Article 302 — Security by Directors

1/ The memorandum of association may provide that directors furnish security to guarantee proper discharge of their duties. Where the memorandum so requires, it shall also prescribe the necessary details regarding the type and amount of security to be furnished and how the security is to be held. 2/ The security shall be released where the director has ceased to be a director and it has been ascertained that he no longer owes obligations to the company.