Trwały OwocFoundation

Manner of representation

1. Each member of the management board may independently represent the foundation. 2. However, for disposing of assets or incurring an obligation whose value exceeds PLN 10,000 (in the case of periodic benefits, the value of the benefits for 12 consecutive months, beginning with the first benefit, shall be decisive), representation requires the joint action of two members of the management board and the consent of the founders. 3. In addition, the following activities require the joint action of two members of the management board and the consent of the founders: - spending funds for purposes other than those set out in the articles of association; - accepting donations, inheritances, legacies or vindication legacies; - concluding agreements for a period longer than 12 months. 4. If a commercial proxy has been appointed, then in the situations referred to in paragraphs 2 and 3, instead of the joint action of two members of the management board, the joint action of one member of the management board and the commercial proxy shall suffice. The consent of the founders is mandatory.