Fundacja BoldareFoundation

Manner of representation

1. In the case of a multi-member management board, subject to the matters specified below, each member of the management board is authorised to represent the foundation independently. 2. In matters exceeding the scope of ordinary management, a declaration of will by two members of the management board simultaneously is required, namely in the case of: 1) incurring and entering into credit agreements or loan agreements with a value exceeding PLN 30,000 (in words: thirty thousand zlotys 00/100); 2) establishing and opening the foundation’s bank accounts; 3) making changes concerning the persons authorised to operate the bank accounts and the foundation’s credit facilities; 4) entering into agreements giving rise to liabilities on the part of the foundation exceeding PLN 30,000 (in words: thirty thousand zlotys 00/100); 5) entering into agreements for the sale of real estate; 6) entering into agreements for the lease or tenancy of real estate and other similar agreements. – a declaration of will by two members of the management board simultaneously is required.