Non-competition for a member of the management board of a Limited Liability Company

In accordance with Art. 211 of the Commercial Companies Code:

A member of the management board of Limited Liability Company may not, with-out the company’s consent, engage in competitive business or participate in competitive entities as a partner in a partnership or a civil law partnership, or a member of the authorities of a company, or participate in any competitive legal person as a member of its authorities. The above prohibition shall also apply to participation in a competitive company if a member of the management board holds at least 10 per cent of shares in such company or the right to appoint at least one member of the management board.

Unless the articles of association provide otherwise, the consent shall be granted by the authority which has the power to appoint the management board.