Article 303 of Companies Law

Without prejudice to any more severe penalty prescribed by another law, the following shall be punished by imprisonment for a term not exceeding three years and a fine of not less than ten thousand dinars and not more than one hundred thousand dinars, or by either of these two penalties: 1- Anyone who, in bad faith, records in the company's memorandum of association and articles of association, public subscription prospectuses, or any other prospectuses or documents addressed to the public, false particulars or particulars contrary to the provisions of the law, and anyone who signs these documents or distributes or promotes them knowing that they are incorrect. 2- Anyone who invites the public to subscribe for shares or bonds issued in the name of companies other than shareholding companies. - Anyone who fraudulently values contributions in kind at more than their true value. - Any board member, manager, auditor, or liquidator who participates in preparing a balance sheet, statement of financial position, or statements issued by the company that do not correspond to reality, knowing this and intending to conceal the true financial position of the company, or who deliberately omits material facts with the intention of concealing the true financial position of the company. h - Any board member, manager, auditor, or liquidator who distributes or approves the distribution of any amounts as profits, knowing that the company's financial position does not permit this, or in violation of the provisions of this Law or the company's constitutive contract. 6 - Any board member, manager, supervisory board member, auditor, employee of the company, or person entrusted with inspecting it who, other than in cases where the law requires him to do so, discloses secrets obtained by virtue of his work, or exploits these secrets to achieve personal benefits for himself or others or to harm the company. Law Index 1523 Home Page Companies Law Law No. 1 of 2016 Promulgating the Companies Law 7- Anyone assigned to inspect the company who deliberately records facts contrary to the truth in the reports he prepares on the inspection results, or deliberately omits material facts that could affect the inspection results. - Anyone who deliberately and contrary to the truth, with knowledge thereof, records or omits particulars or information relating to the conditions for nomination for membership of the board of directors of a shareholding company.