THE LEGAI, REGIME OF THE COMMERCIAL SOCIETIES 1 3 



precise designation of the members jointly and severall}^ liable, the title 

 of the societj' for commercial purposes, indication of the members entrusted 

 with the management and with right to sign for the society, indication of 

 the amounts contributed or to be contributed en commandite, precise in- 

 dication of the members who must contribute these amounts, \Adth indic- 

 ation of the obligations of each ; the date at which the society' is to 

 commence working and that at which it is to cease to exist. 



On the other hand, the deed of constitution of the limited liability 

 societi'^s, the societies en commandite limited by shares and the co-operative 

 societies is published in full. 



To be valid, any alteration in the above deeds nuist be made in the maii- 

 ner required for the deed of constitution. 



Publicity must also be given, in order that they may be valid against 

 third parties, to acts modifying the provisions the publication of which is 

 ordered by law, as well as to apppointments, resignations and dismissals 

 of managing directors, commissioners and liquidators of limited liability 

 societies. 



Previously, this formality was only required for the deed of appoint- 

 ment of directors, but it has had to be recognised that the public has an 

 interest in being ad\nsed not only of the appointment, but also of the re- 

 signation and dismissal of directors, that is to sa}^ of the acts terminating 

 their functions. Their powers are defined in the deed of constitution and 

 in the later deeds for the carrying out of the deed of constitution. 



Other provisions refer to the manner of delivery and publication of 

 the above documents. 



L,et us now examine the fundamental rules regulating the various class- 

 es of societies in all their business, following the order given them in the 

 Code and naturally taking into account the provisions of the new law of 

 May 25th., 191 3. 



§ 2. Societies oj' collective tttlf. 



Under this head are included societies formed between tsvo or a larger 

 number of persons for the exercise of commerce in the name o^ a firm. 

 Only names of members may be included in the title of the firm. 



The members of a society of collective title are jointly and severally 

 liable for all engagements entered into by the society, even if signed by only 

 one of them, provided he ha? the right to sign for the society. 



§ 3. Ordinary societies en commandite. 



The ordinarj' society en commandite is formed by one or more active 

 members jointly and severally liable and one or more members who 

 simply invest their money in the firm and are sleeping partners. 



