The board of directors shall, in agreement with the chairperson managing director, determine
the scope of powers to be delegated to the Assistant Managing Director.
The assistant managing director shall, in his relations with third parties, have the same powers
as those of the Chairperson Managing Director. He shall commit the company by his acts,
including those which do not fall within the scope of the objects of the company, under the
conditions and within the limits laid down in Article 122 of this Uniform Act.
The provisions of the Articles of Association, the decisions of the board of directors or of general
meetings restricting the powers of the Assistant Managing Director shall not be binding on third
parties.
Official translation
Spot-checked
In force from 17 April 1997
Source page 114