Article 217(c) prohibits an auditor from (i) being the chairman or a member of the Board of Directors of the company he audits; (ii) holding any managerial position in the company he audits; and (iii) acquiring any shares in the company he audits, or selling any such shares he may already own, during the period of his audit. Furthermore, the auditor must not be a relative (up to the second degree) of a person assuming management or accounting duties in the company.