Fundacja Aktywne ZabrodzieFoundation

Manner of representation

In the case of a one-person management board, the President of the Management Board represents the foundation independently. The incurring by the one-person management board of an obligation or the disposal of a right with a value exceeding PLN 10,000 requires the prior consent of the founder expressed in documentary or written form. In the case of a multi-member management board, each member of the management board is authorized to represent the foundation independently in transactions with a value of up to and including PLN 10,000, whereas transactions with a value exceeding PLN 10,000 require the joint action of two members of the management board or one member of the management board acting after obtaining the prior consent of the founder. If the transaction is continuous or periodic in nature, the aggregate value of the performances for a period of 12 months is assumed for determining the value, and if the agreement is concluded for a shorter period, the value for the entire period of its validity is assumed.