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Legal nature of the management agreement under the Bulgarian company law (critical notes)
The management agreement is regulated in the Bulgarian Commercial Act ("CA") respectively for the limited liability company ("LLC") in Art. 141, par, 7 CA and for the joint stock company ("JSC") in Art. 241, par.6 and Art. 244, par. 7 CA. According to the statutory provisions cited the relations between the company and the manager, respectively the board of directors or the management board, are to be regulated by management agreement concluded in writte form.
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