Fundacja NiemożliweFoundation

Manner of representation

In the case of a one-person management board of the foundation, the sole member of the management board is independently authorised to submit declarations of will on behalf of the foundation and to incur pecuniary and non-pecuniary obligations. If the management board of the foundation consists of more than one person, each member of the management board is independently authorised to submit declarations of will on behalf of the foundation and to incur pecuniary and non-pecuniary obligations, subject to paragraph 4 below. If the management board of the foundation consists of more than one person, entering into a credit, loan or guarantee agreement on behalf of the foundation or incurring a bill-of-exchange obligation requires the joint action of the President of the Management Board and the Vice-President of the Management Board.