Issa Polska - Stowarzyszenie do Spraw Bezpieczeństwa Systemów InformacyjnychAssociation

Manner of representation

For representing the association externally, including incurring obligations, two members of the management board, including the President, are required. The incurring by the management board of obligations on behalf of the association requires the consent of the General Meeting where: 1. the value of a one-off obligation exceeds PLN 30,000; or 2. the total value of obligations incurred by the management board during a six-month period (January–June or July–December) exceeds PLN 150,000; or 3. the value of obligations during the period referred to in point 2 exceeds an amount equal to 60% of the association’s net revenue (i.e. excluding VAT) for that period and the analogous preceding period (i.e. together for twelve months). 9A. The provisions of paragraph 9, points 2 and 3, of this Article do not apply to obligations arising from: – stamp duties; – taxes and other public-law obligations which the association is required to pay under the law or a decision of the competent authority. When the management board incurs obligations exceeding PLN 4,000, the countersignature of the secretary is necessary. In such a case, the secretary may not participate in representing the association as the second member of the management board.