The principle laid down by the law is that: each manager may carry out on behalf of the company all acts necessary or useful for the achievement of the company's purpose.

The partnership agreement of the Luxembourg special limited partnership (SLP, société en commandite spéciale) may restrict the powers of the managers. However, such restrictions are not binding on third parties, even if they are published.

The articles of association may also mention that one or more managers are entitled to represent the company alone or jointly. And in this case, this clause is binding on third parties under the conditions provided for in Title I, Chapter Vbis of the amended law of 19th December, 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings.

Finally, and still on a contractual basis (in the partnership agreement), the managers of an SLP may delegate their powers to one or more agents who are only responsible for the execution of their mandate.

References: Article 320-3, paragraphs 3 and 4 of the law of 10 August 1915 on commercial companies; #208-197* Les pouvoirs des gérants et la délégation (SCSp), 15 juillet 2020, Bertrand Mariaux.

*Podcast #329

Powers of the Managers & Delegation - SLP-IX #329-318* *Article #329-318* *YouTube Video 318* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/hywycpm7r69m5nmsmns77zc6jrnmpr https://www.linkedin.com/pulse/powers-managers-delegation-slpscsp-slp-ix-329-318-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 318*

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

Editor: Nikolai Shillinglaw