Article 250 — Liability of Promoters

1/ Promoters shall be jointly and severally liable to persons with whom they contracted, shareholders, and third parties with respect to the following matters: a) commitments entered into for the formation of the company; b) full subscription of the capital of the company and deposit of the paid-up capital in the name and to the account of the company; c) valuation of contributions made in kind to the company in accordance with the provisions of Article 257 of this Code; d) accuracy of statements made to the public in respect of the formation of the company; e) legality of the process followed in the formation of the company; f) verification by an Auditor of the formation procedure of the company; g) where the company is not formed, refund of paid- up contributions with interest to subscribers who demand that in accordance with this Code; and h) all other matters connected with the formation process. 2/ Claims for damages against promoters under Sub- Article (1) of this Article shall be barred after five years from the date when the aggrieved party knew of the damage and of the person liable. There shall be absolute limitation after ten years from the date when the act complained of took place.