§ 1 The foundation was established by St. Olavs Eye Clinic on June 30, 2020 and registered in the National Entities Register of Norway at Brønnysund on July 15, 2020  with registration number xxxxxx with a starting capital of NOK 1.2 million with complements of Kari Monsen.

§ 2 The foundation aims to support and allocate funds for long-term clinical research with special focus on Acupuncture and other Traditional Chinese Medicine treatment modalities and the new emerging treatments of chronic visually disabling eye diseases.

§ 3 The foundation shall manage and place the funds so that satisfactory security and satisfactory returns are achieved to safeguard the foundation’s purpose.

§ 4 The foundation shall have a board of directors consisting of five members. Each party appoints a deputy representative. Three major donors appoint a Chairman of the Board in consultation with the advisory board. Board members serve for two years and may be reappointed.

§ 5 The board is a quorum when more than half of the members are present. Decisions are taken by a simple majority, and in the event of an equality of votes, the chairman’s vote counts twice.

§ 6 The overall board represents the foundation outward. The board may authorize one or more board members to represent the foundation externally, either alone or jointly. The Board may revoke the authorization at any time.

§ 7 The board determines the remuneration for the board members.

§ 8 The board of directors may appoint an advisory body to support its work.

§ 9 The Board elects an auditor for the foundation.

§ 10 Proposals for amendments to these articles of association, transformation or dissolution of the foundation may be submitted by the board and submitted to the relevant supervisory authority for approval in accordance with the provisions of the foundation act.

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