Fundacja CylinderFoundation

Manner of representation

1. Each member of the management board, male or female, independently is authorised to make declarations of will in non-property matters on behalf of the foundation and to receive declarations addressed to the foundation. 2. In the foundation’s property matters, including the conclusion of agreements and the granting of powers of attorney, where the value of the obligation: 1) is, on a one-off basis, less than or equal to PLN 10,000.00, each member of the management board, male or female, independently is authorised to represent the foundation; 2) exceeds PLN 10,000.00 on a one-off basis, in the case of a multi-member management board, the joint action of two members of the management board simultaneously is required.