Power of representation of the management board

(1) The cooperative is entitled and obliged by the legal transactions concluded by the management board in its name; it is immaterial whether the transaction was expressly concluded in the name of the cooperative, or whether the circumstances show that, by the intention of the contracting parties, it was to be concluded for the cooperative.
(2) For legitimation of the management board towards authorities, a certificate of the registry court that the persons to be designated therein are entered as members of the management board in the register of cooperatives suffices.