Stowarzyszenie Droga MlecznaAssociation

Manner of representation

Each member of the management board acting independently is authorised to represent the association, make declarations of will, conclude agreements, grant powers of attorney and incur obligations in non-property matters and in property matters with a gross value of up to PLN 10,000, subject to matters requiring the joint action of two members of the management board. In property matters with a gross value exceeding PLN 10,000, the joint action of two members of the management board is required. The joint action of two members of the management board is also required, regardless of the value of the obligation, for agreements and actions concerning loans, borrowings, sureties, multi-year obligations, disposal of or encumbering the association’s property, acquisition of real property, acquisition of fixed-asset components with a gross value exceeding PLN 10,000, employing members of the management board and agreements with members of the association’s bodies, subject to special rules of representation in agreements with members of the management board. The value of the obligation is determined according to the total value of the performances arising from the given agreement or action throughout the entire period of its validity. Multi-year obligations mean obligations entered into for a period exceeding 12 months or producing financial effects in more than one financial year. In agreements between the association and a member of the management board and in disputes with such member, the association is represented by a member of the audit committee indicated by a resolution of the audit committee or by an attorney-in-fact appointed by a resolution of the general meeting of members.