Article 515 — Powers of the Manager

1/ where the company is managed by a board of directors, the provisions of Article 337339 of this Code shall apply as appropriate to the powers of the manager. 2/ where the company does not have a board of directors, the manager shall have full powers to act in the name of the company for the realization of the business purposes of such company. 3/ Provisions of the memorandum of association restricting the powers of the manager shall be of no effect except as between the company and members on the one hand and the manager on the other.