Fundacja Kolektyw DoczuciaFoundation

Manner of representation

1. Each member of the management board is entitled to independently make declarations of will and represent the foundation in transactions whose total value does not exceed PLN 10,000 gross. 2. For transactions whose total value exceeds PLN 10,000 gross, joint action by two members of the management board is required. 3. When determining the value of a transaction, the total value of the obligation arising from the legal transaction is taken into account. 4. In the case of an agreement concluded for a definite period, the total value of the performances for the entire term of the agreement is taken into account. 5. In the case of an agreement concluded for an indefinite period, the value of the performances for a period of 12 months is taken into account. 6. It is impermissible to divide one transaction or a set of economically related transactions into several transactions of lower value in order to circumvent the rules of representation. 7. Regardless of the value of the transaction, joint action by both members of the management board is required for: 1) taking out loans and borrowings; 2) granting sureties, guarantees and other security interests; 3) acquiring, disposing of or encumbering real property; 4) acquiring or disposing of shares, stocks or other equity rights. 8. Each member of the management board may independently: 1) receive declarations and correspondence addressed to the foundation; 2) perform factual and organisational acts; 3) submit applications, filings, notifications and documents of an administrative or informational nature, provided that they do not result in incurring an obligation exceeding the scope of independent representation. 9. By a unanimous resolution, the management board may grant an attorney-in-fact authority to perform specified transactions or a specified type of transactions.