Stowarzyszenie Ogrodowe MalinaAssociation

Manner of representation

1. The management board acts on behalf of and represents the association externally. 2. The management board is responsible for acquiring rights and incurring property liabilities on behalf of the association, subject to paragraph 3. 3. The following actions undertaken by the management board require the consent of the General Meeting: 1) acquisition, disposal or encumbrance of real estate, 2) taking out a loan or credit facility, 3) letting, leasing or making the association's real estate available for gratuitous use for an indefinite period or for a period longer than one year, 4) disposition of an asset of the association with a value exceeding PLN 20,000 or incurring a liability exceeding this value, 5) acceptance or rejection of an inheritance. 4. Declarations of will on behalf of the association are made jointly by two members of the management board, including the President or Vice-President.