Article 653 — Debtor in Possession

1/ During the observation period, the debtor shall remain in control of its assets and affairs, subject to Sub- Article (3) of this Article. 2/ The debtor shall have the right to conduct all day-to- day operations of his business without requiring the prior consent of the supervisor in reorganization or the supervisory judge. 3/ After the opening of reorganization proceedings, all agreements or transactions, including, but not limited to, all gratuitous acts and the constitution of guarantees or in rem security interests, which are outside the ordinary course of business of the debtor, shall require the prior authorization of the supervisor in reorganization. 4/ The supervisor in reorganization and the supervisory judge may at any time inspect the books and accounts of the debtor. 5/ The supervisor in reorganization shall report to the appropriate law enforcement and prosecution authorities any violation of Sub-Article (3) of this Article, as well as any fraudulent act, including intentional omission of creditors.