SECTION 277

Where the powers of the manager are not defined by the Articles of Associations, the manager may, in his relations with members, perform all acts of management in the company’s interest. Where there are several managers, each shall have the same powers as if he were the sole manager of the company, subject to the right of each of them to object to any transaction before it is concluded. In his relations with third parties, the manager shall commit the company by acts falling within the company’s objects. Where are several managers, each one of them shall have the same powers as if he were the sole manager of the company. Any objection made by a manager to the action of another manager shall have no effect with respect to third parties, unless it is established that they were aware of such objection. The provisions of the Articles of Association limiting the powers of managers resulting from this article shall not be binding on third parties.