Fundacja PrzemijanieFoundation

Manner of representation

1. If only the President of the Management Board is appointed, he or she independently makes declarations of will on behalf of the foundation, subject to point 3 below. 2. In the event of the appointment of a management board of the foundation consisting of at least two persons, subject to point 3 below, for making declarations of will on behalf of the foundation: a) those resulting in the disposal of a right or the incurring of an obligation to provide a performance with a value of up to PLN 20,000 (in words: twenty thousand zlotys) may be made by each member of the management board acting independently; b) those resulting in the disposal of a right or the incurring of an obligation to provide a performance with a value exceeding PLN 20,000 (in words: twenty thousand zlotys) require the joint action of two members of the management board acting jointly; c) those resulting in the establishment or modification of an employment relationship (arising under an employment contract or a civil-law contract) to which the foundation is a party, which result in the disposal of a right or the incurring of an obligation to provide a performance with a value of up to PLN 75,000 (in words: seventy-five thousand zlotys), may be made by each member of the management board acting independently; d) those resulting in the establishment or modification of an employment relationship (arising under an employment contract or a civil-law contract) to which the foundation is a party, which result in the disposal of a right or the incurring of an obligation to provide a performance with a value exceeding PLN 75,000 (in words: seventy-five thousand zlotys), require the joint action of two members of the management board acting jointly. 3. Disposal of a right or incurring an obligation to provide a performance with a value exceeding PLN 250,000 (in words: two hundred and fifty thousand zlotys) requires the consent of the Council. 4. Each member of the management board acting independently is authorised to make, on behalf of the foundation, declarations of will resulting in a gratuitous increase in assets for the benefit of the foundation, regardless of the value of that increase.