Commercial Maritime Law

1. Management of the co-ownership may, pursuant to a decision by the co- owners, be entrusted to one or more managers from among the vessel owners or otherwise. 2. A co-ownership manager may perform all necessary transactions and activities except for the sale, pledge, charterparty of the vessel, or establishment of any other right in rem against it, which require the consent of the majority of owners. 3. Any agreement to restrict the powers of the manager other than those stated in paragraph (2) of this Article shall not be invoked against third parties.