Fundacja 12 StronFoundation

Manner of representation

1. Members of the management board are authorised to submit declarations of will on behalf of the foundation, including incurring obligations, entering into agreements and performing activities concerning the foundation's assets, in accordance with the rules set out in this paragraph. 2. The value of an obligation means the total value of the foundation's obligations resulting from a given legal transaction. 3. In non-property matters and in property matters resulting in an obligation on the part of the foundation with a value not exceeding PLN 300,000, the foundation may be represented by: a) the President of the foundation acting independently, or b) two members of the management board acting jointly. 4. In property matters resulting in an obligation on the part of the foundation with a value exceeding PLN 300,000, the following are required: a) the President of the foundation acting independently, or two members of the management board acting jointly, and b) the prior consent of the Foundation Council expressed in the form of a resolution. 5. The consent of the Council referred to in § 15 section 3 letter b is not required if the type and value of the given transaction fall within the approved budget.