According to article 886 of the OHADA Law of 2014, it is a criminal offense for the founders, the chief executive officer, the general manager, the general director, or the deputy general director of a public limited company to issue shares before the registration of the company or, at any time, when the registration is proved to be fraudulent or that the company is improperly formed.
The following shall face a criminal charge:

1) Those who, knowingly, through the notarized statement of subscription and payment or on the depository’s certificate, have certified true and accurate subscriptions they knew were fictitious and have declared that funds that have not been made available to the company, were made;

2) Those who will have delivered to the notary or to the depositary a list of shareholders or subscription and payment forms stating fictitious subscriptions or payments of funds that have not been made available to the company;

3) Those who knowingly, by fictitious subscription or payment or by the publication of subscription or payments that do not exist or any other false facts, has obtained or attempted to obtain subscriptions or payments;

4) Those who, knowingly, initiate subscriptions or payments, have published the names of designated persons, untruthfully, as being or expected to be related to the company in any capacity; those who fraudulently, has allocated to a contribution in kind, a higher valuation than its real value.

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