Management board

(1) The cooperative is represented judicially and extrajudicially by the management board. Where a cooperative has no management board (absence of management), the cooperative is, for the case that declarations of intent are made towards it or documents served on it, represented by the supervisory board.
(2) The management board consists of two persons and is elected and removed by the general meeting. The statutes may determine a higher number of persons, and another manner of appointment and removal. In the case of cooperatives with no more than 20 members, the statutes may determine that the management board consists of one person.
(3) The members of the management board may be remunerated or unremunerated. Their appointment is revocable at any time, without prejudice to claims for compensation arising from existing contracts.