Fundacja Społeczno-Rozwojowa New TimeFoundation

Manner of representation

1. Declarations of will on behalf of the foundation in non-property matters may be submitted by each member of the management board independently. 2. Declarations of will on behalf of the foundation in property matters with a value not exceeding PLN 200,000 (in words: two hundred thousand zlotys) may be submitted by each member of the management board independently. 3. Declarations of will on behalf of the foundation in property matters with a value exceeding PLN 200,000 (in words: two hundred thousand zlotys) are submitted by two members of the management board acting jointly. 4. For determining the value referred to in paragraphs 2 and 3, the total gross value of the legal transaction is taken into account, including the sum of benefits arising from that transaction for the entire period of its validity, regardless of whether payment is divided into parts or instalments. If the total value of the property transaction cannot be determined, joint action by two members of the management board is required. 5. The value of a transaction expressed in a foreign currency is converted into zlotys according to the last average exchange rate of that currency announced by the National Bank of Poland before the date of submission of the declaration of will.