A private limited company shall be managed by one or more natural persons, irrespective of
whether they are members of the company or not.
They shall be appointed by the members in the Articles of Association or in a subsequent
instrument. In the latter case, unless a provision in the Articles of Association requires a bigger
majority, the decision shall be taken by a majority of the members holding more than half of the
registered capital.
Sub-section 2
Term of office
Official translation
Spot-checked
In force from 17 April 1997
Source page 80