The company is managed by a Manager, a natural person who can either be chosen from among the partners belonging to the Cinema College or the agents that the latter have appointed, or be a person designated outside the partners.

< p>The Manager, who has the title of President, is appointed on the proposal of the Executive Committee, by decision of the Ordinary General Meeting, taken under the conditions provided for in article 19 below.

The Manager remains in office for three years. >The Manager represents the company in its relations with third parties.

Subject to the powers that these statutes expressly attribute to the Executive Committee, the Supervisory Board, as well as to the Meetings of shareholders, and within the limits of the corporate purpose, the Manager is vested with the broadest powers to act in all circumstances on behalf of the company.

The fixed or proportional benefits intended, if applicable, to remunerate the Manager for his duties are determined by the General Meeting. Their amount is charged to operating expenses.

The Manager may be removed by decision of the Ordinary General Meeting. He can also be dismissed by the courts for legitimate cause at the request of any partner.

The Manager has the right to resign from his duties, provided that he informs the Executive Committee at least three months before the date set for the termination of his functions.

In the event of dismissal, resignation or death of the Manager, any proxy granted by him will be provisionally maintained, until the next Meeting which will proceed to the appointment of a new Manager, and the Vice-President will assume the interim by having all the powers previously granted to the Manager.

The Manager is responsible towards the company and towards third parties either for breaches of laws and regulations, either of the violation of the statutes, or of the faults committed in its management.