Management board

(1) The management board consists of at least two persons. Section 76(1), (3), and (4), sections 77 to 87, 88 to 91, and 93(1), (2), and (4) to (6), and section 94 of the Stock Corporation Act apply correspondingly to the management board, with the proviso that the resolutions of the highest representative body take the place of the resolutions of the general meeting. Subsection (2) takes the place of section 93(3) of the Stock Corporation Act.
(2) The members of the management board are obliged to provide compensation, in particular, where, contrary to law, 1. interest is paid on the founders' fund, or it is redeemed, 2. the association's assets are distributed, 3. payments are made after the association has become insolvent or its over-indebtedness has arisen; this does not apply to payments that, even after that point, are consistent with the diligence of a prudent and conscientious manager, or 4. credit is granted.