Fundacja Open 4 ŁódźFoundation

Manner of representation

1. Declarations of will on behalf of the foundation, subject to paragraph 2, may be made independently by: a) the President of the Management Board – independently; b) the Vice-President of the Management Board – independently; c) another member of the management board – independently, within the scope of the authorisation granted. 2. In matters concerning assets, incurring liabilities and disposing of rights whose value exceeds PLN 200,000 in a single transaction (in words: two hundred thousand zlotys), the joint action of two members of the management board is required, including necessarily the President or the Vice-President of the Management Board. An act performed in breach of the first sentence shall be invalid.