Estawalsp. z o.o.

Manner of representation

In the case of a multi-member management board, each member of the management board is authorized to make declarations of will and sign on behalf of the company in the scope of ordinary activities. In matters exceeding the ordinary scope of activities, each member of the management board is authorized to make declarations of will and sign on behalf of the company, provided that a unanimous resolution of the management board is required. Matters exceeding the scope of ordinary activities are: I) assuming an obligation and disposing of a right with a value exceeding PLN 1,000,000 (one million złoty), II) determining the rules for establishing and terminating relationships binding the company with managerial staff and determining the rules of remuneration of managerial staff, III) determining and creating internal organizational and management regulations, IV) acquiring, disposing of or encumbering real estate, V) acquiring, disposing of or encumbering the right of perpetual usufruct or a share in real estate or in perpetual usufruct, VI) taking out or granting loans or credit with a value exceeding PLN 1,000,000 (one million złoty), VII) the company's participation in other companies as a shareholder or partner, VIII) establishing security over the company's assets, IX) granting sureties and guarantees and issuing bills of exchange.