Fundacja TymonaFoundation

Manner of representation

1. In the case of a one-person management board, the President of the Management Board is authorised to submit declarations of will and incur obligations on behalf of the foundation, subject to section 3. 2. 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 obligations on behalf of the foundation, subject to section 3. 3. The performance by the management board of a legal act disposing of a right or creating an obligation to render a performance, the value of which on a monthly basis exceeds PLN 5,000 (five thousand zlotys), requires the consent of the remaining members of the foundation’s management board. 4. The above limitation (up to PLN 5,000) also applies to incurring periodic/cyclical obligations which will result in obligations exceeding PLN 5,000 (five thousand zlotys) arising within one month.