Agencja Wspierania Ziemi Lubelskiej, Lubelski Jantarsp. z o.o.

Manner of representation

In matters whose value exceeds PLN 20,000.00 in a single transaction and where the management board is a multi-member management board, two members of the management board are authorised to represent the company, whereas in the case of a one-person management board, the President of the Management Board acts independently. Subject to the above provisions, the joint action of two members of the management board is required for every act in matters with a value exceeding PLN 5,000.00 in a single transaction where, as at the date of the act, the total amount of the company's obligations exceeds PLN 30,000.00. Each member of the management board is authorised to represent the company within the scope in which that member is authorised to conduct its affairs. In matters exceeding ordinary management referred to in § 16(2) of the company's articles of association, as well as in matters referred to in § 16(3) of the company's articles of association, the company is represented by two members of the management board acting jointly.