Tisensisp. z o.o.

Manner of representation

For disposing of a right or incurring a liability whose value is twice the value of the share capital and lower than PLN 30,000 (thirty thousand złoty), each member of the management board is authorized to act independently. For disposing of a right and incurring liabilities whose value is equal to or exceeds PLN 30,000 (thirty thousand złoty), a resolution of the partners adopted by a qualified majority of 84 percent of the votes cast is required. In non-property matters, each member of the management board is authorized to make declarations independently. For making declarations and signing in the name of the company in matters where the value of the liability or the disposal of the right does not exceed PLN 10,000 (ten thousand złoty), the President of the Management Board, Vice-Presidents of the Management Board and members of the management board are authorized to act independently, or a commercial proxy together with a member of the management board or two commercial proxies acting jointly. In matters where the value of the liability or the disposal of the right exceeds PLN 10,000 (ten thousand złoty), joint action of the President with a Vice-President or a member of the management board is required for making declarations and signing in the name of the company.