a)
General
The authority to represent the joint stock company is exercised by the board of directors by affixing two signatures unless otherwise stipulated in the articles of association or the board of directors does not consist of one member. Representation authority may be delegated to one or more executive directors or to third parties as manager. At least one board member must have the authority to represent.
b)
Scope and limitations
Persons who are authorized to represent the company may conduct all kinds of business and legal transactions on behalf of the company and may use the trade name of the company for this purpose. The company's right to recourse is reserved related to the transactions which do not comply with law and articles of association.
The third parties in good faith may have a claim arising out of the transaction against the company, although this transaction conducted by those who are authorized to represent does not comply with the articles of association or the general assembly resolution.
The limitations regarding the representation authority are not effectual against third parties in good faith.
c)
Form of signature
Persons who are authorized to sign on behalf of the company must sign under the trade name of the company. The head office of the company, the location where it is registered and the registration number must be indicated in the documents prepared by the company.
d) Registration and announcement
The resolution regarding the persons authorized to represent the company should be notarized and a copy of this resolution must be submitted to the trade registry by the board of directors for registration and announcement.
