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Pärnu Rotary Youth Foundation Statutes
- GENERAL PROVISIONS
1.1. PÄRNU ROTARY YOUTH FOUNDATION (hereinafter referred to as "Foundation") is a legal person governed by private law, which has no members and which has been established for the management and use of assets for purposes provided in these Statutes.
1.2. The Foundation shall be guided by these Statutes in its activities. In issues not regulated by these Statutes, the Foundation shall be guided by the Foundations Act and other legislative acts regulating the activities of foundations.
1.3. The Foundation has been established for an indefinite term.
- NAME AND LOCATION
2.1. The name of the Foundation is PÄRNU ROTARY YOUTH FOUNDATION.
2.2. The location of the Foundation is the town of Pärnu.
3.1. The goal of the Foundation is to enable young people to achieve better results in studies and in sports and creative activities.
3.2. The Foundation shall support activities intended for young people in different forms, above all in the form of benefits and scholarships and other disbursements according to the decisions of management bodies of the Foundation.
3.3. The foundation may collect and use funds to support other cultural, sports and charitable projects according to the decisions of the Supervisory Board.
4.1. The Foundation can make disbursements to any persons, provided that the disbursement has been made proceeding from the goals of the Foundation and on the basis of a decision of a management body of the Foundation, adopted on the basis of these Statutes.
- PROCEDURE OF DELIVERY OF ASSETS TO THE FOUNDATION
5.1. The assets of the Foundation shall consist of:
5.1.1. amounts paid by the founder;
5.1.2. donations made by members of the Pärnu Rotary Club;
5.1.3. monetary or non-monetary donations delivered by other persons and organisations;
5.1.4. revenues earned on the assets of the Foundation;
5.2. Monetary donations shall be delivered to the Foundation with a decision of the donor. Non-monetary donations shall be delivered on the basis of a contract made between the Management Board and the donor.
6.1. The bodies of the Foundation are the Management Board and the Supervisory Board.
- MANAGEMENT BOARD
7.1. The Management Board shall be in charge of activities of the Foundation and represent the Foundation. Any member of the Management Board shall be entitled to represent the Foundation in all legal acts.
7.2. The Supervisory Board shall adopt decisions on making changes in the composition of the Management Board, removal of the members of the Management Board and election of new members of the Management Board. The term of office of a member of the Management Board shall be up to three years.
7.4. The Management Board shall follow the legitimate orders of the Supervisory Board in the management of the Foundation. Transactions exceeding the limits of daily activities may be performed by the Management Board only with the consent of the Supervisory Board.
7.5. The Management Board shall give necessary information on the management of the Foundation to the Supervisory Board. Once every three months the Management Board shall present to the Supervisory Board a report on the economic activities and economic situation of the Foundation.
7.6. Members of the Management Board shall perform their duties without remuneration. Members of the Management Board shall have the right to get compensation for the expenses related to the performance of their duties. The Supervisory Board shall adopt a decision on the procedure of compensation of the expenses.
- SUPERVISORY BOARD
8.1. The Supervisory Board shall plan the activities of the Foundation, organise its management and perform supervision over the activities of the Foundation.
8.2. The Supervisory Board shall have from three to six members. The Pärnu Rotary Club, which is the founder of the Foundation, shall adopt decisions on making changes in the composition of the Supervisory Board, removal of the members of the Supervisory Board and election of new members of the Supervisory Board.
8.3. Members of the Supervisory Board shall be elected for a term of office of up to three years.
8.4. Members of the Supervisory Board shall elect a chairman from among themselves to organise the activities of the Supervisory Board.
- AMENDMENTS TO THE STATUTES OF THE FOUNDATION
9.1. After the entry of the Foundation in the registry the Statutes of the Foundation can be amended by the Supervisory Board.
9.2. The Supervisory Board of the Foundation can amend the Statutes only for the purpose of taking into account changed circumstances, following the goal of the Foundation.
- COMPETENCE OF THE SUPERVISORY BOARD
10.1. The Supervisory Board shall adopt decisions on transactions exceeding the limits of daily activities.
10.2. The Supervisory Board shall decide above all the following issues:
10.2.1. election and removal of members of the Management Board;
10.2.2. acquisition, sale or encumbrance of immovable properties and movable properties entered in the register;
10.2.3. approval of the budget and the report of the accounting year;
10.2.4. determination of the main orientations of activities arising from the goal of the Foundation;
10.2.5. selection of the auditor;
10.2.6. decision of other issues provided in the law or in the Statutes.
10.3. The Supervisory Board can adopt decisions also in issues included in the competence of the Management Board.
10.4. The Supervisory Board can adopt decisions to delegate to the competence of the Management Board any issues, delivered with the Statutes to the competence of the Supervisory Board.
- MEETING OF THE SUPERVISORY BOARD
11.1. Meetings of the Supervisory Board are held when necessary but not less often than once a quarteryear. The meeting shall be called by the Chairman of the Supervisory Board or a person substituting for him.
11.2. A meeting of the Supervisory Board shall be competent to adopt decisions if more than a half of the members of the Supervisory Board participate in the meeting.
11.3. A meeting of the Supervisory Board shall be recorded in the minutes. The minutes shall be signed by the Chairman of the Supervisory Board and the secretary of the meeting.11.4 A decision of the Supervisory Board shall be deemed as adopted, if at least 2/3 of the members of the Supervisory Board who participated in the meeting voted for the decision.
12.1. The Foundation shall have an auditor.
12.2. The auditor shall be appointed by the Supervisory Board, establishing also the term of office and procedure of remuneration of the auditor.
- ACCOUNTING AND REPORTING
13.1. The Management Board shall organise the accounting of the Foundation according to the Accounting Act.
13.2. The accounting year of the Foundation shall begin on 1 July and end on 30 June.
13.3. After the end of the accounting year the Management Board shall prepare the financial statements and the management report according to the procedure provided in the law.
13.4. All members of the Management Board shall sign the approved annual report.
13.5. The Management Board shall present to the Supervisory Board the audited annual report within four months at the latest from the end of the accounting year and to the registry within six months at the latest from the end of the accounting year.
- TERMINATION OF THE FOUNDATION
14.1. The activities of the Foundation shall be terminated with the decision of the founder and according to the procedure provided in the Foundations Act.
14.2 The Foundation can be terminated also on some other basis provided in the law.
- DISTRIBUTION OF ASSETS
15.1. The assets left after the satisfaction of all claims of creditors shall be delivered to the founder who shall use them proceeding from the goals, which served as a basis for the activities of the Foundation.