S.L. 386.8 Art. 19Managers of an EEIG.

(1) An EEIG shall be managed by one or more persons and, where the person managing the EEIG is a body corporate, such body corporate must designate one or more natural persons to represent it.

(2) Any natural person designated under subregulation (1) to represent the body corporate acting as manager of an EEIG shall be subject to the same liabilities as if he himself were a manager.

(3) The contract or, where not specifically provided for, a unanimous decision of the members of the grouping shall determine the conditions for the appointment and removal of the manager together with his powers.

(4) In so far as the contract does not provide that the grouping shall be validly bound only by two or more managers acting jointly, the representation of a grouping shall vest in each of the managers severally.

(5) Any act done by a manager of the grouping shall bind the grouping as regards third parties, notwithstanding that such act falls outside the objects of the grouping.

(6) Notwithstanding the provisions of subregulation (5), the grouping shall not be bound by an act which falls outside its objects if it proves that the third party knew that it was outside the grouping’s objects or the third party could not in view of the circumstances have been unaware thereof:

Provided that the publication of the contract shall not in itself be sufficient to prove that the third party knew or could not have been unaware that the act was outside the grouping’s objects.

(7) Any limitation on the powers of any manager of the grouping shall not be relied on as against third parties independently of whether that limitation, published or not, arises from the contract or from a decision by the members of the grouping.