V + D - E.J. Dudeksp. j.

Manner of representation

Each partner is authorised to independently make declarations of will and sign documents on behalf of the company concerning the company's property rights and obligations with a value not exceeding PLN 100,000. Making declarations of will and signing documents on behalf of the company concerning the company's property rights and obligations with a value exceeding PLN 100,000 requires the joint action of two partners. Making declarations of will and signing documents in matters concerning the acquisition, disposal of and encumbrance of real property and the right of perpetual usufruct, the acquisition, disposal of and encumbrance of, and lease of an organised part of the enterprise, the granting of guarantees or sureties and other security interests, including transfer of title for security purposes, incurring bill-of-exchange obligations, granting commercial proxy and permanent commercial powers of attorney requires the joint representation of all partners of the company, regardless of the value of the company's property rights and obligations. The joint representation of all partners of the company is also required for concluding loan agreements and credit agreements exceeding PLN 300,000.