Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Part I - Partnership Agreement - Chapter VII - Assembly or Board Members and Administrators - Section II - Administrators - From Article 196 to Article 202
COLOMBIAN COMMERCIAL CODE Section II Administrators Article 196 .- The representation of society and the management of their assets and businesses comply with the terms of the social contract, under the scheme for each type of society. A lack of provisions, means that people who represent the company may enter into or perform all acts and contracts fall within the purpose or directly related to the existence and functioning of society. The limitations or restrictions of the foregoing powers which do not appear explicitly in the social contract entered in the commercial register may be relied on to third parties. Article 197 .- Provided that the companies concerned to elect two or more people to integrate the same board, commission or collegial body, apply the electoral quotient system. This is determined by dividing the total number of valid votes cast by the persons to be elected. The counting will start the list who receives the most v...