Makromorsp. z o.o.

Manner of representation

Making declarations of will on behalf of the company requires the joint action of two members of the management board, including the Vice-President or the President of the Management Board, except for the following matters, in which independent representation by each member of the management board is permitted: a) entering into contracts for the sale and purchase of raw materials necessary for production within the scope of the company's business activities, b) entering into contracts for the sale of goods manufactured by the company, c) acquiring operating materials for conducting the company's business activities in accordance with its scope of business, d) performing on behalf of the company the transactions not listed above whose value does not exceed PLN 5,000.00 gross; whereby, for the purpose of determining the value of a transaction, the following rules shall apply: in the case of transactions performed cyclically with the same entity or transactions of a periodic nature, the value for at least 12 months shall be taken into account, unless the transaction provides for a longer term of validity–in that case, that longer term shall be taken into account; in the case of transactions whose term of validity is indefinite (e.g. contracts concluded for an indefinite period), the value for 12 months shall be taken into account.