3. Management Board

§8

1. The Management Board shall consist of two, three, four or five members. It shall be appointed by the Supervisory Board, which shall also appoint the chairman.  The Supervisory Board shall be entitled to revoke appointments with good cause, as defined in § 75, paragraph (4) of the Aktiengesetz [Austrian Public Limited Companies Law]. The appointment period of the Board members shall end on the 65^th birthday. This shall be taken into account when appointing Board members for the final period.
2. Where a member of the Management Board has been appointed by the Supervisory Board as chairman of the Management Board, he shall have the casting vote in the event of a tied vote.
3. The Supervisory Board may appoint a member of the Management Board as deputy chairman and stipulate his powers.

§9

1. The company shall be represented by two members of the Management Board jointly or by one member of the Management Board together with a commercial attorney [Prokurist].
2. A declaration by two commercial attorneys shall also be sufficient to commit the company, subject to the limitation set out in § 49 of the Handelsgesetzbuch [Austrian Commercial Code].
3. The Supervisory Board may decide that individual members of the Management Board should be authorized to represent the company alone.
4. Deputy members of the Management Board shall qualify as ordinary members of the Management Board for the purpose of powers of representation.

§10

The Management Board shall conduct the business of the company in accordance with the law, the memorandum and articles of association and the rules of procedure approved by the Supervisory Board.