptcy, a quantity of goods to sell them for less than the usual price or engages in the same intent in contracting loans and trading commercial papers or other burdensome means to obtain money.\r\nFourth - If he, after ceasing to pay, makes a payment to one of the creditors that harms the interest of the group.",
                            "position": 664,
                            "article_number": "633"
                        },
                        {
                            "id": 4155,
                            "body": "Any merchant found in one of the following situations can be considered a negligent bankrupt:\r\nFirst - If he undertakes obligations for others without compensation that are considered very burdensome given his situation at the time of commitment.\r\nSecond - If he declares bankruptcy again without having fulfilled the obligations imposed on him by a previous settlement.\r\nThird - If he does not act according to the obligations related to the commercial register.\r\nFourth - If he does not submit to the court clerk within twenty days from the date of ceasing to pay the declaration required by this law, or if the mentioned declaration does not include the names of all the general partners.\r\nFifth - If he does not organize books and does not conduct a proper inventory, or if the books and inventory lists are incomplete or contrary to the principles or do not match his actual financial situation, unless there is deception.",
                            "position": 665,
                            "article_number": "634"
                        },
                        {
                            "id": 4156,
                            "body": "The expenses of the lawsuit filed by the public prosecution for negligent bankruptcy cannot, under any circumstances, be charged to the group of creditors.\r\nIn the case of a settlement, the public treasury cannot demand from the bankrupt what it has paid in expenses except after the expiration of the deadlines granted under the mentioned contract.",
                            "position": 666,
                            "article_number": "635"
                        },
                        {
                            "id": 4157,
                            "body": "The expenses of lawsuits filed on behalf of the creditors by the bankruptcy agents are borne by the group of creditors if the bankrupt is acquitted and by the public treasury if he is convicted, with the right to recourse against the bankrupt according to the previous article.",
                            "position": 667,
                            "article_number": "636"
                        },
                        {
                            "id": 4158,
                            "body": "The agents cannot file a lawsuit for negligent bankruptcy nor take the status of a personal plaintiff on behalf of the group of creditors except after being authorized by a decision taken by the majority of the number of present creditors.",
                            "position": 668,
                            "article_number": "637"
                        },
                        {
                            "id": 4159,
                            "body": "The expenses of the criminal lawsuit filed by one of the creditors are paid by the public treasury if the bankrupt is convicted and by the suing creditor if he is acquitted.",
                            "position": 669,
                            "article_number": "638"
                        },
                        {
                            "id": 4160,
                            "body": "- Amended\r\nAny bankrupt merchant who hides his books or embezzles or conceals part of his assets or is found to have fraudulently claimed to be indebted with a debt not owed, whether in his books, official documents, or private signed obligations and balance sheets, is considered a fraudulent bankrupt and is punished with the penalty specific to fraudulent bankruptcy.",
                            "position": 670,
                            "article_number": "639"
                        },
                        {
                            "id": 4161,
                            "body": "Under no circumstances can the expenses of a fraudulent bankruptcy lawsuit be charged to the group of creditors, and if a creditor or several creditors take the status of a personal plaintiff, the expenses in the case of acquittal remain their responsibility.",
                            "position": 671,
                            "article_number": "640"
                        },
                        {
                            "id": 4162,
                            "body": "Punished with the penalty of fraudulent bankruptcy:\r\nFirst - Persons proven to have embezzled or concealed for the benefit of the bankrupt all or part of his movable or immovable property, all while retaining the conditions of subsidiary intervention stipulated in the Penal Code.\r\nSecond - Persons proven to have fraudulently presented fictitious debts in the bankruptcy with the intent to establish them, whether in their name or in the name of fictitious persons.\r\nThird - Persons who conducted business under someone else's name or a false name and committed acts considered as fraudulent bankruptcy.",
                            "position": 672,
                            "article_number": "641"
                        },
                        {
                            "id": 4163,
                            "body": "The wife of the bankrupt and his ascendants, descendants, and in-laws of the same degree, if they embezzle or transfer or conceal items related to the bankruptcy without colluding with the bankrupt, are punished with the penalty of theft.",
                            "position": 673,
                            "article_number": "642"
                        },
                        {
                            "id": 4164,
                            "body": "In the cases stipulated in the previous articles, the primary or appellate court decides on the following matters even if there is an acquittal:\r\nFirst - It must, on its own initiative, order the return of all fraudulently embezzled funds, rights, and shares to the group of creditors.\r\nSecond - It rules on the compensation requested for damages and determines its amount in the judgment it issues.",
                            "position": 674,
                            "article_number": "643"
                        },
                        {
                            "id": 4165,
                            "body": "The bankruptcy agent who commits embezzlement in managing his affairs is subject to the penalty stipulated for the misdemeanor of breach of trust.",
                            "position": 675,
                            "article_number": "644"
                        },
                        {
                            "id": 4166,
                            "body": "Any creditor who agrees with the bankrupt or any other person on special benefits in exchange for his vote in the bankruptcy assemblies or concludes a special treaty resulting in a special benefit from the bankrupt's assets is punished with imprisonment from one month to one year and a fine not exceeding two hundred and fifty Lebanese pounds, with the possibility of mitigating circumstances. The imprisonment period can be increased to two years if the creditor is a bankruptcy agent.",
                            "position": 676,
                            "article_number": "645"
                        },
                        {
                            "id": 4167,
                            "body": "Moreover, the mentioned treaties are declared void concerning all persons, even the bankrupt.\r\nThe creditor must return the money and amounts obtained under these treaties to whom they legally belong.",
                            "position": 677,
                            "article_number": "646"
                        },
                        {
                            "id": 4168,
                            "body": "All decisions and judgments issued under the provisions of this chapter are posted and published in the formats prescribed for publishing the judgment declaring bankruptcy.",
                            "position": 678,
                            "article_number": "647"
                        },
                        {
                            "id": 4169,
                            "body": "The prosecutions conducted for negligent or fraudulent bankruptcy do not require any modification in the ordinary rules related to the management of the bankruptcy.",
                            "position": 679,
                            "article_number": "648"
                        },
                        {
                            "id": 4170,
                            "body": "However, the agents are required in this case to hand over to the public prosecution all documents, instruments, papers, and information requested from them.",
                            "position": 680,
                            "article_number": "649"
                        },
                        {
                            "id": 4171,
                            "body": "The documents, instruments, and papers handed over by the agents during the investigation are placed for review in the court clerk's office and are reviewed upon the agents' request.\r\nThey may take special summaries or request official copies, which the clerk sends to them.\r\nAs for the documents, instruments, and papers not ordered to be deposited with the judiciary, they are handed over after the primary or appellate judgment to the agents against a receipt.",
                            "position": 681,
                            "article_number": "650"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 28
                },
                {
                    "id": 1078,
                    "name": "On Rehabilitation",
                    "number": "Fifth",
                    "articles": [
                        {
                            "id": 4172,
                            "body": "After ten years have passed since the declaration of bankruptcy, the bankrupt automatically regains their status without undertaking any procedure if they were not negligent or fraudulent.\r\nThe restoration of status in this manner cannot affect the functions of the agents if their mission has not ended, nor the rights of the creditors if their debts have not been fully discharged.",
                            "position": 682,
                            "article_number": "651"
                        },
                        {
                            "id": 4173,
                            "body": "The status is automatically restored to the bankrupt who has paid all the amounts due, principal and interest, along with expenses. They cannot be required to pay interest for more than five years.\r\nFor a partner in a partnership that has gone bankrupt to automatically regain their status, they must prove that they have fulfilled the aforementioned conditions for their share of the company's debts, even if they have obtained a private settlement.\r\nIf one or several creditors have disappeared, are absent, or refuse to accept payment, the amount due to them is deposited in a bank authorized to accept state deposits, and proof of this deposit is considered as a receipt.",
                            "position": 683,
                            "article_number": "652"
                        },
                        {
                            "id": 4174,
                            "body": "The restoration of status is permissible for the bankrupt recognized for their integrity:\r\nFirst - If they have fully paid all the installments promised in the settlement contract they obtained. The provision of this paragraph applies to a partner in a partnership declared bankrupt who has obtained a private settlement from the creditors.\r\nSecond - If the bankrupt proves that the creditors have fully discharged their debts or have unanimously agreed to restore their status.",
                            "position": 684,
                            "article_number": "653"
                        },
                        {
                            "id": 4175,
                            "body": "Any request for the restoration of status is submitted to the public prosecutor at the court that issued the bankruptcy judgment. It is accompanied by receipts and supporting documents.\r\nThis judge refers all documents to the president of the court that declared the bankruptcy and to the public prosecutor in the area where the applicant resides, ensuring they gather all possible information regarding the validity of the presented facts.\r\nThe mere presentation of receipts and other documents required for the restoration of status does not make their registration mandatory.",
                            "position": 685,
                            "article_number": "654"
                        },
                        {
                            "id": 4176,
                            "body": "The court clerk sends a registered letter notifying the request for the restoration of status to each of the creditors whose debts are established on the bankruptcy or recognized in a subsequent judicial decision and who have not received full payment of their debts.",
                            "position": 686,
                            "article_number": "655"
                        },
                        {
                            "id": 4177,
                            "body": "Any creditor who has not fully received the rate determined for them in the settlement contract or has not fully discharged their debtor's obligations has the right, within a month from the date of this notification, to object to the restoration of status by submitting a simple petition to the court registry with supporting documents. The objecting creditor can, through a petition submitted to the court and notified to the debtor, intervene in the proceedings for the restoration of status.",
                            "position": 687,
                            "article_number": "656"
                        },
                        {
                            "id": 4178,
                            "body": "After the deadline has passed, the results of the investigations required above and the objections submitted by the creditors are referred to the public prosecutor who received the request, and they forward them with their reasoned opinion to the president of the court.",
                            "position": 688,
                            "article_number": "657"
                        },
                        {
                            "id": 4179,
                            "body": "The court, when necessary, summons the applicant for the restoration of status and the objectors and hears their statements in a deliberation room. The applicant may be assisted by a lawyer.\r\nIn the case of full payment of debts, the court suffices with verifying the validity of the presented documents, and if it finds them in accordance with the law, it orders the restoration of status.\r\nIf the restoration of status is discretionary, the court assesses the circumstances of the case and then issues the judgment in a public session.\r\nThe judgment can be appealed, whether by the applicant for the restoration of status, the public prosecutor, or the creditors, within a month from the notification sent to them by registered letter.\r\nThe judgment is also notified to the objecting creditors, who can exercise their right to object before the Court of Appeal.\r\nAfter review, the Court of Appeal decides on the case according to the procedures stipulated above.",
                            "position": 689,
                            "article_number": "658"
                        },
                        {
                            "id": 4180,
                            "body": "If the request is rejected, it cannot be reconsidered until after a year has passed.\r\nIf the request is accepted, the judgment issued by the court of first instance or appeal is recorded in the register of the bankruptcy court or the court in the area where the applicant resides.\r\nThis judgment is also sent to the public prosecutor who received the request for the restoration of status, and the latter sends it to the public prosecutor in the applicant's place of birth to note it against the bankruptcy declaration in the criminal record.\r\nThis judgment is also recorded in the commercial register.",
                            "position": 690,
                            "article_number": "659"
                        },
                        {
                            "id": 4181,
                            "body": "A request for the restoration of commercial status is not accepted for fraudulent bankrupts or persons convicted of theft, fraud, or breach of trust unless they have obtained criminal rehabilitation.",
                            "position": 691,
                            "article_number": "660"
                        },
                        {
                            "id": 4182,
                            "body": "The restoration of status may be granted to the bankrupt after their death.",
                            "position": 692,
                            "article_number": "661"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 29
                },
                {
                    "id": 1079,
                    "name": "Special Provisions on Company Bankruptcy",
                    "number": "Sixth",
                    "articles": [
                        {
                            "id": 4183,
                            "body": "Except for the rules outlined in the previous chapters, companies are subject to the following provisions.",
                            "position": 693,
                            "article_number": "662"
                        },
                        {
                            "id": 4184,
                            "body": "All commercial companies, except for joint ventures, may obtain a preventive settlement and may also be declared bankrupt. Even if the company is in liquidation, it may be declared bankrupt.\r\nThis also applies even if the company has been judicially annulled, provided that the company is actually continuing.\r\n\r\n• Article 664\r\nThe request for preventive settlement or the declaration aimed at obtaining a bankruptcy judgment must include the signature of the partner or partners who have the right to sign on behalf of the company if it is a partnership or a limited partnership, and the signature of the manager or board member who performs his duties based on a board decision if it is a joint-stock company.\r\nIf the company has entered into liquidation, the liquidator must submit this declaration. The request or declaration is filed with the court clerk in the area where the company's headquarters is located.",
                            "position": 694,
                            "article_number": "663"
                        },
                        {
                            "id": 4185,
                            "body": "All partners in partnerships and all authorized representatives in limited partnerships must also, each in their respective capacity, make the declaration required by this law within twenty days from the date the company ceases to pay.\r\nThe court must declare in the same judgment the bankruptcy of the company and the bankruptcy of the general partners, and initially appoint one delegated judge and one bankruptcy trustee, even if the bankruptcies are distinct from each other, and the groups of creditors are of different compositions.",
                            "position": 695,
                            "article_number": "665"
                        },
                        {
                            "id": 4186,
                            "body": "The bankruptcy trustee in all companies has the right to compel the partners to fully pay their capital contributions even before the due date specified in the company's bylaws.",
                            "position": 696,
                            "article_number": "666"
                        },
                        {
                            "id": 4187,
                            "body": "If the company is fraudulently or negligently bankrupt, a criminal liability lawsuit may be filed against the partners in a partnership, the authorized partners in a limited partnership, and the managers of joint-stock companies or board members who perform managerial functions, if necessary.",
                            "position": 697,
                            "article_number": "667"
                        }
                    ],
                    "category": "Title",
                    "children": [],
                    "position": 30
                }
            ],
            "position": 1
        },
        {
            "id": 1103,
            "name": null,
            "number": "Final",
            "articles": [
                {
                    "id": 4188,
                    "body": "• Article 668\r\nAll previous legislative texts related to the matters stipulated in this law:\r\nLose their legal force once this law becomes enforceable.\r\nNothing has been amended in the laws related to the formation of commercial courts and their trial procedures.\r\nThis law shall be put into effect six months after its publication in the Official Gazette.",
                    "position": 1,
                    "article_number": "668"
                }
            ],
            "category": "Overview",
            "children": [],
            "position": 1
        }
    ],
    "root_articles": []
}