Erka Nieruchomościsp. z o.o.

Manner of representation

1. If there is a multi-member management board, each member of the management board is authorised independently to submit declarations on behalf of the company if the act will not result in the disposal of a right or the incurring of an obligation to render a performance with a value not exceeding five hundred thousand zloty (PLN 500,000.00). 2. If there is a multi-member management board, if the act will result in the disposal of a right or the incurring of an obligation to render a performance with a value exceeding five hundred thousand zloty (PLN 500,000.00), joint action by two members of the management board or by one member of the management board jointly with a commercial proxy is required. 3. If there is a one-person management board, the sole member of the management board simultaneously performs the function of President of the Management Board. In this case, the President of the Management Board is authorised independently and without any limitations to submit declarations on behalf of the company resulting in the disposal of a right or the incurring of an obligation to render a performance.