Francosp. z o.o.

Manner of representation

In the case of a one-person management board, representation is by one person. In the case of a multi-member management board, each member of the management board is authorised to submit declarations of will on behalf of the company, except for making the following decisions, which require a joint declaration of will by all members of the management board: a) incurring obligations resulting in expenses or performing such acts by the company as would result in an obligation whose value is equal to or exceeds PLN 100,000 (one hundred thousand zlotys); b) incurring any loans, credits, civil and bill-of-exchange guarantees, pledges, transfers of ownership by way of security, and establishing any other security interests for the benefit of third parties; c) selling any tangible and intangible components of the company’s assets with a value exceeding PLN 100,000.