Power of representation of the supervisory board

(1) The supervisory board represents the cooperative, judicially and extrajudicially, as against the members of the management board. Where no supervisory board is to be formed under the statutes, the cooperative is represented by an authorised representative elected by the general meeting. The statutes may determine that the general meeting decides on the conduct of proceedings against members of the management board.
(2) The consent of the supervisory board is required for every grant of credit to a member of the management board, insofar as the grant of credit is not linked by the statutes to further requirements or excluded. The same applies to the acceptance of a member of the management board as guarantor for a grant of credit.
(3) In proceedings against the members of the supervisory board, the cooperative is represented by authorised representatives elected by the general meeting.