Fundacja Krakowski Park RowerowyFoundation

Manner of representation

1. In non-property matters, each male or female member of the management board is independently authorised to submit declarations of will on behalf of the foundation and to receive declarations addressed to the foundation. 2. In property matters of the foundation, including concluding agreements and granting powers of attorney, where the value of the liability: 1) is less than or equal to PLN 10,000.00 (ten thousand 00/100 zlotys) in a single transaction, each male or female member of the management board is authorised to represent the foundation independently; 2) exceeds PLN 10,000.00 (ten thousand 00/100 zlotys) in a single transaction, in the case of a multi-member management board, the joint action of two members of the management board at the same time is required, while in the case of a one-person management board, the President of the Management Board acts independently. 3. Incurring a liability on behalf of the foundation which, in a single transaction or during a month, exceeds the amount equivalent to PLN 100,000 (one hundred thousand zlotys) requires the prior written consent of the founder, expressed in the form of a resolution. 4. In agreements between the foundation and a member of the management board, and in disputes between them, the foundation is represented by an attorney-in-fact appointed by a resolution of the founder.