Article 513 — Board of Directors

1/ the memorandum of association may provide for the management of a private limited company by a board of directors. 2/ the board of directors, if any, shall consist of three to seven members. 3/ The provisions of this Code on the board of directors of a share company concerning appointment, guarantees provided, removal, term of office, decision making, liability, remuneration, powers and duties and other relevant matters under Sub-Article (4) and (5) of Article 296, Article 297, 298, 300-312 and Article 314330 shall apply as appropriate to the board of directors of a private limited company.