Fundacja KafarkaFoundation

Manner of representation

In the case of a one-person management board, the President of the Management Board is authorised to submit declarations of will and incur liabilities on behalf of the foundation, subject to section 3. 1. In the case of a multi-member management board, each member of the management board acting independently is authorised to submit declarations of will and incur liabilities on behalf of the foundation, subject to section 3. 2. A legal transaction by the management board disposing of a right or obliging it to render a performance, the value of which exceeds PLN 20,000 (twenty thousand zlotys), requires the consent of the remaining members of the foundation's management board. 3. The above limitation (up to PLN 20,000) also applies to incurring periodic/cyclical liabilities which will result in a liability exceeding PLN 20,000 within 12 months.