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5.2.4.4. Liability Insurance

Under Article 361 of the TCC,(91) when the members of the board of directors fulfil their duties, in case of damage to the company, they are referred to the insurance route in order to prevent such damage. However, this insurance is not an obligation for the board of directors but is a form of referral. Besides, if the loss incurred is insured at a rate exceeding

5.2.4.3. Type of Joint Responsibility of the Board of Directors: Joint Liability System
5.2.4.5. Release of the Directors from Liability