Hoist Polskasp. z o.o.

Manner of representation

In the case of a one-person management board, the member of the management board is authorised to represent the company independently. In the case of a multi-member management board, the following are authorised to represent the company: A) in non-property matters – each member of the management board acting independently; B) in property matters: – if the net value of the transaction undertaken by the company consisting in disposing of property or incurring an obligation to perform does not exceed, in Polish zlotys, the equivalent of EUR 200,000.00 (two hundred thousand euros) according to the average exchange rate announced by the National Bank of Poland on the date on which the company undertakes the transaction, whereby, in the case of obligations to perform for a definite period, the value is deemed to be the remuneration or rent due for the entire duration of the obligation, whereas in the case of obligations to perform for an indefinite period, the value is deemed to be the remuneration or rent due for one year of the duration of the obligation or for the notice period of the legal relationship from which the obligation arises, whichever of these periods is longer – each member of the management board acting independently; – if the net value of the transaction undertaken by the company consisting in disposing of property or incurring an obligation to perform exceeds the amount referred to in the preceding indent – two members of the management board acting jointly, or one member of the management board acting jointly with a commercial proxy.