Stowarzyszenie Autorów i Wydawców Copyright PolskaAssociation

Manner of representation

The joint action of two members of the management board is required to make declarations of will on behalf of the association. Two members of the management board acting jointly, including the President of the Management Board or the Vice-President of the Management Board, are authorised to incur property obligations on behalf of the association, subject to points 35.3(d)–(g) of the Articles of Association, namely the powers of the Audit Committee in this respect: making resolutions concerning the acquisition and disposal by the association of real property, perpetual usufruct, an interest in real property and an interest in perpetual usufruct, as well as the establishment of limited rights in rem over them; making resolutions concerning the granting and incurring by the association of a loan or the taking out of a credit facility and the establishment of security for repayment of the loan or credit facility, including guarantees or sureties; making resolutions concerning the establishment of entities dependent on the association by reason of the possibility for the association to appoint or dismiss a majority of the members of the governing bodies of the dependent entity, the bodies managing the dependent entity or controlling the activity of the dependent entity, to hold a majority of votes in the bodies of the dependent entity or to exert a decisive influence on the activity of the dependent entity; making resolutions concerning the acquisition by the association of an enterprise or its organised part, interests or shares. Declarations addressed to the association and service of documents may be made upon or effected in relation to one member of the management board, irrespective of the function held by that member.