Stowarzyszenie Winiarzy Ziemi ŁódzkiejAssociation

Manner of representation

1. The President or the Vice-President of the management board may independently incur a financial obligation or dispose of a right/property of the association with a value less than or equal to PLN 5,000 (in words: five thousand zlotys); however, two business days before incurring the obligation or disposing of the right/property, they are obliged to inform the other members of the management board of the planned act. 2. The total value of the financial obligations referred to in paragraph 1 may not exceed PLN 5,000 (in words: five thousand zlotys) per month. 3. Incurring a financial obligation or disposing of a right/property of the association with a value exceeding PLN 5,000 (in words: five thousand zlotys) may be carried out exclusively by the President or the Vice-President of the management board acting jointly with two other members of the management board. 4. Incurring a financial obligation or disposing of a right/property of the association with a value exceeding PLN 15,000 (in words: fifteen thousand zlotys) requires a resolution of the General Meeting of Members authorising such act. 5. Representation of the association by the management board in matters other than incurring financial obligations or disposing of a right/property of the association requires consistent joint action and declarations submitted by two members of the management board.