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Manner of representation

In the case of a one-person management board, the President of the Management Board acting independently is authorised to make declarations of will on behalf of the company and to represent the company. In the case of a multi-member management board, the President of the Management Board acting jointly with a member of the management board, two members of the management board acting jointly, or a member of the management board acting jointly with a commercial proxy, is authorised to make declarations of will on behalf of the company and to represent the company. The acquisition or disposal of real property, the right of perpetual usufruct, or a share in the co-ownership of real property or a share in the right of perpetual usufruct of land, regardless of its value, requires a resolution of the shareholders’ meeting representing jointly three-fourths (three quarters) of the share capital for the performance of the intended legal act. The management board is authorised, without the need to adopt a resolution of the shareholders’ meeting, to dispose of a right or incur obligations to provide a performance with a value of up to 5,000,000.00 (five million) złoty.