Bioconcept-Gardeniasp. z o.o.

Manner of representation

The management board may consist of one person or a larger number of persons (two or three members). In the case of a one-person management board, the President of the Management Board independently represents the company and makes declarations of will on its behalf. In the case of a multi-member management board, each member of the management board may represent the company independently in matters not exceeding the scope of ordinary management. In matters exceeding the scope of ordinary management, the company is represented by all members of the management board acting jointly. The following are deemed to be matters exceeding the scope of ordinary management: a) acquisition, disposal or encumbrance of real estate; b) acquisition, disposal or encumbrance of an enterprise or its organised part; c) taking out loans and borrowings with a value exceeding PLN 1,000,000.00 (one million); d) granting loans, sureties and guarantees with a value exceeding PLN 1,000,000.00 (one million); e) acquisition or disposal of fixed assets with a value exceeding PLN 1,000,000.00 (one million); f) consenting to the company incurring an obligation or making expenditures, in a single transaction or related transactions, with a value exceeding PLN 1,000,000.00 (one million) or its equivalent in other currencies according to the average exchange rate of the National Bank of Poland applicable on the date of the relevant transaction.