Common use of Powers of the Supervisory Board Clause in Contracts

Powers of the Supervisory Board. 1. The management of the Company is placed under the ongoing supervision of the Supervisory Board as provided by law. In accordance with law, the Board prepares a report for each Annual Ordinary General Meeting called to approve the financial statements of the Company. This report is made available to the shareholders at the same time as the Managing Partners’ report and the parent company financial statements. In the event of one or more Managing Partners being dismissed by the General Partners, the Board gives an opinion. For this purpose, the Board is notified by the General Partners at least fifteen days in advance, and must give its opinion within ten days of such notice. Notice is given by registered letter addressed to the Chairman of the Supervisory Board. The Supervisory Board prepares a report on any proposal to increase or reduce the Company’s share capital. The Supervisory Board may, if it deems it necessary, after having informed the Managing Partners in writing, call the shareholders to an Ordinary or Extraordinary General Meeting, in compliance with the legal provisions relating to shareholder meetings. The Supervisory Board has, by law, the right to receive from the Managing Partners the same documents as are made available to the Statutory Auditors.