Restriction of the power of representation

(1) The management board must conduct the cooperative under its own responsibility. In doing so it must observe the restrictions fixed by the statutes. In the case of cooperatives with no more than 20 members, the statutes may provide that the management board is bound by instructions of the general meeting.
(2) A restriction of the power of the management board to represent the cooperative has no legal effect against third persons. This applies in particular where the representation is to extend only to particular transactions or kinds of transactions, or is to take place only in particular circumstances or for a particular time or at individual places, or where the consent of the general meeting, the supervisory board or another organ of the cooperative is required for individual transactions.