Admin Łódźsp. z o.o.

Manner of representation

In the case of a one-person management board, the President of the Management Board is authorized to represent the company and to make property and non-property declarations on behalf of the company. In the case of a multi-member management board, each member of the management board is independently authorized to represent the company, to make declarations concerning the company’s property and non-property rights and obligations, and to perform legal acts on behalf of the company; however, the validity of dispositions or obligations exceeding PLN 10,000 (ten thousand złoty) requires representation by two members of the management board or by a member of the management board and a commercial proxy. In the case of continuous or periodic dispositions or obligations, the value of such disposition or obligation is determined as the sum of those dispositions or obligations over 12 consecutive calendar months beginning on the date of making the disposition or incurring the obligation.