Tylesp. z o.o.

Manner of representation

In the case of a one-person management board, the member of the management board acts independently. In the case of a management board consisting of two or more persons: 1. each member of the management board is authorised to submit declarations of will on behalf of the company in matters involving the disposal of a right or the incurrence of an obligation with a value not exceeding PLN 20,000.00, independently; 2. in matters involving the disposal of a right or the incurrence of an obligation with a value exceeding PLN 20,000.00, joint action by two members of the management board or by one member of the management board jointly with a commercial proxy is required; 3. in non-property matters and in matters whose value cannot be determined at the time of submitting the declaration of will, joint action by two members of the management board or by one member of the management board jointly with a commercial proxy is required. 3. When determining the value of the transaction referred to in paragraph 2, the total value of the performances arising from the given legal transaction shall be taken into account, and in the case of periodic or continuous performances concluded for an indefinite period, the value of the performances for a period of 12 months.