Tapassp. z o.o.

Manner of representation

Each member of the management board is entitled to represent the company independently and to submit declarations of will in matters of ordinary management as well as in matters exceeding the scope of ordinary management, in property and non-property matters, and to sign agreements, bills of exchange and cheques, transfers, powers of attorney and other documents, subject to the requirement of a resolution of the management board or the shareholders' meeting in matters specified in paragraph 19 of the company's articles of association. In the case of a multi-member management board, the management board adopts resolutions by a simple majority of votes in matters concerning: - the acquisition and disposal of, and encumbering of, real property; - incurring loans and credits in amounts exceeding PLN 100,000.00; - establishing a business entity or joining another business entity; - granting loans, guarantees and sureties in an amount exceeding PLN 100,000.00. In the event of an equality of votes, the President of the Management Board's vote is decisive. In the case of a one-person management board, resolutions in the matters listed above are adopted by the shareholders' meeting.