Fundacja w ChaszczeFoundation

Manner of representation

The foundation may be represented externally by each member of the management board independently. In property matters, the foundation is represented by at least two members of the management board acting jointly. In particular, joint action of two members of the management board acting jointly is required for making financial decisions, disposing of the foundation’s funds, issuing bank instructions, and signing financial, accounting and tax documents. In property matters with a value exceeding twice the founding fund, the foundation is represented by two members acting jointly, including the President. The disposal and acquisition of real estate and the incurring of liabilities exceeding ten times the founding fund require a prior resolution of the management board.