Fundacja Kultury PetaloFoundation

Manner of representation

1. In non-property matters and in property matters up to the amount of PLN 20,000 (twenty thousand zlotys), each member of the management board is authorised to represent the foundation independently. 2. In property matters above PLN 20,000, joint action by two members of the management board acting jointly, including necessarily the President of the Management Board, is required. 3. The President of the Management Board acting independently is authorised to conclude agreements with members of the management board other than the President of the Management Board, irrespective of the amount of the financial liability arising from those agreements for the foundation. 4. Two members of the management board acting jointly are authorised to conclude agreements with the President of the Management Board, irrespective of the amount of the financial liability arising from those agreements for the foundation.