Widusp. z o.o.

Manner of representation

In the case of a multi-member management board: A. where a legal transaction involves disposing of a right or incurring an obligation with a value not exceeding PLN 50,000.00, each member of the management board is authorised to make declarations and sign on behalf of the company independently; B. where a legal transaction involves disposing of a right or incurring an obligation with a value exceeding PLN 50,000.00, two members acting jointly are authorised to make declarations and sign on behalf of the company, provided that, in the case of incurring continuing or periodic obligations, for the purposes of the above provisions the value of the performances is aggregated for the entire duration thereof, and if they are incurred for an indefinite period – for a period of 12 months (in the case of transactions in a foreign currency, conversion into zlotys shall be made at the average exchange rate of the National Bank of Poland applicable on the day preceding the transaction).