Procurator / Commercial manager
A procurator is a natural person commissioned and authorized by a merchant to manage his enterprise for remuneration. Such authority may be given to more than one person for either a separate or joint exercising of the procuration. The procurator's mandate must be with notarized signatures and must be submitted by the merchant for registration in the Commercial Register together with a specimen signature of the procurator. A procurator signs by adding his own name to the merchant's trade name and an extension indicating the procuration.
A procurator may not be a person declared of insolvency and a person who has been a manager, a member of a management or a supervisory body of a company terminated due to bankruptcy during the past two years preceding the date of the judgment declaring the insolvency, if unsatisfied creditors have remained.
A procurator is entitled to perform all actions and transactions related to the carrying on of the business activities, to represent the merchant and to authorize third parties to perform certain actions. He may not authorize third parties with those of his powers which are derived under the law. A procurator may not alienate or encumber any real property of the merchant except when expressly authorized to do so. The authorization may be restricted to the activity of a single branch. Other restrictions have no effect upon third parties.
The relationship between a merchant and a procurator are governed by a contract. An authorization has effect upon third parties only after being registered in the Commercial Register. An authorization is terminated upon withdrawal by the merchant, and the registration of such withdrawal in the Commercial Register. An authorization is not terminated by virtue of a merchant's death or placing under judicial disability.
