Servitumsp. z o.o.

Manner of representation

In the case of a multi-member management board, declarations of will and signing on behalf of the company are authorised for: 1) each member of the management board independently, in the case of incurring liabilities and disposing of rights whose value does not exceed PLN 10,000.00 (ten thousand złoty); b) two members of the management board jointly or one member of the management board jointly with a commercial proxy, in the case of incurring liabilities and disposing of rights whose value exceeds PLN 10,000.00 (ten thousand złoty). When calculating the value of liabilities or rights, contingent liabilities arising from the given legal relationship are included. In the case of periodic or continuous performances, the value of the performance for the first 12 (twelve) months is decisive. In the case of liabilities or rights expressed in a foreign currency, the equivalent of the amount expressed in the foreign currency converted into Polish złoty at the average exchange rate announced by the National Bank of Poland on the day preceding the day on which the liability is incurred or the right is disposed of shall be taken into account, and if no such rate was published on that day, at the last exchange rate announced by the National Bank of Poland.