Ka-Labsp. z o.o.

Manner of representation

Each member of the management board is entitled to represent the company independently and to submit declarations of will in matters of ordinary management as well as in matters exceeding the scope of ordinary management, in property and non-property matters, and to sign agreements, bills of exchange, cheques, transfers, powers of attorney and other documents, subject to the requirement of a resolution of the management board or the shareholders' meeting in matters specified in § 24 section 3 of the articles of association, namely: a) acquisition and disposal of, and encumbering of, real property; b) incurring loans and credits; c) establishing a business entity or joining another business entity; d) granting loans, guarantees and sureties; e) acquisition or disposal of fixed assets with a value exceeding PLN 30,000; f) disposing of a right or incurring liabilities to perform with a value exceeding PLN 20,000.