Wspólnota Szczęśliwych LudziFoundation

Manner of representation

1. For the representation of the foundation in external relations, the one-person action of the President of the Management Board or the joint action of two members of the management board is sufficient, subject to the following paragraphs. 2. The action of the President of the Management Board jointly with one member of the management board is required to incur property liabilities. 3. Management board actions consisting in disposing of components of the foundation’s property or incurring liabilities with a value of at least five thousand zloty require the consent of the foundation council. 4. In an agreement between the foundation and a member of the management board, as well as in a dispute with such member, the foundation is represented by the Chairperson of the Foundation Council.