Representation, signing by members of the management board

(1) The members of the management board are entitled to represent the cooperative only jointly. The statutes may determine otherwise. Where a declaration of intent is to be made towards the cooperative, it suffices to make it towards one member of the management board, or, in the case of section 24(1), second sentence, towards one member of the supervisory board.
(2) The statutes may also determine that individual members of the management board are entitled to represent the cooperative alone, or jointly with a holder of a commercial power of attorney. Subsection (1), third sentence applies correspondingly in these cases.
(3) Members of the management board entitled to joint representation may authorise individual members among them to undertake particular transactions or particular kinds of transactions. This applies correspondingly where an individual member of the management board is entitled to represent the cooperative jointly with a holder of a commercial power of attorney.
(4) (repealed)